What changed in this filing

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Item 1. Financial Statements

2022-11-01 compared with 2022-08-04 · 137 added, 111 removed, 477 unchanged (34% of the section changed)

1 unchanged sentence

iShares ®

 Silver Trust

Statements of Assets and Liabilities (Unaudited)

At June 30, 2022 and December 31, 2021

At September 30, 2022 and December 31, 2021

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, 2022 and 2021

For the three and nine months ended September 30, 2022 and 2021

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Sponsor’s fees

14 unchanged sentences

Net Realized and Unrealized Gain (Loss)

Net realized gain from:

Net realized gain (loss) from:

Silver bullion sold to pay expenses

8 unchanged sentences

1,267,020,131  

Net realized gain

Net realized gain (loss)

( 255,075,784 )  

7 unchanged sentences

( 4,161,305,977 )

Net realized and unrealized gain (loss)

Net realized and unrealized loss

( 744,525,028 )  

2 unchanged sentences

( 2,882,183,104 )

Net increase (decrease) in net assets resulting from operations

Net decrease in net assets resulting from operations

$ ( 756,378,592 )  

2 unchanged sentences

$ ( 2,937,376,219 )

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

Net decrease in net assets per Share (a)

$ ( 1.43 )  

1 unchanged sentence

$ ( 4.09 )  

Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

Net decrease in net assets per Share based on average shares outstanding during the period.

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2022

Six Months Ended

June 30, 2022

For the three, six and nine months ended September 30, 2022

Nine Months Ended

September 30, 2022

Net Assets at December 31, 2021

38 unchanged sentences

$ 11,033,753,150  

Net investment loss

( 11,853,564 )

Net realized loss

( 255,075,784 )

Net change in unrealized appreciation/depreciation

( 489,449,244 )

Net decrease in net assets resulting from operations

( 756,378,592 )

Capital Share Transactions:

Contributions for Shares issued

767,824,011  

Distributions for Shares redeemed

( 1,901,792,549 )

Net decrease in net assets from capital share transactions

( 1,133,968,538 )

Decrease in net assets

( 1,890,347,130 )

Net Assets at September 30, 2022

$ 9,143,406,020  

Shares issued and redeemed

3 unchanged sentences

( 190,600,000 )

Net increase in Shares issued and outstanding

12,150,000  

Net decrease in Shares issued and outstanding

( 51,950,000 )

See notes to financial statements.

1 unchanged sentence

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

$ 14,791,792,720  

Net investment loss

14,791,792,720

Net investment loss

Net realized gain

893,758,572  

Net change in unrealized appreciation/depreciation

4 unchanged sentences

Contributions for Shares issued

4,468,670,836  

Distributions for Shares redeemed

1 unchanged sentence

Net increase in net assets from capital share transactions

590,047,328  

Decrease in net assets

1 unchanged sentence

Net Assets at March 31, 2021

$ 13,796,532,456  

Net investment loss

13,796,532,456

Net investment loss

Net realized gain

253,000,427  

Net change in unrealized appreciation/depreciation

756,594,817  

Net increase in net assets resulting from operations

990,654,725  

Capital Share Transactions:

Contributions for Shares issued

765,794,167  

Distributions for Shares redeemed

3 unchanged sentences

Increase in net assets

578,449,282  

Net Assets at June 30, 2021

$ 14,374,981,738  

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

Shares issued

207,000,000  

Shares redeemed

( 251,700,000

Net increase in Shares issued and outstanding

850,000  

Net decrease in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2022 and 2021

Six Months Ended

For the nine months ended September 30, 2022 and 2021

Nine Months Ended

September 30,

Cash Flows from Operating Activities

Proceeds from silver bullion sold to pay expenses

$ 32,238,949  

$ 37,671,676  

Expenses –

Sponsor’s fees paid

( 32,238,949 )  

( 37,671,676 )

Net cash provided by operating activities

4 unchanged sentences

Net decrease in net assets resulting from operations

$ ( 1,593,975,973 )  

( 2,350,354,565

( 2,937,376,219

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

Proceeds from silver bullion sold to pay expenses

32,238,949  

37,671,676  

Net realized (gain) loss

( 99,740,856 )  

( 1,279,122,873

Net change in unrealized appreciation/depreciation

1,661,812,204  

1,703,184,716  

2,151,261,448

4,161,305,977

Change in operating assets and liabilities:

Sponsor’s fees payable

( 334,324 )  

555,474  

Net cash provided by (used in) operating activities

1 unchanged sentence

Silver bullion contributed for Shares issued

$ 2,137,496,572  

$ 5,234,465,003  

2,905,320,583

6,046,693,874

Silver bullion distributed for Shares redeemed

$ ( 1,759,001,672 )  

( 3,660,794,221

( 6,079,693,797

See notes to financial statements.

