SEC Info - abrdn Silver ETF Trust - ‘10-K/A’ for 12/31/21

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abrdn Silver ETF Trust – ‘10-K/A’ for 12/31/21 – ‘XML’

On: Thursday, 9/29/22, at 5:24pm ET · For: 12/31/21 · Accession #: 1839882-22-22256 · File #: 1-34412

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/29/22  abrdn Silver ETF Trust            10-K/A     12/31/21   39:2.6M                                   Quality Edgar - QES/FA

Amendment to Annual Report — Form 10-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K/A      Amendment to Form 10-K                              HTML   1.02M 
 2: EX-23.1     Consent of Kpmg LLP, Independent Registered Public  HTML     13K 
                Accounting Firm                                                  
 3: EX-31.1     Chief Executive Officer's Certificate               HTML     18K 
 4: EX-31.2     Chief Financial Officer's Certificate               HTML     18K 
 5: EX-31.3     Chief Executive Officer's Certificate               HTML     18K 
 6: EX-31.4     Chief Financial Officer's Certificate               HTML     18K 
 7: EX-32.1     Chief Executive Officer's Certificate               HTML     15K 
 8: EX-32.2     Chief Financial Officer's Certificate               HTML     15K 
 9: EX-32.3     Chief Executive Officer's Certificate               HTML     15K 
10: EX-32.4     Chief Financial Officer's Certificate               HTML     15K 
16: R1          Cover                                               HTML     84K 
17: R2          Statements of Assets and Liabilities                HTML     42K 
18: R3          Statements of Assets and Liabilities                HTML     27K 
                (Parenthetical)                                                  
19: R4          Schedules of Investments                            HTML     36K 
20: R5          Statements of Operations                            HTML     50K 
21: R6          Statements of Changes in Net Assets                 HTML     37K 
22: R7          Financial Highlights                                HTML     33K 
23: R8          Financial Highlights (Parenthetical)                HTML     14K 
24: R9          Organization                                        HTML     18K 
25: R10         Significant Accounting Policies                     HTML     78K 
26: R11         Related Parties                                     HTML     17K 
27: R12         Concentration of Risk                               HTML     16K 
28: R13         Indemnification                                     HTML     17K 
29: R14         Significant Accounting Policies (Policies)          HTML     90K 
30: R15         Significant Accounting Policies (Tables)            HTML     52K 
31: R16         Organization (Details Narrative)                    HTML     15K 
32: R17         The categorization of the Trust?s assets is as      HTML     17K 
                shown below (Details)                                            
33: R18         Changes in ounces of silver and their respective    HTML     37K 
                values for the years ended December 31, 2021 and                 
                2020 are set out below (Details)                                 
34: R19         Significant Accounting Policies (Details            HTML     38K 
                Narrative)                                                       
37: XML         IDEA XML File -- Filing Summary                      XML     53K 
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36: EXCEL       IDEA Workbook of Financial Reports                  XLSX     46K 
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11: EX-101.SCH  XBRL Schema -- sivr-20211231                         XSD     62K 
38: JSON        XBRL Instance as JSON Data -- MetaLinks              105±   140K 
39: ZIP         XBRL Zipped Folder -- 0001839882-22-022256-xbrl      Zip    251K

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<dei:AmendmentDescription contextRef="From2021-01-01to2021-12-31"> This Annual Report on Form 10-K/A constitutes Amendment No. 1 (the “Amendment”) to the Annual Report of the abrdn Silver ETF Trust (formerly known as Aberdeen Standard Silver ETF Trust) (the “Registrant”) on Form 10-K for the year ended December 31, 2021, which was originally filed with the Securities and Exchange Commission on March 1, 2022 (the “Original Filing”). This Amendment is being filed solely to amend the certifications required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 (the “Certifications”), which were included as Exhibits 31.1, 31.2, 32.1 and 32.2, to include the conformed signatures of Steven Dunn and Andrea Melia, which were inadvertently omitted in the Original Filing. The Certifications were fully executed on February 28, 2022 and were in the Registrant’s possession at the time of the Original Filing. The corrected conformed copies of such Certifications, each dated February 28, 2022, are filed as Exhibits 31.1, 31.2, 32.1 and 32.2 to this Amendment, respectively. </dei:AmendmentDescription>

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<us-gaap:SharesOutstanding contextRef="AsOf2020-12-31" decimals="INF" unitRef="Shares"> 33750000 </us-gaap:SharesOutstanding>

<us-gaap:StockholdersEquity contextRef="AsOf2020-12-31" decimals="-3" unitRef="USD"> 863664000 </us-gaap:StockholdersEquity>

<sivr:NetInvestmentGainLoss contextRef="From2021-01-01to2021-12-31" decimals="-3" unitRef="USD"> -2968000 </sivr:NetInvestmentGainLoss>

<us-gaap:RealizedInvestmentGainsLosses contextRef="From2021-01-01to2021-12-31" decimals="-3" unitRef="USD"> 14865000 </us-gaap:RealizedInvestmentGainsLosses>

<sivr:ChangeInUnrealizedGainLossOnInvestmentInBullion contextRef="From2021-01-01to2021-12-31" decimals="-3" unitRef="USD"> -155164000 </sivr:ChangeInUnrealizedGainLossOnInvestmentInBullion>

<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2021-01-01to2021-12-31" decimals="INF" unitRef="Shares"> 12950000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>

<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="From2021-01-01to2021-12-31" decimals="-3" unitRef="USD"> 326048000 </us-gaap:StockIssuedDuringPeriodValueNewIssues>

<us-gaap:StockRedeemedOrCalledDuringPeriodShares contextRef="From2021-01-01to2021-12-31" decimals="INF" unitRef="Shares"> 1950000 </us-gaap:StockRedeemedOrCalledDuringPeriodShares>

<us-gaap:StockRedeemedOrCalledDuringPeriodValue contextRef="From2021-01-01to2021-12-31" decimals="-3" unitRef="USD"> 51293000 </us-gaap:StockRedeemedOrCalledDuringPeriodValue>

<us-gaap:SharesOutstanding contextRef="AsOf2021-12-31" decimals="INF" unitRef="Shares"> 44750000 </us-gaap:SharesOutstanding>

<us-gaap:StockholdersEquity contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD"> 995152000 </us-gaap:StockholdersEquity>

<us-gaap:SharesOutstanding contextRef="AsOf2019-12-31" decimals="INF" unitRef="Shares"> 23300000 </us-gaap:SharesOutstanding>

<us-gaap:StockholdersEquity contextRef="AsOf2019-12-31" decimals="-3" unitRef="USD"> 407464000 </us-gaap:StockholdersEquity>

<sivr:NetInvestmentGainLoss contextRef="From2020-01-012020-12-31" decimals="-3" unitRef="USD"> -1787000 </sivr:NetInvestmentGainLoss>

<us-gaap:RealizedInvestmentGainsLosses contextRef="From2020-01-012020-12-31" decimals="-3" unitRef="USD"> 4920000 </us-gaap:RealizedInvestmentGainsLosses>

<sivr:ChangeInUnrealizedGainLossOnInvestmentInBullion contextRef="From2020-01-012020-12-31" decimals="-3" unitRef="USD"> 258079000 </sivr:ChangeInUnrealizedGainLossOnInvestmentInBullion>

