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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION






Washington, D.C.
20549








Form


10-Q


























QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934






For the Quarterly Period Ended


June 30, 2021








or























TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934






For the Transition Period from
_____________to_____________








Commission File Number:


001-34412



















ABERDEEN STANDARD
SILVER ETF TRUST






(Exact name of registrant as specified in its charter)




















New York










26-4586763







(State or other jurisdiction of incorporation
or




organization)






(I.R.S. Employer Identification No.)



















c/o Aberdeen Standard Investments ETFs Sponsor LLC









712
Fifth Avenue


,


49 th Floor








New York


,


NY






(Address of principal executive offices)








10019






(Zip Code)











(


844


)


383-7289






(Registrant’s telephone number, including
area code)





Securities registered pursuant to Section 12(b) of the Act:



s




















Title of each class






Trading Symbol(s)






Name of each


exchange on which


registered






Aberdeen Standard Physical Silver Shares ETF








SIVR








NYSE Arca








Indicate by
check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.


Yes





No







Indicate by
check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required
to submit such files).


Yes





No






Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging
growth company” in Rule 12b-2 of the Exchange Act.






























Large Accelerated Filer










Accelerated Filer







Non-Accelerated Filer








Smaller Reporting Company














Emerging Growth Company













If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐






Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).



Yes





No







As of August 4, 2021 Aberdeen Standard Silver ETF Trust had


42,300,000


Aberdeen Standard Physical Silver Shares ETF outstanding.
































ABERDEEN STANDARD SILVER ETF TRUST






FORM 10-Q








FOR THE QUARTER ENDED JUNE 30, 2021








INDEX




































































































































PART I. FINANCIAL INFORMATION














Item 1.







Financial Statements






1








Item 2.







Management’s Discussion and Analysis of Financial Condition and Results of Operations






13








Item 3.







Quantitative and Qualitative Disclosures About Market Risk






15








Item 4.







Controls and Procedures






15








PART II. OTHER INFORMATION










Item 1.







Legal Proceedings






16








Item 1A.







Risk Factors






16








Item 2.







Unregistered Sales of Equity Securities and Use of Proceeds






16








Item 3.







Defaults Upon Senior Securities






16








Item 4.







Mine Safety Disclosures






16








Item 5.







Other Information






16








Item 6.







Exhibits






17









SIGNATURES






18




















ABERDEEN STANDARD SILVER ETF TRUST










PART I. FINANCIAL INFORMATION










Item 1. Financial Statements







Statements of Assets and Liabilities



At June 30, 2021 (Unaudited) and December 31, 2020










































































































































June 30, 2021



December 31, 2020


(Amounts in 000’s of US$, except for Share and per Share data)









ASSETS









Investment in silver (cost: June 30, 2021: $


831,384


; December 31, 2020: $


608,877


)


$


1,043,020




$


863,884



Total assets




1,043,020






863,884












LIABILITIES









Fees payable to Sponsor




256






220



Silver payable




6,214










Total liabilities




6,470






220














NET ASSETS

(1)





$


1,036,550




$


863,664












(1)




Authorized share capital is




unlimited




with




no




par value per Share. Shares issued and outstanding at June 30, 2021 were




41,700,000




and at December 31, 2020 were




33,750,000




. Net asset values per Share at June 30, 2021 and December 31, 2020 were $


24.86


and $


25.59


, respectively.








See Notes to the Financial Statements









1












ABERDEEN STANDARD SILVER ETF TRUST







Schedules of Investments



At June 30, 2021 (Unaudited) and December 31, 2020














































































































June 30, 2021


Description


oz



Cost



Fair Value



% of Net Assets




Investment
in silver


(in 000’s of US$, except for oz and percentage data)



Silver




40,482,046.3




$


831,384




$


1,043,020






100.62


%

Total investment in silver




40,482,046.3




$


831,384




$


1,043,020






100.62


%

Less liabilities











(

6,470


)



(

0.62


)%

Net Assets










$


1,036,550






100.00


%











































































































December 31, 2020


Description


oz



Cost



Fair Value



% of Net Assets




Investment
in silver


(in 000’s of US$, except for oz and percentage data)



Silver




32,617,862.0




$


608,877




$


863,884






100.03


%

Total investment in silver




32,617,862.0




$


608,877




$


863,884






100.03


%

Less liabilities











(

220


)