1 unchanged sentence

Schedules of Investments (Unaudited)

At June 30, 2022 and December 31, 2021

June 30, 2022

At September 30, 2022 and December 31, 2021

September 30, 2022

Silver bullion

2 unchanged sentences

$ 9,147,053,576  

Total Investments – 

Total Investments —

9,147,053,576  

Less Liabilities – 

Less Liabilities —

( 3,647,556 )

Net Assets – 

Net Assets —

$ 9,143,406,020  

4 unchanged sentences

$ 12,254,397,545  

Total Investments – 

Total Investments —

12,254,397,545  

Less Liabilities – 

Less Liabilities —

( 5,163,322 )

Net Assets – 

Net Assets —

$ 12,249,234,223  

2 unchanged sentences

Notes to Financial Statements (Unaudited)

June 30, 2022

1 - Organization

September 30, 2022

1 - Organization

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, 2022 and 2021:

Three Months Ended June 30, 2022

The following tables summarize activity in silver bullion for the three months ended September 30, 2022 and 2021:

Three Months Ended September 30, 2022

Beginning balance

10 unchanged sentences

( 1,901,792,549 )  

27,647,155  

( 253,409,032 )

Silver bullion sold to pay expenses

2 unchanged sentences

( 13,035,006 )  

903,438  

( 1,666,752 )

Net realized gain

6 unchanged sentences

$ 9,147,053,576  

$ 28,550,593  

Three Months Ended June 30, 2021

$ ( 255,075,784 )

Three Months Ended September 30, 2021

Beginning balance

25 unchanged sentences

$ 132,363,874  

The following tables summarize activity in silver bullion for the six months ended June 30, 2022 and 2021:

Six Months Ended June 30, 2022

The following tables summarize activity in silver bullion for the nine months ended September 30, 2022 and 2021:

Nine Months Ended September 30, 2022

Beginning balance

10 unchanged sentences

( 3,660,794,221 )  

97,533,136  

( 155,875,896 )

Silver bullion sold to pay expenses

3 unchanged sentences

540,968  

Net realized gain

Net realized loss

( 155,334,928 )  

5 unchanged sentences

$ 9,147,053,576  

$ 99,740,856  

Six Months Ended June 30, 2021

$ ( 155,334,928 )

Nine Months Ended September 30, 2021

Beginning balance

41 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, 2022 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, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Trust Expenses

29 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, 2022 and 2021.

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

2022 and 2021.

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

7 unchanged sentences

( 0.08 )  

Net realized and unrealized gain (loss) (b)

Net realized and unrealized loss (b)

( 1.29 )  

( 3.93 )  

Net increase (decrease) in net assets from operations

( 3.75 )  

Net decrease in net assets from operations

( 1.31 )  

( 3.96 )  

( 3.83 )  

Net asset value per Share, end of period

28 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, 2022 and December 31, 2021, the value of the silver bullion held by the Trust is categorized as Level 1.

At September 30, 2022 and December 31, 2021, 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.

The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Second Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and iShares Delaware Trust Sponsor LLC, the sponsor of the Trust (the “Sponsor”).

The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and iShares Delaware Trust Sponsor LLC, the sponsor of the Trust (the “Sponsor”).

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

6 unchanged sentences

Shares of the Trust trade on NYSE Arca, Inc.

under the ticker symbol SLV.

(“NYSE Arca”) under the ticker symbol SLV.

Valuation of Silver Bullion ;

2 unchanged sentences

(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 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 ICE Benchmark Administration (“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”).

18 unchanged sentences

Results of Operations

The Quarter Ended June 30, 2022

The Trust’s net asset value decreased from $13,856,958,505 at March 31, 2022 to $11,033,753,150 at June 30, 2022, a 20.37% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Silver Price, which fell 17.73% from $24.82 at March 31, 2022 to $20.42 at June 30, 2022.

The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 604,600,000 Shares at March 31, 2022 to 585,950,000 Shares at June 30, 2022, a consequence of 39,800,000 Shares (796 Baskets) being created and 58,450,000 Shares (1,169 Baskets) being redeemed during the quarter.

The 17.84% decrease in the NAV from $22.92 at March 31, 2022 to $18.83 at June 30, 2022 is directly related to the 17.73% decrease in the price of silver.

