What changed in this filing

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Item 1. Financial Statements

2023-08-04 compared with 2023-05-05 · 270 added, 82 removed, 320 unchanged (52% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At March 31, 2023 and December 31, 2022

At June 30, 2023 and December 31, 2022

Investment in silver bullion, at fair value (a)

24 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2023 and 2022

For the three and six months ended June 30, 2023 and 2022

Three Months Ended

Six Months Ended

Sponsor’s fees

$ 14,120,304  

$ 15,936,118  

$ 27,253,934  

$ 31,904,625  

Total expenses

14,120,304  

15,936,118  

27,253,934  

31,904,625  

Net investment loss

( 14,120,304 )  

( 15,936,118 )  

( 27,253,934 )  

( 31,904,625 )

Net Realized and Unrealized Gain (Loss)

1 unchanged sentence

Silver bullion sold to pay expenses

1,318,757  

903,438  

2,094,798  

2,207,720  

Silver bullion distributed for the redemption of Shares

79,642,405  

27,647,155  

128,819,679  

97,533,136  

Net realized gain

80,961,162  

28,550,593  

130,914,477  

99,740,856  

Net change in unrealized appreciation/depreciation

( 745,821,212 )  

( 2,536,190,240 )  

( 861,552,911 )  

( 1,661,812,204 )

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 realized and unrealized loss

( 664,860,050 )  

( 2,507,639,647 )  

( 730,638,434 )  

( 1,562,071,348 )

Net decrease in net assets resulting from operations

$ ( 678,980,354 )  

$ ( 2,523,575,765 )  

$ ( 757,892,368 )  

$ ( 1,593,975,973 )

Net decrease in net assets per Share (a)

$ ( 1.33 )  

$ ( 4.15 )  

$ ( 1.48 )  

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

2 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2023

Three Months Ended

March 31, 2023

For the three and six months ended June 30, 2023

Six Months Ended

June 30, 2023

Net Assets at December 31, 2022

11,160,084,971

$ 11,160,084,971  

Net investment loss

( 13,133,630 )

Net realized gain

49,953,315  

Net change in unrealized appreciation/depreciation

1 unchanged sentence

Net decrease in net assets resulting from operations

( 78,912,014 )

Capital Share Transactions:

Contributions for Shares issued

1,316,358,763

Distributions for Shares redeemed

1 unchanged sentence

Net decrease in net assets from capital share transactions

( 4,237,044 )

Decrease in net assets

( 83,149,058 )

Net Assets at March 31, 2023

$ 11,076,935,913  

Net investment loss

( 14,120,304 )

Net realized gain

80,961,162  

Net change in unrealized appreciation/depreciation

( 745,821,212 )

Net decrease in net assets resulting from operations

( 678,980,354 )

Capital Share Transactions:

Contributions for Shares issued

868,097,632  

Distributions for Shares redeemed

( 751,430,827 )

Net increase in net assets from capital share transactions

116,666,805  

Decrease in net assets

( 562,313,549 )

Net Assets at June 30, 2023

$ 10,514,622,364  

Shares issued and redeemed

Shares issued

100,800,000  

Shares redeemed

Net decrease in Shares issued and outstanding

( 97,500,000 )

Net increase in Shares issued and outstanding

3,300,000  

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2022

Three Months Ended

March 31, 2022

For the three and six months ended June 30, 2022

Six Months Ended

June 30, 2022

Net Assets at December 31, 2021

12,249,234,223

$ 12,249,234,223  

Net investment loss

( 15,968,507 )

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

1 unchanged sentence

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

( 2,536,190,240 )

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

( 1,202,027,440 )

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  

Shares issued and redeemed

Shares issued

95,200,000  

Shares redeemed

( 83,050,000 )

Net increase in Shares issued and outstanding

12,150,000  

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2023 and 2022

Three Months Ended

For the six months ended June 30, 2023 and 2022

Six Months Ended

Cash Flows from Operating Activities

Proceeds from silver bullion sold to pay expenses

$ 27,379,746  

$ 32,238,949  

Expenses –

Sponsor’s fees paid

( 27,379,746 )  