<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2020-01-012020-12-31" decimals="INF" unitRef="Shares"> 11500000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>

<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="From2020-01-012020-12-31" decimals="-3" unitRef="USD"> 218306000 </us-gaap:StockIssuedDuringPeriodValueNewIssues>

<us-gaap:StockRedeemedOrCalledDuringPeriodShares contextRef="From2020-01-012020-12-31" decimals="INF" unitRef="Shares"> 1050000 </us-gaap:StockRedeemedOrCalledDuringPeriodShares>

<us-gaap:StockRedeemedOrCalledDuringPeriodValue contextRef="From2020-01-012020-12-31" decimals="-3" unitRef="USD"> 23234000 </us-gaap:StockRedeemedOrCalledDuringPeriodValue>

<us-gaap:SharesOutstanding contextRef="AsOf2020-12-31" decimals="INF" unitRef="Shares"> 33750000 </us-gaap:SharesOutstanding>

<us-gaap:StockholdersEquity contextRef="AsOf2020-12-31" decimals="-3" unitRef="USD"> 863664000 </us-gaap:StockholdersEquity>

<us-gaap:SharesOutstanding contextRef="AsOf2018-12-31" decimals="INF" unitRef="Shares"> 22600000 </us-gaap:SharesOutstanding>

<us-gaap:StockholdersEquity contextRef="AsOf2018-12-31" decimals="-3" unitRef="USD"> 339734000 </us-gaap:StockholdersEquity>

<sivr:NetInvestmentGainLoss contextRef="From2019-01-012019-12-31" decimals="-3" unitRef="USD"> -1087000 </sivr:NetInvestmentGainLoss>

<us-gaap:RealizedInvestmentGainsLosses contextRef="From2019-01-012019-12-31" decimals="-3" unitRef="USD"> -2399000 </us-gaap:RealizedInvestmentGainsLosses>

<sivr:ChangeInUnrealizedGainLossOnInvestmentInBullion contextRef="From2019-01-012019-12-31" decimals="-3" unitRef="USD"> 59907000 </sivr:ChangeInUnrealizedGainLossOnInvestmentInBullion>

<sivr:ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions contextRef="From2019-01-012019-12-31" decimals="-3" unitRef="USD"> 84000 </sivr:ChangeInUnrealizedGainLossOnUnsettledCreationsOrRedemptions>

<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2019-01-012019-12-31" decimals="INF" unitRef="Shares"> 2250000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>

<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="From2019-01-012019-12-31" decimals="-3" unitRef="USD"> 36430000 </us-gaap:StockIssuedDuringPeriodValueNewIssues>

<us-gaap:StockRedeemedOrCalledDuringPeriodShares contextRef="From2019-01-012019-12-31" decimals="INF" unitRef="Shares"> 1550000 </us-gaap:StockRedeemedOrCalledDuringPeriodShares>

<us-gaap:StockRedeemedOrCalledDuringPeriodValue contextRef="From2019-01-012019-12-31" decimals="-3" unitRef="USD"> 25205000 </us-gaap:StockRedeemedOrCalledDuringPeriodValue>

<us-gaap:SharesOutstanding contextRef="AsOf2019-12-31" decimals="INF" unitRef="Shares"> 23300000 </us-gaap:SharesOutstanding>

<us-gaap:StockholdersEquity contextRef="AsOf2019-12-31" decimals="-3" unitRef="USD"> 407464000 </us-gaap:StockholdersEquity>

<us-gaap:NetAssetValuePerShare contextRef="AsOf2020-12-31" decimals="INF" unitRef="USDPShares"> 25.59 </us-gaap:NetAssetValuePerShare>

<us-gaap:NetAssetValuePerShare contextRef="AsOf2019-12-31" decimals="INF" unitRef="USDPShares"> 17.49 </us-gaap:NetAssetValuePerShare>

<us-gaap:NetAssetValuePerShare contextRef="AsOf2018-12-31" decimals="INF" unitRef="USDPShares"> 15.03 </us-gaap:NetAssetValuePerShare>

<sivr:NetInvestmentIncomLossPerShare contextRef="From2021-01-01to2021-12-31" decimals="INF" unitRef="USDPShares"> -0.07 </sivr:NetInvestmentIncomLossPerShare>

<sivr:NetInvestmentIncomLossPerShare contextRef="From2020-01-012020-12-31" decimals="INF" unitRef="USDPShares"> -0.06 </sivr:NetInvestmentIncomLossPerShare>

<sivr:NetInvestmentIncomLossPerShare contextRef="From2019-01-012019-12-31" decimals="INF" unitRef="USDPShares"> -0.05 </sivr:NetInvestmentIncomLossPerShare>

<sivr:NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare contextRef="From2021-01-01to2021-12-31" decimals="INF" unitRef="USDPShares"> -3.28 </sivr:NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare>

<sivr:NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare contextRef="From2020-01-012020-12-31" decimals="INF" unitRef="USDPShares"> 8.16 </sivr:NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare>

<sivr:NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare contextRef="From2019-01-012019-12-31" decimals="INF" unitRef="USDPShares"> 2.51 </sivr:NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare>

<sivr:ChangeInNetAssetsFromOperationsPerShare contextRef="From2021-01-01to2021-12-31" decimals="INF" unitRef="USDPShares"> -3.35 </sivr:ChangeInNetAssetsFromOperationsPerShare>

<sivr:ChangeInNetAssetsFromOperationsPerShare contextRef="From2020-01-012020-12-31" decimals="INF" unitRef="USDPShares"> 8.10 </sivr:ChangeInNetAssetsFromOperationsPerShare>

<sivr:ChangeInNetAssetsFromOperationsPerShare contextRef="From2019-01-012019-12-31" decimals="INF" unitRef="USDPShares"> 2.46 </sivr:ChangeInNetAssetsFromOperationsPerShare>

<us-gaap:NetAssetValuePerShare contextRef="AsOf2021-12-31" decimals="INF" unitRef="USDPShares"> 22.24 </us-gaap:NetAssetValuePerShare>

<us-gaap:NetAssetValuePerShare contextRef="AsOf2020-12-31" decimals="INF" unitRef="USDPShares"> 25.59 </us-gaap:NetAssetValuePerShare>

<us-gaap:NetAssetValuePerShare contextRef="AsOf2019-12-31" decimals="INF" unitRef="USDPShares"> 17.49 </us-gaap:NetAssetValuePerShare>

<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="From2021-01-01to2021-12-31" decimals="INF" unitRef="Shares"> 40903425 </us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>

<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="From2020-01-012020-12-31" decimals="INF" unitRef="Shares"> 29257514 </us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>

<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="From2019-01-012019-12-31" decimals="INF" unitRef="Shares"> 22988630 </us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>

<sivr:AnnualizedRateOfSponsorsFee contextRef="From2021-01-01to2021-12-31" decimals="INF" id="Fact000276" unitRef="Pure"> 0.0030 </sivr:AnnualizedRateOfSponsorsFee>

<sivr:AnnualizedRateOfSponsorsFee contextRef="From2020-01-012020-12-31" decimals="INF" id="Fact000277" unitRef="Pure"> 0.0030 </sivr:AnnualizedRateOfSponsorsFee>

