−Removed: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
−Removed: The Trust was formed on July 20, 2009 (the “Date of Inception”) following an initial deposit of silver.
−Removed: The Trust’s Shares have been listed on the NYSE Arca under the symbol SIVR since its initial public offering on July 24, 2009.
−Removed: The following tables set out the range of high and low closing prices for the Shares as reported for NYSE Arca transactions for each of the quarters during the fiscal years ended December 31, 2019 and 2018 .
−Removed: Fiscal Year Ended December 31, 2019:
−Removed: Quarter Ended
−Removed: March 31, 2019
−Removed: June 30, 2019
−Removed: September 30, 2019
−Removed: December 31, 2019
−Removed: Fiscal Year Ended December 31, 2018:
−Removed: Quarter Ended
−Removed: March 31, 2018
−Removed: June 30, 2018
−Removed: September 30, 2018
−Removed: December 31, 2018
−Removed: The number of outstanding Shares of the Trust as of February 2 6 , 20 20 was 23,750,000 .
−Removed: Monthly Share Price
−Removed: The following table sets forth, for each of the most recent six months, the high and low closing prices of the Shares, as reported for NYSE Arca transactions.
−Removed: September 2019
−Removed: November 2019
−Removed: December 2019
−Removed: Issuer Purchase of Equity Securities
−Removed: The Trust issues and redeems Shares only with Authorized Participants in exchange for silver, only in aggregations of 50,000 Shares or integral multiples thereof.
−Removed: A list of current Authorized Participants is available from the Sponsor or the Trustee and is included in Item 7 of this report.
−Removed: Although the Trust does not purchase Shares directly from its Shareholders in connection with the redemption of Baskets, the Trust redeemed as follows during the years ended December 31, 2019 and 2018 :
−Removed: Total number of Shares redeemed
−Removed: Average ounces of silver per Share
−Removed: February 2019
−Removed: September 2019
−Removed: November 2019
−Removed: December 2019
−Removed: Total number of Shares redeemed
−Removed: Average ounces of silver per Share
−Removed: February 2018
−Removed: September 2018
−Removed: November 2018
−Removed: December 2018
−Removed: Selec ted Financial Data
−Removed: The following selected financial data for the reporting periods should be read in conjunction with the Trust’s financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations.
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: December 31, 2017
−Removed: December 31, 2016
−Removed: December 31, 2015
−Removed: (Amounts in 000's of US$, except for Share and per Share data)
−Removed: Total gain / (loss) on silver
−Removed: Change in net assets from operations
−Removed: Weighted average number of Shares
−Removed: Net increase / (decrease) in net assets per Share
−Removed: Net cash provided by operating activities
−Removed: M anageme nt’s Discussion and Analysis of Financial Condition and Results of Operations
−Removed: This information should be read in conjunction with the financial statements and notes to the financial statements included with this report.
−Removed: The discussion and analysis that follows may contain statements that relate to future events or future performance.
−Removed: In some cases, such forward-looking statements can be identified by terminology such as “may,”
−Removed: “should,”
−Removed: “expect,”
−Removed: “plan,”
−Removed: “anticipate,”
−Removed: “believe,”
−Removed: “estimate,”
−Removed: “predict,”
−Removed: “potential”
−Removed: or the negative of these terms or other comparable terminology.
−Removed: We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements.
−Removed: Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
−Removed: The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
−Removed: Introduction.
−Removed: The Aberdeen Standard Silver ETF Trust (the “Trust”) is a trust formed under the laws of the State of New York.
−Removed: The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and, the sponsor of the Trust, Aberdeen Standard Investments ETFs Spon sor LLC (the “Sponsor”) .
−Removed: The Trust issues Shares representing fractional undivided beneficial interests in its net assets.
−Removed: The assets of the Trust consist of silver bullion held by a custodian as an agent of the Trust and responsible only to the Trustee.
−Removed: The Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect, at any given time, the price of the silver bullion owned by the Trust, less the Trust’s liabilities (anticipated to be principally for accrued operating expenses), divided by the number of outstanding Shares.
−Removed: The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of silver.
−Removed: The Trust issues and redeems Shares only in exchange for silver, only in aggregations of 50,000 Shares or integral multiples thereof (each, a “Basket”), and only in transactions with registered broker-dealers (or other securities market participants not required to register as broker-dealers such as banks or other financial institutions) who (1) are participants in the DTC and (2) have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such dealers, the “Authorized Participants”).
−Removed: As of the date of this annual report the Authorized Participants that have signed an Authorized Participant Agreement with the Trust are Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co.
−Removed: LLC, HSBC Securities (USA) Inc., J.P.
−Removed: Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co.
−Removed: Inc, Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Financial BD, LLC.
−Removed: Shares of the Trust trade on the NYSE Arca under the symbol “SIVR”.
−Removed: Investing in the Shares does not insulate the investor from certain risks, including price volatility.
−Removed: The following table illustrates the movement in the NAV of the Shares against the corresponding silver price (per 1 oz.
−Removed: of silver) since inception:
−Removed: NAV per Share vs.
−Removed: Silver Price from July 20, 2009 (the Date of Inception) to December 31, 2019
−Removed: The divergence of the NAV per Share from the silver price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception.
−Removed: Critical Accounting Policy
−Removed: The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America.
−Removed: The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations.
−Removed: These estimates and assumptions affect the Trust’s application of accounting policies.