( 32,238,949 )

Net cash provided by operating activities

3 unchanged sentences

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

Net increase (decrease) in net assets resulting from operations

Net decrease in net assets resulting from operations

$ ( 757,892,368 )  

$ ( 1,593,975,973 )

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

27,379,746  

32,238,949  

Net realized (gain) loss

Net change in unrealized appreciation/depreciation

( 130,914,477 )  

( 99,740,856 )

Net change in unrealized appreciation/depreciation

861,552,911  

1,661,812,204  

Change in operating assets and liabilities:

Sponsor’s fees payable

( 125,812 )  

Net cash provided by (used in) operating activities

1 unchanged sentence

Silver bullion contributed for Shares issued

1,316,358,763

1,235,098,722

$ 2,184,456,395  

$ 2,137,496,572  

Silver bullion distributed for Shares redeemed

( 1,320,595,807

$ ( 2,072,026,634 )  

$ ( 1,759,001,672 )

2 unchanged sentences

Schedules of Investments (Unaudited)

At March 31, 2023 and December 31, 2022

March 31, 2023

At June 30, 2023 and December 31, 2022

June 30, 2023

Silver bullion

2 unchanged sentences

$ 10,519,130,507  

Total Investments – 

Total Investments —

10,519,130,507  

Less Liabilities – 

Less Liabilities —

( 4,508,143 )

Net Assets – 

Net Assets —

$ 10,514,622,364  

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)

March 31, 2023

1 - Organization

June 30, 2023

1 - Organization

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

13 unchanged sentences

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.

2 - Significant Accounting Policies

2 - Significant Accounting Policies

Basis of Accounting

6 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 March 31, 2023 and 2022:

Three Months Ended March 31, 2023

The following tables summarize activity in silver bullion for the three months ended June 30, 2023 and 2022:

Three Months Ended June 30, 2023

Beginning balance

25 unchanged sentences

$ 80,961,162  

Three Months Ended March 31, 2022

Three Months Ended June 30, 2022

Beginning balance

25 unchanged sentences

$ 28,550,593  

The following tables summarize activity in silver bullion for the six months ended June 30, 2023 and 2022:

Six Months Ended June 30, 2023

Beginning balance

466,265,146  

$ 10,025,562,224  

$ 11,164,718,926  

Silver bullion contributed

92,652,599  

2,184,456,395  

Silver bullion distributed

( 89,610,880 )  

( 1,943,206,955 )  

( 2,072,026,634 )  

128,819,679  

Silver bullion sold to pay expenses

( 1,165,766 )  

( 25,284,948 )  

( 27,379,746 )  

2,094,798  

Net realized gain

130,914,477  

Net change in unrealized appreciation/depreciation

( 861,552,911 )  

Ending balance

468,141,099  

$ 10,241,526,716  

$ 10,519,130,507  

$ 130,914,477  

Six Months Ended June 30, 2022

Beginning balance

530,838,100  

$ 11,330,688,133  

$ 12,254,397,545  

Silver bullion contributed

87,944,944  

2,137,496,572  

Silver bullion distributed

( 76,682,341 )  

( 1,661,468,536 )  

( 1,759,001,672 )  

97,533,136  

Silver bullion sold to pay expenses

( 1,391,315 )  

( 30,031,229 )  

( 32,238,949 )  

2,207,720  

Net realized gain

99,740,856  

Net change in unrealized appreciation/depreciation

( 1,661,812,204 )  

Ending balance

540,709,388  

$ 11,776,684,940  

$ 11,038,582,148  

$ 99,740,856  

Calculation of Net Asset Value

14 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 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 Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of June 30, 2023 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 - Trust Expenses

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

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

The Sponsor and the Trustee are considered to be related parties to the Trust.

The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

5 - Indemnification

5 - Indemnification

The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

1 unchanged sentence

The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties.

6 - Commitments and Contingent Liabilities

6 - Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

7 - Concentration Risk

7 - Concentration Risk

Substantially all of the Trust’s assets are holdings of silver bullion, which creates a concentration risk associated with fluctuations in the price of silver.

11 unchanged sentences

and investor confidence.

