What changed in this filing

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Item 1A. Risk Factors

2022-08-05 compared with 2022-05-09 · 24 added, 20 removed, 1 unchanged (98% of the section changed)

for the risk factor set forth below, there have been no material changes to the risk factors previously disclosed in the Trust’s

Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Except for the risk factor set forth below, there have been no material

changes to the risk factors previously disclosed in the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31,

Risks Related to Silver

On March 7, 2022, in response to Russia’s invasion of Ukraine, LBMA suspended five Russian silver refiners.

New productions by such

refiners will no longer be accepted as “Good Delivery” by the London Bullion market until further notice.

The bars these refiners

previously produced will still be considered Good Delivery, consistent with past suspensions of refiners by the LBMA.

Fewer suppliers

to the LBMA may lead to a lower supply of Good Delivery silver and further volatility in the price of silver.

conflict can result in significant disruptions to the commodities markets and could adversely affect the price of the Shares.

24, 2022, Russia commenced an invasion of Ukraine.

In response to such conflict or for other reasons, governments have imposed and may

impose additional economic sanctions against Russia, certain other countries, entities and/or individuals.

Economic sanctions and other

similar governmental actions could, among other things, prevent or prohibit certain entities or individuals from participating in the

bullion and commodities markets or otherwise impact the functioning of those markets.

Such actions could affect the value of silver held

Sanctions could also result in countermeasures or retaliatory actions, which may impact the value of silver.

is not possible to predict the impact that any sanctions and retaliatory actions may have on the Fund, such events could significantly

impact the value of the Fund's shares.

On March 7, 2022, in response to Russia’s invasion of Ukraine,

LBMA suspended five Russian silver refiners.

New productions by such refiners will no longer be accepted as “Good Delivery”

by the London Bullion market until further notice.

The bars these refiners previously produced will still be considered Good Delivery,

consistent with past suspensions of refiners by the LBMA.

Fewer suppliers to the LBMA may lead to a lower supply of Good Delivery silver

and further volatility in the price of silver.

General Risks

Armed conflict can result in significant disruptions to the commodities

markets and could adversely affect the price of the Shares .

On February 24, 2022, Russia commenced an invasion of Ukraine.

to such conflict or for other reasons, governments have imposed and may impose additional economic sanctions against Russia, certain other

countries, entities and/or individuals.

Economic sanctions and other similar governmental actions could, among other things, prevent or

prohibit certain entities or individuals from participating in the bullion and commodities markets or otherwise impact the functioning

of those markets.

Such actions could affect the value of silver held by the Fund.

Sanctions could also result in countermeasures or retaliatory

actions, which may impact the value of silver.

Although it is not possible to predict the impact that any sanctions and retaliatory actions

may have on the Fund, such events could significantly impact the value of the Fund’s shares.

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 1A. Risk Factors