−Removed: Below we describe the valuation of silver bullion, a critical accounting policy that we believe is important to understanding our results of operations and financial position.
−Removed: In addition, please refer to Note 2 to the financial statements for further discussion of our accounting policies.
−Removed: Valuation of Silver
−Removed: Effective March 29, 2019, s ilver is held by JPMorgan Chase Bank N.A.
−Removed: (the “Custodian”) on behalf of the Trust through a sub-custodian, and is recorded at fair value.
−Removed: Prior to March 29, 2019, the custodian was HSBC Bank plc .
−Removed: Since August 15, 2014, an electronic, over-the-counter silver bullion auction has been conducted in London, England to establish a fixing price for an ounce of silver once each trading day (the “LBMA Silver Price”).
−Removed: As of the date of filing, the LBMA Silver Price is established by the 1 2 LBMA-authorized bullion banks and market makers participating in the auction and disseminated by major market vendors.
−Removed: The LBMA Silver Price was initially operated by CME Group, Inc.
−Removed: until October 2, 2017, at which time the ICE Benchmark Administration (“IBA”) commenced administration of the LBMA Silver Price.
−Removed: The “London Metal Price”
−Removed: for silver held by the Trust is the LBMA Silver Price.
−Removed: Realized gains and losses on transfers of silver, or silver distributed for the redemption of Shares, are calculated as the difference between the fair value and cost of silver transferred.
−Removed: (Amounts in 000's of US$)
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: December 31, 2017
−Removed: Investment in silver - cost
−Removed: Unrealized loss on investment in silver
−Removed: Investment in silver - fair value
−Removed: Inspection of Silver
−Removed: Under the Custody Agreements, the Trustee, the Sponsor and the Sponsor’s auditors and inspectors may, only up to twice a year, visit the premises of the Custodian for the purpose of examining the Trust’s silver and certain related records maintained by the Custodian.
−Removed: In addition, under the Custody Agreement s , the Custodian shall procure that any sub-custodian that it appoints allows access to its premises during normal business hours to examine the Trust’s silver held there and such records as the Trustee, the Sponsor or the Sponsor’s auditors and inspectors may reasonably require to perform their respective duties to Shareholders.
−Removed: The Sponsor has exercised its right to visit the Custodian, in order to examine the records maintained by the Custodian.
−Removed: Inspections were conducted by Inspectorate International Limited, a leading commodity inspection and testing company retained by the Sponsor, as of July 2, 2019 and December 31, 2019 .
−Removed: The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.
−Removed: In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.
−Removed: As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee.
−Removed: The Trust’s only source of liquidity is its transfers and sales of silver.
−Removed: 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.
−Removed: 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.
−Removed: At December 31, 2019 and 2018 , the Trust did not have any cash balances.
−Removed: Review of Financial Results
−Removed: Financial Highlights
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: December 31, 2017
−Removed: (Amounts in 000's of US$)
−Removed: Total gain / (loss) on silver
−Removed: Net gain / (loss) from operations
−Removed: Net cash provided by operating activities
−Removed: The year ended December 31, 2019
−Removed: The net asset value (“NAV”) of the Trust is obtained by subtracting the Trust’s liabilities on any day from the value of the silver owned or receivable by the Trust on that day;
−Removed: 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.
−Removed: The Trust’s NAV increase d from $ 339,734,175 at December 31, 2018 to $ 407,463,630 at December 31, 2019 , a 19.94% increase for the year.
−Removed: The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 22,600,000 Shares at December 31, 2018 to 23,300,000 Shares at December 31, 2019 , a result of 2,250,000 Shares ( 45 Baskets) being created and 1,550,000 Shares ( 31 Baskets) being redeemed during the year and a n increase in the price per ounce of silver, which rose 16.68% from $ 15.47 at December 31, 2018 to $ 18.05 at December 31, 2019 .
−Removed: NAV per Share increased 16.37% from $ 15.03 at December 31, 2018 to $ 17.49 at December 31, 2019 .
−Removed: 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 $ 1,087,303 for the year, or 0.30% of the Trust’s assets on an annualized basis.
−Removed: The NAV per Share of $ 18.73 at September 4, 2019 was the highest during the year, compared with a low of $ 13.96 at May 29, 2019 .
−Removed: The increase in net assets from operations for the year ended December 31, 2019 was $56,420,636 , resulting from a change in unrealized gain on investment in silver of $59,906,512 , a realized loss of $149,268 on the transfer of silver to pay expenses, a realized loss of $2,249,305 on silver distributed for the redemption of Shares, and the Sponsor’s Fee, net of waiver, of $1,087,303 .
−Removed: Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2019 .
−Removed: The year ended December 31, 2018
−Removed: The Trust’s NAV decreased from $351,050,772 at December 31, 2017 to $339,734,175 at December 31, 2018, a 3.22% decrease for the year.
−Removed: The decrease in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 21,350,000 Shares at December 31, 2017 to 22,600,000 Shares at December 31, 2018, a result of 3,000,000 Shares (60 Baskets) being created and 1,750,000 Shares (35 Baskets) being redeemed during the year and a decrease in the price per ounce of silver, which fell 8.30% from $16.87 at December 31, 2017 to $15.47 at December 31, 2018.
−Removed: NAV per Share decreased 8.58% from $16.44 at December 31, 2017 to $15.03 at December 31, 2018.