(

0.03


)%

Net Assets










$


863,664






100.00


%






See Notes to the Financial Statements









2












ABERDEEN STANDARD SILVER ETF TRUST







Statements of Operations (Unaudited)



For the three and six months ended June 30, 2021 and
2020
































































































































































































































































































































































































Three Months Ended


June 30, 2021



Three Months Ended


June 30, 2020



Six Months Ended


June 30, 2021



Six Months Ended


June 30, 2020


(Amounts in 000’s of US$, except for Share and per Share data)

















EXPENSES

















Sponsor’s Fee


$


1,165




$


500




$


2,187




$


925



Less: Waiver



(

388


)



(

167


)



(

729


)



(

308


)

Total expenses




777






333






1,458






617




















Net investment loss



(

777


)



(

333


)



(

1,458


)



(

617


)


















REALIZED AND UNREALIZED GAINS / (LOSSES)

















Realized gain / (loss) on silver transferred to pay expenses




173





(

43


)




357





(

46


)

Realized gain / (loss) on silver distributed for the redemption of Shares




1,261





(

124


)




14,272





(

235


)

Change in unrealized gain / (loss) on investment in silver




60,588






103,126





(

44,632


)




10,055



Total gain/(loss) on investment in silver




62,022






102,959





(

30,003


)




9,774




















Change in net assets from operations


$


61,245




$


102,626




$

(

31,461


)


$


9,157




















Net increase / (decrease) in net assets per Share


$


1.52




$


3.72




$

(

0.81


)


$


0.36




















Weighted average number of Shares




40,222,527






27,586,264






38,687,017






25,631,593









See
Notes to the Financial Statements










3












ABERDEEN STANDARD SILVER ETF TRUST





Statements of Changes in Net Assets (Unaudited)



For the three and six months ended June 30, 2021 and
2020





































































































































































Three Months Ended June 30, 2021



Three Months Ended June 30, 2020


(Amounts in 000’s of US$, except for Share data)


Shares



Amount



Shares



Amount


Opening balance




38,250,000




$


886,323






24,850,000




$


335,219



Net investment loss







(

777


)







(

333


)

Realized gain / (loss) on investment in silver








1,434









(

167


)

Change in unrealized gain on investment in silver








60,588










103,126



Creations




3,700,000






95,196






4,600,000






70,566



Redemptions



(

250,000


)



(

6,214


)



(

50,000


)



(

730


)

Closing balance




41,700,000




$


1,036,550






29,400,000




$


507,681

























































































































































































Six Months Ended June 30, 2021



Six Months Ended June 30, 2020


(Amounts in 000’s of US$, except for Share data)


Shares



Amount



Shares



Amount


Opening balance




33,750,000




$


863,664






23,300,000




$


407,464



Net investment loss







(

1,458


)







(

617


)

Realized gain / (loss) on investment in silver








14,629









(

281


)

Change in unrealized (loss)/gain on investment in silver







(

44,632


)








10,055



Change in unrealized (loss) on unsettled creations or redemptions


















(

83


)

Creations




9,900,000






255,640






6,250,000






93,521



Redemptions



(

1,950,000


)



(

51,293


)



(

150,000


)



(

2,378


)

Closing balance




41,700,000




$


1,036,550






29,400,000




$


507,681












See Notes to the Financial Statements









4












ABERDEEN STANDARD SILVER ETF TRUST





Financial Highlights (Unaudited)



For the three and six months ended June 30, 2021 and
2020







































































































































































































































































































































Three Months Ended


June 30, 2021



Three Months Ended


June 30, 2020



Six Months Ended


June 30, 2021



Six Months Ended


June 30, 2020


Per Share Performance (for a Share outstanding throughout the entire period)

















Net asset value per Share at beginning of period


$


23.17




$


13.49




$


25.59




$


17.49



Income from investment operations:

















Net investment loss



(

0.02


)



(

0.01


)



(

0.04


)



(

0.02


)

Total realized and unrealized gains or losses on investment in silver




1.71






3.79





(

0.69


)



(

0.20


)

Change in net assets from operations




1.69






3.78





(

0.73


)



(

0.22


)


















Net asset value per Share at end of period


$


24.86




$


17.27




$


24.86




$


17.27




















Weighted average number of Shares




40,222,527






27,586,264






38,687,017






25,631,593























Expense ratio

(1)(2)








0.30


%




0.30


%




0.30


%




0.30


%





















Net investment loss ratio

(1)(2)







(

0.30


)%



(

0.30


)%



(

0.30


)%



(

0.30


)%





















Total return, net asset value

(3)








7.29


%




28.02


%



(

2.85


)%



(

1.26


)%


















(1)




Annualized for periods less than one year.




