What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2021-05-07 compared with 2020-11-06 · 178 added, 203 removed, 183 unchanged (68% of the section changed)

1 unchanged sentence

of Assets and Liabilities

September 30, 2020 (Unaudited) and December 31, 2019

September 30, 2020

December 31, 2019

March 31, 2021 (Unaudited) and December 31, 2020

in 000's of US$, except for Share and per Share data)

Investment in silver (cost:

September 30, 2020:

in silver (cost:

March 31, 2021:

December 31, 2020:

Fees payable to Sponsor

Silver payable

Total liabilities

NET ASSETS (1)

(1) Authorized share capital is unlimited with no par

value per Share.

Shares issued and outstanding at September 30, 2020 were 33,550,000 and

payable to Sponsor

share capital is unlimited with no par value per Share.

Shares issued and outstanding at March 31, 2021 were 38,250,000 and

at December 31, 2020 were 33,750,000 .

Net asset values per Share at September 30, 2020 and December 31, 2019 were $ 22.94 and

Net asset values per Share at March 31, 2021 and December 31, 2020 were $ 23.17 and $ 25.59 ,

respectively.

2 unchanged sentences

of Investments

September 30, 2020 (Unaudited) and December 31, 2019

March 31, 2021 (Unaudited) and December 31, 2020

of Net Assets

2 unchanged sentences

investment in silver

December 31, 2019

% of Net Assets

Investment in

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

Investment in silver (in 000's of US$, except for oz and percentage data)

Total investment in silver

3 unchanged sentences

of Operations (Unaudited)

the three and nine months ended September 30, 2020 and 2019

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

(Amounts in 000’s

of US$, except for Share and per Share data)

the three months ended March 31, 2021 and 2020

Three Months Ended

March 31, 2021

Three Months Ended

March 31, 2020

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

Sponsor's Fee

Total expenses

Net investment loss

REALIZED AND UNREALIZED

GAINS / (LOSSES)

Realized gain / (loss)

on silver transferred to pay expenses

Realized gain / (loss)

on silver distributed for the redemption of Shares

Change in unrealized

gain and loss on investment in silver

Total gain on investment

Change in net assets

from operations

increase / (decrease) in net assets per Share

Weighted average

number of Shares

REALIZED AND UNREALIZED GAINS / (LOSSES)

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

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

Change in unrealized (loss) on investment in silver

Total gain/(loss) on investment in silver

Change in net assets from operations

Net increase / (decrease) in net assets per Share

Weighted average number of Shares

Notes to the Financial Statements

1 unchanged sentence

of Changes in Net Assets (Unaudited)

the three and nine months ended September 30, 2020 and 2019

Three Months Ended

September 30, 2020

the three months ended March 31, 2021 and 2020

Three Months Ended

September 30, 2019

(Amounts in 000’s

of US$, except for Share data)

Opening balance

March 31, 2021

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

Opening balance at January 1, 2021

Net investment loss

Realized gain / (loss) on investment in silver

Change in unrealized gain on investment in silver

Closing balance

Nine Months Ended

September 30, 2020

Nine Months Ended

September 30, 2019

Realized gain on investment in silver

Change in unrealized (loss) on investment in silver

( 1,700,000 )

Closing balance at March 31, 2021

Three Months Ended

March 31, 2020

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

Opening balance

Opening balance at January 1, 2020

Net investment loss

Realized gain / (loss) on investment in silver

Change in unrealized gain on investment in silver

Realized (loss) on investment in silver

Change in unrealized (loss) on investment in silver

Change in unrealized (loss) on unsettled creations or redemptions

Closing balance

Closing balance at March 31, 2020

Notes to the Financial Statements

1 unchanged sentence

Highlights (Unaudited)

the three and nine months ended September 30, 2020 and 2019

September 30, 2020

September 30, 2019

September 30, 2020

September 30, 2019

the three months ended March 31, 2021 and 2020

Three Months Ended

March 31, 2021

Three Months Ended

March 31, 2020

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

Net asset value per Share at beginning of period

from investment operations:

Income from investment operations:

Net investment loss

Total realized and

unrealized gains or losses on investment in silver

Change in net assets

from operations

Total realized and unrealized gains or losses on investment in silver

Change in net assets from operations

Net asset value per Share at end of period

Weighted average

number of Shares

Weighted average number of Shares

Expense ratio (1)(2)

investment loss ratio (1)(2)

return, net asset value (3)

(1) Annualized

Net investment loss ratio (1)

Total return, net asset value (3)

for periods less than one year.

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

The expense ratio

is calculated net of the voluntary waiver (refer to Note 2.7).

The Gross Expense Ratio is 0.45 % .

return is not annualized.

is not annualized.

Notes to the Financial Statements

1 unchanged sentence

to the Financial Statements (Unaudited)

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

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.

wholly-owned indirect subsidiary of Standard Life Aberdeen plc.

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 is a wholly-owned indirect subsidiary of Standard Life Aberdeen

The Trust is governed by the Trust Agreement.

3 unchanged sentences

an opportunity to participate in the silver market through an investment in securities.

The fiscal year end for the Trust is December

The fiscal year end for the Trust

is December 31.

accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United

2 unchanged sentences

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 nine months ended September 30, 2020 and for all periods

presented have been made.

fairly the financial position and results of operations as of and for the three months ended March 31, 2021 and

for all periods presented have been made.

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 nine months ended September 30, 2020 are not necessarily indicative

The results of operations for the three months ended March 31, 2021 are not necessarily indicative

of the operating results for the full year.