−Removed: 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 $984,811 for the year, or 0.30% of the Trust’s assets on an annualized basis.
−Removed: The NAV per Share of $17.08 at January 25, 2018 was the highest during the year, compared with a low of $13.58 at November 14, 2018.
−Removed: The decrease in net assets from operations for the year ended December 31, 2018 was $28,163,930, resulting from a change in unrealized loss on investment in silver of $22,626,118, a realized loss of $178,535 on the transfer of silver to pay expenses, a realized loss of $4,374,466 on silver distributed for the redemption of Shares, and the Sponsor’s Fee, net of waiver, of $984,811.
−Removed: Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2018.
−Removed: The year ended December 31, 2017
−Removed: The Trust’s NAV increased from $311,266,689 at December 31, 2016 to $351,050,772 at December 31, 2017, a 12.78% increase for the year.
−Removed: The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 19,600,000 Shares at December 31, 2016 to 21,350,000 Shares at December 31, 2017, a result of 3,100,000 Shares (62 Baskets) being created and 1,350,000 Shares (27 Baskets) being redeemed during the year and an increase in the price per ounce of silver, which rose 3.88% from $16.24 at December 31, 2016 to $16.87 at December 31, 2017.
−Removed: The NAV per Share increased 3.53% from $15.88 at December 31, 2016 to $16.44 at December 31, 2017.
−Removed: 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 $1,039,540 for the year, or 0.30% of the Trust’s assets on an annualized basis.
−Removed: The NAV per Share of $18.13 at April 13, 2017 was the highest during the year, compared with a low of $14.86 at July 10, 2017.
−Removed: The increase in net assets from operations for the year ended December 31, 2017 was $12,220,462, resulting from a change in unrealized gain on investment in silver of $15,855,611 offset by a realized loss of $119,689 on the transfer of silver to pay expenses, a realized loss of $2,475,920 on silver distributed for the redemption of Shares, and the Sponsor’s Fee, net of waiver, of $1,039,540.
−Removed: Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2017.
−Removed: Off-Balance Sheet Arrangements
−Removed: The Trust is not a party to any off-balance sheet arrangements.
−Removed: Quantita tive and Qualitative Disclosures about Market Risk
−Removed: The Trust Agreement does not authorize the Trustee to borrow for payment of the Trust’s ordinary expenses.
−Removed: The Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk.
−Removed: The Trust invests in no derivative financial instruments and has no foreign operations or long-term debt instruments.
−Removed: Financi al Statements and Supplementary Data - unaudited
−Removed: Quarterly Income Statements
+Added: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
+Added: Trust was formed on July 20, 2009 (the “Date of Inception”) following an initial deposit of silver.
+Added: Shares have been listed on the NYSE Arca under the symbol SIVR since its initial public offering on July 24, 2009.
+Added: The following
+Added: tables set out the range of high and low closing prices for the Shares as reported for NYSE Arca transactions for each of the
+Added: quarters during the years ended December 31, 2020 and 2019:
Year Ended December 31, 2020:
−Removed: Three months ended
−Removed: (Amounts in 000's of US$, except for Share and per Share data)
−Removed: Sponsor's Fee
−Removed: Waiver of Sponsor's Fee (Note 2.7)
−Removed: Total expenses
−Removed: Net investment loss
−Removed: REALIZED AND UNREALIZED GAINS / (LOSSES)
−Removed: Realized loss on silver transferred to pay expenses
−Removed: Realized loss on silver distributed for the redemption of Shares
−Removed: Change in unrealized (loss) / gain on investment in silver
−Removed: Total (loss) / gain on silver
−Removed: Change in net assets from operations
−Removed: Net (decrease) / increase in net assets per Share
−Removed: Weighted average number of Shares
+Added: Quarter Ended
Year Ended December 31, 2019:
−Removed: Three months ended
−Removed: (Amounts in 000's of US$, except for Share and per Share data)
−Removed: Sponsor's Fee
−Removed: Waiver of Sponsor's Fee (Note 2.7)
−Removed: Total expenses
−Removed: Net investment loss
−Removed: REALIZED AND UNREALIZED GAINS / (LOSSES)
−Removed: Realized loss on silver transferred to pay expenses
−Removed: Realized loss on silver distributed for the redemption of Shares
−Removed: Change in unrealized (loss) / gain on investment in silver
−Removed: Total (loss) / gain on silver
−Removed: Change in net assets from operations
−Removed: Net (decrease) / increase in net assets per Share
−Removed: Weighted average number of Shares
−Removed: Quarterly balances may not add to totals due to independent rounding.
−Removed: The financial statements required by Regulation S-X, together with the report of the Trust’s independent registered public accounting firm appear on pages F-1 to F-1 3 of this filing.
−Removed: Chan ges in and Disagreements with Accountants on Accounting and Financial Disclosure
−Removed: C ontrols and Procedures
−Removed: The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’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.
−Removed: 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).
−Removed: Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of December 31, 2019 , the Trust’s disclosure controls and procedures were effective.
−Removed: I nternal controls over financial reporting have been maintained throughout the Trust’s fiscal year ended December 31, 2019 .
−Removed: There have been no changes that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s internal control over financial reporting.
−Removed: Management’s Report on Internal Control over Financial Reporting
−Removed: The Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Exchange Act Rules 13a-15(f) and 15d-15(f).
−Removed: The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.