<sivr:AnnualizedRateOfSponsorsFee contextRef="From2019-01-012019-12-31" decimals="INF" id="Fact000278" unitRef="Pure"> 0.0030 </sivr:AnnualizedRateOfSponsorsFee>

<sivr:AnnualizedNetInvestmentIncomeLossRatio contextRef="From2021-01-01to2021-12-31" decimals="INF" unitRef="Pure"> -0.0030 </sivr:AnnualizedNetInvestmentIncomeLossRatio>

<sivr:AnnualizedNetInvestmentIncomeLossRatio contextRef="From2020-01-012020-12-31" decimals="INF" unitRef="Pure"> -0.0030 </sivr:AnnualizedNetInvestmentIncomeLossRatio>

<sivr:AnnualizedNetInvestmentIncomeLossRatio contextRef="From2019-01-012019-12-31" decimals="INF" unitRef="Pure"> -0.0030 </sivr:AnnualizedNetInvestmentIncomeLossRatio>

<sivr:TotalReturnAtNetAssetValue contextRef="From2021-01-01to2021-12-31" decimals="INF" unitRef="Pure"> -0.1309 </sivr:TotalReturnAtNetAssetValue>

<sivr:TotalReturnAtNetAssetValue contextRef="From2020-01-012020-12-31" decimals="INF" unitRef="Pure"> 0.4631 </sivr:TotalReturnAtNetAssetValue>

<sivr:TotalReturnAtNetAssetValue contextRef="From2019-01-012019-12-31" decimals="INF" unitRef="Pure"> 0.1637 </sivr:TotalReturnAtNetAssetValue>

<sivr:AnnualizedRateOfSponsorsFeeBeforeWaiver contextRef="From2021-01-01to2021-12-31" decimals="INF" unitRef="Pure"> 0.0045 </sivr:AnnualizedRateOfSponsorsFeeBeforeWaiver>

<us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="From2021-01-01to2021-12-31">

<p id="xdx_808_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zXiQowdIk26j" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">1. Organization The Aberdeen Standard Silver ETF Trust (the “Trust”) is a common law trust formed on July 20, 2009 (the “Date of Inception”) under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by Aberdeen Standard Investments ETFs Sponsor LLC (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”). The Trust holds silver bullion and issues Aberdeen Standard Physical Silver Shares ETF (“Shares”) in minimum blocks of 50,000 Shares (also referred to as “Baskets”) in exchange for deposits of silver and distributes silver in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of abrdn Inc. (known as Aberdeen Standard Investments Inc. prior to January 1, 2022). abrdn is a wholly-owned indirect subsidiary of abrdn (formerly known as Standard Life Aberdeen) plc. The Trust is governed by the Trust Agreement. Effective June 25, 2021, Christopher Demetriou resigned as President and Chief Executive Officer of the Sponsor. Mr. Demetriou had served as Principal Executive Officer of the Registrant. Effective June 25, 2021, Steven Dunn was appointed President and Chief Executive Officer of the Sponsor. Mr. Dunn will serve as Principal Executive Officer of the Registrant. The investment objective of the Trust is for the Shares to reflect the performance of the price of silver, less the Trust’s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”) an opportunity to participate in the silver market through an investment in securities.

</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>

<sivr:MinimumBlockOfSharesIssuedRedeemedAgainstBullion contextRef="From2021-01-01to2021-12-31" decimals="INF" unitRef="Shares"> 50000 </sivr:MinimumBlockOfSharesIssuedRedeemedAgainstBullion>