The Quarter Ended September 30, 2022

The Trust’s net asset value decreased from $11,033,753,150 at June 30, 2022 to $9,143,406,020 at September 30, 2022, a 17.13% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Silver Price, which fell 6.86% from $20.42 at June 30, 2022 to $19.02 at September 30, 2022.

The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which decreased from 585,950,000 Shares at June 30, 2022 to 521,850,000 Shares at September 30, 2022, a consequence of 43,450,000 Shares (869 Baskets) being created and 107,550,000 Shares (2,151 Baskets) being redeemed during the quarter.

The 6.96% decrease in the NAV from $18.83 at June 30, 2022 to $17.52 at September 30, 2022 is directly related to the 6.86% 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 $11,853,564 for the quarter, or 0.13% of the Trust’s average weighted assets of $9,384,858,472 during the quarter.

The NAV of $23.93 on April 19, 2022 was the highest during the quarter, compared with a low during the quarter of $18.83 on June 30, 2022.

Net decrease in net assets resulting from operations for the quarter ended June 30, 2022 was $2,523,575,765, resulting from an unrealized loss on investment in silver bullion of $2,536,190,240, a net realized gain of $27,647,155 on silver distributed for the redemption of Shares, a net realized gain of $903,438 from silver bullion sold to pay expenses, and a net investment loss of $15,936,118.

The NAV of $18.99 on August 9, 2022 was the highest during the quarter, compared with a low during the quarter of $16.38 on September 1, 2022.

Net decrease in net assets resulting from operations for the quarter ended September 30, 2022 was $756,378,592, resulting from an unrealized loss on investment in silver bullion of $489,449,244, a net realized loss of $253,409,032 on silver distributed for the redemption of Shares, a net realized loss of $1,666,752 from silver bullion sold to pay expenses and a net investment loss of $11,853,564.

Other than the Sponsor’s fees of $11,853,564, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2022

The Trust’s net asset value decreased from $12,249,234,223 at December 31, 2021 to $11,033,753,150 at June 30, 2022, a 9.92% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Silver Price, which fell 11.56% from $23.09 at December 31, 2021 to $20.42 at June 30, 2022.

The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 573,800,000 Shares at December 31, 2021 to 585,950,000 Shares at June 30, 2022, a consequence of 95,200,000 Shares (1,904 Baskets) being created and 83,050,000 Shares (1,661 Baskets) being redeemed during the period.

The 11.80% decline in the NAV from $21.35 at December 31, 2021 to $18.83 at June 30, 2022 is directly related to the 11.56% decrease in the price of silver.

The Nine-Month Period Ended September 30, 2022

The Trust’s net asset value decreased from $12,249,234,223 at December 31, 2021 to $9,143,406,020 at September 30, 2022, a 25.36% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decline in the LBMA Silver Price, which fell 17.63% from $23.09 at December 31, 2021 to $19.02 at September 30, 2022.

The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 573,800,000 Shares at December 31, 2021 to 521,850,000 Shares at September 30, 2022, a consequence of 138,650,000 Shares (2,773 Baskets) being created and 190,600,000 Shares (3,812 Baskets) being redeemed during the period.

The 17.94% decline in the NAV from $21.35 at December 31, 2021 to $17.52 at September 30, 2022 is directly related to the 17.63% 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 $43,758,189 for the period, or 0.37% of the Trust’s average weighted assets of $11,689,430,384 during the period.

The NAV of $24.18 on March 9, 2022 was the highest during the period, compared with a low during the quarter of $18.83 on June 30, 2022.

Net decrease in net assets resulting from operations for the six months ended June 30, 2022 was $1,593,975,973, resulting from an unrealized loss on investment in silver bullion of $1,661,812,204, a net realized gain of $97,533,136 on silver distributed for the redemption of Shares, a net realized gain of $2,207,720 from silver bullion sold to pay expenses, and a net investment loss of $31,904,625.

The NAV of $24.18 on March 9, 2022 was the highest during the period, compared with a low during the quarter of $16.38 on September 1, 2022.

Net decrease in net assets resulting from operations for the nine months ended September 30, 2022 was $2,350,354,565, resulting from an unrealized loss on investment in silver bullion of $2,151,261,448, a net realized loss of $(155,875,896) on silver distributed for the redemption of Shares, a net realized gain of $540,968 from silver bullion sold to pay expenses, and a net investment loss of $43,758,189.

Other than the Sponsor’s fees of $43,758,189, 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