(2)




The expense ratio is calculated net of the voluntary waiver (refer to Note 2.7). The Gross Expense Ratio is


0.45


%.




(3)




Total return is not annualized.








See Notes to the Financial Statements











5












ABERDEEN STANDARD SILVER ETF TRUST







Notes to the Financial Statements (Unaudited)










1.

Organization






The Aberdeen Standard Silver ETF Trust (the “Trust”)
is a common law trust formed on July 20, 2009 (the "Date of Inception”) under New York law pursuant to a depositary
trust agreement (the “Trust Agreement”) executed by Aberdeen Standard Investments ETFs Sponsor LLC (the “Sponsor”)
and The Bank of New York Mellon as Trustee (the “Trustee”). The Trust holds silver bullion and issues Aberdeen
Standard Physical Silver Shares ETF (“Shares”) in minimum blocks of


50,000


Shares (also referred to as “Baskets”)
in exchange for deposits of silver and distributes silver in connection with the redemption of Baskets. Shares represent units
of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited
liability company and a wholly-owned subsidiary of Aberdeen Standard Investments Inc. (“ASII”). ASII is a wholly-owned indirect
subsidiary of abrdn (formerly known as Standard Life Aberdeen) plc. The Trust is governed by the Trust Agreement.






Effective
June 25, 2021, Christopher Demetriou resigned as President and Chief Executive Officer of the Sponsor. Mr. Demetriou had served as Principal
Executive Officer of the Registrant. Effective June 25, 2021, Steven Dunn was appointed President and Chief Executive Officer of the Sponsor.
Mr. Dunn will serve as Principal Executive Officer of the Registrant.





The investment objective of the Trust is for the Shares to reflect
the performance of the price of silver, less the Trust’s expenses and liabilities. The Trust is designed to provide an individual
owner of beneficial interests in the Shares (a “Shareholder”) an opportunity to participate in the silver market through
an investment in securities. The fiscal year end for the Trust is December 31.





The accompanying financial statements were prepared in accordance
with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information
and with the instructions for Form 10-Q. In the opinion of the Trust’s management, all adjustments (which consist of normal recurring
adjustments) necessary to present fairly the financial position and results of operations as of and for the six months ended June
30, 2021 and for all periods presented have been made.





These financial statements should be read in conjunction with
the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The results of operations for the three
and six months ended June 30, 2021 are not necessarily indicative of the operating results for the full year.








2.

Significant Accounting Policies






The preparation of financial statements in accordance with U.S.
GAAP requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts
and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed
by the Trust.








2.1.

Basis of Accounting







The Sponsor has determined that the Trust falls within the scope
of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946,

Financial Services—Investment
Companies

, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered
as an investment company under the Investment Company Act of 1940 and is not required to register under such act.
















6




















ABERDEEN STANDARD SILVER ETF TRUST













Notes to the Financial Statements (Unaudited)















2.2.

Valuation of Silver







The Trust follows the provisions of ASC 820,

Fair Value Measurement

(“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs
to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date.





The Trust’s silver is held by JPMorgan Chase Bank, N.A.
(the “Custodian”). The Trust's silver may also be held by another firm selected by the Custodian to hold the Trust’s silver in the Trust’s
allocated account in the firm’s vault premises on a segregated basis and whose appointment has been approved by the Sponsor. At June
30, 2021, approximately


99.99

%

of the Trust’s silver was held by a sub-custodian.





The Trust's silver is recorded at fair value. The cost of silver is determined
according to the average cost method and the fair value is based on the London Bullion Market Association (“LBMA”) Silver Price. Realized gains and losses on transfers of silver,
or silver distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and
average cost of silver transferred.





The ICE Benchmark Administration (“IBA”) conducts
an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading
day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the
LBMA-authorized bullion banks and market makers participating in the auction.





Once the value of silver has been determined, the net asset
value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including
the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the silver and all other assets
held by the Trust.





