What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2023-05-09 compared with 2022-11-04 · 103 added, 112 removed, 14 unchanged (94% 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”,

“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.

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 aggregations of 50,000

Shares or integral multiples thereof.

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.

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

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 aggregations of 50,000 Shares

or integral multiples thereof.

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

2 unchanged sentences

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 (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.

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.

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.

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.

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).

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.

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).

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.

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.

Quarter Ended September 30, 2022

Trust’s NAV decreased from $987,726,374 at June 30, 2022 to $894,856,914 at September 30, 2022, a 9.40% decrease for the

The decrease in the Trust’s NAV resulted from a decrease in the price per ounce of silver, which fell 6.86% from

$20.42 at June 30, 2022 to $19.02 at September 30, 2022.

There was a decrease in outstanding Shares, which fell from 50,300,000

Shares at June 30, 2022 to 48,950,000 Shares at September 30, 2022, as a result of 1,000,000 Shares (20 Baskets) being created and

2,350,000 Shares (47 Baskets) being redeemed during the quarter.

NAV per Share decreased 6.92% from $19.64 at June 30, 2022 to $18.28 at September 30, 2022.

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

$699,126 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $19.81 at August 9, 2022 was the highest during the quarter, compared with a low of $17.08 at September 1, 2022.

decrease in net assets from operations for the quarter ended September 30, 2022 was $67,281,929 resulting from a realized

loss of $50,071 on the transfer of silver to pay expenses, a realized loss on silver distributed for the redemption of Shares

of $4,936,120, a change in unrealized loss on investment in silver of $61,596,612 and the Sponsor’s Fee, net of waiver,

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

Nine Months Ended September 30, 2022

Trust’s NAV decreased from $995,151,629 at December 31, 2021 to $894,856,914 at September 30, 2022, a 10.08% decrease for

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

fell 17.63% from $23.09 at December 31, 2021 to $19.02 at September 30, 2022.

There was an increase in outstanding Shares, which

rose from 44,750,000 Shares at December 31, 2021 to 48,950,000 Shares at September 30, 2022, as a result of 12,250,000 Shares

(245 Baskets) being created and 8,050,000 Shares (161 Baskets) being redeemed.

NAV per Share decreased 17.81% from $22.24 at December 31, 2021 to $18.28 at September 30, 2022.

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 $2,321,212 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $25.20 at March 9, 2022 was the highest during the quarter, compared with a low of $17.08 at September 1, 2022.

decrease in net assets from operations for the period ended September 30, 2022 was $220,811,275 resulting from a realized gain of

$119,528 on the transfer of silver to pay expenses offset by a realized loss of $4,157,087 on silver distributed for the redemption

of Shares, a change in unrealized loss on investment in silver of $214,452,504 and the Sponsor’s Fee of $2,321,212.

the Sponsor’s Fee, the Trust had no expenses during the nine months ended September 30, 2022.

the NAV per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding

Quarter Ended March 31, 2023

Trust’s NAV decreased from $1,118,817,327 at December 31, 2022 to $1,110,602,848 at March 31, 2023, a 0.73% decrease for the quarter.

The change in the Trust's NAV resulted from a decrease in the price per ounce of silver, which fell 0.25% from $23.95 at December 31,

2022 to $23.89 at March 31, 2023 and a decrease in outstanding Shares, which fell from 48,650,000 Shares at December 31, 2022 to 48,450,000

Shares at March 31, 2023, as a result of 2,450,000 Shares (49 Baskets) being created and 2,650,000 Shares (53 Baskets) being redeemed

during the quarter.

NAV per Share decreased 0.35% from $23.00 at December 31, 2022 to $22.92 at March 31, 2023.

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 $794,578 for the

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

NAV per Share of $23.46 at February 2, 2023 was the highest during the quarter, compared with a low of $19.28 at March 10, 2023.

decrease in net assets from operations for the quarter ended March 31, 2023 was $3,371,707, resulting from a change in unrealized loss

on investment in silver of $5,448,194 and the Sponsor’s Fee, net of waiver, of $794,578, realized

gain of $60,463 on the transfer of silver to pay expenses and a realized gain on silver distributed for the redemption of Shares of $2,810,602.

than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2023.

Quarter Ended March 31, 2022

Trust’s NAV increased from $995,151,629 at December 31, 2021 to $1,206,285,910 at March 31, 2022, a 21.22% increase for the quarter.

The increase in the Trust’s NAV resulted from an increase in outstanding Shares, which rose from 44,750,000 Shares at December 31,

2021 to 50,500,000 Shares at March 31, 2022, as a result of 5,750,000 Shares (115 Baskets) being created and no Shares being redeemed

during the quarter.

There was an increase in the price per ounce of silver, which rose 7.49% from $23.09 at December 31, 2021 to $24.82

at March 31, 2022.

NAV per Share increased 7.42% from $22.24 at December 31, 2021 to $23.89 at March 30, 2022.

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 $778,582 for the

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

NAV per Share of $25.20 at March 9, 2022 was the highest during the quarter, compared with a low of $21.42 at January 7, 2022.

increase in net assets from operations for the quarter ended March 31, 2022 was $72,348,829 resulting from a realized gain of $77,125

on the transfer of silver to pay expenses and a change in unrealized gain on investment in silver of $73,050,286, offset by the Sponsor’s

Fee, net of waiver of $778,582.

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2022.

& 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 September 30, 2022,

the Trust did not have any cash balances.

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

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

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, 2023, 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 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.

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

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.

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