What changed in this filing

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Item 1. Financial Statements

2021-11-03 compared with 2021-08-06 · 118 added, 69 removed, 432 unchanged (30% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At June 30, 2021 and December 31, 2020

At September 30, 2021 and December 31, 2020

September 30,

Investment in silver bullion, at fair value (a)

24 unchanged sentences

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2021 and 2020

For the three and nine months ended September 30, 2021 and 2020

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Sponsor’s fees

6 unchanged sentences

1,267,020,131

Net realized gain (loss)

Net realized gain

1,279,122,873

2 unchanged sentences

2,589,764,531

( 4,161,305,977

2,853,247,014

Net realized and unrealized gain (loss)

2 unchanged sentences

( 2,882,183,104

3,482,646,097

Net increase (decrease) in net assets resulting from operations

1 unchanged sentence

3,222,974,616

( 2,937,376,219

3,449,113,178

Net increase (decrease) in net assets per Share (a)

3 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2021

Six Months Ended

June 30, 2021

For the three, six and nine months ended September 30, 2021

Nine Months Ended

September 30, 2021

Net Assets at December 31, 2020

29 unchanged sentences

14,374,981,738

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

( 2,458,121,261

Net decrease in net assets resulting from operations

( 2,342,723,352

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

( 1,023,070,679

Net decrease in net assets from capital share transactions

( 210,841,808

Decrease in net assets

( 2,553,565,160

Net Assets at September 30, 2021

11,821,416,578

Shares issued and redeemed

2 unchanged sentences

( 251,700,000

Net increase in Shares issued and outstanding

Net decrease in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2020

Six Months Ended

June 30, 2020

For the three, six and nine months ended September 30, 2020

Nine Months Ended

September 30, 2020

Net Assets at December 31, 2019

32 unchanged sentences

8,883,456,887

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

2,589,764,531

Net increase in net assets resulting from operations

3,222,974,616

Capital Share Transactions:

Contributions for Shares issued

2,950,693,999

Distributions for Shares redeemed

( 2,035,281,500

Net increase in net assets from capital share transactions

Increase in net assets

4,138,387,115

Net Assets at September 30, 2020

13,021,844,002

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

( 131,350,000

Net increase in Shares issued and outstanding

2 unchanged sentences

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2021 and 2020

Six Months Ended

For the nine months ended September 30, 2021 and 2020

Nine Months Ended

September 30,

Cash Flows from Operating Activities

9 unchanged sentences

( 2,937,376,219

3,449,113,178

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

2 unchanged sentences

( 1,279,122,873

( 629,399,083

Net change in unrealized appreciation/depreciation

14 unchanged sentences

Schedules of Investments (Unaudited)

At June 30, 2021 and December 31, 2020

June 30, 2021

At September 30, 2021 and December 31, 2020

September 30, 2021

Silver bullion

22 unchanged sentences

Notes to Financial Statements (Unaudited)

June 30, 2021

September 30, 2021

The iShares Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust.

26 unchanged sentences

Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.

The following tables summarize activity in silver bullion for the three months ended June 30, 2021 and 2020:

Three Months Ended June 30, 2021

The following tables summarize activity in silver bullion for the three months ended September 30, 2021 and 2020:

Three Months Ended September 30, 2021

Beginning balance

2 unchanged sentences

$ 14,381,334,638  

$  —

Silver bullion contributed

21 unchanged sentences

$ 132,363,874  

Three Months Ended June 30, 2020

Three Months Ended September 30, 2020

Beginning balance

2 unchanged sentences

$ 8,886,943,805  

$  —

Silver bullion contributed

6 unchanged sentences

( 2,035,281,500 )  

( 10,559,630 )

646,100,731  

Silver bullion sold to pay expenses

2 unchanged sentences

( 14,444,111 )  

Net realized loss

4,011,930  

Net realized gain

650,112,661  

Net change in unrealized appreciation/depreciation

4 unchanged sentences

$ 13,027,789,385  

$ ( 11,142,869 )

The following tables summarize activity in silver bullion for the six months ended June 30, 2021 and 2020:

Six Months Ended June 30, 2021

$ 650,112,661  

The following tables summarize activity in silver bullion for the nine months ended September 30, 2021 and 2020:

