What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-11-12 compared with 2024-08-09 · 26 added, 26 removed, 104 unchanged (33% of the section changed)

60 unchanged sentences

the Sponsor’s Fee.

Silver ETF Trust

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

13 unchanged sentences

outstanding on that day.

Quarter Ended June 30, 2024

Trust’s NAV increased from $1,095,363,926 at March 31, 2024 to $1,336,653,067 at June 30, 2024, a 22.03% increase for the

Quarter Ended September 30, 2024

Trust’s NAV increased from $1,336,653,067 at June 30, 2024 to $1,453,261,073 at September 30, 2024, an 8.72% increase for

The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 5.82% from $29.37

at March 31, 2024 to $29.37 at June 30, 2024 and an increase in outstanding Shares, which rose from 46,650,000 Shares at March

31, 2024 to 47,600,000 Shares at June 30, 2024 as a result of 1,150,000 Shares (23 Baskets) being created and 200,000 Shares (4

at June 30, 2024 to $31.08 at September 30, 2024 and an increase in outstanding Shares, which rose from 47,600,000 Shares at June

30, 2024 to 48,950,000 Shares at September 30, 2024 as a result of 2,400,000 Shares (48 Baskets) being created and 1,050,000 Shares

(21 Baskets) being redeemed during the quarter.

NAV per Share increased 19.59% from $23.48 at March 31, 2024 to $28.08 at June 30, 2024.

NAV per Share increased 5.73% from $28.08 at June 30, 2024 to $29.69 at September 30, 2024.

The Trust’s NAV per Share rose

1 unchanged sentence

$1,040,755 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $30.61 at May 29, 2024 was the highest during the quarter, compared with a low of $23.48 at April 1, 2024.

increase in net assets from operations for the quarter ended June 30, 2024 was $215,646,241, resulting from a realized gain of

$180,060 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of $1,314,224

NAV per Share of $31.03 at September 26, 2024 was the highest during the quarter, compared with a low of $25.74 at August 8, 2024.

increase in net assets from operations for the quarter ended September 30, 2024 was $79,795,336, resulting from a realized gain

of $253,435 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of $8,462,558,

and a change in unrealized gain on investment in silver of $72,120,098, offset by the Sponsor’s Fee, net of waiver, of $1,040,755.

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2024.

Six Months Ended June 30, 2024

Trust’s NAV increased from $1,060,402,598 at December 31, 2023 to $1,336,653,067 at June 30, 2024, a 26.05% increase for

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2024.

Nine Months Ended September 30, 2024

Trust’s NAV increased from $1,060,402,598 at December 31, 2023 to $1,453,261,073 at September 30, 2024, a 37.05% increase

for the period.

The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 30.64%

from $23.79 at December 31, 2023 to $29.37 at June 30, 2024 and an increase in outstanding Shares, which rose from 46,550,000

Shares at December 31, 2023 to 47,600,000 Shares at June 30, 2024, as a result of 1,850,000 Shares (37 Baskets) being created

from $23.79 at December 31, 2023 to $31.08 at September 30, 2024 and an increase in outstanding Shares, which rose from 46,550,000

Shares at December 31, 2023 to 48,950,000 Shares at September 30, 2024, as a result of 4,250,000 Shares (85 Baskets) being created

and 1,850,000 Shares (37 Baskets) being redeemed during the period.

NAV per Share increased 23.27% from $22.78 at December 31, 2023 to $28.08 at June 30, 2024.

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

$1,748,798 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.

Silver ETF Trust

NAV per Share of $30.61 at May 29, 2024 was the highest during the period, compared with a low of $21.14 at February 14, 2024.

increase in net assets from operations for the period ended June 30, 2024 was $248,110,524, resulting from a realized gain of

$229,532 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of $1,875,140

and a change in unrealized gain on investment in silver of $247,754,650, offset by the Sponsor's Fee, net of waiver, of $1,748,798.

Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2024.

NAV per Share increased 30.33% from $22.78 at December 31, 2023 to $29.69 at September 30, 2024.

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 $2,789,553 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $31.03 on September 26, 2024 was the highest during the period, compared with a low of $21.14 at February 14, 2024.

increase in net assets from operations for the period ended September 30, 2024 was $327,905,860, resulting from a realized gain

of $482,967 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of

$10,337,698, and a change in unrealized gain on investment in silver of $319,874,748, offset by the Sponsor’s Fee, net of waiver,

of $2,789,553.

Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2024.

& Capital Resources

8 unchanged sentences

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

At June 30, 2024, the Trust

did not have any cash balances.

At September 30, 2024,

the Trust did not have any cash balances.

Sheet Arrangements

9 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 2. Management’s Discussion and Analysis