−Removed: Internal control over financial reporting includes those policies and procedures that:
−Removed: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets;
−Removed: (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations;
−Removed: (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.
−Removed: Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
−Removed: Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
−Removed: The Chief Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2019 .
−Removed: In making this assessment, they used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013) .
−Removed: Their assessment included an evaluation of the design of the Trust’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting.
−Removed: Based on their assessment and those criteria, the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2019 .
−Removed: KPMG LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2019 .
−Removed: Report of Independent Registered Public Accounting Firm
−Removed: To the Sponsor, Trustee and Shareholders
−Removed: Aberdeen Standard Silver ETF Trust:
−Removed: Opinion on Internal Control Over Financial Reporting
−Removed: We have audited Aberdeen Standard Silver ETF Trust’s (the Trust) internal control over financial reporting as of December 31, 201 9 , based on criteria established in Internal Control –
−Removed: Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
−Removed: In our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 201 9 , based on criteria established in Internal Control –
−Removed: Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statement of assets and liabilities of the Trust, including the schedules of investments, as of December 31, 201 9 and 201 8 , the related statements of operations and changes in net assets for each of the years in the three-year period ended December 31, 201 9 , and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the three-year period ended December 31, 201 9 , and our report dated February 28 , 20 20 expressed an unqualified opinion on those financial statements and financial highlights.
−Removed: Basis for Opinion
−Removed: The Trust’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting.
−Removed: Our responsibility is to express an opinion on the Trust’s internal control over financial reporting based on our audit.
−Removed: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.
−Removed: federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audit in accordance with the standards of the PCAOB.
−Removed: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
−Removed: Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.
−Removed: Our audit also included performing such other procedures as we considered necessary in the circumstances.
−Removed: We believe that our audit provides a reasonable basis for our opinion.
−Removed: Definition and Limitations of Internal Control Over Financial Reporting
−Removed: A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements and financial highlights for external purposes in accordance with generally accepted accounting principles.
−Removed: A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
−Removed: (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements and financial highlights in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;
−Removed: and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements and financial highlights.
−Removed: Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
−Removed: Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
−Removed: New York, New York
−Removed: February 28 , 20 20
−Removed: Other Information
−Removed: Not applicable.
−Removed: Directors , Executive Officers and Corporate Governance
−Removed: The Trust has no directors or executive officers.
−Removed: The biographies of the President and Chief Executive Officer of the Sponsor and the Chief Financial Officer and Treasurer are set out below:
−Removed: Christopher Demetriou –
−Removed: President and Chief Executive Officer
−Removed: Demetriou is Chief Executive Officer –
−Removed: Americas for ASII.
−Removed: Demetriou is a member of the Group Executive Committee as well as several other committees within the organization.
−Removed: Demetriou is based in Philadelphia and is responsible for Aberdeen Standard Investments’
−Removed: operations across North and South America.
−Removed: Demetriou previously held the position of Deputy Chief Executive Officer –
−Removed: Americas for ASII from December 2016 to April 2018, Chief Financial Officer –
−Removed: Americas from January 2016 to December 2016, and Head of Finance –
−Removed: Americas from June 2014 to January 2016.
−Removed: Demetriou joined ASII in June 2014, as a result of Aberdeen’s acquisition of SVG, a FTSE 250 private equity investor based in London.
−Removed: While at SVG, from June 2010 to June 2014, Mr.
−Removed: Demetriou was Group Financial Controller and Deputy Head of Strategy.
−Removed: Prior to joining SVG, Mr.
−Removed: Demetriou worked at Ernst and Young, specializing in Asset and Wealth Management audits and transactions.
−Removed: Demetriou is a Chartered Accountant and has a BA in Politics from the University of York in England.
−Removed: Andrea Melia –
−Removed: Chief Financial Officer and Treasurer
−Removed: Melia is Vice President and Head of Fund Operations, Traditional Assets –
−Removed: Americas for ASII.
−Removed: Melia has managed the fund administration team since joining ASII in September 2009.
−Removed: Prior to joining ASII, Ms.
−Removed: Melia was Director of fund administration and accounting oversight for Princeton Administrators LLC, a division of BlackRock Inc.
−Removed: and had worked with Princeton Administrators since 1992.
−Removed: Melia holds a BS in Accounting from University of Scranton and a MBA from Rider University.
−Removed: As described under Item 1 above, ASII is the parent of the Sponsor.
−Removed: Executive Compensation
−Removed: The Trust has no directors or executive officers.
−Removed: The only ordinary expense paid by the Trust is the Sponsor’s Fee.
−Removed: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
−Removed: There are no persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust.
−Removed: Security Ownership of Management
−Removed: Not applicable.
−Removed: Change in Control
−Removed: Neither the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust.
−Removed: Certain Relationships and Related Transactions, and Director Independence
−Removed: The Trust has no directors or executive officers.
−Removed: Principal Accounting Fees and Services
−Removed: Fees for services performed by KPMG LLP for the years ended December 31, 2019 and 2018 :
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: Audit fees - KPMG
−Removed: Audit related fees - KPMG
−Removed: Audit Fees are fees paid by the Sponsor to KPMG LLP for professional services for the audit of the Trust’s financial statements included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally provided by the accountants in connection with regulatory filings or engagements.
−Removed: Audit Related Fees are paid by the Sponsor to KPMG LLP for assurance and related services that are reasonably related to the performance of the audit or review of the Trust’s financial statements.