<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2021-01-01to2021-12-31">

2. Significant Accounting Policies The preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust. 2.1. Basis of Accounting The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. 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. 2.2. Valuation of Silver The Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s silver is held by JPMorgan Chase Bank, N.A. (the “Custodian”). The Trust’s silver may also be held by another firm selected by the Custodian to hold the Trust’s silver in the Trust’s allocated account in the firm’s vault premises on a segregated basis and whose appointment has been approved by the Sponsor. At December 31, 2021, approximately 97.01% of the Trust’s silver was held by a sub-custodian. The Trust’s silver is recorded at fair value. The cost of silver is determined according to the average cost method and the fair value is based on the London Bullion Market Association (“LBMA”) Silver Price. Realized gains and losses on transfers of silver, or silver distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of silver transferred. The ICE Benchmark Administration (“IBA”) conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the LBMA-authorized bullion banks and market makers participating in the auction. Once the value of silver has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the silver and all other assets held by the Trust. The Trust recognizes changes in fair value of the investment in silver as changes in unrealized gains or losses on investment in silver through the Statement of Operations. The per Share amount of silver exchanged for a purchase or redemption is calculated daily by the Trustee using the LBMA Silver Price to calculate the silver amount in respect of any liabilities for which covering silver sales have not yet been made, and represents the per Share amount of silver held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred. Fair Value Hierarchy ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: – Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. – Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data. – Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Trust’s investment in silver is classified as a level 1 asset, as its value is calculated using unadjusted quoted prices from primary market sources. The categorization of the Trust’s assets is as shown below: <table border="0" cellpadding="0" cellspacing="0" style="width: 100%"> <tr> <td style="text-align: left; vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: top"> </td> <td id="xdx_49A_20211231_z47OR9LAIHJf" style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: top"> </td> <td id="xdx_495_20201231_z7oocYw43SD" style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td></tr> <tr> <td style="text-align: left; vertical-align: bottom"> (Amounts in 000’s of US$) </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top"> December 31, 2021 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 1%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; width: 15%; vertical-align: top"> December 31, 2020 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr> <td style="width: 70%; vertical-align: top"> Level 1 </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_40E_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zJ0zAe3gB9z9" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Investment in silver </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> $ </td> <td style="width: 10%; vertical-align: bottom"> 995,405 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> $ </td> <td style="width: 10%; vertical-align: bottom"> 863,884 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> </table> There were no transfers between levels during the years ended December 31, 2021 and 2020. 2.3. Silver Receivable and Payable Silver receivable or payable represents the quantity of silver covered by contractually binding orders for the creation or redemption of Shares respectively, where the silver has not yet been transferred to or from the Trust’s account. Generally, ownership of silver is transferred within two business days of the trade date. At December 31, 2021, the Trust had no silver receivable or payable for the creation or redemption of Shares. At December 31, 2020, the Trust had no silver receivable or payable for the creation or redemption of Shares. 2.4. Creations and Redemptions of Shares The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other silver bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the silver required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated silver account established with the Custodian or a silver bullion clearing bank by an Authorized Participant. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of silver represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When silver is exchanged in settlement of a redemption, it is considered a sale of silver for financial statement purposes. The amount of silver represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of silver to be delivered or distributed by the Trust. In order to ensure that the correct amount of silver is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of silver. As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets. 2.5. Income Taxes The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of December 31, 2021 or December 31, 2020. 2.6. Investment in Silver Changes in ounces of silver and their respective values for the years ended December 31, 2021 and 2020 are set out below: <table border="0" cellpadding="0" cellspacing="0" style="margin: 0px; width: 100%"> <tr> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top"> </td> <td id="xdx_495_20210101__20211231_zzuLJbgFSel8" style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: top"> </td> <td id="xdx_499_20200101__20201231_zYL1qPQQGr0j" style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top"> Year Ended December 31, 2021 </td> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top"> Year Ended December 31, 2020 </td> <td style="vertical-align: bottom"> </td> </tr> <tr> <td style="padding: 0pt; width: 70%; vertical-align: top"> (Amounts in 000’s of US$, except for ounces data) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="padding: 0pt; width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="padding: 0pt; width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr> <td style="width: 70%; vertical-align: top"> Ounces of silver </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOz_zqkzyGzeB9sb" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Opening balance </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 32,617,862.0 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 23,216,266.6 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_40D_ecustom--CreationsOuncesOfBullion_pp1d_uOz_zubxsCSik095"> <td style="width: 70%; vertical-align: top"> Creations </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 12,500,232.8 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 11,129,847.0 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_401_ecustom--RedemptionsOuncesOfBullion_pp1d_uOz_zurFxotiSgP4" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Redemptions </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (1,883,175.0 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (1,645,663.9 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_406_ecustom--TransfersOfBullionOunces_pp1d_uOz_zdrzbr7hG0a4"> <td style="width: 70%; vertical-align: top"> Transfers of silver to pay expenses </td> <td style="width: 3%"> </td> <td style="border-bottom: black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom"> (115,818.7 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="border-bottom: black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom"> (82,587.7 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOz_zVgJv1AZwixk" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top; padding-bottom: 1pt"> Closing balance </td> <td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; vertical-align: bottom"> 43,119,101.1 </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; vertical-align: bottom"> 32,617,862.0 </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> </tr> <tr> <td style="width: 70%; vertical-align: top"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Investment in silver </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_40D_eus-gaap--InvestmentInPhysicalCommodities_iS_zvBei2sigNGe"> <td style="width: 70%; vertical-align: top"> Opening balance </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> $ </td> <td style="width: 10%; vertical-align: bottom"> 863,884 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> $ </td> <td style="width: 10%; vertical-align: bottom"> 418,938 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_403_ecustom--CreationsValueOfBullion_zXrjfKp707gg" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Creations </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 326,048 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 218,306 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_404_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_di_zUhoGdpLeY3"> <td style="width: 70%; vertical-align: top"> Redemptions </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (51,293 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (34,601 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_408_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_zcW7uDyxGeC3" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Realized gain on silver distributed for the redemption of Shares </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 14,272 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 4,746 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_di_z6hkowTqDqwh"> <td style="width: 70%; vertical-align: top"> Transfers of silver to pay expenses </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (2,935 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (1,674 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_408_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_zgCsdB6Rshph" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Realized gain on silver transferred to pay expenses </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 593 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 174 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_402_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_zo3rnrJ0rSFi"> <td style="width: 70%; vertical-align: top"> Change in unrealized (loss) / gain on investment in silver </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (155,164 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 258,079 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_401_ecustom--ChangeInUnrealizedGainOnUnsettledCreationsOrRedemptions_pn3n3_zVqFHnKnkoT8" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Change in unrealized gain on unsettled creations or redemptions </td> <td style="width: 3%"> </td> <td style="border-bottom: black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom"> — </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="border-bottom: black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom"> (84 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_40D_eus-gaap--InvestmentInPhysicalCommodities_iE_z2i4mMrj0Ogl"> <td style="width: 70%; vertical-align: top; padding-bottom: 1pt"> Closing balance </td> <td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; vertical-align: bottom"> $ </td> <td style="border-bottom: Black 1pt solid; width: 10%; vertical-align: bottom"> 995,405 </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; vertical-align: bottom"> $ </td> <td style="border-bottom: Black 1pt solid; width: 10%; vertical-align: bottom"> 863,884 </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> </tr> </table> 2.7. Expenses / Realized Gains / Losses The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of silver to the Sponsor. The Trust will transfer silver to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.45% of the adjusted daily net asset value (“ANAV”) of the Trust, paid monthly in arrears. Presently, the Sponsor is continuing to voluntarily waive a portion of its fee and reduce the Sponsor’s Fee to 0.30% (which it has done since the Date of Inception). The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. For the year ended December 31, 2021, 2020 and 2019, the Sponsor’s Fee, net of fees waived by the Sponsor, was $2,968,351, $1,787,310 and $1,087,303, respectively. At December 31, 2021 and at December 31, 2020, the fees payable to the Sponsor were $252,819 and $219,813, respectively. As a result of the waiver, the Sponsor’s Fee waived for the years ended December 31, 2021, 2020 and 2019 was $1,484,000, $893,655 and $543,652, respectively. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s silver as necessary to pay these expenses. When selling silver to pay expenses, the Trustee will endeavor to sell the smallest amounts of silver needed to pay these expenses in order to minimize the Trust’s holdings of assets other than silver. Other than the Sponsor’s Fee, the Trust had no expenses during the years ended December 31, 2021 and 2020. Unless otherwise directed by the Sponsor, when selling silver the Trustee will endeavor to sell at the price established by the LBMA. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such silver only if the sale transaction is made at the next LBMA Silver Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the silver sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. Realized gains and losses result from the transfer of silver for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average cost of silver transferred. 2.8. Subsequent Events In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

</us-gaap:SignificantAccountingPoliciesTextBlock>

<us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="From2021-01-01to2021-12-31">

2.1. Basis of Accounting The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. 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.

</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>

<sivr:ValuationOfBullionPolicyTextBlock contextRef="From2021-01-01to2021-12-31">

2.2. Valuation of Silver The Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s silver is held by JPMorgan Chase Bank, N.A. (the “Custodian”). The Trust’s silver may also be held by another firm selected by the Custodian to hold the Trust’s silver in the Trust’s allocated account in the firm’s vault premises on a segregated basis and whose appointment has been approved by the Sponsor. At December 31, 2021, approximately 97.01% of the Trust’s silver was held by a sub-custodian. The Trust’s silver is recorded at fair value. The cost of silver is determined according to the average cost method and the fair value is based on the London Bullion Market Association (“LBMA”) Silver Price. Realized gains and losses on transfers of silver, or silver distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of silver transferred. The ICE Benchmark Administration (“IBA”) conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the LBMA-authorized bullion banks and market makers participating in the auction. Once the value of silver has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the silver and all other assets held by the Trust. The Trust recognizes changes in fair value of the investment in silver as changes in unrealized gains or losses on investment in silver through the Statement of Operations. The per Share amount of silver exchanged for a purchase or redemption is calculated daily by the Trustee using the LBMA Silver Price to calculate the silver amount in respect of any liabilities for which covering silver sales have not yet been made, and represents the per Share amount of silver held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred. Fair Value Hierarchy ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: – Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. – Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data. – Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Trust’s investment in silver is classified as a level 1 asset, as its value is calculated using unadjusted quoted prices from primary market sources. The categorization of the Trust’s assets is as shown below: <table border="0" cellpadding="0" cellspacing="0" style="width: 100%"> <tr> <td style="text-align: left; vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: top"> </td> <td id="xdx_49A_20211231_z47OR9LAIHJf" style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: top"> </td> <td id="xdx_495_20201231_z7oocYw43SD" style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td></tr> <tr> <td style="text-align: left; vertical-align: bottom"> (Amounts in 000’s of US$) </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top"> December 31, 2021 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 1%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; width: 15%; vertical-align: top"> December 31, 2020 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr> <td style="width: 70%; vertical-align: top"> Level 1 </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_40E_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zJ0zAe3gB9z9" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Investment in silver </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> $ </td> <td style="width: 10%; vertical-align: bottom"> 995,405 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> $ </td> <td style="width: 10%; vertical-align: bottom"> 863,884 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> </table> There were no transfers between levels during the years ended December 31, 2021 and 2020.

