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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>
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						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">(State or other jurisdiction</font></p>
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						<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-size:10pt;">(Commission File Number)</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;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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			<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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			<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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			<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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				<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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			<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>
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				<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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			<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>
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			<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>
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			<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;">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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			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Date: May 16, 2016</font>
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			<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;font-size:10pt;">/s/ Graham Tuckwell</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Graham Tuckwell</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;font-family:Times New Roman;font-size:10pt;">(Principal Financial Officer and Principal Accounting Officer)</font></p>
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{"company-data": {"conformed-name": "ETFS SILVER TRUST", "cik": "0001450922", "assigned-sic": "6221", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-34412", "film-number": "161651273"}, "business-address": {"street1": "ETF SECURITIES USA LLC", "street2": "48 WALL STREET, 11TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10005", "phone": "212-918-4954"}, "mail-address": {"street1": "ETF SECURITIES USA LLC", "street2": "48 WALL STREET, 11TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10005"}}
ETFS Silver Trust - Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________
FORM 8-K
__________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 16, 2016
__________________________
ETFS Silver Trust
(Exact name of registrant as specified in its charter)
__________________________
New York
(State or other jurisdiction
of incorporation)
001-34412
(Commission File Number)
26-4586763
(I.R.S. Employer
Identification No.)
c/o ETFS Securities USA LLC
48 Wall Street, 11
th
Floor
New York, New York 10005
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (212) 918-4954
Not Applicable
Former name or former address, if changed since last report
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:
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events
Effective May 16, 2016, CME Group, Inc. ("CME Group") and Thomson Reuters ("Thomson Reuters") have implemented changes to the methodology used to establish the London Bullion Market Silver Price (the "London Silver Price"). The London
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 "Trust," and together, the "Trusts").  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:
·
Introducing a blind auction
: 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.
·
Allocating the imbalance amount in the auction among participants
: The London Silver Price is established when the auction is determined as balanced, (
i.e.
, 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 (
i.e.
, 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.
·
Increasing the imbalance tolerance
: 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.
ETF Securities USA LLC, the
Sponsor of each Trust, understands that the above changes are being made to further enhance and develop the London Silver Price.
﻿
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.
Date: May 16, 2016
ETFS Silver Trust
By: ETF Securities USA LLC, Sponsor of the ETFS Silver Trust.
By:
/s/ Graham Tuckwell
Graham Tuckwell
President and Chief Executive Officer
(Principal Executive Officer)
By:
/s/ Christopher Foulds
Christopher Foulds
Chief Financial Officer and Treasurer
(Principal Financial Officer and Principal Accounting Officer)
﻿
﻿