−Removed: Pre-Approval Policies and Procedures
−Removed: As referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures with respect to fees paid to KPMG LLP.
−Removed: Such determinations are made by the Sponsor.
−Removed: Exhibits, Financial Statement Schedules
−Removed: Financial Statements
−Removed: See Index to financial statements on Page F-1 for a list of the financial statements being filed herein.
−Removed: Financial Statement Schedules
−Removed: Schedules have been omitted since they are either not required, not applicable, or the information has otherwise been included.
−Removed: Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No.
−Removed: 333-156307 on July 21, 2009
−Removed: Amendment to the Depositary Trust Agreement effective October 1, 2018
−Removed: Form of Authorized Participant Agreement, effective as of September 5, 2017, incorporated by reference to Exhibit 4.2 filed with the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017.
−Removed: Global Certificate, incorporated by reference to Exhibit 4.3 filed with Registration Statement No.
−Removed: 333-156307 on July 21, 2009
−Removed: Allocated Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trust’s Current Report o n Form 8-K on March 29, 201 9
−Removed: Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trust’s Current Report on Form 8-K on March 29, 201 9
−Removed: Depository Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No.
−Removed: 333-156307 on July 21, 2009
−Removed: Marketing Agent Agreement, incorporated by reference to Exhibit 10.4 filed with Registration Statement No 333-156307 on July 21, 2009
−Removed: Novation of and Amendment No.
−Removed: 1 to the Marketing Agent Agreement effective October 1, 2018
−Removed: Novation Agreement, incorporated by reference to Exhibit 99.1 filed with Commission File No.
−Removed: 001-34412 on December 18, 2014
−Removed: Consent of KPMG LLP, Independent Registered Public Accounting Firm
−Removed: Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
−Removed: Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
−Removed: Chief Executive Officer’s Certificate, pursuant to 18 U.S.C.
−Removed: Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
−Removed: Chief Financial Officer’s Certificate, pursuant to 18 U.S.C.
−Removed: Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
−Removed: The following financial statements from the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, formatted in Inline XBRL:
−Removed: (i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial Statements.
−Removed: XBRL Taxonomy Extension Schema Document
−Removed: XBRL Taxonomy Extension Calculation Document
−Removed: XBRL Taxonomy Extension Definitions Document
−Removed: XBRL Taxonomy Extension Labels Document
−Removed: XBRL Taxonomy Extension Presentation Document
−Removed: The cover page from the Trust’s Annual Report on Form 10- K for the year ended December 31 , 2019, formatted in Inline XBRL (included as Exhibit 101).
−Removed: Form 10-K Summary
−Removed: Not applicable .
−Removed: ABERDEEN STANDARD SILVER ETF TRUST
−Removed: FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019
−Removed: Report of Independent Registered Public Accounting Firm
−Removed: Statements of Assets and Liabilities at December 31, 201 9 and 201 8
−Removed: Schedules of Investments at December 31, 201 9 and 201 8
−Removed: Statements of Operations for the years ended December 31, 201 9 , 20 18 and 201 7
−Removed: Statements of Changes in Net Assets for the years ended December 31, 201 9 , 20 18 and 201 7
−Removed: Financial Highlights for the years ended December 31, 201 9 , 201 8 and 201 7
−Removed: Notes to the Financial Statements
−Removed: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
−Removed: To the Sponsor, Trustee and Shareholders
−Removed: Aber deen Standard Silver ETF Trust :
−Removed: Opinion on the Financial Statements
−Removed: We have audited the accompanying statements of assets and liabilities of Aberdeen Standard Silver ETF Trust (the Trust), including the schedules of investments, as of December 31, 201 9 and 201 8 , the related statements of operations and changes in net assets for each of the years in the three-year period ended December 31, 201 9 , and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the three ‑year period ended December 31, 201 9 .
−Removed: In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Trust as of December 31, 201 9 and 201 8 , and the results of its operations and the changes in its net assets, for each of the years in the three ‑year period ended December 31, 201 9 , and the financial highlights for each of the years in the three-year period ended December 31, 201 9 , in conformity with U.S.
−Removed: generally accepted accounting principles.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Trust’s internal control over financial reporting as of December 31, 201 9 , based on criteria established in Internal Control –
−Removed: Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 28 , 20 20 expressed an unqualified opinion on the effectiveness of the Trust’s internal control over financial reporting.
−Removed: Basis for Opinion
−Removed: These financial statements and financial highlights are the responsibility of the Trust’s management.
−Removed: Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
−Removed: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S.
−Removed: federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audits in accordance with the standards of the PCAOB.
−Removed: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud.
−Removed: Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks.
−Removed: Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights.
−Removed: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights.
−Removed: We believe that our audits provide a reasonable basis for our opinion.
−Removed: We have served as the Trust’s auditor since 2015.
−Removed: New York, New York
+Added: Quarter Ended
+Added: number of outstanding Share of the Trust as of February 24, 2021 was 38,850,000.
+Added: following table sets forth, for each of the most recent six months, the high and low closing prices of the Shares, as reported
+Added: for NYSE Arca transactions.
+Added: Purchase of Equity Securities
+Added: Trust issues and redeems Shares only with Authorized Participants in exchange for silver, only in aggregations of 50,000 Shares
+Added: or integral multiples thereof.