The Trust recognizes changes in fair value of the investment in silver
as changes in unrealized gains or losses on investment in silver through the Statement of Operations.





The per Share amount of silver exchanged for a purchase or
redemption is calculated daily by the Trustee using the LBMA Silver Price to calculate the silver amount in respect of any liabilities
for which covering silver sales have not yet been made, and represents the per Share amount of silver held by the Trust, after
giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.






Fair Value Hierarchy





ASC 820 establishes a hierarchy that prioritizes inputs to valuation
techniques used to measure fair value. The three levels of inputs are as follows:





– Level 1. Unadjusted quoted prices
in active markets for identical assets or liabilities that the Trust has the ability to access.





– Level 2. Observable inputs other than
quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument
on an inactive market, prices for similar instruments and similar data.





– Level 3. Unobservable inputs for the
asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about
the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information
available.









7
















ABERDEEN STANDARD SILVER ETF TRUST









Notes to the Financial Statements (Unaudited)









To the extent that valuation is based on models or inputs that
are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of
judgment exercised in determining fair value is greatest for instruments categorized in level 3.





The inputs used to measure fair value may fall into different
levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair
value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement
in its entirety.





The Trust’s investment in silver is classified as a level 1
asset, as its value is calculated using unadjusted quoted prices from primary market sources.







The categorization of the Trust’s assets

is as shown below:














































(Amounts in 000’s of US$)


June 30, 2021



December 31, 2020









Level 1









Investment in silver


$


1,043,020




$


863,884









There were no transfers between levels during
the three months ended June 30, 2021.













2.3.

Silver Receivable and Payable









Silver receivable or payable represents the
quantity of silver covered by contractually binding orders for the creation or redemption of Shares respectively, where
the silver has not yet been transferred to or from the Trust’s account. Generally, ownership of silver is
transferred within two business days of the trade date. At June 30, 2021, the Trust had


no


silver receivable for the creation of Shares and $


6,214,330


of silver payable for the redemption of Shares. At December 31, 2020, the Trust had




no




silver receivable
or payable for the creation or redemption of Shares.









2.4.

Creations and Redemptions of
Shares







The Trust expects to create and redeem Shares from time to time,
but only in one or more Baskets (a Basket equals a block of


50,000


Shares). The Trust issues Shares in Baskets to Authorized
Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized
Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial
institution which is not required to register as a broker-dealer to engage in securities transactions; (2) is a participant in The Depository
Trust Company; (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor; and (4) has established an
Authorized Participant Unallocated Account with the Trust’s Custodian or other silver bullion clearing bank . An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the
Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the silver required
for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated silver account established with
the Custodian or a silver bullion clearing bank by an Authorized Participant.









8
















ABERDEEN STANDARD SILVER ETF TRUST









Notes to the Financial Statements (Unaudited)











The creation and redemption of Baskets is only made in exchange
for the delivery to the Trust or the distribution by the Trust of the amount of silver represented by the Baskets being created
or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed
determined on the day the order to create or redeem Baskets is properly received.





Authorized Participants may, on any business day, place an order
with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is two business days. In the event
of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When silver
is exchanged in settlement of a redemption, it is considered a sale of silver for financial statement purposes.





The amount of silver represented by the Baskets created or
redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares
may differ from the value of silver to be delivered or distributed by the Trust. In order to ensure that the correct amount
of silver is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of
any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of silver.





As the Shares of the Trust are subject to redemption at the option
of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding
are presented in the Statement of Changes in Net Assets.









2.5.

Income Taxes







The Trust is classified as a “grantor trust” for U.S.
federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s
income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income,
deductions, gains, and losses to the Internal Revenue Service on that basis.





The Sponsor has evaluated whether or not there are uncertain tax
positions that require financial statement recognition and has determined that




no




reserves for uncertain tax positions are required as
of June 30, 2021 or December 31, 2020.









2.6.

