4 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.
−Removed: As of December 31, 2021, there were approximately 166 DTC participating shareholders of record of the Trust.
+Added: As of December 31, 2022, there were approximately 163 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.
32 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.
−Removed: 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.
+Added: Whether or not actual results and developments will conform to the Sponsor ’
+Added: 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.
−Removed: 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.
+Added: Except as required by applicable 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 ’
+Added: s expectations or predictions.
The Trust is a grantor trust formed under the laws of the State of New York.
8 unchanged sentences
Shares of the Trust trade on NYSE Arca, Inc.
−Removed: under the ticker symbol SLV.
+Added: (“NYSE Arca”) under the ticker symbol SLV.
Valuation of Silver Bullion ;
1 unchanged sentence
On each business day, as soon as practicable after 4:00 p.m.
−Removed: (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”).
+Added: (New York time), the Trustee evaluates the silver held by the Trust and determines the net asset value of the Trust and 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.
29 unchanged sentences
The Trust’s net asset value decreased from $12,249,234,223 at December 31, 2021 to $11,160,084,971 at December 31, 2022, a 8.89% decrease for the year.
−Removed: 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.
+Added: The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares which fell from 573,800,000 Shares at December 31, 2021 to 506,550,000 Shares at December 31, 2022, a consequence of 175,900,000 Shares (3,518 Baskets) being created and 243,150,000 Shares (4,863 Baskets) being redeemed during the year.
+Added: The decrease in the Trust’s net asset value was partially offset by an increase in the LBMA Silver Price, which rose 3.72% from $23.09 at December 31, 2021 to $23.95 at December 31, 2022.
+Added: The 3.19% increase in the NAV from $21.35 at December 31, 2021 to $22.03 at December 31, 2022 was directly related to the 3.72% increase in the price of silver.
+Added: The NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $56,435,296 for the year, or 0.50% of the Trust’s average weighted assets of $11,283,899,960 during the year.
+Added: The NAV of $24.18 on March 9, 2022 was the highest during the year, compared with a low during the year of $16.38 on September 1, 2022.
+Added: Net decrease in net assets resulting from operations for the year ended December 31, 2022 was $18,017,230, resulting from an unrealized gain on investment in silver bullion of $215,447,290, a net realized loss of $176,990,635 on silver bullion distributed for the redemption of Shares, a net realized loss of $38,589 from investment in silver bullion sold to pay expenses, and a net investment loss of $56,435,296.
+Added: Other than the Sponsor’s fees of $56,435,296, the Trust had no expenses during the year ended December 31, 2022.
+Added: The Year Ended December 31, 2021
+Added: 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.
+Added: The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Silver Price, which fell 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.
−Removed: 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.
−Removed: 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.
+Added: 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.
+Added: 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.
−Removed: 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.
+Added: 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.
3 unchanged sentences
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).
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Other than the Sponsor’s fees of $50,643,408, the Trust had no expenses during the year ended December 31, 2020.
−Removed: The Year Ended December 31, 2019
−Removed: 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.
−Removed: 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).
−Removed: 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.
−Removed: 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.
+Added: 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.
−Removed: 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.
−Removed: Net increase in net assets resulting from operations for the year ended December 31, 2019 was $901,933,450, resulting from an unrealized gain on investment in silver bullion of $984,801,878, partially offset by a net investment loss of $27,765,547, a net realized loss of $2,188,446 from investment in silver bullion sold to pay expenses and a net realized loss of $52,914,435 on silver bullion distributed for the redemption of Shares.
+Added: 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.
+Added: 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, and 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.
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.