Effective May

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 establish ed when the auction is determined as balanced, (


, 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 (


, 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 SilverTrust.


/s/ Graham Tuckwell

Graham Tuckwell

President and Chief Executive Officer

(Principal Executive Officer)


/s/ Christopher Foulds

Christopher Foulds

Chief Financial Officer and Treasurer

(Principal Financial Officer and Principal Accounting Officer)

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