Nine Months Ended September 30, 2021

Beginning balance

25 unchanged sentences

$ 1,279,122,873  

Six Months Ended June 30, 2020

Nine Months Ended September 30, 2020

Beginning balance

2 unchanged sentences

$ 6,543,418,555  

$  —

Silver bullion contributed

6 unchanged sentences

( 2,771,069,953 )  

( 20,204,979 )

625,895,752  

Silver bullion sold to pay expenses

2 unchanged sentences

( 30,247,526 )  

Net realized loss

3,503,331  

Net realized gain

629,399,083  

Net change in unrealized appreciation/depreciation

4 unchanged sentences

$ 13,027,789,385  

$ ( 20,713,578 )

$ 629,399,083  

Calculation of Net Asset Value

14 unchanged sentences

Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of June 30, 2021 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of September 30, 2021 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Trust Expenses

1 unchanged sentence

The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:

the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $ 100,000 per annum in legal fees and expenses.

the Trustee’s fee and reimbursement for its reasonable out-of-pocket expenses, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $ 100,000 per annum in legal fees and expenses.

Related Parties

2 unchanged sentences

Indemnification

The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their ( 1 ) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or ( 2 ) reckless disregard of their obligations and duties under the Trust Agreement.

18 unchanged sentences

Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2021 and 2020.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and nine months ended September 

2021 and 2020.

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

19 unchanged sentences

The three levels of the fair value hierarchy are as follows:

Level 1 − 

Level 1  

Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 − 

Level 2  

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means;

Level 3 − 

Level 3  

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At June 30, 2021 and December 31, 2020, the value of the silver bullion held by the Trust is categorized as Level 1.

At September 30, 2021 and December 31, 2020, the value of the silver bullion held by the Trust is categorized as Level 1.

Management ’

2 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,”

“should,”

“could,”

“expect,”

“plan,”

“anticipate,”

“believe,”

“estimate,”

“predict,”

“potential”

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

may, ”

should, ”

could, ”

expect, ”

plan, ”

anticipate, ”

believe, ”

estimate, ”

predict, ”

potential ”

or the negative of these terms or other comparable terminology.

2 unchanged sentences

These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances.

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.

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.

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.

Except as required by applicable disclosure laws, 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.

s expectations or predictions.

The iShares Silver Trust (the “Trust”) is a grantor trust formed under the laws of the State of New York.

19 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 held by 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.

Having valued the silver held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the silver and other assets of the Trust.

Having valued the silver held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the silver and other assets held by the Trust.

The result is the net asset value of the Trust.

12 unchanged sentences

Results of Operations

The Quarter Ended June 30, 2021

The Trust’s net asset value increased from $13,796,532,456 at March 31, 2021 to $14,374,981,738 at June 30, 2021, a 4.19% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the LBMA Silver Price, which increased 7.38% from $24.00 at March 31, 2021 to $25.77 at June 30, 2021.

The increase in the Trust’s net asset value was partially offset by a decrease in the number of outstanding Shares, which fell from 619,300,000 Shares at March 31, 2021 to 601,800,000 Shares at June 30, 2021, a consequence of 30,300,000 Shares (606 Baskets) being created and 47,800,000 Shares (956 Baskets) being redeemed during the quarter.

The 7.23% increase in the NAV from $22.28 at March 31, 2021 to $23.89 at June 30, 2021 is directly related to the 7.38% 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 $18,940,519 for the quarter, or 0.12% of the average weighted assets of $15,200,399,950 during the quarter.

The NAV of $26.42 on May 18, 2021 was the highest during the quarter, compared with a low during the quarter of $22.57 on April 1, 2021.

Net increase in net assets resulting from operations for the quarter ended June 30, 2021 was $990,654,725, resulting from an unrealized gain on investment in silver bullion of $756,594,817, a net realized gain of $249,015,993 on silver distributed for the redemption of Shares, a net realized gain of $3,984,434 from silver bullion sold to pay expenses and a net investment loss of $18,940,519.

The Quarter Ended September 30, 2021

The Trust’s net asset value decreased from $14,374,981,738 at June 30, 2021 to $11,821,416,578 at September 30, 2021, a 17.76% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Silver Price, which decreased 16.45% from $25.77 at June 30, 2021 to $21.53 at September 30, 2021.