</sivr:ValuationOfBullionPolicyTextBlock>

<sivr:PercentageOfAssetBeingHeldByTrust contextRef="AsOf2021-12-31" decimals="INF" unitRef="Pure"> 0.9701 </sivr:PercentageOfAssetBeingHeldByTrust>

<us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock contextRef="From2021-01-01to2021-12-31">

The categorization of the Trust’s assets is as shown below: <table border="0" cellpadding="0" cellspacing="0" style="width: 100%"> <tr> <td style="text-align: left; vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: top"> </td> <td id="xdx_49A_20211231_z47OR9LAIHJf" style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: top"> </td> <td id="xdx_495_20201231_z7oocYw43SD" style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td></tr> <tr> <td style="text-align: left; vertical-align: bottom"> (Amounts in 000’s of US$) </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top"> December 31, 2021 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 1%"> </td> <td colspan="2" style="border-bottom: black 1pt solid; width: 15%; vertical-align: top"> December 31, 2020 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr> <td style="width: 70%; vertical-align: top"> Level 1 </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_40E_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zJ0zAe3gB9z9" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Investment in silver </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> $ </td> <td style="width: 10%; vertical-align: bottom"> 995,405 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> $ </td> <td style="width: 10%; vertical-align: bottom"> 863,884 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> </table>

</us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock>

<us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure contextRef="AsOf2021-12-31_us-gaap_FairValueInputsLevel1Member" decimals="-3" unitRef="USD"> 995405000 </us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure>

<us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure contextRef="AsOf2020-12-31_us-gaap_FairValueInputsLevel1Member" decimals="-3" unitRef="USD"> 863884000 </us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure>

<sivr:ReceivableAndPayablePolicyTextBlock contextRef="From2021-01-01to2021-12-31">

2.3. Silver Receivable and Payable Silver receivable or payable represents the quantity of silver covered by contractually binding orders for the creation or redemption of Shares respectively, where the silver has not yet been transferred to or from the Trust’s account. Generally, ownership of silver is transferred within two business days of the trade date. At December 31, 2021, the Trust had no silver receivable or payable for the creation or redemption of Shares. At December 31, 2020, the Trust had no silver receivable or payable for the creation or redemption of Shares.

</sivr:ReceivableAndPayablePolicyTextBlock>

<sivr:BullionReceivableAtMarketValue contextRef="AsOf2021-12-31" decimals="0" unitRef="USD"> 0 </sivr:BullionReceivableAtMarketValue>

<sivr:BullionPayableAtMarketValue contextRef="AsOf2021-12-31" decimals="0" unitRef="USD"> 0 </sivr:BullionPayableAtMarketValue>

<sivr:BullionReceivableAtMarketValue contextRef="AsOf2020-12-31" decimals="0" unitRef="USD"> 0 </sivr:BullionReceivableAtMarketValue>

<sivr:BullionPayableAtMarketValue contextRef="AsOf2020-12-31" decimals="0" unitRef="USD"> 0 </sivr:BullionPayableAtMarketValue>

<sivr:CreationsAndRedemptionsOfSharesPolicyTextBlock contextRef="From2021-01-01to2021-12-31">

2.4. Creations and Redemptions of Shares The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other silver bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the silver required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated silver account established with the Custodian or a silver bullion clearing bank by an Authorized Participant. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of silver represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When silver is exchanged in settlement of a redemption, it is considered a sale of silver for financial statement purposes. The amount of silver represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of silver to be delivered or distributed by the Trust. In order to ensure that the correct amount of silver is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of silver. As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.

</sivr:CreationsAndRedemptionsOfSharesPolicyTextBlock>

<sivr:MinimumBlockOfSharesIssuedRedeemedAgainstBullion contextRef="From2021-01-01to2021-12-31" decimals="INF" unitRef="Shares"> 50000 </sivr:MinimumBlockOfSharesIssuedRedeemedAgainstBullion>

<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2021-01-01to2021-12-31">

2.5. Income Taxes The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of December 31, 2021 or December 31, 2020.

</us-gaap:IncomeTaxPolicyTextBlock>

<us-gaap:LiabilityForUncertainTaxPositionsNoncurrent contextRef="AsOf2021-12-31" decimals="0" unitRef="USD"> 0 </us-gaap:LiabilityForUncertainTaxPositionsNoncurrent>

<us-gaap:LiabilityForUncertainTaxPositionsNoncurrent contextRef="AsOf2020-12-31" decimals="0" unitRef="USD"> 0 </us-gaap:LiabilityForUncertainTaxPositionsNoncurrent>

<us-gaap:InvestmentPolicyTextBlock contextRef="From2021-01-01to2021-12-31">

2.6. Investment in Silver Changes in ounces of silver and their respective values for the years ended December 31, 2021 and 2020 are set out below: <table border="0" cellpadding="0" cellspacing="0" style="margin: 0px; width: 100%"> <tr> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top"> </td> <td id="xdx_495_20210101__20211231_zzuLJbgFSel8" style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: top"> </td> <td id="xdx_499_20200101__20201231_zYL1qPQQGr0j" style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top"> Year Ended December 31, 2021 </td> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top"> Year Ended December 31, 2020 </td> <td style="vertical-align: bottom"> </td> </tr> <tr> <td style="padding: 0pt; width: 70%; vertical-align: top"> (Amounts in 000’s of US$, except for ounces data) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="padding: 0pt; width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="padding: 0pt; width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr> <td style="width: 70%; vertical-align: top"> Ounces of silver </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOz_zqkzyGzeB9sb" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Opening balance </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 32,617,862.0 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 23,216,266.6 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_40D_ecustom--CreationsOuncesOfBullion_pp1d_uOz_zubxsCSik095"> <td style="width: 70%; vertical-align: top"> Creations </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 12,500,232.8 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 11,129,847.0 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_401_ecustom--RedemptionsOuncesOfBullion_pp1d_uOz_zurFxotiSgP4" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Redemptions </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (1,883,175.0 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (1,645,663.9 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_406_ecustom--TransfersOfBullionOunces_pp1d_uOz_zdrzbr7hG0a4"> <td style="width: 70%; vertical-align: top"> Transfers of silver to pay expenses </td> <td style="width: 3%"> </td> <td style="border-bottom: black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom"> (115,818.7 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="border-bottom: black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom"> (82,587.7 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOz_zVgJv1AZwixk" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top; padding-bottom: 1pt"> Closing balance </td> <td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; vertical-align: bottom"> 43,119,101.1 </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; vertical-align: bottom"> 32,617,862.0 </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> </tr> <tr> <td style="width: 70%; vertical-align: top"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Investment in silver </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_40D_eus-gaap--InvestmentInPhysicalCommodities_iS_zvBei2sigNGe"> <td style="width: 70%; vertical-align: top"> Opening balance </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> $ </td> <td style="width: 10%; vertical-align: bottom"> 863,884 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> $ </td> <td style="width: 10%; vertical-align: bottom"> 418,938 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_403_ecustom--CreationsValueOfBullion_zXrjfKp707gg" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Creations </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 326,048 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 218,306 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_404_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_di_zUhoGdpLeY3"> <td style="width: 70%; vertical-align: top"> Redemptions </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (51,293 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (34,601 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_408_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_zcW7uDyxGeC3" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Realized gain on silver distributed for the redemption of Shares </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 14,272 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 4,746 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_di_z6hkowTqDqwh"> <td style="width: 70%; vertical-align: top"> Transfers of silver to pay expenses </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (2,935 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (1,674 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_408_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_zgCsdB6Rshph" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Realized gain on silver transferred to pay expenses </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 593 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 174 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_402_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_zo3rnrJ0rSFi"> <td style="width: 70%; vertical-align: top"> Change in unrealized (loss) / gain on investment in silver </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (155,164 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 258,079 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_401_ecustom--ChangeInUnrealizedGainOnUnsettledCreationsOrRedemptions_pn3n3_zVqFHnKnkoT8" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Change in unrealized gain on unsettled creations or redemptions </td> <td style="width: 3%"> </td> <td style="border-bottom: black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom"> — </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="border-bottom: black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom"> (84 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_40D_eus-gaap--InvestmentInPhysicalCommodities_iE_z2i4mMrj0Ogl"> <td style="width: 70%; vertical-align: top; padding-bottom: 1pt"> Closing balance </td> <td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; vertical-align: bottom"> $ </td> <td style="border-bottom: Black 1pt solid; width: 10%; vertical-align: bottom"> 995,405 </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; vertical-align: bottom"> $ </td> <td style="border-bottom: Black 1pt solid; width: 10%; vertical-align: bottom"> 863,884 </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> </tr> </table>

