Item 8. Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data.
 
The following tables show the Trust’s quarterly financial information for 2022 and 2021.
 
 
 
Three Months Ended (Unaudited)
 
 
 
March 31,
2022
 
 
June 30,
2022
 
 
September 30,
2022
 
 
December 31,
2022
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor’s fee
 
$
 15,968,507
 
 
$
 15,936,118
 
 
$
 11,853,564
 
 
$
 12,677,107
 
Total Expenses
 
 
15,968,507
 
 
 
15,936,118
 
 
 
11,853,564
 
 
 
12,677,107
 
Net investment loss
 
 
(15,968,507
)
 
 
(15,936,118
)
 
 
(11,853,564
)
 
 
(12,677,107
)
Net Realized and Unrealized Gain (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Silver bullion sold to pay expenses
 
$
 1,304,282
 
 
$
 903,438
 
 
$
 (1,666,752
)
 
$
 (579,557
)
Silver bullion distributed for the redemption of Shares
 
 
69,885,981
 
 
 
27,647,155
 
 
 
(253,409,032
)
 
 
(21,114,739
)
Net realized gain (loss)
 
 
71,190,263
 
 
 
28,550,593
 
 
 
(255,075,784
)
 
 
(21,694,296
)
Net change in unrealized appreciation/depreciation on investment in silver bullion
 
 
874,378,036
 
 
 
(2,536,190,240
)
 
 
(489,449,244
)
 
 
2,366,708,738
 
Net realized and unrealized gain (loss)
 
 
945,568,299
 
 
 
(2,507,639,647
)
 
 
(744,525,028
)
 
 
2,345,014,442
 
Net increase (decrease) in net assets resulting from operations
 
$
 929,599,792
 
 
$
 (2,523,575,765
)
 
$
 (756,378,592
)
 
$
 2,332,337,335
 
Net increase (decrease) in net assets per Share
 
$
 1.59
 
 
$
 (4.15
)
 
$
 (1.43
)
 
$
 4.51
 
   
 
 
Three Months Ended (Unaudited)
 
 
 
March 31,
2021
 
 
June 30,
2021
 
 
September 30,
2021
 
 
December 31,
2021
 
Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sponsor’s fee
 
$
 19,286,631
 
 
$
 18,940,519
 
 
$
 16,965,965
 
 
$
 16,015,850
 
Total Expenses
 
 
19,286,631
 
 
 
18,940,519
 
 
 
16,965,965
 
 
 
16,015,850
 
Net investment loss
 
 
(19,286,631
)
 
 
(18,940,519
)
 
 
(16,965,965
)
 
 
(16,015,850
)
Net Realized and Unrealized Gain (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net realized gain (loss) from:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Silver bullion sold to pay expenses
 
$
 5,209,327
 
 
$
 3,984,434
 
 
$
 2,908,981
 
 
$
 1,159,375
 
Silver bullion distributed for the redemption of Shares
 
 
888,549,245
 
 
 
249,015,993
 
 
 
129,454,893
 
 
 
82,002,917
 
Net realized gain
 
 
893,758,572
 
 
 
253,000,427
 
 
 
132,363,874
 
 
 
83,162,292
 
Net change in unrealized appreciation/depreciation on investment in silver bullion
 
 
(2,459,779,533
)
 
 
756,594,817
 
 
 
(2,458,121,261
)
 
 
759,899,546
 
Net realized and unrealized gain (loss)
 
 
(1,566,020,961
)
 
 
1,009,595,244
 
 
 
(2,325,757,387
)
 
 
843,061,838
 
Net increase (decrease) in net assets resulting from operations
 
$
 (1,585,307,592
)
 
$
 990,654,725
 
 
$
 (2,342,723,352
)
 
$
 827,045,988
 
Net increase (decrease) in net assets per Share
 
$
 (2.47
)
 
$
 1.61
 
 
$
 (3.94
)
 
$
 1.40
 
 
See Index to Financial Statements on page F-1 for a list of the financial statements being filed herein.
 
 
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
 
There have been no changes in accountants and no disagreements with accountants during the year ended December 31, 2022.
 
 
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.