<SEC-DOCUMENT>0001450922-16-000019.txt : 20160516
<SEC-HEADER>0001450922-16-000019.hdr.sgml : 20160516
<ACCEPTANCE-DATETIME>20160516100956
ACCESSION NUMBER:		0001450922-16-000019
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160516
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20160516
DATE AS OF CHANGE:		20160516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETFS SILVER TRUST
		CENTRAL INDEX KEY:			0001450922
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34412
		FILM NUMBER:		161651273

	BUSINESS ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-918-4954

	MAIL ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>sivr-20160516x8k.htm
<DESCRIPTION>8-K
<TEXT>
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			ETFS Silver Trust - Form 8-K
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			<a name="_GoBack"></a><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:18pt;">UNITED STATES</font><br /><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:18pt;">SECURITIES AND EXCHANGE COMMISSION </font><br /><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:18pt;">WASHINGTON, D.C. 20549 </font>
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			<font style="display: inline;font-family:Times New Roman;font-size:9pt;">__________________________</font><br /><font style="display: inline;font-family:Times New Roman;font-size:24pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:18pt;">FORM 8-K </font><br /><font style="display: inline;font-family:Times New Roman;font-size:24pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">__________________________</font><br /><font style="display: inline;font-family:Times New Roman;font-size:24pt;"></font><br /><font style="display: inline;font-family:Times New Roman;font-size:24pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:20pt;">CURRENT REPORT </font><br /><font style="display: inline;font-family:Times New Roman;font-size:20pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:20pt;">Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 </font><br /><font style="display: inline;font-family:Times New Roman;font-size:20pt;"></font><br /><font style="display: inline;font-family:Times New Roman;font-size:24pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Date of Report (Date of Earliest Event Reported):&nbsp;May 16, 2016</font><br /><font style="display: inline;font-family:Times New Roman;font-size:24pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">__________________________</font><br /><font style="display: inline;font-family:Times New Roman;font-size:24pt;">ETFS Silver Trust</font><br /><font style="display: inline;font-family:Times New Roman;font-size:24pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">(Exact name of registrant as specified in its charter) </font><br /><font style="display: inline;font-family:Times New Roman;font-size:24pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:9pt;">__________________________</font>
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						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">New York</font></p>
					<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">(State or other jurisdiction</font></p>
					<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">of incorporation)</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">001-34412</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">(Commission File Number)</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">26-4586763</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">(I.R.S. Employer</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Identification No.)</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">c/o ETFS Securities USA LLC</font><br /><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">48 Wall Street, 11</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:5pt;">th</font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;"> Floor</font><br /><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">New York, New York 10005</font><br /><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">(Address of Principal Executive Offices) </font><br /><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><br /><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Registrant&#x2019;s telephone number, including area code: (212)&nbsp;918-4954</font><br /><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><br /><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Not Applicable </font><br /><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:7.5pt;">Former name or former address, if changed since last report</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font>
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		<p style="margin:0pt 0pt 12pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </font>
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			<a name="Check1"></a><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xF02A; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font>
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			<a name="Check2"></a><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xF02A; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font>
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			<a name="Check3"></a><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xF02A; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font>
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		<p style="margin:0pt 0pt 12pt;line-height:100%;font-family:Calibri;font-size: 10pt">
			<a name="Check4"></a><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xF02A; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font>
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		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;;font-size: 12pt"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">Item 8.01. Other Events</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font>
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			<font style="display: inline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font>
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		<p style="margin:5pt 0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;background-color: #FFFFFF;">Effective May 16, 2016, CME Group, Inc. (&#x201C;CME Group&#x201D;) and Thomson Reuters (&#x201C;Thomson Reuters&#x201D;) have implemented changes to the methodology used to establish the London Bullion Market Silver Price (the &#x201C;London Silver Price&#x201D;). The London </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Silver Price is the price used with respect to calculation of the net asset value for the ETFS Silver Trust and the ETFS Precious Metals Basket Trust (each, a &#x201C;Trust,&#x201D; and together, the &#x201C;Trusts&#x201D;).&nbsp;&nbsp;The principal new measures, which were initially announced by the CME Group and Thomson Reuters through a press release issued on March 22, 2016, are as follows:</font>
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			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;margin:0pt 0pt 10pt;">
				<font style="margin:0pt 0pt 10pt;font-family:Symbol;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-size:12pt;;"> &#xB7;</font>
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		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;margin:0pt 0pt 10pt;">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:12pt;color:#000000;">Introducing a blind auction</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">: Only prices will be visible during each round; the aggregate bid and offer volumes will no longer be disclosed during each auction round. Once each auction round has ended, aggregate buy and sell volumes will be publicly available. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;margin:0pt 0pt 10pt;">
				<font style="margin:0pt 0pt 10pt;font-family:Symbol;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-size:12pt;;"> &#xB7;</font>
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		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;margin:0pt 0pt 10pt;">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:12pt;color:#000000;">Allocating the imbalance amount in the auction among participants</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">: The London Silver Price is established when the auction is determined as balanced, (</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:12pt;color:#000000;">i.e.</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">, at the end of a round, the total of buy and sell orders are within a predefined threshold). In the event that there is an imbalance when the auction is complete, the amount required to balance the buy and sell orders (</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:12pt;color:#000000;">i.e.</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">, the imbalance amount) will be shared equally among all registered participants of the auction, even if a participant has not placed an order in the auction for that day. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;margin:0pt 0pt 10pt;">
				<font style="margin:0pt 0pt 10pt;font-family:Symbol;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-size:12pt;;"> &#xB7;</font>
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		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt;margin:0pt 0pt 10pt;">
			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:12pt;color:#000000;">Increasing the imbalance tolerance</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">: In exceptional circumstances, CME Group as the calculation agent can increase the imbalance threshold during an auction, within an approved range, to establish the London Silver Price and settle the auction.</font></p></td></tr></table></div>
		<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;background-color: #FFFFFF;color:#000000;">ETF Securities USA LLC, the </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">Sponsor of each Trust, understands that the above changes are being made to further enhance and develop the London Silver Price. </font>
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			<font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">&nbsp; &nbsp;</font>
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			<a name="_iDocIDField_1"></a><font style="display: inline;font-family:Times New Roman;font-size:7pt;color:#000000;">&nbsp; &nbsp;</font>
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		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, in the capacities indicated, hereunto duly authorized. </font>
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		<p style="margin:0pt 0pt 12pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Date: May 16, 2016</font>
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		<p style="margin:0pt 0pt 12pt 212.65pt;line-height:100%;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">ETFS Silver Trust</font><br /><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><br /><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">By: ETF Securities USA LLC, Sponsor of the ETFS Silver&nbsp;Trust.</font>
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						<font style="display: inline;">&nbsp;</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">By:</font></p>
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					<p style="margin:5pt 0pt 5pt 0.1pt;line-height:100%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">/s/ Graham Tuckwell</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Graham Tuckwell</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">President and Chief Executive Officer</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">(Principal Executive Officer)</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">By:</font></p>
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						<font style="display: inline;font-size:10pt;">/s/ Christopher Foulds</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Christopher Foulds</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Chief Financial Officer and Treasurer</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">(Principal Financial Officer and Principal Accounting Officer)</font></p>
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