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Item 2. Management’s Discussion and Analysis

2021-08-06 compared with 2021-05-07 · 141 added, 114 removed, 1 unchanged (100% of the section changed)

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

information should be read in conjunction with the financial statements and notes to the financial statements included in Item

1 of Part 1 of this Form 10-Q.

The discussion and analysis that follows may contain forward-looking statements within the meaning

of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended,

and within the Private Securities Litigation Reform Act of 1995, as amended.

These forward-looking statements may relate to the

Trust’s financial condition, operations, future performance and business.

These statements can be identified by the use

of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”,

Management’s Discussion and Analysis of Financial

Condition and Results of Operations

This information should be read in conjunction with the financial

statements and notes to the financial statements included in Item 1 of Part 1 of this Form 10-Q.

The discussion and analysis that follows

may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of

the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended.

These forward-looking

statements may relate to the Trust’s financial condition, operations, future performance and business.

These statements can be identified

by the use of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”,

“estimate”, “predict”, “potential” or similar words and phrases.

These statements are based

upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and

expected future developments.

Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements,

to conform such statements to actual results or to reflect a change in management’s expectations or predictions.

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

The Trust is not managed like

a corporation or an active investment vehicle.

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

Trustee pursuant to the Trust Agreement.

The Trust is not registered as an investment company under the Investment Company Act

of 1940 and is not required to register under such act.

It does not hold or trade in commodity futures contracts, nor is it a

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

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.

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

of Silver and Computation of Net Asset Value

each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m.

New York time on such day

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

NAV of the Trust.

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

price of an ounce of silver as set at approximately 12:00 noon London, England time by LBMA-authorized bullion banks or market

makers in an electronic, over-the-counter auction conducted by the ICE Benchmark Administration (“IBA”) and disseminated

by major market vendors, or, if no LBMA Silver Price is made on such day or has not been announced by the Evaluation Time, the

next most recent LBMA Silver Price determined prior to the Evaluation Time is used, unless the Sponsor determines that such price

is inappropriate as a basis for evaluation.

In the event the Sponsor determines that the LBMA Silver Price or such other publicly

available price as the Sponsor may deem fairly represents the commercial value of the Trust’s silver is not an appropriate

basis for evaluation of the Trust’s silver, it shall identify an alternative basis for such evaluation to be employed by

the value of the silver has been determined, the Trustee subtracts all estimated accrued but unpaid fees.

The resulting figure

is the adjusted net asset value (the “ANAV”) of the Trust.

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

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

The Trustee also determines the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding as of the close

of trading on the NYSE Arca.

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;

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.

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, 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

Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material

changes to its liquidity needs.

In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses

incurred by the Trust.

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

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

Trust has no off-balance sheet arrangements.

Accounting Policies

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

These statements are based upon certain

assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and expected future developments.

Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements, to conform such statements to actual

results or to reflect a change in management’s expectations or predictions.

The Trust is a common law trust, formed under the laws of the

state of New York on July 20, 2009.

The Trust is not managed like a corporation or an active investment vehicle.

It does not have

any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement.

The Trust is not registered

as an investment company under the Investment Company Act of 1940 and is not required to register under such act.

It does not hold or

trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity

trading adviser in connection with issuing Shares.

The Trust holds silver and is expected to issue Baskets in

exchange for deposits of silver and to distribute silver in connection with redemptions of Baskets.

Shares issued by the Trust

represent units of undivided beneficial interest in and ownership of the Trust.

The investment objective of the Trust is for the Shares

to reflect the performance of the price of silver, less the Trust’s expenses.

The Sponsor believes that, for many investors,

the Shares will represent a cost effective investment relative to traditional means of investing in silver.

The Trust issues and redeems Shares only with Authorized Participants

in exchange for silver and only in aggregations of 50,000 Shares or integral multiples thereof.

A list of current Authorized Participants

is available from the Sponsor or the Trustee.

Shares of the Trust trade on the New York Stock Exchange (the

“NYSE”) Arca under the symbol “SIVR”.

Valuation of Silver and Computation of Net Asset Value

On each day that the NYSE Arca is open for regular trading, as

promptly as practicable after 4:00 p.m.

New York time on such day (the “Evaluation Time”), the Trustee evaluates the silver

held by the Trust and determine both the ANAV and the NAV of the Trust.

At the Evaluation Time, the Trustee values the

Trust’s silver on the basis of that day’s LBMA Silver Price (the daily price of an ounce of silver as set at approximately

12:00 noon London, England time by LBMA-authorized bullion banks or market makers in an electronic, over-the-counter auction conducted

by the ICE Benchmark Administration (“IBA”) and disseminated by major market vendors, or, if no LBMA Silver Price is made

on such day or has not been announced by the Evaluation Time, the next most recent LBMA Silver Price determined prior to the Evaluation

Time is used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation.

In the event the Sponsor determines

that the LBMA Silver Price or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the

Trust’s silver is not an appropriate basis for evaluation of the Trust’s silver, it shall identify an alternative basis for

such evaluation to be employed by the Trustee.