Investment in Silver









Changes in ounces of silver and their respective values

for the three and six months ended June 30, 2021 and 2020 are set out below:












































































































































































































Three Months Ended


June 30, 2021



Three Months Ended


June 30, 2020


(Amounts in 000’s of US$, except for ounces data)









Ounces of silver









Opening balance




36,939,582.4






24,070,487.0



Creations




3,571,050.2






4,162,944.1



Redemptions










(

48,405.3


)

Transfers of silver to pay expenses



(

28,586.3


)



(

18,907.0


)

Closing balance




40,482,046.3






28,166,118.8












Investment in silver









Opening balance


$


886,550




$


335,302



Creations




95,196






65,385



Redemptions










(

730


)

Realized gain / (loss) on silver distributed for the redemption of Shares




1,261





(

124


)

Transfers of silver to pay expenses



(

748


)



(

292


)

Realized gain / (loss) on silver transferred to pay expenses




173





(

43


)

Change in unrealized gain on investment in silver




60,588






103,126



Closing balance


$


1,043,020




$


502,624










9
















ABERDEEN STANDARD SILVER ETF TRUST









Notes to the Financial Statements (Unaudited)














































































































































































































Six Months Ended


June 30, 2021



Six Months Ended


June 30, 2020


(Amounts in 000’s of US$, except for ounces data)









Ounces of silver









Opening balance




32,617,862.0






23,216,266.6



Creations




9,560,139.9






5,761,068.7



Redemptions



(

1,641,983.4


)



(

775,191.5


)

Transfers of silver to pay expenses



(

53,972.2


)



(

36,025.0


)

Closing balance




40,482,046.3






28,166,118.8












Investment in silver









Opening balance


$


863,884




$


418,938



Creations




255,640






88,342



Redemptions



(

45,079


)



(

13,829


)

Realized gain / (loss) on silver distributed for the redemption of Shares




14,272





(

235


)

Transfers of silver to pay expenses



(

1,422


)



(

601


)

Realized gain / (loss) on silver transferred to pay expenses




357





(

46


)

Change in unrealized (loss) / gain on investment in silver



(

44,632


)




10,055



Closing balance


$


1,043,020




$


502,624













2.7.

Expenses / Realized Gains /
Losses







The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of silver to the Sponsor.






The Trust will transfer silver to the Sponsor to pay the
Sponsor’s Fee that accrues daily at an annualized rate equal to


0.45


% of the adjusted daily net asset value (“ANAV”)
of the Trust, paid monthly in arrears.  Presently, the Sponsor is continuing to voluntarily waive a portion of its fee and reduce
the Sponsor’s Fee to


0.30


% (which it has done since the Date of Inception).









10
















ABERDEEN STANDARD SILVER ETF TRUST









Notes to the Financial Statements (Unaudited)









The Sponsor has agreed to assume administrative and marketing
expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the
reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”)
registration fees, printing and mailing costs, audit fees and up to $


100,000


per annum in legal expenses.





For the three months ended June 30, 2021 and 2020,
the Sponsor’s Fee, net of fees waived by the Sponsor, was $


776,575


and $


333,414


, respectively.  For the six
months ended June 30, 2021 and 2020, the Sponsor’s Fee, net of fees waived by the Sponsor, was $


1,457,887


and $


616,898


, respectively.





At June 30, 2021 and at December 31, 2020, the fees
payable to the Sponsor were $


255,430


and $


219,813


, respectively.





As a result of the waiver, the Sponsor’s Fee waived for
the three months ended June 30, 2021 and 2020 was $


388,287


and $


166,707


, respectively. The Sponsor’s Fee waived for the six
month’s ended June 30, 2021, and 2020 was $


728,943


and $


308,449


respectively.





With respect to expenses not otherwise assumed by the
Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s silver as necessary
to pay these expenses. When selling silver to pay expenses, the Trustee will endeavor to sell the smallest amounts
of silver needed to pay these expenses in order to minimize the Trust’s holdings of assets other than silver. Other than
the Sponsor’s Fee, the Trust had








no








expenses during the three and six months ended June 30, 2021 and 2020.





Unless otherwise directed by the Sponsor, when selling silver
the Trustee will endeavor to sell at the price established by the LME PM Fix. The Trustee will place orders with dealers (which may include
the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the
purchaser of such silver only if the sale transaction is made at the next LBMA PM Silver Price or such other publicly available price
that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between
the selling price and the average cost of the silver sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss
incurred by reason of any sale.





Realized gains and losses result from the transfer of silver
for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average
cost of silver transferred.









2.8.

Subsequent Events







In accordance with the provisions set forth in FASB ASC 855-10,

Subsequent Events

, the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s
financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure
in the financial statements were identified.











3.

