What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2024-02-20 compared with 2023-02-23 · 37 added, 58 removed, 60 unchanged (61% of the section changed)

Market for Registrant ’

s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market for Registrant ’ s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

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As of December 31, 2023, there were approximately 158 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.

The Trust did not declare any cash distributions to Shareholders during the fiscal years ended December 31, 2023 and 2022.

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10/01/23 to 10/31/23

 0.9210

11/01/23 to 11/30/23

12/01/23 to 12/31/23

 0.9207

Management ’

s Discussion and Analysis of Financial Condition and Results of Operations.

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations.

This information should be read in conjunction with the financial statements and notes to financial statements included with this report.

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 ”

or the negative of these terms or other comparable terminology.

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.

These statements are only predictions.

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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 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 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 Trust is a grantor trust formed under the laws of the State of New York.

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The Trust is a passive investment vehicle and seeks to reflect generally the performance of the price of silver.

The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities.

The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of silver.

The Trust issues and redeems Shares only in exchange for silver, only in aggregations of 50,000 Shares (a “Basket”) or integral multiples thereof, and only in transactions with registered broker-dealers that have previously entered into an agreement with the Sponsor and the Trustee governing the terms and conditions of such issuance (such broker-dealers, the “Authorized Participants”).

The Trust issues and redeems Shares only in exchange for silver, only in Baskets or integral multiples thereof, and only in transactions with Authorized Participants.

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.

Valuation of Silver Bullion ;

Computation of Net Asset Value

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

Valuation of Silver Bullion ; Computation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m.

(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.

(London time) and published shortly thereafter, on the day the valuation takes place (such price, the “LBMA Silver Price”).

(New York time), the Trustee evaluates the silver held by the Trust and determines the net asset value of the Trust and the NAV.

The Trustee values the silver held by the Trust using the LBMA Silver Price.

If there is no announced LBMA Silver Price on any day, the Trustee is authorized to use the most recently announced LBMA Silver Price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

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In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.

As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee.

The Trust’s only source of liquidity is its sales of silver.

As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee.

The Trust’s only source of liquidity is its sales of silver.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States of America.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting policies.

A description of the valuation of silver bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Silver Bullion;

Computation of Net Asset Value”

In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting policies.

In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

Valuation of Silver Bullion

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The Year Ended December 31, 2023

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.

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.

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.

The Trust’s net asset value decreased from $11,160,084,971 at December 31, 2022 to $10,389,177,775 at December 31, 2023, a 6.91% decrease for the year.

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 477,000,000 Shares at December 31, 2023, a consequence of 167,250,000 Shares (3,345 Baskets) being created and 196,800,000 Shares (3,936 Baskets) being redeemed during the year.

The decrease in the Trust’s net asset value was also affected by a decrease in the price of silver, which fell 0.67% from $23.95 at December 31, 2022 to $23.79 at December 31, 2023.

The 1.13% decrease in the NAV from $22.03 at December 31, 2022 to $21.78 at December 31, 2023 was directly related to the 0.67% 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 $53,561,823 for the year, or 0.50% of the Trust’s average weighted assets of $10,709,743,724 during the year.

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

Net decrease in net assets resulting from operations for the year ended December 31, 2023 was $128,982,872, resulting from an unrealized loss on investment in silver bullion of $361,918,369, and a net investment loss of $53,561,823, partially offset by a net realized gain of $282,624,263 on silver bullion distributed for the redemption of Shares and a net realized gain of $3,873,057 from investment in silver bullion sold to pay expenses.

Other than the Sponsor’s fees of $53,561,823, the Trust had no expenses during the year ended December 31, 2023.

The Year Ended December 31, 2022

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.

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.

The decrease in the Trust’s net asset value was partially offset by an increase in the price of silver, which rose 3.72% from $23.09 at December 31, 2021 to $23.95 at December 31, 2022.

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.

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.

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.

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.

Other than the Sponsor’s fees of $56,435,296, the Trust had no expenses during the year ended December 31, 2022.

The Year Ended December 31, 2021

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.

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.

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.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of silver, which fell 12.84% from $26.49 at December 31, 2020 to $23.09 at December 31, 2021.

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.

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.

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.

The Year Ended December 31, 2020

The Trust’s net asset value increased from $6,540,758,565 at December 31, 2019 to $14,791,792,720 at December 31, 2020, a 126.15% increase for the year.

The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 388,100,000 Shares at December 31, 2019 to 600,950,000 Shares at December 31, 2020, a consequence of 398,700,000 Shares (7,974 Baskets) being created and 185,850,000 Shares (3,717 Baskets) being redeemed during the year.

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).

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.

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.

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.

Other than the Sponsor’s fees of $71,208,965, the Trust had no expenses during the year ended December 31, 2021.

Quantitative and Qualitative Disclosures About Market Risk.

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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-K

Item 5. Market for Registrant’s Common Equity