</us-gaap:InvestmentPolicyTextBlock>

<sivr:InvestmentsInBullionTableTextBlock contextRef="From2021-01-01to2021-12-31">

Changes in ounces of silver and their respective values for the years ended December 31, 2021 and 2020 are set out below: <table border="0" cellpadding="0" cellspacing="0" style="margin: 0px; width: 100%"> <tr> <td style="vertical-align: top"> </td> <td> </td> <td style="vertical-align: top"> </td> <td id="xdx_495_20210101__20211231_zzuLJbgFSel8" style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td> </td> <td style="vertical-align: top"> </td> <td id="xdx_499_20200101__20201231_zYL1qPQQGr0j" style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td></tr> <tr> <td style="vertical-align: top"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top"> Year Ended December 31, 2021 </td> <td style="vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top"> Year Ended December 31, 2020 </td> <td style="vertical-align: bottom"> </td> </tr> <tr> <td style="padding: 0pt; width: 70%; vertical-align: top"> (Amounts in 000’s of US$, except for ounces data) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="padding: 0pt; width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="padding: 0pt; width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr> <td style="width: 70%; vertical-align: top"> Ounces of silver </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_407_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOz_zqkzyGzeB9sb" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Opening balance </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 32,617,862.0 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 23,216,266.6 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_40D_ecustom--CreationsOuncesOfBullion_pp1d_uOz_zubxsCSik095"> <td style="width: 70%; vertical-align: top"> Creations </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 12,500,232.8 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 11,129,847.0 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_401_ecustom--RedemptionsOuncesOfBullion_pp1d_uOz_zurFxotiSgP4" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Redemptions </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (1,883,175.0 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (1,645,663.9 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_406_ecustom--TransfersOfBullionOunces_pp1d_uOz_zdrzbr7hG0a4"> <td style="width: 70%; vertical-align: top"> Transfers of silver to pay expenses </td> <td style="width: 3%"> </td> <td style="border-bottom: black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom"> (115,818.7 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="border-bottom: black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom"> (82,587.7 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOz_zVgJv1AZwixk" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top; padding-bottom: 1pt"> Closing balance </td> <td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; vertical-align: bottom"> 43,119,101.1 </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; vertical-align: bottom"> 32,617,862.0 </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> </tr> <tr> <td style="width: 70%; vertical-align: top"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Investment in silver </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_40D_eus-gaap--InvestmentInPhysicalCommodities_iS_zvBei2sigNGe"> <td style="width: 70%; vertical-align: top"> Opening balance </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> $ </td> <td style="width: 10%; vertical-align: bottom"> 863,884 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> $ </td> <td style="width: 10%; vertical-align: bottom"> 418,938 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_403_ecustom--CreationsValueOfBullion_zXrjfKp707gg" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Creations </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 326,048 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 218,306 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_404_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_di_zUhoGdpLeY3"> <td style="width: 70%; vertical-align: top"> Redemptions </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (51,293 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (34,601 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_408_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_zcW7uDyxGeC3" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Realized gain on silver distributed for the redemption of Shares </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 14,272 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 4,746 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_409_ecustom--CostOfBullionTransferredToPayExpenses_iN_di_z6hkowTqDqwh"> <td style="width: 70%; vertical-align: top"> Transfers of silver to pay expenses </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (2,935 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (1,674 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_408_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_zgCsdB6Rshph" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Realized gain on silver transferred to pay expenses </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 593 </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 174 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_402_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_zo3rnrJ0rSFi"> <td style="width: 70%; vertical-align: top"> Change in unrealized (loss) / gain on investment in silver </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> (155,164 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> <td style="width: 3%"> </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 10%; vertical-align: bottom"> 258,079 </td> <td style="width: 1%; vertical-align: bottom"> </td> </tr> <tr id="xdx_401_ecustom--ChangeInUnrealizedGainOnUnsettledCreationsOrRedemptions_pn3n3_zVqFHnKnkoT8" style="background-color: #cceeff"> <td style="width: 70%; vertical-align: top"> Change in unrealized gain on unsettled creations or redemptions </td> <td style="width: 3%"> </td> <td style="border-bottom: black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom"> — </td> <td style="width: 1%; vertical-align: bottom"> </td> <td style="width: 3%"> </td> <td style="border-bottom: black 1pt solid; width: 1%; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; width: 10%; vertical-align: bottom"> (84 </td> <td style="width: 1%; vertical-align: bottom"> ) </td> </tr> <tr id="xdx_40D_eus-gaap--InvestmentInPhysicalCommodities_iE_z2i4mMrj0Ogl"> <td style="width: 70%; vertical-align: top; padding-bottom: 1pt"> Closing balance </td> <td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; vertical-align: bottom"> $ </td> <td style="border-bottom: Black 1pt solid; width: 10%; vertical-align: bottom"> 995,405 </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; vertical-align: bottom"> $ </td> <td style="border-bottom: Black 1pt solid; width: 10%; vertical-align: bottom"> 863,884 </td> <td style="width: 1%; vertical-align: bottom; padding-bottom: 1pt"> </td> </tr> </table>

</sivr:InvestmentsInBullionTableTextBlock>

<us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2020-12-31" decimals="1" unitRef="Oz"> 32617862.0 </us-gaap:InvestmentOwnedBalanceOtherMeasure>

