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Item 5. Market for Registrant’s Common Equity

2022-03-01 compared with 2021-03-01 · 36 added, 81 removed, 80 unchanged (59% of the section changed)

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market for Registrant ’

s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

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 0.9252

Selected Financial Data.

The following table summarizes the relevant December 31, 2020, 2019, 2018, 2017 and 2016 financial data 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.

The Trust commenced operations on April 21, 2006.

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

— 

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.

Three Months Ended (Unaudited)

September 30,

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 flow

— 

5,507,482,733

8,886,943,805

13,027,789,385

14,797,590,146

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management ’

s Discussion and Analysis of Financial Condition and Results of Operations.

This information should be read in conjunction with the financial statements and notes to financial statements included with this report.

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.

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

The Trust does not have any officers, directors, or employees, and is administered by the Trustee acting as trustee pursuant to the Trust Agreement.

The Trust does not have any officers, directors, or employees, and is administered by the Trustee acting as trustee pursuant to the Trust Agreement between the Trustee and the Sponsor.

The Trust issues Shares representing fractional undivided beneficial interests in its net assets.

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under the ticker symbol SLV.

Valuation of Silver;

Valuation of Silver Bullion ;

Computation of Net Asset Value

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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 held by 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 held by the Trust and other assets held by the Trust.

The result is the net asset value of the Trust.

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These estimates and assumptions affect the Trust’s application of accounting policies.

Below is a description of the valuation of silver bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position.

A description of the valuation of silver bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Silver Bullion;

Computation of Net Asset Value”

In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

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The Year Ended December 31, 2021

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 Trust’s net asset value decreased from $14,791,792,720 at December 31, 2020 to $12,249,234,223 at December 31, 2021, a 17.19% decrease for the year.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Silver Price, which decreased 12.84% from $26.49 at December 31, 2020 to $23.09 at December 31, 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 573,800,000 Shares at December 31, 2021, a consequence of 275,950,000 Shares (5,519 Baskets) being created and 303,100,000 Shares (6,062 Baskets) being redeemed during the year.

The 13.25% decrease in the NAV from $24.61 at December 31, 2020 to $21.35 at December 31, 2021 was directly related to the 12.84% 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 $71,208,965 for the year, or 0.50% of the Trust’s average weighted assets of $14,234,642,101 during the year.

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

Net decrease in net assets resulting from operations for the year ended December 31, 2021 was $2,110,330,231, resulting from an unrealized loss on investment in silver bullion of $3,401,406,431 and a net investment loss of $71,208,965, partially offset by a net realized gain of $1,349,023,048 on silver bullion distributed for the redemption of Shares and a net realized gain of $13,262,117 from investment in silver bullion sold to pay expenses.

Other than the Sponsor’s fees of $71,208,965, the Trust had no expenses during the year ended December 31, 2021.

The Year Ended December 31, 2020

The Trust’s net asset value increased 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 46.05% increase in the 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 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.

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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).

The Trust’s net asset value increased 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).

The increase in the Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 337,850,000 Shares at December 31, 2018 to 388,100,000 Shares at December 31, 2019, a consequence of 120,750,000 Shares (2,415 Baskets) being created and 70,500,000 Shares (1,410 Baskets) being redeemed during the year.

The 16.05% increase in the Trust’s NAV from $14.52 at December 31, 2018 to $16.85 at December 31, 2019 is directly related to the 16.68% 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 $27,765,547 for the year, or 0.50% of the Trust’s average weighted assets of $5,557,559,388 during the year.

The 16.05% increase in the NAV from $14.52 at December 31, 2018 to $16.85 at December 31, 2019 is directly related to the 16.68% increase in the price of silver.

The NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $27,765,547 for the year, or 0.50% of the Trust’s average weighted assets of $5,557,559,388 during the year.

The NAV of $18.06 on September 4, 2019 was the highest during the year, compared with a low during the year of $13.46 on May 29, 2019.

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Other than the Sponsor’s fees of $27,765,547, the Trust had no expenses during the year ended December 31, 2019.

The Year Ended December 31, 2018

The Trust’s net asset value fell from $5,405,193,851 at December 31, 2017 to $4,904,036,623 at December 31, 2018, a 9.27% decrease for the year.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of silver, which fell 8.30% from $16.87 at December 31, 2017 to $15.47 (the LBMA Silver Price at December 31, 2018).

The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 339,750,000 Shares at December 31, 2017 to 337,850,000 Shares at December 31, 2018, a consequence of 64,000,000 Shares (1,280 Baskets) being created and 65,900,000 Shares (1,318 Baskets) being redeemed during the year.

The 8.74% decline in the Trust’s NAV from $15.91 at December 31, 2017 to $14.52 at December 31, 2018 was directly related to the 8.30% decrease in the price of silver.

The Trust’s NAV decreased slightly more than the price of silver on a percentage basis due to the Sponsor’s fees, which were $25,335,523 for the year, or 0.50% of the Trust’s average weighted assets of $5,065,663,223 during the year.

The NAV of $16.52 on January 25, 2018 was the highest during the year, compared with a low during the year of $13.12 on November 14, 2018.

Net decrease in net assets resulting from operations for the year ended December 31, 2018 was $472,326,421, resulting from a net investment loss of $25,335,523, a net realized loss of $3,730,211 from investment in silver bullion sold to pay expenses, a net realized loss of $132,049,264 on silver bullion distributed for the redemption of Shares and an unrealized loss on investment in silver bullion of $311,211,423.

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

Quantitative and Qualitative Disclosures About Market Risk.

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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