What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2021-03-01 compared with 2020-02-27 · 55 added, 25 removed, 106 unchanged (43% of the section changed)

3 unchanged sentences

Prior to that, the Shares were traded on the American Stock Exchange, also under the ticker symbol SLV, since their initial public offering on April 21, 2006.

As of December 31, 2019, there were approximately 167 DTC participating shareholders of record of the Trust.

As of December 31, 2020, there were approximately 165 DTC participating shareholders of record of the Trust.

Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.

9 unchanged sentences

10/01/20 to 10/31/20

 0.9303

11/01/20 to 11/30/20

12/01/20 to 12/31/20

 0.9299

Selected Financial Data.

1 unchanged sentence

The Trust commenced operations on April 21, 2006.

Net realized loss on silver bullion

Net realized gain (loss) on silver bullion

 929,327,856 

 (55,102,881

 (135,779,475

 (92,120,817

 (111,239,707

Net income (loss)

4,954,538,782 

901,933,450 

217,471,048 

682,782,768 

Net income (loss) per Share

Net cash flows

6,543,418,555

4,906,017,787

5,407,419,250

5,543,495,441

4,393,860,514

— 

14,797,590,146 

6,543,418,555 

4,906,017,787 

5,407,419,250 

5,543,495,441 

The following table summarizes the relevant quarterly financial data for each of the four quarters of 2020 for the Trust and should be read in conjunction with the Trust’s financial statements, schedules and notes related thereto which are included in this report.

2 unchanged sentences

Net realized gain (loss) on silver bullion

 (9,570,709

 (11,142,869

 650,112,661 

 299,928,773 

Net income (loss)

(1,440,459,322

1,666,597,884 

3,222,974,616 

1,505,425,604 

Net income (loss) per Share

Net cash flows

Net cash flow

— 

5,507,482,733

5 unchanged sentences

The discussion and analysis that follows may contain statements that relate to future events or future performance.

In some cases, such forward ‑

looking statements can be identified by terminology such as “may,”

In some cases, such forward looking statements can be identified by terminology such as “may,”

“should,”

12 unchanged sentences

Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.

Neither the Trust nor the Sponsor is under a duty to update any of the forward‑looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy.

Neither the Trust nor the Sponsor is under a duty to update any of the forward looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

The Trust is a grantor trust formed under the laws of the State of New York.

5 unchanged sentences

The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of silver.

The Trust issues and redeems Shares only in exchange for silver, only in Baskets of 50,000 Shares or integral multiples thereof, and only in transactions with Authorized Participants.

The Trust issues and redeems Shares only in exchange for silver, only in aggregations of 50,000 Shares (a “Basket”) or integral multiples thereof, and only in transactions with registered broker-dealers that have previously entered into an agreement with the Sponsor and the Trustee governing the terms and conditions of such issuance (such broker-dealers, the “Authorized Participants”).

A list of the current Authorized Participants is available from the Sponsor or the Trustee.

Shares of the Trust trade on NYSE Arca under the ticker symbol SLV.

Valuation of Silver;

Shares of the Trust trade on NYSE Arca, Inc.

under the ticker symbol SLV.

Valuation of Silver;

Computation of Net Asset Value

1 unchanged sentence

(New York time), the Trustee evaluates the silver held by the Trust and determines the net asset value of the Trust and net asset value per Share (“NAV”).

The Trustee values the silver held by the Trust using the price per ounce of silver determined in an electronic auction hosted by ICE Benchmark Administration (“IBA”) that begins at 12:00 p.m.

The Trustee values the silver held by the Trust using the price per ounce of silver determined in an electronic auction hosted by IBA that begins at 12:00 p.m.

(London time) and published shortly thereafter, on the day the valuation takes place (such price, the “LBMA Silver Price”).

22 unchanged sentences

The use of an indicator of the value of silver bullion other than the LBMA Silver Price could result in materially different fair value pricing of the silver in the Trust, and as such, could result in different cost or market adjustments or in different redemption value adjustments of the outstanding redeemable capital Shares.