<us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2019-12-31" decimals="1" unitRef="Oz"> 23216266.6 </us-gaap:InvestmentOwnedBalanceOtherMeasure>

<sivr:CreationsOuncesOfBullion contextRef="From2021-01-01to2021-12-31" decimals="1" unitRef="Oz"> 12500232.8 </sivr:CreationsOuncesOfBullion>

<sivr:CreationsOuncesOfBullion contextRef="From2020-01-012020-12-31" decimals="1" unitRef="Oz"> 11129847.0 </sivr:CreationsOuncesOfBullion>

<sivr:RedemptionsOuncesOfBullion contextRef="From2021-01-01to2021-12-31" decimals="1" unitRef="Oz"> -1883175.0 </sivr:RedemptionsOuncesOfBullion>

<sivr:RedemptionsOuncesOfBullion contextRef="From2020-01-012020-12-31" decimals="1" unitRef="Oz"> -1645663.9 </sivr:RedemptionsOuncesOfBullion>

<sivr:TransfersOfBullionOunces contextRef="From2021-01-01to2021-12-31" decimals="1" unitRef="Oz"> -115818.7 </sivr:TransfersOfBullionOunces>

<sivr:TransfersOfBullionOunces contextRef="From2020-01-012020-12-31" decimals="1" unitRef="Oz"> -82587.7 </sivr:TransfersOfBullionOunces>

<us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2021-12-31" decimals="1" unitRef="Oz"> 43119101.1 </us-gaap:InvestmentOwnedBalanceOtherMeasure>

<us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2020-12-31" decimals="1" unitRef="Oz"> 32617862.0 </us-gaap:InvestmentOwnedBalanceOtherMeasure>

<us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2020-12-31" decimals="-3" unitRef="USD"> 863884000 </us-gaap:InvestmentInPhysicalCommodities>

<us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2019-12-31" decimals="-3" unitRef="USD"> 418938000 </us-gaap:InvestmentInPhysicalCommodities>

<sivr:CreationsValueOfBullion contextRef="From2021-01-01to2021-12-31" decimals="-3" unitRef="USD"> 326048000 </sivr:CreationsValueOfBullion>

<sivr:CreationsValueOfBullion contextRef="From2020-01-012020-12-31" decimals="-3" unitRef="USD"> 218306000 </sivr:CreationsValueOfBullion>

<sivr:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable contextRef="From2021-01-01to2021-12-31" decimals="-3" unitRef="USD"> 51293000 </sivr:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable>

<sivr:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable contextRef="From2020-01-012020-12-31" decimals="-3" unitRef="USD"> 34601000 </sivr:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable>

<sivr:CostOfBullionTransferredToPayExpenses contextRef="From2021-01-01to2021-12-31" decimals="-3" unitRef="USD"> 2935000 </sivr:CostOfBullionTransferredToPayExpenses>

<sivr:CostOfBullionTransferredToPayExpenses contextRef="From2020-01-012020-12-31" decimals="-3" unitRef="USD"> 1674000 </sivr:CostOfBullionTransferredToPayExpenses>

<us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses contextRef="From2021-01-01to2021-12-31" decimals="-3" unitRef="USD"> 593000 </us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses>

<us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses contextRef="From2020-01-012020-12-31" decimals="-3" unitRef="USD"> 174000 </us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses>

<sivr:ChangeInUnrealizedGainLossOnInvestmentInBullion contextRef="From2021-01-01to2021-12-31" decimals="-3" unitRef="USD"> -155164000 </sivr:ChangeInUnrealizedGainLossOnInvestmentInBullion>

<sivr:ChangeInUnrealizedGainLossOnInvestmentInBullion contextRef="From2020-01-012020-12-31" decimals="-3" unitRef="USD"> 258079000 </sivr:ChangeInUnrealizedGainLossOnInvestmentInBullion>

<sivr:ChangeInUnrealizedGainOnUnsettledCreationsOrRedemptions contextRef="From2020-01-012020-12-31" decimals="-3" unitRef="USD"> -84000 </sivr:ChangeInUnrealizedGainOnUnsettledCreationsOrRedemptions>

<us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD"> 995405000 </us-gaap:InvestmentInPhysicalCommodities>

<us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2020-12-31" decimals="-3" unitRef="USD"> 863884000 </us-gaap:InvestmentInPhysicalCommodities>

<sivr:ExpensesPolicyTextBlock contextRef="From2021-01-01to2021-12-31">

2.7. Expenses / Realized Gains / Losses The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of silver to the Sponsor. The Trust will transfer silver to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.45% of the adjusted daily net asset value (“ANAV”) of the Trust, paid monthly in arrears. Presently, the Sponsor is continuing to voluntarily waive a portion of its fee and reduce the Sponsor’s Fee to 0.30% (which it has done since the Date of Inception). The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. For the year ended December 31, 2021, 2020 and 2019, the Sponsor’s Fee, net of fees waived by the Sponsor, was $2,968,351, $1,787,310 and $1,087,303, respectively. At December 31, 2021 and at December 31, 2020, the fees payable to the Sponsor were $252,819 and $219,813, respectively. As a result of the waiver, the Sponsor’s Fee waived for the years ended December 31, 2021, 2020 and 2019 was $1,484,000, $893,655 and $543,652, respectively. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s silver as necessary to pay these expenses. When selling silver to pay expenses, the Trustee will endeavor to sell the smallest amounts of silver needed to pay these expenses in order to minimize the Trust’s holdings of assets other than silver. Other than the Sponsor’s Fee, the Trust had no expenses during the years ended December 31, 2021 and 2020. Unless otherwise directed by the Sponsor, when selling silver the Trustee will endeavor to sell at the price established by the LBMA. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such silver only if the sale transaction is made at the next LBMA Silver Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the silver sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. Realized gains and losses result from the transfer of silver for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average cost of silver transferred.

</sivr:ExpensesPolicyTextBlock>

<sivr:AnnualizedRateOfSponsorsFeeBeforeWaiver contextRef="From2021-01-01to2021-12-31" decimals="INF" unitRef="Pure"> 0.0045 </sivr:AnnualizedRateOfSponsorsFeeBeforeWaiver>

<sivr:AnnualizedRateOfSponsorsFee contextRef="From2021-01-01to2021-12-31" decimals="INF" unitRef="Pure"> 0.0030 </sivr:AnnualizedRateOfSponsorsFee>

<sivr:MaximumSponsorFeeForLegalExpenses contextRef="From2021-01-01to2021-12-31" decimals="0" unitRef="USD"> 100000 </sivr:MaximumSponsorFeeForLegalExpenses>

<us-gaap:SponsorFees contextRef="From2021-01-01to2021-12-31" decimals="0" unitRef="USD"> 2968351 </us-gaap:SponsorFees>

<us-gaap:SponsorFees contextRef="From2020-01-012020-12-31" decimals="0" unitRef="USD"> 1787310 </us-gaap:SponsorFees>

<us-gaap:SponsorFees contextRef="From2019-01-012019-12-31" decimals="0" unitRef="USD"> 1087303 </us-gaap:SponsorFees>

<us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="AsOf2021-12-31" decimals="0" unitRef="USD"> 252819 </us-gaap:AccountsPayableRelatedPartiesCurrent>