Once the value of the silver has been determined, the

Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust

or its assets), expenses and other liabilities of the Trust from the total value of the silver and all other assets of the Trust (other

than any amounts credited to the Trust's reserve account, if established).

The resulting figure is the adjusted net asset value (the

“ANAV”) of the Trust.

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

All fees accruing for the day on which the valuation takes place that are computed by reference to the value of the Trust or its assets

are calculated using the ANAV calculated for such day.

The Trustee subtracts from the ANAV the amount of the accrued

fees so computed for such day and the resulting figure is the NAV of the Trust.

The Trustee also determines the NAV per Share by dividing the NAV

of the Trust by the number of Shares outstanding as of the close of trading on the NYSE Arca (which includes the net number of any Shares created or redeemed on such evaluation day).

ABERDEEN STANDARD SILVER ETF TRUST

The Trustee's estimation of accrued but unpaid fees, expenses and liabilities is conclusive upon all persons interested in the Trust and

no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated

from those actually paid.

The NAV of the Trust is obtained by subtracting

the Trust’s liabilities on any day from the value of the silver owned and receivable by the Trust on that day;

the NAV per Share is

obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.

The Quarter Ended June

The Trust’s NAV increased from

$886,323,207 at March 31, 2021 to $1,036,550,164 at June 30, 2021, a 16.95% increase for the quarter.

The increase in the

Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 38,250,000 Shares at March 31, 2021 to

41,700,000 Shares at June 30, 2021, as a result of 3,700,000 Shares (74 Baskets) being created and 250,000 Shares (5 Baskets) being

redeemed during the quarter.

There was an increase in the price per ounce of silver, which rose 7.38% from $24.00 at March 31, 2021 to $25.77 at June

The NAV per Share increased 7.29% from $23.17

at March 31, 2021 to $24.86 at June 30, 2021.

The Trust’s NAV per Share rose slightly less than the price per ounce of silver on

a percentage basis due to the Sponsor’s Fee, net of waiver, which was $776,575 for the quarter, or 0.30% of the Trust’s ANAV

on an annualized basis.

The NAV per Share of $27.48 at May 18, 2021 was

the highest during the quarter, compared with a low of $23.48 at April 1, 2021.

The increase in net assets from operations for

the quarter ended June 30, 2021 was $61,244,939, resulting from a realized gain of $172,352 on the transfer of silver to pay expenses,

a realized gain of $1,260,930 on silver distributed for the redemption of Shares and a change in unrealized gain on investment in silver

of $60,588,232, offset by the Sponsor’s Fee, net of waiver, of $776,575.

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

quarter ended June 30, 2021.

The Six Months Ended June 30, 2021

The Trust’s NAV increased from $863,664,235 at December 31,

2020 to $1,036,550,164 at June 30, 2021, a 20.02% increase for the period.

The increase in the Trust’s NAV resulted primarily

from an increase in outstanding Shares, which rose from 33,750,000 Shares at December 31, 2020 to 41,700,000 Shares at June 30,

2021, as a result of 9,900,000 Shares (198 Baskets) being created and 1,950,000 Shares (39 Baskets) being redeemed during the period.

The price per

ounce of silver fell 2.72% from $26.49 at December 31, 2020 to $25.77 at June 30, 2021.

The NAV per Share decreased 2.85% from $25.59 at December 31, 2020

to $24.86 at June 30, 2021.

The Trust’s NAV per Share fell slightly more than the price per ounce of silver on a percentage basis

due to the Sponsor’s Fee, net of waiver, which was $1,457,887 for the period, or 0.30% of the Trust’s ANAV on an annualized

The NAV per Share of $28.58 at February 1, 2021 was the highest during

the quarter, compared with a low of $23.17 at March 31, 2021.

The decrease in net assets from operations for the period ended

June 30, 2021 was $31,461,545, resulting from a realized gain of $356,500 on the transfer of silver to pay expenses and a realized gain

of $14,271,606 on silver distributed for the redemption of Shares, offset by a change in unrealized loss on investment in silver of $44,631,764

and the Sponsor’s Fee, net of waiver, of $1,457,887.

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

ended June 30, 2021.

Liquidity & Capital Resources

The Trust is not aware of any trends, demands, commitments, events

or uncertainties that are reasonably likely to result in material changes to its liquidity needs.

In exchange for the Sponsor’s

Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.

As a result, the only ordinary expense of the Trust

during the period covered by this report was the Sponsor’s Fee.

The Trustee will, at the direction of the Sponsor or in its own

discretion, sell the Trust’s silver as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor.

The Trustee will not sell silver to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of silver

to the Sponsor.

At June 30, 2021, the Trust did not have any cash balances.

ABERDEEN STANDARD SILVER ETF TRUST

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in

accordance with accounting principles generally accepted in the United States of America.

The preparation of these financial statements

relies on estimates and assumptions that impact the Trust’s financial position and results of operations.

These estimates and assumptions

affect the Trust’s application of accounting policies.

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

Quantitative and Qualitative Disclosures About Market

Not applicable.

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