8 - Financial Highlights

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

8 - 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, 2023 and 2022.

Three Months Ended

Six Months Ended

Net asset value per Share, beginning of period

1 unchanged sentence

$ 22.92  

$ 22.03  

$ 21.35  

Net investment loss (a)

( 0.03 )  

Net realized and unrealized gain (loss) (b)

( 0.03 )  

Net increase (decrease) in net assets from operations

( 0.05 )  

Net realized and unrealized loss (b)

( 1.30 )  

( 4.06 )  

( 1.36 )  

Net decrease in net assets from operations

( 1.33 )  

( 4.09 )  

( 1.41 )  

Net asset value per Share, end of period

1 unchanged sentence

$ 18.83  

$ 20.62  

$ 18.83  

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

( 0.36 )% 

7.35 % 

( 6.06 )%  

( 17.84 )%  

( 6.40 )%  

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.

3 unchanged sentences

Percentage is annualized.

9 - Investment Valuation

9 - Investment Valuation

GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.

5 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 March 31, 2023 and December 31, 2022, the value of the silver bullion held by the Trust is categorized as Level 1.

At June 30, 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.

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.

31 unchanged sentences

Results of Operations

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 Quarter Ended June 30, 2023

The Trust’s net asset value decreased from $11,076,935,913 at March 31, 2023 to $10,514,622,364 at June 30, 2023, a 5.08% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of silver, which fell 5.94% from $23.89 at March 31, 2023 to $22.47 at June 30, 2023.

The decrease in the Trust’s net asset value was partially offset by the increase in the number of outstanding Shares, which rose from 504,650,000 Shares at March 31, 2023 to 509,850,000 Shares at June 30, 2023, a consequence of 38,750,000 Shares (775 Baskets) being created and 33,550,000 Shares (671 Baskets) being redeemed during the quarter.

The 6.06% decrease in the NAV from $21.95 at March 31, 2023 to $20.62 at June 30, 2023 is directly related to the 5.94% 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 $14,120,304 for the quarter, or 0.12% of the Trust’s average weighted assets of $11,319,966,216 during the quarter.

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.

The NAV of $23.91 on April 14, 2023 was the highest during the quarter, compared with a low during the quarter of $20.51 on June 23, 2023.

Net decrease in net assets resulting from operations for the quarter ended June 30, 2023 was $678,980,354, resulting from an unrealized loss on investment in silver bullion of $745,821,212 and a net investment loss of $14,120,304, partially offset by a net realized gain of $79,642,405 on silver bullion distributed for the redemption of Shares and a net realized gain of $1,318,757 from investment in silver bullion sold to pay expenses.

Other than the Sponsor’s fees of $14,120,304, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2023

The Trust’s net asset value decreased from $11,160,084,971 at December 31, 2022 to $10,514,622,364 at June 30, 2023, a 5.78% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of silver, which fell 6.18% from $23.95 at December 31, 2022 to $22.47 at June 30, 2023.

The decrease in the Trust’s net asset value was partially offset by the increase in the number of outstanding Shares, which rose from 506,550,000 Shares at December 31, 2022 to 509,850,000 Shares at June 30, 2023, a consequence of 100,800,000 Shares (2,016 Baskets) being created and 97,500,000 Shares (1,950 Baskets) being redeemed during the period.

The 6.40% decline in the NAV from $22.03 at December 31, 2022 to $20.62 at June 30, 2023 is directly related to the 6.18% 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 $27,253,934 for the period, or 0.25% of the Trust’s average weighted assets of $10,987,324,871 during the period.

The NAV of $23.91 on April 14, 2023 was the highest during the period, compared with a low during the quarter of $18.47 on March 10, 2023.

Net decrease in net assets resulting from operations for the six months ended June 30, 2023 was $757,892,368, resulting from an unrealized loss on investment in silver bullion of $861,552,911 and a net investment loss of $27,253,934, partially offset by a net realized gain of $128,819,679 on silver distributed for the redemption of Shares and a net realized gain of $2,094,798 from silver bullion sold to pay expenses.

Other than the Sponsor’s fees of $27,253,934, 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