Related Parties






The Sponsor and the Trustee are considered to be related parties
to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or
sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. In addition,
the Trustee and the Custodian and their affiliates may from time to time purchase or sell silver directly, for their own account,
as agent for their customers and for accounts over which they exercise investment discretion. The Trustee’s and Custodian’s
fees are paid by the Sponsor and are not separate expenses of the Trust.









11












ABERDEEN STANDARD SILVER ETF TRUST





Notes to the Financial Statements (Unaudited)







4.

Concentration of Risk






The Trust’s sole business activity is the investment
in silver, and substantially all the Trust’s assets are holdings of silver, which creates a concentration of risk
associated with fluctuations in the price of silver. Several factors could affect the price of silver, including: (i) global silver
supply and demand, which is influenced by factors such as forward selling by silver producers, purchases made by silver producers to
unwind silver hedge positions, central bank purchases and sales, and production and cost levels in major global silver-producing
countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest
rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or
financial events and situations. In addition, there is no assurance that silver will maintain its long-term value in terms of
purchasing power in the future. In the event that the price of silver declines, the Sponsor expects the value of an investment
in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position
and results of operations.








5.

Indemnification






Under the Trust’s organizational documents, the Trustee
(and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates)
are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct
or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational
documents. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made
against the Trust that have not yet occurred.











12












ABERDEEN STANDARD SILVER ETF TRUST








Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations




This information should be read in conjunction with the financial
statements and notes to the financial statements included in Item 1 of Part 1 of this Form 10-Q. The discussion and analysis that follows
may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking
statements may relate to the Trust’s financial condition, operations, future performance and business. These statements can be identified
by the use of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”,
“estimate”, “predict”, “potential” or similar words and phrases. These statements are based upon certain
assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and expected future developments.
Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements, to conform such statements to actual
results or to reflect a change in management’s expectations or predictions.









Introduction




The Trust is a common law trust, formed under the laws of the
state of New York on July 20, 2009. The Trust is not managed like a corporation or an active investment vehicle. It does not have
any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. The Trust is not registered
as an investment company under the Investment Company Act of 1940 and is not required to register under such act. It does not hold or
trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity
trading adviser in connection with issuing Shares.





The Trust holds silver and is expected to issue Baskets in
exchange for deposits of silver and to distribute silver in connection with redemptions of Baskets. Shares issued by the Trust
represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares
to reflect the performance of the price of silver, less the Trust’s expenses. The Sponsor believes that, for many investors,
the Shares will represent a cost effective investment relative to traditional means of investing in silver.





The Trust issues and redeems Shares only with Authorized Participants
in exchange for silver and only in aggregations of 50,000 Shares or integral multiples thereof. A list of current Authorized Participants
is available from the Sponsor or the Trustee.





Shares of the Trust trade on the New York Stock Exchange (the
“NYSE”) Arca under the symbol “SIVR”.







Valuation of Silver and Computation of Net Asset Value




On each day that the NYSE Arca is open for regular trading, as
promptly as practicable after 4:00 p.m. New York time on such day (the “Evaluation Time”), the Trustee evaluates the silver
held by the Trust and determine both the ANAV and the NAV of the Trust.





At the Evaluation Time, the Trustee values the
Trust’s silver on the basis of that day’s LBMA Silver Price (the daily price of an ounce of silver as set at approximately
12:00 noon London, England time by LBMA-authorized bullion banks or market makers in an electronic, over-the-counter auction conducted
by the ICE Benchmark Administration (“IBA”) and disseminated by major market vendors, or, if no LBMA Silver Price is made
on such day or has not been announced by the Evaluation Time, the next most recent LBMA Silver Price determined prior to the Evaluation
Time is used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines
that the LBMA Silver Price or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the
Trust’s silver is not an appropriate basis for evaluation of the Trust’s silver, it shall identify an alternative basis for
such evaluation to be employed by the Trustee.





Once the value of the silver has been determined, the
Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust
or its assets), expenses and other liabilities of the Trust from the total value of the silver and all other assets of the Trust (other
than any amounts credited to the Trust's reserve account, if established). The resulting figure is the adjusted net asset value (the
“ANAV”) of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.