+Added: A list of current Authorized Participants is available from the Sponsor or the Trustee and is included
+Added: in Item 7 of this report.
+Added: Although the Trust does not purchase Shares directly from its Shareholders, in connection with the redemption
+Added: of Baskets, the Trust redeemed as follows during the years ended December 31, 2020 and 2019:
+Added: number of Shares redeemed
+Added: ounces of silver per Share
February 2020
−Removed: ABERDEEN STANDARD SILVER ETF TRUST
−Removed: Statements of Ass ets and Liabilities
−Removed: At December 31, 2019 and 2018
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: (Amounts in 000's of US$, except for Share and per Share data)
−Removed: Investment in silver (cost:
−Removed: December 31, 2019:
−Removed: December 31, 2018:
−Removed: Fees payable to Sponsor
−Removed: Bullion payable
−Removed: Total liabilities
−Removed: NET ASSETS (1)
−Removed: (1) Authorized share capital is unlimited and no par value per share.
−Removed: Shares issued and outstanding at December 31, 2019 were 23,300,000 and at December 31, 2018 were 22,600,000 .
−Removed: Net asset value per Share at December 31, 2019 was $17.49 and at December 31, 2018 was $15.03 .
−Removed: See Notes to the Financial Statements.
−Removed: ABERDEEN STANDARD SILVER ETF TRUST
−Removed: Schedules of Inv estments
−Removed: At December 31, 2019 and 2018
−Removed: December 31, 2019
−Removed: % of Net Assets
−Removed: Investment in silver (in 000's of US$, except for oz and percentage data)
−Removed: Total investment in silver
−Removed: Less liabilities
−Removed: December 31, 2018
−Removed: % of Net Assets
−Removed: Investment in silver (in 000's of US$, except for oz and percentage data)
−Removed: Total investment in silver
−Removed: Less liabilities
−Removed: See Notes to the Financial Statements.
−Removed: ABERDEEN STANDARD SILVER ETF TRUST
−Removed: Statements of Operations
−Removed: For the years ended December 31, 2019, 2018 and 2017
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: December 31, 2017
−Removed: (Amounts in 000's of US$, except for Share and per Share data)
−Removed: Sponsor's Fee
−Removed: Waiver of Sponsor's Fee (Note 2.7)
−Removed: Total expenses
−Removed: Net investment loss
−Removed: REALIZED AND UNREALIZED GAINS / (LOSSES)
−Removed: Realized loss on silver transferred to pay expenses
−Removed: Realized loss on silver distributed for the redemption of Shares
−Removed: Change in unrealized gain / (loss) on investment in silver
−Removed: Total gain / (loss) on investment in silver
−Removed: Change in net assets from operations
−Removed: Net increase / (decrease) in net assets per Share
−Removed: Weighted average number of Shares
−Removed: See Notes to the Financial Statements.
−Removed: ABERDEEN STANDARD SILVER ETF TRUST
−Removed: Statements of Changes in Net Assets
−Removed: For the years ended December 31, 2019, 2018 and 2017
−Removed: December 31, 2019
−Removed: (Amounts in 000's of US$, except for Share data)
−Removed: Opening balance at January 1, 2019
−Removed: Net investment loss
−Removed: Realized loss on investment in silver
−Removed: Change in unrealized gain on investment in silver
−Removed: Change in unrealized gain on unsettled creations or redemptions
−Removed: Closing balance at December 31, 2019
+Added: number of Shares redeemed
+Added: ounces of silver per Share
+Added: Selected Financial Data
+Added: following selected financial data for the reporting periods should be read in conjunction with the Trust’s financial statements
+Added: and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations .
December 31, 2020
−Removed: (Amounts in 000's of US$, except for Share data)
−Removed: Opening balance at January 1, 2018
−Removed: Net investment loss
−Removed: Realized loss on investment in silver
−Removed: Change in unrealized loss on investment in silver
−Removed: Closing balance at December 31, 2018
December 31, 2019
−Removed: (Amounts in 000's of US$, except for Share data)
−Removed: Opening balance at January 1, 2017
−Removed: Net investment loss
−Removed: Realized loss on investment in silver
−Removed: Change in unrealized gain on investment in silver
−Removed: Closing balance at December 31, 2017
−Removed: See Notes to the Financial Statements.
−Removed: ABERDEEN STANDARD SILVER ETF TRUST
−Removed: Financial H ighlights
−Removed: For the years ended December 31, 2019, 2018 and 2017
December 31, 2018
1 unchanged sentence
December 31, 2016
−Removed: Per Share Performance (for a Share outstanding throughout the entire period)
−Removed: Net asset value per Share at beginning of period
−Removed: Income from investment operations:
−Removed: Net investment loss
−Removed: Total realized and unrealized gains or losses on investment in silver
−Removed: Change in net assets from operations
−Removed: Net asset value per Share at end of period
+Added: in 000's of US$, except for Share and per Share data)
+Added: gain/(loss) on silver
+Added: in net assets from operations
Weighted average number of Shares
−Removed: Expense ratio (1)
−Removed: Net investment loss ratio
−Removed: Total return, at net asset value
−Removed: (1) The Expense ratio is calculated net of the Sponsor’s voluntary fee waiver (refer to Note 2.7).
−Removed: Exclusive of the Sponsor’s voluntary fee waiver, the gross expense ratio is 0.45% for the years ended December 31, 2019, 2018 and 2017 .