<us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="AsOf2020-12-31" decimals="0" unitRef="USD"> 219813 </us-gaap:AccountsPayableRelatedPartiesCurrent>

<sivr:SponsorFeesWaived contextRef="From2021-01-01to2021-12-31" decimals="0" unitRef="USD"> 1484000 </sivr:SponsorFeesWaived>

<sivr:SponsorFeesWaived contextRef="From2020-01-012020-12-31" decimals="0" unitRef="USD"> 893655 </sivr:SponsorFeesWaived>

<sivr:SponsorFeesWaived contextRef="From2019-01-012019-12-31" decimals="0" unitRef="USD"> 543652 </sivr:SponsorFeesWaived>

<us-gaap:OtherCostAndExpenseOperating contextRef="From2021-01-01to2021-12-31" decimals="0" unitRef="USD"> 0 </us-gaap:OtherCostAndExpenseOperating>

<us-gaap:OtherCostAndExpenseOperating contextRef="From2020-01-012020-12-31" decimals="0" unitRef="USD"> 0 </us-gaap:OtherCostAndExpenseOperating>

<us-gaap:SubsequentEventsPolicyPolicyTextBlock contextRef="From2021-01-01to2021-12-31">

2.8. Subsequent Events In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

</us-gaap:SubsequentEventsPolicyPolicyTextBlock>

<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2021-01-01to2021-12-31">

3. Related Parties The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates may from time to time purchase or sell silver directly, for their own account, as agent for their customers and for accounts over which they exercise investment discretion. The Trustee’s and Custodian’s fees are paid by the Sponsor and are not separate expenses of the Trust.

</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>

<us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="From2021-01-01to2021-12-31">

4. Concentration of Risk The Trust’s sole business activity is the investment in silver, and substantially all the Trust’s assets are holdings of silver, which creates a concentration of risk associated with fluctuations in the price of silver. Several factors could affect the price of silver, including: (i) global silver supply and demand, which is influenced by factors such as forward selling by silver producers, purchases made by silver producers to unwind silver hedge positions, central bank purchases and sales, and production and cost levels in major global silver-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that silver will maintain its long-term value in terms of purchasing power in the future. In the event that the price of silver declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

</us-gaap:ConcentrationRiskDisclosureTextBlock>

<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2021-01-01to2021-12-31">

5. Indemnification Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>

<link:footnoteLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">

<link:loc xlink:href="#Fact000077" xlink:label="Fact000077" xlink:type="locator"/>

<link:footnote id="Footnote000079" xlink:label="Footnote000079" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">

Authorized share capital is <xhtml:span id="xdx_90C_eus-gaap--CommonStockSharesAuthorizedUnlimited_dxL_c20200101__20201231_zOxzuLL5OCm2" title="Common stock, shares authorized::XDX::Unlimited"><xhtml:span id="xdx_90A_eus-gaap--CommonStockSharesAuthorizedUnlimited_dxL_c20210101__20211231_zUDO9YPKozzk" title="Common stock, shares authorized::XDX::Unlimited"><xhtml:span style="-sec-ix-hidden: xdx2ixbrl0081"><xhtml:span style="-sec-ix-hidden: xdx2ixbrl0083">unlimited</xhtml:span></xhtml:span></xhtml:span></xhtml:span> with <xhtml:span id="xdx_909_eus-gaap--CommonStockNoParValue_iI_pid_do_uUSDPShares_c20201231_zjf9GAeaxHK" title="Common stock, par value (in dollars per share)"><xhtml:span id="xdx_907_eus-gaap--CommonStockNoParValue_iI_pid_do_uUSDPShares_c20211231_zATr6L9cVFn7" title="Common stock, par value (in dollars per share)">no</xhtml:span></xhtml:span> par value per Share. Shares issued and outstanding at December 31, 2021 were <xhtml:span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_pid_uShares_c20211231_zMHokjPHX5Pd" title="Common stock, shares issued"><xhtml:span id="xdx_904_eus-gaap--CommonStockSharesIssued_iI_pid_uShares_c20211231_zmgcBjIQwNPl" title="Common stock, shares issued">44,750,000</xhtml:span></xhtml:span> and at December 31, 2020 were <xhtml:span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_pid_uShares_c20201231_zgalDkvvQ7fk" title="Common stock, shares outstanding"><xhtml:span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_uShares_c20201231_zPkDysWCchve">33,750,000</xhtml:span></xhtml:span>. Net asset values per Share at December 31, 2021 and December 31, 2020 were $<xhtml:span id="xdx_903_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20211231_zUl326NtIrGk" title="Net asset value per share (in dollars per share)">22.24</xhtml:span> and $<xhtml:span id="xdx_905_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20201231_zmHBiHNFMfTa" title="Net asset value per share (in dollars per share)">25.59</xhtml:span>, respectively.

</link:footnote>

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<link:loc xlink:href="#Fact000078" xlink:label="Fact000078" xlink:type="locator"/>

<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Fact000078" xlink:to="Footnote000079" xlink:type="arc"/>

<link:loc xlink:href="#Fact000276" xlink:label="Fact000276" xlink:type="locator"/>

<link:footnote id="Footnote000287" xlink:label="Footnote000287" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">

The expense ratio is calculated net of the voluntary waiver (refer to Note 2.7). The Gross Expense Ratio is <xhtml:span id="xdx_90C_ecustom--AnnualizedRateOfSponsorsFeeBeforeWaiver_pid_dp_c20210101__20211231_zkd6CY8KllMh" title="Gross Expense Ratio">0.45</xhtml:span>%.

</link:footnote>

<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Fact000276" xlink:to="Footnote000287" xlink:type="arc"/>

<link:loc xlink:href="#Fact000277" xlink:label="Fact000277" xlink:type="locator"/>

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<link:loc xlink:href="#Fact000278" xlink:label="Fact000278" xlink:type="locator"/>

<link:footnoteArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Fact000278" xlink:to="Footnote000287" xlink:type="arc"/>

</link:footnoteLink>

</xbrl>

6 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/04/19  abrdn Silver ETF Trust            8-K:1,9     3/29/19    3:394K                                   Quality EDGAR So… LLC/FA
 3/01/19  abrdn Silver ETF Trust            10-K       12/31/18   35:2.6M
10/05/18  abrdn Silver ETF Trust            8-K:1,5,9  10/01/18    4:592K                                   Quality EDGAR So… LLC/FA
11/06/17  abrdn Silver ETF Trust            10-Q        9/30/17   34:2M
12/18/14  abrdn Silver ETF Trust            8-K:8      12/18/14    2:95K
 7/21/09  abrdn Silver ETF Trust            S-1/A¶                13:1.3M                                   Command Financial

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Filing Submission 0001839882-22-022256 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

abrdn Silver ETF Trust – ‘10-K/A’ for 12/31/21 – ‘XML’

On: Thursday, 9/29/22, at 5:24pm ET · For: 12/31/21 · Accession #: 1839882-22-22256 · File #: 1-34412

Amendment to Annual Report — Form 10-KFiling Table of Contents

‘XML’ — XBRL Instance — sivr-10ka_123121_htm

This Document is an XBRL XML File.

6 Previous Filings that this Filing References

Amendment to Annual Report — Form 10-K

Filing Table of Contents