From the PDS, ETPMAG gets it's pricing level set once a day and then is left to run. So while it closed 1/2/21 at US$29.585 (A$37.98), ETPMAG closed at A$35.45 (6.66% lower).
For bullion take up, FYI, you're entitled to "ETFS Physical Silver 0.947312361 troy oz" - minus management fees which are calc'd daily.