−Removed: See Notes to the Financial Statements.
−Removed: ABERDEEN STANDARD SILVER ETF TRUST
−Removed: Notes to the Financial Statements
−Removed: Organiz ation
−Removed: The Aberdeen Standard Silver ETF Trust (the “Trust”) is an investment trust formed on July 20, 2009 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”) at the time of the Trust’s organization.
−Removed: The Trust holds silver bullion and issues Aberdeen Standard Physical Silver Shares ETF (the “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 redemption of Baskets.
−Removed: Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust.
−Removed: The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of Aberdeen Standard Investments Inc.
−Removed: (“ASII”) .
−Removed: ASII is a wholly-owned indirect subsidiary of Standard Life Aberdeen plc.
−Removed: The Trust is governed by the Trust Agreement.
−Removed: 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.
−Removed: 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.
−Removed: ABERDEEN STANDARD SILVER ETF TRUST
−Removed: Notes to the Financial Statements
−Removed: Significant Accounting Policies
−Removed: The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures.
−Removed: Actual results could differ from those estimates.
−Removed: The following is a summary of significant accounting policies followed by the Trust.
−Removed: Basis of Accounting
−Removed: 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.
−Removed: 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.
−Removed: Valuation of Silver
−Removed: The Trust follows the provisions of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”).
−Removed: ASC 820 provides guidance for determining fair value and requires disclosure regarding the inputs to valuation techniques used to measure fair value.
−Removed: 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.
−Removed: Effective March 29, 2019, silver is held by JPMorgan Chase Bank N.A.
−Removed: (the “Custodian”) on behalf of the Trust through a sub-custodian, and is recorded at fair value.
−Removed: Prior to March 29, 2019, the custodian was HSBC Bank plc .
−Removed: Since August 15, 2014, an electronic, over-the-counter silver bullion auction has been conducted in London, England to establish a fixing price for an ounce of silver once each trading day (the “
−Removed: LBMA Silver Price”).
−Removed: The LBMA Silver Price is established by the 1 2 London Bullion Market Association (“LBMA”) authorized bullion banks and market makers participating in the auction and disseminated by major market vendors.
−Removed: The LBMA Silver Price was initially operated by CME Group, Inc.
−Removed: until October 2, 2017, at which time the ICE Benchmark Administration (“IBA”) commenced administration of the LBMA Silver Price.
−Removed: The London Metal Price for silver held by the Trust is the LBMA Silver Price.
−Removed: Once the value of silver has been determined, the Net Asset Value (the “
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: ABERDEEN STANDARD SILVER ETF TRUST
−Removed: Notes to the Financial Statements
−Removed: Valuation of Silver (continued)
−Removed: Fair Value Hierarchy
−Removed: Generally accepted accounting principles establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value.
−Removed: The three levels of inputs are as follows:
−Removed: Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.
−Removed: Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly.
−Removed: These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.
−Removed: Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company’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.
−Removed: 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.
−Removed: Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.
−Removed: The inputs used to measure fair value may fall into different levels of the fair value hierarchy.
−Removed: 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.
−Removed: The investment in silver is classified as a level 2 asset, as the Trust’s investment in silver is calculated using primary market pricing sources supported by observable, verifiable inputs.
−Removed: The categorization of the Trust’s assets is as shown below:
−Removed: (Amounts in 000's of US$)
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: Investment in silver
−Removed: There were no re-allocations or transfers between levels during the years ended December 31, 2019 and 2018 .
−Removed: Silver Receivable and Payable
−Removed: 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.
−Removed: At December 31, 2019 , the Trust had no silver receivable for Shares created and $11,367,104 of silver payable for Shares redeemed.
−Removed: At December 31, 2018, the Trust had no silver receivable or payable for the creation or redemption of Shares.
−Removed: Generally, for all orders ownership of silver is transferred within two business days of the trade date.
−Removed: ABERDEEN STANDARD SILVER ETF TRUST
−Removed: Creations and Redemptions of Shares
−Removed: 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).
−Removed: The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis.
−Removed: Individual investors cannot purchase or redeem Shares in direct transactions with the Trust.
−Removed: 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 Custodian or another silver bullion clearing bank to effect transactions in silver bullion.
−Removed: 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.
−Removed: An Authorized Participant Unallocated Account is an unallocated silver account established with the Custodian by an Authorized Participant .
−Removed: 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.
−Removed: Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets.
−Removed: The typical settlement period for Shares is two business days.
−Removed: 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.
−Removed: When silver is exchanged in settlement of redemption, it is considered a sale of silver for financial statement purposes.
−Removed: The amount of silver represented by the Baskets created or redeemed can only be settled to the nearest 1/1000 th of an ounce.
−Removed: 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.
−Removed: 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 Sponsor’s fee in the event of any shortfall or excess.
−Removed: For each transaction, this amount is not more than 1/1000 th of an ounce.
−Removed: 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.
−Removed: Changes in Shares are presented in the Statement of Changes in Net Assets.
−Removed: The Trust is classified as a “grantor trust”
−Removed: for US federal income tax purposes.
−Removed: As a result, the Trust itself will not be subject to US federal income tax.
−Removed: Instead, the Trust’s income and expenses will “flow through”
−Removed: 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.
−Removed: The Trust has adopted FASB ASC 740-10, Income Taxes.
