What changed in this filing

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Item 1. Financial Statements

2023-05-05 compared with 2022-11-01 · 75 added, 287 removed, 327 unchanged (53% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At September 30, 2022 and December 31, 2021

September 30,

At March 31, 2023 and December 31, 2022

Investment in silver bullion, at fair value (a)

24 unchanged sentences

Statements of Operations (Unaudited)

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

For the three months ended March 31, 2023 and 2022

Three Months Ended

September 30,

Nine Months Ended

September 30,

Sponsor’s fees

$ 11,853,564  

$ 16,965,965  

$ 43,758,189  

$ 55,193,115  

Total expenses

11,853,564  

16,965,965  

43,758,189  

55,193,115  

Net investment loss

( 11,853,564 )  

( 16,965,965 )  

( 43,758,189 )  

( 55,193,115 )

Net Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Net realized gain from:

Silver bullion sold to pay expenses

( 1,666,752 )  

2,908,981  

540,968  

12,102,742  

Silver bullion distributed for the redemption of Shares

( 253,409,032 )  

129,454,893  

( 155,875,896 )  

1,267,020,131  

Net realized gain (loss)

( 255,075,784 )  

132,363,874  

( 155,334,928 )  

1,279,122,873  

Net realized gain

Net change in unrealized appreciation/depreciation

( 489,449,244 )  

( 2,458,121,261 )  

( 2,151,261,448 )  

( 115,731,699

Net realized and unrealized loss

( 744,525,028 )  

( 2,325,757,387 )  

( 2,306,596,376 )  

( 2,882,183,104 )

Net decrease in net assets resulting from operations

$ ( 756,378,592 )  

$ ( 2,342,723,352 )  

$ ( 2,350,354,565 )  

$ ( 2,937,376,219 )

Net decrease in net assets per Share (a)

$ ( 1.43 )  

$ ( 3.94 )  

$ ( 4.09 )  

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

Net realized and unrealized gain (loss)

Net increase (decrease) in net assets resulting from operations

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

Net increase (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, six and nine months ended September 30, 2022

Nine Months Ended

September 30, 2022

For the three months ended March 31, 2023

Three Months Ended

March 31, 2023

Net Assets at December 31, 2022

$ 12,249,234,223  

Net investment loss

11,160,084,971

Net realized gain

71,190,263  

Net change in unrealized appreciation/depreciation

874,378,036  

Net increase in net assets resulting from operations

929,599,792  

Capital Share Transactions:

Contributions for Shares issued

1,235,098,722  

Distributions for Shares redeemed

( 556,974,232 )

Net increase in net assets from capital share transactions

678,124,490  

Increase in net assets

1,607,724,282  

Net Assets at March 31, 2022

$ 13,856,958,505  

Net investment loss

( 15,936,118 )

Net realized gain

28,550,593  

Net change in unrealized appreciation/depreciation

1 unchanged sentence

Net decrease in net assets resulting from operations

( 2,523,575,765 )

Capital Share Transactions:

Contributions for Shares issued

902,397,850  

Distributions for Shares redeemed

1,316,358,763

Net decrease in net assets from capital share transactions

( 299,629,590 )

Decrease in net assets

( 2,823,205,355 )

Net Assets at June 30, 2022

$ 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 unchanged sentence

Net decrease in net assets from capital share transactions

( 1,133,968,538 )

Decrease in net assets

Net Assets at March 31, 2023

11,076,935,913

Net Assets at September 30, 2022

$ 9,143,406,020  

Shares issued and redeemed

Shares issued

138,650,000  

Shares redeemed

( 190,600,000 )

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, six and nine months ended September 30, 2021

Nine Months Ended

September 30, 2021

For the three months ended March 31, 2022

Three Months Ended

March 31, 2022

Net Assets at December 31, 2021

3 unchanged sentences

Net change in unrealized appreciation/depreciation

( 2,459,779,533

Net decrease in net assets resulting from operations

( 1,585,307,592

Net increase in net assets resulting from operations

Capital Share Transactions:

4 unchanged sentences

Net increase in net assets from capital share transactions

Decrease in net assets

( 995,260,264

Net Assets at March 31, 2021

13,796,532,456

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

( 1,177,999,610

Net decrease in net assets from capital share transactions

( 412,205,443

Increase in net assets

Net Assets at June 30, 2021

1,607,724,282

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

Net Assets at March 31, 2022

13,856,958,505

2 unchanged sentences

Shares redeemed

( 251,700,000

Net decrease in Shares issued and outstanding

Net increase in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2022 and 2021

Nine Months Ended

September 30,

For the three months ended March 31, 2023 and 2022

Three Months Ended

Cash Flows from Operating Activities

7 unchanged sentences

Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities

Net decrease in net assets resulting from operations

( 2,350,354,565

( 2,937,376,219

Net increase (decrease) in net assets resulting from operations

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

1 unchanged sentence

Net realized (gain) loss

( 1,279,122,873

Net change in unrealized appreciation/depreciation

( 874,378,036

4,161,305,977

Change in operating assets and liabilities:

11 unchanged sentences

Schedules of Investments (Unaudited)

At September 30, 2022 and December 31, 2021

September 30, 2022

At March 31, 2023 and December 31, 2022

March 31, 2023

Silver bullion

2 unchanged sentences

$ 11,081,259,981  

Total Investments —

Total Investments – 

11,081,259,981  

Less Liabilities —

Less Liabilities – 

( 4,324,068 )

Net Assets —

Net Assets – 

$ 11,076,935,913  

4 unchanged sentences

$ 11,164,718,926  

Total Investments —

Total Investments – 

11,164,718,926  

Less Liabilities —

Less Liabilities – 

( 4,633,955 )

Net Assets —

Net Assets – 

$ 11,160,084,971  

2 unchanged sentences

Notes to Financial Statements (Unaudited)

September 30, 2022

1 - Organization

March 31, 2023

1 - Organization

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

2 unchanged sentences

The Trust is governed by the provisions of the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of January 31, 2022.

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

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

The Trust seeks to reflect generally the performance of the price of silver.

6 unchanged sentences

Interim period results are not necessarily indicative of results for a full-year period.

These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10 -K for the year ended December 31, 2021, as filed with the SEC on March 1, 2022.

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

8 unchanged sentences

JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of silver bullion owned by the Trust.

Fair value of the silver bullion held by the Trust is based on the price per ounce of silver determined in an electronic auction consisting of one or more 30‑second rounds hosted by ICE Benchmark Administration (“IBA”) that begins at 12:00 p.m.

Fair value of the silver bullion held by the Trust is based on the price per ounce of silver determined in an electronic auction consisting of one or more 30 - second rounds hosted by ICE Benchmark Administration (“IBA”) that begins at 12:00 p.m.

(London time) and published shortly thereafter on each day that the London silver market is open for business (such price, the “LBMA Silver Price”).

1 unchanged sentence

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 September 30, 2022 and 2021:

Three Months Ended September 30, 2022

Beginning balance

540,709,388  

$ 11,776,684,940  

$ 11,038,582,148  

Silver bullion contributed

40,044,552  

767,824,011  

Silver bullion distributed

( 99,159,944 )  

( 2,155,201,581 )  

( 1,901,792,549 )  

( 253,409,032 )

Silver bullion sold to pay expenses

( 676,354 )  

( 14,701,758 )  

( 13,035,006 )  

( 1,666,752 )

Net realized gain

( 255,075,784 )  

Net change in unrealized appreciation/depreciation

( 489,449,244 )  

Ending balance

480,917,642  

$ 10,374,605,612  

$ 9,147,053,576  

$ ( 255,075,784 )

Three Months Ended September 30, 2021

The following tables summarize activity in silver bullion for the three months ended March 31, 2023 and 2022:

Three Months Ended March 31, 2023

Beginning balance

25 unchanged sentences

$ 49,953,315  

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

530,838,100  

$ 11,330,688,133  

$ 12,254,397,545  

Silver bullion contributed

127,989,496  

2,905,320,583  

Silver bullion distributed

( 175,842,285 )  

( 3,816,670,117 )  

( 3,660,794,221 )  

( 155,875,896 )

Silver bullion sold to pay expenses

( 2,067,669 )  

( 44,732,987 )  

( 45,273,955 )  

540,968  

Net realized loss

( 155,334,928 )  

Net change in unrealized appreciation/depreciation

( 2,151,261,448 )  

Ending balance

480,917,642  

$ 10,374,605,612  

$ 9,147,053,576  

$ ( 155,334,928 )

Nine Months Ended September 30, 2021

Three Months Ended March 31, 2022

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 September 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 March 31, 2023 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 - Trust Expenses

The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.50 % of the net asset value of the Trust, paid monthly in arrears.

