What changed in this filing

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Item 1. Financial Statements

2023-11-03 compared with 2023-08-04 · 139 added, 96 removed, 494 unchanged (32% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At June 30, 2023 and December 31, 2022

At September 30, 2023 and December 31, 2022

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, 2023 and 2022

For the three and nine months ended September 30, 2023 and 2022

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

7 unchanged sentences

223,155,474  

97,533,136  

Net realized gain

80,961,162  

( 155,875,896 )

Net realized gain (loss)

95,509,703  

1 unchanged sentence

226,424,180  

( 155,334,928 )

Net change in unrealized appreciation/depreciation

3 unchanged sentences

( 2,151,261,448 )

Net realized and unrealized loss

Net realized and unrealized gain (loss)

316,100,025  

2 unchanged sentences

( 2,306,596,376 )

Net decrease in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

$ 302,723,179  

2 unchanged sentences

$ ( 2,350,354,565 )

Net decrease in net assets per Share (a)

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

$ 0.62  

5 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2023

Six Months Ended

June 30, 2023

For the three, six and nine months ended September 30, 2023

Nine Months Ended

September 30, 2023

Net Assets at December 31, 2022

38 unchanged sentences

$ 10,514,622,364  

Net investment loss

( 13,376,846 )

Net realized gain

95,509,703  

Net change in unrealized appreciation/depreciation

220,590,322  

Net increase in net assets resulting from operations

302,723,179  

Capital Share Transactions:

Contributions for Shares issued

574,160,545  

Distributions for Shares redeemed

( 1,199,300,449 )

Net decrease in net assets from capital share transactions

( 625,139,904 )

Decrease in net assets

( 322,416,725 )

Net Assets at September 30, 2023

$ 10,192,205,639  

Shares issued and redeemed

3 unchanged sentences

( 152,500,000 )

Net increase in Shares issued and outstanding

3,300,000  

Net decrease in Shares issued and outstanding

( 24,700,000 )

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 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 Cash Flows (Unaudited)

For the six months ended June 30, 2023 and 2022

Six Months Ended

For the nine months ended September 30, 2023 and 2022

Nine Months Ended

September 30,

Cash Flows from Operating Activities

2 unchanged sentences

$ 45,273,955  

Expenses –

Sponsor’s fees paid

Expenses – Sponsor’s fees paid

( 41,011,719 )  

14 unchanged sentences

( 226,424,180 )  

( 99,740,856 )

155,334,928  

Net change in unrealized appreciation/depreciation

4 unchanged sentences

( 380,939 )  

( 1,515,766 )

Net cash provided by (used in) operating activities

9 unchanged sentences

Schedules of Investments (Unaudited)

At June 30, 2023 and December 31, 2022

June 30, 2023

At September 30, 2023 and December 31, 2022

September 30, 2023

Silver bullion

2 unchanged sentences

$ 10,196,458,655  

Total Investments —

Total Investments – 

10,196,458,655  

Less Liabilities —

Less Liabilities – 

( 4,253,016 )

Net Assets —

Net Assets – 

$ 10,192,205,639  

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)

June 30, 2023

1 - Organization

September 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

10 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, 2023 and 2022:

Three Months Ended June 30, 2023

The following tables summarize activity in silver bullion for the three months ended September 

2023 and 2022:

Three Months Ended September 30, 2023

Beginning balance

25 unchanged sentences

$ 95,509,703  

Three Months Ended June 30, 2022

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  

Net realized gain

( 1,666,752 )

Net realized loss

( 255,075,784 )  

5 unchanged sentences

$ 9,147,053,576  

$ 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

$ ( 255,075,784 )

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

Nine Months Ended September 30, 2023

Beginning balance

25 unchanged sentences

$ 226,424,180  

Six Months Ended June 30, 2022

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  

$ ( 155,334,928 )

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 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 has analyzed applicable tax laws and regulations and their application to the Trust as of September 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.

1 unchanged sentence

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

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 and six months ended June 30, 2023 and 2022.

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 

2023 and 2022.

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 loss (b)

( 1.30 )  

( 4.06 )  

Net realized and unrealized gain (loss) (b)

( 1.29 )  

Net decrease in net assets from operations

( 0.80 )  

Net increase (decrease) in net assets from operations

( 1.31 )  

22 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.

11 unchanged sentences

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

At September 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.

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. 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 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 $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.

The Quarter Ended September 30, 2023

The Trust’s net asset value decreased from $10,514,622,364 at June 30, 2023 to $10,192,205,639 at September 30, 2023, a 3.07% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares, which fell from 509,850,000 Shares at June 30, 2023 to 481,850,000 Shares at September 30, 2023, a consequence of 27,000,000 Shares (540 Baskets) being created and 55,000,000 Shares (1,100 Baskets) being redeemed during the quarter.

The decrease in the Trust’s net asset value was partially offset by an increase in the price of silver, which rose 2.71% from $22.47 at June 30, 2023 to $23.08 at September 30, 2023.

The 2.57% increase in the NAV from $20.62 at June 30, 2023 to $21.15 at September 30, 2023 is directly related to the 2.71% 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 $13,376,846 for the quarter, or 0.13% of the Trust’s average weighted assets of $10,610,838,824 during the quarter.

The NAV of $23.10 on July 20, 2023 was the highest during the quarter, compared with a low during the quarter of $20.56 on August 15, 2023.

Net increase in net assets resulting from operations for the quarter ended September 30, 2023 was $302,723,179, resulting from an unrealized gain on investment in silver bullion of $220,590,322, a net realized gain of $94,335,795 on silver bullion distributed for the redemption of Shares, and a net realized gain of $1,173,908 from investment in silver bullion sold to pay expenses, partially offset by a net investment loss of $13,376,846.

Other than the Sponsor’s fees of $13,376,846, 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 Nine-Month Period Ended September 30, 2023

The Trust’s net asset value decreased from $11,160,084,971 at December 31, 2022 to $10,192,205,639 at September 30, 2023, a 8.67% 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 481,850,000 Shares at September 30, 2023, a consequence of 127,800,000 Shares (2,556 Baskets) being created and 152,500,000 Shares (3,050 Baskets) being redeemed during the period.

The decrease in the Trust’s net asset value was also affected by a decrease in the price of silver, which fell 3.63% from $23.95 at December 31, 2022 to $23.08 at September 30, 2023.

The 3.99% decline in the NAV from $22.03 at December 31, 2022 to $21.15 at September 30, 2023 is directly related to the 3.63% 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 $40,630,780 for the period, or 0.37% of the Trust’s average weighted assets of $10,860,450,452 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.

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

Net decrease in net assets resulting from operations for the nine months ended September 30, 2023 was $455,169,189, resulting from an unrealized loss on investment in silver bullion of $640,962,589, and a net investment loss of $40,630,780, partially offset by a net realized gain of $223,155,474 on silver distributed for the redemption of Shares, and a net realized gain of $3,268,706 from silver bullion sold to pay expenses.

Other than the Sponsor’s fees of $40,630,780, 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