−Removed: The Sponsor has evaluated the application of ASC 740-10 to the Trust, to determine whether or not there are uncertain tax positions in its major jurisdictions that require financial statement recognition.
−Removed: Based on this evaluation, the Sponsor has determined no reserves for uncertain tax positions are required to be recorded as a result of the application of ASC 740-10.
−Removed: As a result, no income tax liability or expense has been recorded in the accompanying financial statements.
−Removed: ABERDEEN STANDARD SILVER ETF TRUST
−Removed: 2.6 Investment in Silver
−Removed: Changes in ounces of silver and the respective values for the years ended December 31, 2019 and 2018 are set out below:
−Removed: (Amounts in 000's of US$, except for ounces data)
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: Ounces of silver
−Removed: Opening balance
−Removed: (1,704,114.0)
−Removed: Transfers of silver to pay expenses
−Removed: Closing balance
−Removed: Investment in silver
−Removed: Opening balance
−Removed: Realized loss on silver distributed for the redemption of Shares
−Removed: Transfers of silver to pay expenses
−Removed: Realized loss on silver transferred to pay expenses
−Removed: Change in unrealized gain / (loss) on investment in silver
−Removed: Change in unrealized gain on unsettled creations or redemptions
−Removed: Closing balance
−Removed: Expenses / Realized Gains / Losses
−Removed: 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.
−Removed: The Trust will transfer silver to the Sponsor to pay the Sponsor’s Fee that will accrue daily at an annualized rate equal to 0.45% of the adjusted net asset value (“ANAV”) of the Trust, paid monthly in arrears.
−Removed: Presently, the Sponsor is continuing to waive a portion of its fee and reduce the Sponsor’s Fee to 0.30% (which it has done since the Date of Inception).
−Removed: 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 certain legal expenses.
−Removed: For the year ended December 31, 2019 , the Sponsor’s Fee, net of waiver, was $ 1,087,303 ( December 31, 2018 :
−Removed: December 31, 2017 :
−Removed: $ 1,039 , 540 ).
−Removed: As a result of the waiver, fees waived for the year ending December 31, 2019 were $ 543,652 ( December 31, 2018 :
−Removed: December 31, 2017 :
−Removed: $ 519 , 770 ).
−Removed: At December 31, 2019 , $ 106,796 was acc rued and payable to the Sponsor ( December 31, 2018 :
−Removed: 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.
−Removed: 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.
−Removed: Other than the Sponsor’s Fee , the Trust had no expenses during the years ended December 31, 2019, 2018 and 2017 .
−Removed: Unless otherwise directed by the Sponsor, when selling silver the Trustee will endeavor to sell at the price established by the LBMA Silver Price.
−Removed: 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.
−Removed: The Custodian may be the purchaser of such silver only if the sale transaction is made at the next LBMA Silver Price, or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order.
−Removed: A gain or loss is recognized based on the difference between the selling price and the cost of the silver sold.
−Removed: Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.
−Removed: Realized gains or losses result from the transfer of silver for Share redemptions and / or the payment of expenses and are recognized on a trade date basis and are determined as the difference between the fair value and cost of silver transferred .
−Removed: Subsequent Events
−Removed: ABERDEEN STANDARD SILVER ETF TRUST
−Removed: 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 existing in the Trust’s financial statemen ts through the filing date.
−Removed: During this period, no other material subsequent events requiring adjustment to or disclosure in the financial statements were identified.
−Removed: Related Parties
−Removed: The Sponsor and the Trustee are considered to be related parties to the Trust.
−Removed: The Trustee’s and Custodian’s fees are paid by the Sponsor and are not separate expenses of the Trust.
−Removed: The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants or purchase or sell silver or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.
−Removed: Concentration of Risk
−Removed: 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 risk associated with fluctuations in the price of silver.
−Removed: Several factors could affect the price of silver, including:
−Removed: (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 silver-producing countries;
−Removed: (ii) investors’
−Removed: expectations with respect to the rate of inflation;
−Removed: (iii) currency exchange rates;
−Removed: (iv) interest rates;
−Removed: (v) investment and trading activities of hedge funds and commodity funds;
−Removed: and (vi) global or regional political, economic or financial events and situations.
−Removed: In addition, there is no assurance that silver will maintain its long-term value in terms of purchasing power in the future.
−Removed: In the event that the price of silver declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.
−Removed: Each of these events could have a material effect on the Trust’s financial position and results of operations.
−Removed: Indemnification
−Removed: Under the Trust’s organizational documents, each of the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees, and affiliates) is indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful malfeasance or willful misconduct on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents.
−Removed: 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.
−Removed: ABERDEEN STANDARD SILVER ETF TRUST
−Removed: 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 indicated thereunto duly authorized.
−Removed: ABERDEEN STANDARD INVESTMENTS ETFs SPONSOR LLC
−Removed: February 28 , 20 20
−Removed: /s/ Christopher Demetriou
−Removed: Christopher Demetriou *
−Removed: President and Chief Executive Officer
−Removed: (Principal Executive Officer)
−Removed: February 28 , 20 20
−Removed: /s/ Andrea Melia
−Removed: Andrea Melia *
−Removed: Chief Financial Officer and Treasurer
−Removed: (Principal Financial Officer and Principal Accounting Officer)
−Removed: * 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.
+Added: / (decrease) in net assets per Share
+Added: provided by operating activities
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.