The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 601,800,000 Shares at June 30, 2021 to 593,150,000 Shares at September 30, 2021, a consequence of 36,900,000 Shares (738 Baskets) being created and 45,550,000 Shares (911 Baskets) being redeemed during the quarter.

The 16.58% decrease in the NAV from $23.89 at June 30, 2021 to $19.93 at September 30, 2021 is directly related to the 16.45% decrease in the price of silver.

The NAV decreased slightly more than the price of silver on a percentage basis due to the Sponsor’s fees, which were $16,965,965 for the quarter, or 0.13% of the Trust’s average weighted assets of $13,434,356,872 during the quarter.

The NAV of $24.67 on July 6, 2021 was the highest during the quarter, compared with a low during the quarter of $19.93 on September 30, 2021.

Net decrease in net assets resulting from operations for the quarter ended September 30, 2021 was $2,342,723,352, resulting from an unrealized loss on investment in silver bullion of $2,458,121,261, a net realized gain of $129,454,893 on silver distributed for the redemption of Shares, a net realized gain of $2,908,981 from silver bullion sold to pay expenses and a net investment loss of $16,965,965.

Other than the Sponsor’s fees of $16,965,965, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2021

The Trust’s net asset value fell from $14,791,792,720 at December 31, 2020 to $14,374,981,738 at June 30, 2021, a 2.82% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Silver Price, which fell 2.72% from $26.49 at December 31, 2020 to $25.77 at June 30, 2021.

The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 600,950,000 Shares at December 31, 2020 to 601,800,000 Shares at June 30, 2021, a consequence of 207,000,000 Shares (4,140 Baskets) being created and 206,150,000 Shares (4,123 Baskets) being redeemed during the period.

The 2.93% decrease in the NAV from $24.61 at December 31, 2020 to $23.89 at June 30, 2021 is directly related to the 2.72% decrease in the price of silver.

The NAV decreased slightly more than the price of silver on a percentage basis due to the Sponsor’s fees, which were $38,227,150 for the period, or 0.25% of the Trust’s average weighted assets of $15,414,790,092 during the period.

The NAV of $27.48 on February 1, 2021 was the highest during the period, compared with a low during the period of $22.28 on March 31, 2021.

Net decrease in net assets resulting from operations for the six months ended June 30, 2021 was $594,652,867, resulting from a net realized gain of $1,137,565,238 on silver distributed for the redemption of Shares, a net realized gain of $9,193,761 from silver bullion sold to pay expenses, offset by an unrealized loss on investment in silver bullion of $1,703,184,716 and a net investment loss of $38,227,150.

The Nine-Month Period Ended September 30, 2021

The Trust’s net asset value fell from $14,791,792,720 at December 31, 2020 to $11,821,416,578 at September 30, 2021, a 20.08% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decline in the LBMA Silver Price, which fell 18.72% from $26.49 at December 31, 2020 to $21.53 at September 30, 2021.

The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 600,950,000 Shares at December 31, 2020 to 593,150,000 Shares at September 30, 2021, a consequence of 243,900,000 Shares (4,878 Baskets) being created and 251,700,000 Shares (5,034 Baskets) being redeemed during the period.

The 19.02% decrease in the NAV from $24.61 at December 31, 2020 to $19.93 at September 30, 2021 is directly related to the 18.72% decrease in the price of silver.

The NAV decreased slightly more than the price of silver on a percentage basis due to the Sponsor’s fees, which were $55,193,115 for the period, or 0.37% of the Trust’s average weighted assets of $14,747,391,351 during the period.

The NAV of $27.48 on February 1, 2021 was the highest during the period, compared with a low during the period of $19.93 on September 30, 2021.

Net decrease in net assets resulting from operations for the nine months ended September 30, 2021 was $2,937,376,219, resulting from an unrealized loss on investment in silver bullion of $4,161,305,977, a net realized gain of $1,267,020,131 on silver distributed for the redemption of Shares, a net realized gain of $12,102,742 from silver bullion sold to pay expenses, and a net investment loss of $55,193,115.

Other than the Sponsor’s fees of $55,193,115, the Trust had no expenses during the period.

2 unchanged sentences

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-Q

Item 1. Financial Statements