The following chart shows the daily LBMA Silver Price, as applicable, for the periods from December 2014 through December 2019:

The following chart shows the daily LBMA Silver Price, as applicable, for the periods from December 2015 through December 2020:

Silver Prices (December 2015 - December 2020)

Results of Operations

1 unchanged sentence

The Trust’s net asset value grew from $6,540,758,565 at December 31, 2019 to $14,791,792,720 at December 31, 2020, a 126.15% increase for the year.

The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 388,100,000 Shares at December 31, 2019 to 600,950,000 Shares at December 31, 2020, a consequence of 398,700,000 Shares (7,974 Baskets) being created and 185,850,000 Shares (3,717 Baskets) being redeemed during the year.

The increase in the Trust’s net asset value also benefitted from an increase in the price of silver, which rose 46.76% from $18.05 at December 31, 2019 to $26.49 (the LBMA Silver Price at December 31, 2020).

The 46.05% increase in the Trust’s NAV from $16.85 at December 31, 2019 to $24.61 at December 31, 2020 was directly related to the 46.76% increase in the price of silver.

The Trust’s NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $50,643,408 for the year, or 0.50% of the Trust’s average weighted assets of $10,151,255,819 during the year.

The NAV of $26.89 on September 1, 2020 was the highest during the year, compared with a low during the year of $11.20 on March 19, 2020.

Net increase in net assets resulting from operations for the year ended December 31, 2020 was $4,954,538,782, resulting from an unrealized gain on investment in silver bullion of $4,075,854,334, a net realized gain of $7,414,067 from investment in silver bullion sold to pay expenses and a net realized gain of $921,913,789 on silver bullion distributed for the redemption of Shares, partially offset by a net investment loss of $50,643,408.

Other than the Sponsor’s fees of $50,643,408, the Trust had no expenses during the year ended December 31, 2020.

The Year Ended December 31, 2019

The Trust’s net asset value grew from $4,904,036,623 at December 31, 2018 to $6,540,758,565 at December 31, 2019, a 33.37% increase for the year.

The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which rose 16.68% from $15.47 at December 31, 2018 to $18.05 (the LBMA Silver Price at December 31, 2019).

14 unchanged sentences

Other than the Sponsor’s fees of $25,335,523, the Trust had no expenses during the year ended December 31, 2018.

The Year Ended December 31, 201 7

The Trust’s net asset value fell from $5,541,130,643 at December 31, 2016 to $5,405,193,851 at December 31, 2017, a 2.45% decrease for the year.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares, which fell from 359,900,000 Shares at December 31, 2016 to 339,750,000 Shares at December 31, 2017, a consequence of 55,800,000 Shares (1,116 Baskets) being created and 75,950,000 Shares (1,519 Baskets) being redeemed during the year.

The decrease in the Trust’s net asset value was partially offset by an increase in the LBMA Silver Price, which rose 3.88% from $16.24 at December 31, 2016 to $16.87 at December 31, 2017.

The 3.31% increase in the Trust’s NAV from $15.40 at December 31, 2016 to $15.91 at December 31, 2017 was directly related to the 3.88% increase in the price of silver.

The Trust’s NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $28,299,587 for the year, or 0.50% of the Trust’s average weighted assets of $5,659,498,323 during the year.

The NAV of $17.57 on April 13, 2017 was the highest during the year, compared with a low during the year of $14.39 on July 10, 2017.

Net increase in net assets resulting from operations for the year ended December 31, 2017 was $217,471,048, resulting from an unrealized gain on investment in silver bullion of $337,891,452 and offset by a net investment loss of $28,299,587, a net realized loss of $2,210,911 on silver bullion sold to pay expenses and a net realized loss of $89,909,906 on silver bullion distributed for the redemption of Shares.

Other than the Sponsor’s fees of $28,299,587, the Trust had no expenses during the year ended December 31, 2017.

Quantitative and Qualitative Disclosures About Market Risk.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity