What changed in this filing

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Item 2. Management’s Discussion and Analysis

2021-05-07 compared with 2020-11-06 · 55 added, 55 removed, 60 unchanged (65% of the section changed)

16 unchanged sentences

Trust is a common law trust, formed under the laws of the state of New York on July 20, 2009.

The Trust is not managed like a

corporation or an active investment vehicle.

The Trust is not managed like

a corporation or an active investment vehicle.

It does not have any officers, directors, or employees and is administered by the

4 unchanged sentences

commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing

Trust holds silver and is expected to issue Baskets in exchange for deposits of silver and to distribute silver in connection

with redemptions of Baskets.

Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the

The investment objective of the Trust is for the Shares to reflect the performance of the price of silver, less the Trust’s

The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional

means of investing in silver.

Trust issues and redeems Shares only with Authorized Participants in exchange for silver and only in one or more Baskets (a Basket

equals a Block of 50,000 Shares).

Trust holds silver and is expected to issue Baskets in exchange for deposits of silver and to distribute silver

in connection with redemptions of Baskets.

Shares issued by the Trust represent units of undivided beneficial interest in and

ownership of the Trust.

The investment objective of the Trust is for the Shares to reflect the performance of the price of silver,

less the Trust’s expenses.

The Sponsor believes that, for many investors, the Shares will represent a cost effective investment

relative to traditional means of investing in silver.

Trust issues and redeems Shares only with Authorized Participants in exchange for silver and only in one or more Baskets

(a Basket equals a Block of 50,000 Shares).

A list of current Authorized Participants is available from the Sponsor or the Trustee.

3 unchanged sentences

New York time on such day

(the “Evaluation Time”), the Trustee evaluates the silver held by the Trust and determine both the ANAV and the NAV

of the Trust.

(the “Evaluation Time”), the Trustee evaluates the silver held by the Trust and determine both the ANAV and the

NAV of the Trust.

the Evaluation Time, the Trustee values the Trust’s silver on the basis of that day’s LBMA Silver Price (the daily

11 unchanged sentences

The ANAV of the Trust is used to compute the Sponsor’s

STANDARD SILVER ETF TRUST

Trustee then subtracts from ANAV the amount of the accrued Sponsor's Fee computed for such day to determine the NAV of the Trust.

1 unchanged sentence

of trading on the NYSE Arca.

Quarter Ended September 30, 2020

NAV of the Trust is obtained by subtracting the Trust’s liabilities on any day from the value of the silver owned and receivable

NAV of the Trust is obtained by subtracting the Trust’s liabilities on any day from the value of the gold owned and receivable

by the Trust on that day;

1 unchanged sentence

outstanding on that day.

Trust’s NAV increased from $507,681,170 at June 30, 2020 to $769,658,234 at September 30, 2020, a 51.60% increase for

The increase in the Trust’s NAV resulted primarily from an increase in the price per ounce of silver,

which rose 32.94% from $17.85 at June 30, 2020 to $23.73 at September 30, 2020 and an increase in outstanding Shares, which

rose from 29,400,000 Shares at June 30, 2020 to 33,550,000 Shares at September 30, 2020, as a result of 4,650,000 Shares (93

Baskets) being created and 500,000 Shares (10 Baskets) being redeemed.

NAV per Share increased 32.83% from $17.27 at June 30, 2020 to $22.94 at September 30, 2020.

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, which was $555,114 for

the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $27.94 at September 1, 2020 was the highest during the quarter, compared with a low of $17.35 at July 2, 2020.

increase in net assets from operations for the quarter ended September 30, 2020 was $162,818,720, resulting from a realized

gain of $84,387 on the transfer of silver to pay expenses, a realized gain of $3,028,557 on silver distributed for the

redemption of Shares, and a change in unrealized gain on investment in silver of $160,260,890, offset by the Sponsor’s

Fee, net of waiver, of $555,114.

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended

September 30, 2020.

Nine Months Ended September 30,

Trust’s NAV increased from $407,463,630 at December 31, 2019 to $769,658,234 at September 30, 2020, a 88.89% increase for

Quarter Ended March 31, 2021

Trust’s NAV increased from $863,664,235 at December 31, 2020 to $886,323,207 at March 31, 2021, a 2.62% increase for the

The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 33,750,000

Shares at December 31, 2019 to 33,550,000 Shares at September 30, 2020, as a result of 10,900,000 Shares (218 Baskets) being created

and 650,000 Shares (13 Baskets) being redeemed, as well as an increase in the price per ounce of silver, which rose 31.47% from

$18.05 at December 31, 2019 to $23.73 at September 30, 2020.

NAV per Share increased 31.16% from $17.49 at December 31, 2019 to $22.94 at September 30, 2020.

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 $1,172,012 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $27.94 at September 1, 2020 was the highest during the period, compared with a low of $11.63 at March 19, 2020.

increase in net assets from operations for the period ended September 30, 2020 was $171,975,468, resulting from a realized gain

of $38,496 on the transfer of silver to pay expenses, a realized gain of $2,793,078 on silver distributed for the redemption of

Shares, and a change in unrealized gain on investment in silver of $170,315,906, offset by the Sponsor’s Fee, net of waiver,

of $1,172,012.

Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2020.

STANDARD SILVER ETF TRUST

Shares at December 31, 2020 to 38,250,000 Shares at March 31, 2021, as a result of 6,200,000 Shares (124 Baskets) being created

and 1,700,000 Shares (34 Baskets) being redeemed.

There was a decrease in the price per ounce of silver, which dropped 9.40% from

$26.49 at December 31, 2020 to $24.00 at March 31, 2021.

NAV per Share decreased 9.46% from $25.59 at December 31, 2020 to $23.17 at March 31, 2021.

The Trust’s NAV per Share decreased

slightly more than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was

$681,313 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.

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

decrease in net assets from operations for the quarter ended March 31, 2021 was $92,706,485 resulting from a realized gain of

$184,148 on the transfer of silver to pay expenses and a realized gain of $13,010,676 on silver distributed for the redemption

of Shares, offset by a change in unrealized loss on investment in silver of $105,219,996 and the Sponsor’s Fee of $681,313.

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2021.

Quarter Ended March 31, 2020

Trust’s NAV decreased from $407,463,630 at December 31, 2019 to $335,219,380 at March 31, 2020, a 17.73% decrease for the

The decrease in the Trust’s NAV resulted primarily from a decrease in the price per ounce of silver, which fell

22.80% from $18.05 at December 31, 2019 to $13.93 at March 31, 2020 and an increase in outstanding Shares, which rose from 23,300,000

Shares at December 31, 2019 to 24,850,000 Shares at March 31, 2020, a result of 1,650,000 Shares (33 Baskets) being created and

100,000 Shares (2 Baskets) being redeemed during the quarter.

NAV per Share decreased 22.87% from $17.49 at December 31, 2019 to $13.49 at March 31, 2020.

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

$283,484 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $18.19 at February 24, 2020 was the highest during the quarter, compared with a low of $11.63 at March 19, 2020.

decrease in net assets from operations for the quarter ended March 31, 2020 was $93,469,761, resulting from a realized loss of

$3,326 on the transfer of silver to pay expenses, a realized loss of $111,595 on silver distributed for the redemption of Shares,

a change in unrealized loss on investment in silver of $93,071,356 and the Sponsor’s Fee, net of waiver, of $283,484.

than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2020

& Capital Resources

4 unchanged sentences

As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s

Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s silver as necessary to pay the

Trust’s expenses not otherwise assumed by the Sponsor.

The Trustee will not sell silver to pay the Sponsor’s Fee but

will pay the Sponsor’s Fee through in-kind transfers of silver to the Sponsor.

At September 30, 2020, the Trust did not

have any cash balances.

Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s silver as necessary to

pay the Trust’s expenses not otherwise assumed by the Sponsor.

The Trustee will not sell silver to pay the Sponsor’s

Fee but will pay the Sponsor’s Fee through in-kind transfers of silver to the Sponsor.

At March 31, 2021, the

Trust did not have any cash balances.

Sheet Arrangements

1 unchanged sentence

Accounting Policies

financial statements and accompanying notes are prepared in accordance with U.S.

The preparation of these financial statements relies on estimates and assumptions, such as the Valuation of Silver and Computation of Net Asset Value discussed above, that impact the Trust’s

financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United

States of America.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s

financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting

Refer to Note 2 to the Financial Statements for further information on accounting policies.

Quantitative and Qualitative Disclosures About Market Risk

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 2. Management’s Discussion and Analysis