The Sponsor’s fee is accrued daily at an annualized rate equal to 0.50 % of the net asset value of the Trust, paid monthly in arrears.

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

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, effective January 31, 2022, up to $ 500,000 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, effective January 31, 2022, up to $ 500,000 per annum in legal fees and expenses.

Prior to January 31, 2022, the Sponsor had agreed to assume up to $ 100,000 per annum in legal fees and expenses.

The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the amount required under the Trust Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust. 

4 - Related Parties

23 unchanged sentences

8 - Financial Highlights

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.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2023 and 2022.

Three Months Ended

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

1 unchanged sentence

$ 21.35  

$ 24.61  

Net investment loss (a)

( 0.03 )  

( 0.08 )  

Net realized and unrealized loss (b)

( 1.29 )  

( 3.93 )  

( 3.75 )  

Net decrease in net assets from operations

( 1.31 )  

Net realized and unrealized gain (loss) (b)

( 0.05 )  

Net increase (decrease) in net assets from operations

( 0.08 )  

2 unchanged sentences

$ 22.92  

$ 17.52  

$ 19.93  

Total return, at net asset value (c)(d)

( 6.96 )%  

( 16.58 )%  

( 17.94 )%  

( 0.36 )% 

7.35 % 

Ratio to average net assets:

Net investment loss (e)

( 0.50 )%  

0.50 %  

( 0.50 )% 

0.50 % 

Based on average Shares outstanding during the period.

11 unchanged sentences

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

Level 1 − 

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

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 − 

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

At September 30, 2022 and December 31, 2021, the value of the silver bullion held by the Trust is categorized as Level 1.

At March 31, 2023 and December 31, 2022, 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.

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 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 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.

5 unchanged sentences

A list of the current Authorized Participants is available from the Sponsor or the Trustee.

Shares of the Trust trade on NYSE Arca, Inc.

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

Shares of the Trust trade on NYSE Arca, Inc. under the ticker symbol SLV.

Valuation of Silver Bullion ;

23 unchanged sentences

Results of Operations

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 Quarter Ended March 31, 2023

The Trust’s net asset value decreased from $11,160,084,971 at December 31, 2022 to $11,076,935,913 at March 31, 2023, a 0.75% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares, which fell from 506,550,000 Shares at December 31, 2022 to 504,650,000 Shares at March 31, 2023, a consequence of 62,050,000 Shares (1,241 Baskets) being created and 63,950,000 Shares (1,279 Baskets) being redeemed during the quarter.

The decrease in the Trust’s net asset value was also affected by a decrease in the LBMA Silver Price, which fell 0.25% from $23.95 at December 31, 2022 to $23.89 at March 31, 2023.

The 0.36% decrease in the NAV from $22.03 at December 31, 2022 to $21.95 at March 31, 2023 is directly related to the 0.25% 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 $13,133,630 for the quarter, or 0.12% of the Trust’s average weighted assets of $10,650,984,106 during the quarter.

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.

The NAV of $22.47 on February 2, 2023 was the highest during the quarter, compared with a low during the quarter of $18.47 on March 10, 2023.

Net decrease in net assets resulting from operations for the quarter ended March 31, 2023 was $78,912,014, resulting from an unrealized loss on investment in silver bullion of $115,731,699, a net realized gain of $49,177,274 on silver bullion distributed for the redemption of Shares, a net realized gain of $776,041 from silver bullion sold to pay expenses, and a net investment loss of $13,133,630.

Other than the Sponsor’s fees of $13,133,630, the Trust had no expenses during the quarter.

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 $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.

Quantitative and Qualitative Disclosures About Market Risk.

1 unchanged sentence

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