16 unchanged sentences

transaction between market participants at the measurement date.

STANDARD SILVER ETF TRUST

March 29, 2019, the Trust’s silver is held by JPMorgan Chase Bank, N.A.

3 unchanged sentences

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 September 30, 2020, approximately 99.99 % of the Trust’s silver was held by one or more sub-custodians.

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

At March 31, 2021, none of the Trust's silver was held by a sub-custodian.

STANDARD SILVER ETF TRUST

to the Financial Statements (Unaudited)

of Silver (continued)

is recorded at fair value.

8 unchanged sentences

in the auction.

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

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.

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.

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.

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.

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.

Value Hierarchy

2 unchanged sentences

are as follows:

Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust

has the ability to access.

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.

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.

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

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

prices for similar instruments and similar data.

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.

the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination

7 unchanged sentences

STANDARD SILVER ETF TRUST

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.

to the Financial Statements (Unaudited)

of Silver (continued)

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.

categorization of the Trust’s assets is as shown below:

(Amounts in 000's of US$)

September 30,

March 31, 2021

December 31, 2020

Investment in silver

were no transfers between levels during the nine months ended September 30, 2020 or the year ended December 31, 2019.

There were no transfers between levels during the three months

ended March 31, 2021.

The Trust’s silver was transferred from Level 2 to Level 1 at December 31, 2020.

Receivable and Payable

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.

At September 30, 2020,

the Trust had no silver receivable or payable for the creation or redemption of Shares.

At December 31, 2019, the Trust had no

silver receivable for the creation of shares and $ 11,367,104 of silver payable for the redemption of Shares.

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 March 31, 2021, the Trust had no silver receivable or

payable for the creation or redemption of Shares.

At December 31, 2020, the Trust had no silver receivable or payable

for the creation of shares.

and Redemptions of Shares

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).

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

(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 to

effect transactions in silver bullion.

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

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 to effect transactions in silver bullion.

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.

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.

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.

Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets.

3 unchanged sentences

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.

When silver is exchanged in settlement of a redemption, it is considered

a sale of silver for financial statement purposes.

STANDARD SILVER ETF TRUST

to the Financial Statements (Unaudited)

and Redemptions of Shares (continued)

amount of silver represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce.

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 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.

the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding

10 unchanged sentences

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 September 30, 2020 and December 31, 2019.

in ounces of silver and their respective values for the three and nine months ended September 30, 2020 and 2019 are set out below:

September 30,

(Amounts in 000’s

of US$, except for ounces data)

Ounces of silver

( 483,699.9 )

of silver to pay expenses

gain on silver distributed for the redemption of Shares

of silver to pay expenses

gain on silver transferred to pay expenses

in unrealized (loss) on investment in silver

STANDARD SILVER ETF TRUST

Nine Months Ended

September 30,

Nine Months Ended

September 30,

that no reserves for uncertain tax positions are required as of March 31, 2021 and December 31, 2020.

in ounces of silver and their respective values for the three months ended March 31, 2021 and 2020 are set

Three Months Ended

March 31, 2021

Three Months Ended

March 31, 2020

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

7 unchanged sentences

Opening balance

Realized gain on silver distributed for the redemption of Shares

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

Transfers of silver to pay expenses

Realized gain on silver transferred to pay expenses

Change in unrealized gain on investment in silver

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

Change in unrealized (loss) on investment in silver

Closing balance

STANDARD SILVER ETF TRUST

to the Financial Statements (Unaudited)

/ Realized Gains / Losses

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

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

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).

Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly

2 unchanged sentences

audit fees and up to $ 100,000 per annum in legal expenses.

the three months ended September 30, 2020 and 2019, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 555,114

the three months ended March 31, 2021 and 2020, the Sponsor’s Fee, net of fees waived by the Sponsor, was

$ 681,313 and $ 283,484 , respectively.

For the nine months ended September 30, 2020 and 2019, the Sponsor’s Fee was $ 1,172,012 and

$ 778,337 , respectively.

September 30, 2020 and at December 31, 2019, the fees payable to the Sponsor were $ 189,568 and $ 106,796 , respectively.

result of the waiver, the Sponsor’s Fee waived for the three months ended September 30, 2020 and 2019 was $ 277,557 and

$ 141,389 , respectively.

The Sponsor’s Fee waived for the nine months ended September 30, 2020 and 2019 was $ 586,006 and

a result of the waiver, the Sponsor’s Fee waived for the three months March 31, 2021 and 2020 was $ 340,657 and $ 141,742 ,

respectively.

31, 2021 and at December 31, 2020, the fees payable to the Sponsor were $ 226,771 and $ 219,813 , respectively.

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 nine months ended September 30, 2020 and 2019.

STANDARD SILVER ETF TRUST

otherwise directed by the Sponsor, when selling silver the Trustee will endeavor to sell at the price established by the LBMA Silver Price.

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 months ended

March 31, 2021 and 2020.

otherwise directed by the Sponsor, when selling silver the Trustee will endeavor to sell at the price established by the

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to

1 unchanged sentence

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.

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.

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.

Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred

by reason of any sale.

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.

accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events , the Trust’s management has evaluated

7 unchanged sentences

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.

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.

STANDARD SILVER ETF TRUST

to the Financial Statements (Unaudited)

Concentration

1 unchanged sentence

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) 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

Several factors could

affect the price of silver, including:

(i) 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;

19 unchanged sentences

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.

What changed 10-Q

Item 1. Financial Statements