All fees accruing for the day on which the valuation takes place that are computed by reference to the value of the Trust or its assets
are calculated using the ANAV calculated for such day. The Trustee subtracts from the ANAV the amount of the accrued
fees so computed for such day and the resulting figure is the NAV of the Trust. The Trustee also determines the NAV per Share by dividing the NAV
of the Trust by the number of Shares outstanding as of the close of trading on the NYSE Arca (which includes the net number of any Shares created or redeemed on such evaluation day).














13














ABERDEEN STANDARD SILVER ETF TRUST





The Trustee's estimation of accrued but unpaid fees, expenses and liabilities is conclusive upon all persons interested in the Trust and
no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated
from those actually paid.





The NAV of the Trust is obtained by subtracting
the Trust’s liabilities on any day from the value of the silver owned and receivable by the Trust on that day; the NAV per Share is
obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.










The Quarter Ended





June
30, 2021






The Trust’s NAV increased from
$886,323,207 at March 31, 2021 to $1,036,550,164 at June 30, 2021, a 16.95% increase for the quarter. The increase in the
Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 38,250,000 Shares at March 31, 2021 to
41,700,000 Shares at June 30, 2021, as a result of 3,700,000 Shares (74 Baskets) being created and 250,000 Shares (5 Baskets) being
redeemed during the quarter. There was an increase in the price per ounce of silver, which rose 7.38% from $24.00 at March 31, 2021 to $25.77 at June
30, 2021.





The NAV per Share increased 7.29% from $23.17
at March 31, 2021 to $24.86 at June 30, 2021. The Trust’s NAV per Share rose slightly less than the price per ounce of silver on
a percentage basis due to the Sponsor’s Fee, net of waiver, which was $776,575 for the quarter, or 0.30% of the Trust’s ANAV
on an annualized basis.





The NAV per Share of $27.48 at May 18, 2021 was
the highest during the quarter, compared with a low of $23.48 at April 1, 2021.





The increase in net assets from operations for
the quarter ended June 30, 2021 was $61,244,939, resulting from a realized gain of $172,352 on the transfer of silver to pay expenses,
a realized gain of $1,260,930 on silver distributed for the redemption of Shares and a change in unrealized gain on investment in silver
of $60,588,232, offset by the Sponsor’s Fee, net of waiver, of $776,575. Other than the Sponsor’s Fee, the Trust had no expenses during the
quarter ended June 30, 2021.







The Six Months Ended June 30, 2021






The Trust’s NAV increased from $863,664,235 at December 31,
2020 to $1,036,550,164 at June 30, 2021, a 20.02% increase for the period. The increase in the Trust’s NAV resulted primarily
from an increase in outstanding Shares, which rose from 33,750,000 Shares at December 31, 2020 to 41,700,000 Shares at June 30,
2021, as a result of 9,900,000 Shares (198 Baskets) being created and 1,950,000 Shares (39 Baskets) being redeemed during the period. The price per
ounce of silver fell 2.72% from $26.49 at December 31, 2020 to $25.77 at June 30, 2021.





The NAV per Share decreased 2.85% from $25.59 at December 31, 2020
to $24.86 at June 30, 2021. The Trust’s NAV per Share fell slightly more than the price per ounce of silver on a percentage basis
due to the Sponsor’s Fee, net of waiver, which was $1,457,887 for the period, or 0.30% of the Trust’s ANAV on an annualized
basis.





The NAV per Share of $28.58 at February 1, 2021 was the highest during
the quarter, compared with a low of $23.17 at March 31, 2021.





The decrease in net assets from operations for the period ended
June 30, 2021 was $31,461,545, resulting from a realized gain of $356,500 on the transfer of silver to pay expenses and a realized gain
of $14,271,606 on silver distributed for the redemption of Shares, offset by a change in unrealized loss on investment in silver of $44,631,764
and the Sponsor’s Fee, net of waiver, of $1,457,887. Other than the Sponsor’s Fee, the Trust had no expenses during the period
ended June 30, 2021.







Liquidity & Capital Resources




The Trust is not aware of any trends, demands, commitments, events
or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s
Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust
during the period covered by this report was the Sponsor’s Fee.





The Trustee will, at the direction of the Sponsor or in its own
discretion, sell the Trust’s silver as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor.
The Trustee will not sell silver to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of silver
to the Sponsor. At June 30, 2021, the Trust did not have any cash balances.








14












ABERDEEN STANDARD SILVER ETF TRUST









Off-Balance Sheet Arrangements




The Trust has no off-balance sheet arrangements.







Critical Accounting Policies




The financial statements and accompanying notes are prepared in
accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements
relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions
affect the Trust’s application of accounting policies. Refer to Note 2 to the Financial Statements for further information on accounting
policies.








Item 3. Quantitative and Qualitative Disclosures About Market
Risk



Not applicable.










Item 4. Controls and Procedures



The Trust maintains disclosure controls and procedures that are
designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules
and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer of the
Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure.





Under the supervision and with the participation of the Chief
Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure
controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15d-15(e). Based on this evaluation, the Chief Executive Officer
and the Chief Financial Officer of the Sponsor concluded that, as of June 30, 2021, the Trust’s disclosure controls and procedures
were effective.





There have been no changes in the Trust’s or Sponsor’s
internal control over financial reporting during the quarter ended June 30, 2021 that have materially affected, or are reasonably
likely to materially affect, the Trust’s or Sponsor’s internal control over financial reporting.








15












ABERDEEN STANDARD SILVER ETF TRUST








PART II. OTHER INFORMATION








Item 1. Legal Proceedings



None.








Item 1A. Risk Factors



Except for the risk factor set forth below, there have been no
material changes to the risk factors previously disclosed in the Trust’s Annual Report on Form 10-K for the fiscal year ended December
31, 2020.







Effects of COVID-19




The respiratory illness COVID-19 caused by a novel coronavirus
has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial
markets have experienced extreme volatility and trading in many instruments has been disrupted. Liquidity for many instruments has been
greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy
and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and
may continue to affect adversely the value and liquidity of the Trust’s investments. The ultimate economic fallout from the pandemic,
and the long-term impact on economies, markets, industries and individual issuers, including Shares of the Trust, are not known. The information
technology and other operational systems upon which the Trust’s service providers rely could be impaired and the ability of employees
of the Trust’s service providers to perform essential tasks on behalf of the Trust could be disrupted. Governments and central banks,
including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and
the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption,
will not be known for some time.








Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds




Item 2(a).

None.




Item 2(b).

Not applicable.





Item 2(c).

For the three
months ended

June 30, 2021

:



74 Baskets were created.


5 Baskets
were redeemed.



















































Period




Total Baskets




Redeemed




Total Shares Redeemed


Average ounces of silver per Share

April 2021










May 2021










June 2021


5


250,000


0.966



5


250,000


0.966







Item 3. Defaults Upon Senior Securities



None.










Item 4. Mine Safety Disclosures



Not applicable.










Item 5. Other Information



None.








16












ABERDEEN STANDARD SILVER ETF TRUST








Item 6. Exhibits



























































































31.1




Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.






31.2




Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.






32.1




Chief Executive Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.






32.2




Chief Financial Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.






101



The following financial statements from the Trust’s Quarterly Report on Form 10-Q for the quarter ended


June 30, 2021

, formatted in Inline XBRL: (i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial Statements.






101.SCH



Inline XBRL Taxonomy Extension Schema Document





101.CAL



Inline XBRL Taxonomy Extension Calculation Document





101.DEF



Inline XBRL Taxonomy Extension Definitions Document





101.LAB



Inline XBRL Taxonomy Extension Labels Document





101.PRE



Inline XBRL Taxonomy Extension Presentation Document





104



The cover page from the Trust’s Quarterly Report on Form 10-Q for the quarter ended


June 30, 2021

, formatted in Inline XBRL (included as Exhibit 101).









17












ABERDEEN STANDARD SILVER ETF TRUST










SIGNATURES





Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities thereunto
duly authorized.




















































ABERDEEN STANDARD INVESTMENTS ETFS SPONSOR LLC





Date: August 6, 2021



/s/ Steven Dunn




Steven Dunn *




President and Chief Executive Officer




(Principal Executive Officer)





Date: August 6, 2021



/s/ Andrea Melia




Andrea Melia *




Chief Financial Officer and Treasurer




(Principal Financial Officer and Principal Accounting Officer)











*



The Registrant is a trust and the persons are signing in their capacities as officers of Aberdeen Standard Investments ETFs Sponsor LLC, the Sponsor of the Registrant.










18








The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Annual report [Section 13 and 15(d), not S-K Item 405] - Sept. 29, 2022

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