What changed in this filing

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Item 1. Financial Statements

2024-08-08 compared with 2024-05-08 · 137 added, 32 removed, 300 unchanged (36% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At March 31, 2024 and December 31, 2023

At June 30, 2024 and December 31, 2023

Investment in silver bullion, at fair value (a)

17 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2024 and 2023

For the three and six months ended June 30, 2024 and 2023

Three Months Ended

Six Months Ended

Sponsor’s fees

$ 15,254,121 $ 14,120,304 $ 27,792,119 $ 27,253,934

Total expenses

15,254,121 14,120,304 27,792,119 27,253,934

Net investment loss

( 15,254,121 ) ( 14,120,304 ) ( 27,792,119 ) ( 27,253,934 )

Net Realized and Unrealized Gain (Loss)

1 unchanged sentence

Silver bullion sold to pay expenses

2,597,562 1,318,757 3,191,968 2,094,798

Silver bullion distributed for the redemption of Shares

413,628,878 79,642,405 495,778,681 128,819,679

Net realized gain

416,226,440 80,961,162 498,970,649 130,914,477

Net change in unrealized appreciation/depreciation

1 unchanged sentence

Net realized and unrealized gain (loss)

2,096,394,526 ( 664,860,050 ) 2,405,353,355 ( 730,638,434 )

Net increase (decrease) in net assets resulting from operations

$ 2,081,140,405 $ ( 678,980,354 ) $ 2,377,561,236 $ ( 757,892,368 )

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

$ 4.45 $ ( 1.33 ) $ 5.06 $ ( 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, 2024

Three Months Ended

March 31, 2024

For the three and six months ended June 30, 2024

Six Months Ended

June 30, 2024

Net Assets at December 31, 2023

1 unchanged sentence

Net investment loss

( 12,537,998 )

Net realized gain

11 unchanged sentences

$ 10,567,645,206

Net investment loss

( 15,254,121 )

Net realized gain

Net change in unrealized appreciation/depreciation

1,680,168,086

Net increase in net assets resulting from operations

2,081,140,405

Capital Share Transactions:

Contributions for Shares issued

2,115,572,235

Distributions for Shares redeemed

( 1,921,737,558 )

Net increase in net assets from capital share transactions

Increase in net assets

2,274,975,082

Net Assets at June 30, 2024

$ 12,842,620,288

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

Net decrease in Shares issued and outstanding

( 140,000,000 )

Net increase in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

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

1 unchanged sentence

Net investment loss

( 13,133,630 )

Net realized gain

2 unchanged sentences

Net decrease in net assets resulting from operations

( 78,912,014 )

Capital Share Transactions:

4 unchanged sentences

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

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

Distributions for Shares redeemed

( 751,430,827 )

Net increase in net assets from capital share transactions

Decrease in net assets

( 562,313,549 )

Net Assets at June 30, 2023

$ 10,514,622,364

Shares issued and redeemed

1 unchanged sentence

Shares redeemed

Net decrease in Shares issued and outstanding

( 97,500,000 )

Net increase in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2024 and 2023

Three Months Ended

For the six months ended June 30, 2024 and 2023

Six Months Ended

Cash Flows from Operating Activities

Proceeds from silver bullion sold to pay expenses

$ 27,056,987 $ 27,379,746

Expenses – Sponsor’s fees paid

( 27,056,987 ) ( 27,379,746 )

Net cash provided by operating activities

4 unchanged sentences

Net increase (decrease) in net assets resulting from operations

$ 2,377,561,236 $ ( 757,892,368 )

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

27,056,987 27,379,746

Net realized (gain) loss

( 498,970,649 ) ( 130,914,477 )

Net change in unrealized appreciation/depreciation

2 unchanged sentences

Sponsor’s fees payable

735,132 ( 125,812 )

Net cash provided by (used in) operating activities

2 unchanged sentences

$ 3,430,050,047 $ 2,184,456,395

1,316,358,763

Silver bullion distributed for Shares redeemed

$ ( 3,354,168,770 ) $ ( 2,072,026,634 )

( 1,320,595,807

See notes to financial statements.

1 unchanged sentence

Schedules of Investments (Unaudited)

At March 31, 2024 and December 31, 2023

March 31, 2024

At June 30, 2024 and December 31, 2023

June 30, 2024

Silver bullion

18 unchanged sentences

Notes to Financial Statements (Unaudited)

March 31, 2024

June 30, 2024

1 - Organization

26 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 March 31, 2024 and 2023:

Three Months Ended March 31, 2024

The following tables summarize activity in silver bullion for the three months ended June 30, 2024 and 2023:

Three Months Ended June 30, 2024

Beginning balance

12 unchanged sentences

437,447,866 $ 10,164,222,786 $ 12,847,843,825 $ 416,226,440

Three Months Ended March 31, 2023

Three Months Ended June 30, 2023

Beginning balance

12 unchanged sentences

468,141,099 $ 10,241,526,716 $ 10,519,130,507 $ 80,961,162

The following tables summarize activity in silver bullion for the six months ended June 30, 2024 and 2023:

Six Months Ended June 30, 2024

Beginning balance

436,892,231 $ 9,616,427,847 $ 10,393,666,180 $ —

Silver bullion contributed

129,646,899 3,430,050,047 3,430,050,047 —

Silver bullion distributed

( 128,019,703 ) ( 2,858,390,089 ) ( 3,354,168,770 ) 495,778,681

Silver bullion sold to pay expenses

( 1,071,561 ) ( 23,865,019 ) ( 27,056,987 ) 3,191,968

Net realized gain

— — 498,970,649 —

Net change in unrealized appreciation/depreciation

— — 1,906,382,706 —

Ending balance

437,447,866 $ 10,164,222,786 $ 12,847,843,825 $ 498,970,649

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 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

Calculation of Net Asset Value

3 unchanged sentences

Offering of the Shares

Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for silver bullion rather than cash.

Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for silver bullion rather than cash.

Individual investors cannot purchase or redeem Shares in direct transactions with the Trust.

7 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, 2024 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 June 30, 2024 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 - Trust Expenses

11 unchanged sentences

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.

The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.

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.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust, which cannot be predicted with any certainty.

7 - Concentration Risk

12 unchanged sentences

8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2024 and 2023.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2024 and 2023.

Three Months Ended

Six Months Ended

Net asset value per Share, beginning of period

$ 22.44 $ 21.95 $ 21.78 $ 22.03

Net investment loss (a)

( 0.03 ) ( 0.03 ) ( 0.06 ) ( 0.05 )

Net realized and unrealized gain (loss) (b)

4.41 ( 1.30 ) 5.10 ( 1.36 )

Net increase (decrease) in net assets from operations

4.38 ( 1.33 ) 5.04 ( 1.41 )

Net asset value per Share, end of period

$ 26.82 $ 20.62 $ 26.82 $ 20.62

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

19.52 % ( 6.06 )% 23.14 % ( 6.40 )%

Ratio to average net assets:

Net investment loss (e)

( 0.50 )% ( 0.50 )% ( 0.50 )% ( 0.50 )%

0.50 % 0.50 % 0.50 % 0.50 %

Based on average Shares outstanding during the period.

The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.

The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.

Based on the change in net asset value of a Share during the period.

12 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 March 31, 2024 and December 31, 2023, the value of the silver bullion held by the Trust is categorized as Level 1.

At June 30, 2024 and December 31, 2023, the value of the silver bullion held by the Trust is categorized as Level 1.

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

42 unchanged sentences

Results of Operations

The Quarter Ended March 31, 2024

The Trust’s net asset value increased from $10,389,177,775 at December 31, 2023 to $10,567,645,206 at March 31, 2024, a 1.72% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which grew 3.15% from $23.79 at December 31, 2023 to $24.54 at March 31, 2024, partially offset by a decrease in the number of outstanding Shares, which fell from 477,000,000 Shares at December 31, 2023 to 470,950,000 Shares at March 31, 2024, a consequence of 60,850,000 Shares (1,217 Baskets) being created and 66,900,000 Shares (1,338 Baskets) being redeemed during the quarter.

The 3.03% increase in the NAV from $21.78 at December 31, 2023 to $22.44 at March 31, 2024 is directly related to the 3.15% increase in the price of silver.

The Quarter Ended June 30, 2024

The Trust’s net asset value increased from $10,567,645,206 at March 31, 2024 to $12,842,620,288 at June 30, 2024, a 21.53% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which grew 19.68% from $24.54 at March 31, 2024 to $29.37 at June 30, 2024.

The increase in the Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 470,950,000 Shares at March 31, 2024 to 478,800,000 Shares at June 30, 2024, a consequence of 80,950,000 Shares (1,619 Baskets) being created and 73,100,000 Shares (1,462 Baskets) being redeemed during the quarter.

The 19.52% increase in the NAV from $22.44 at March 31, 2024 to $26.82 at June 30, 2024 is directly related to the 19.68% 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 $15,254,121 for the quarter, or 0.12% of the Trust’s average weighted assets of $12,297,163,156 during the quarter.

The NAV of $23.26 on March 21, 2024 was the highest during the quarter, compared with a low during the quarter of $20.21 on February 14, 2024.

Net increase in net assets resulting from operations for the quarter ended March 31, 2024 was $296,420,831, resulting from an unrealized gain on investment in silver bullion of $226,214,620, a net realized gain of $82,149,803 on silver bullion distributed for the redemption of Shares, and a net realized gain of $594,406 from investment in silver bullion sold to pay expenses, partially offset by a net investment loss of $12,537,998.

The NAV of $29.25 on May 29, 2024 was the highest during the quarter, compared with a low during the quarter of $22.44 on April 1, 2024.

Net increase in net assets resulting from operations for the quarter ended June 30, 2024 was $2,081,140,405, resulting from an unrealized gain on investment in silver bullion of $1,680,168,086, a net realized gain of $413,628,878 on silver bullion distributed for the redemption of Shares, and a net realized gain of $2,597,562 from investment in silver bullion sold to pay expenses, partially offset by a net investment loss of $15,254,121.

Other than the Sponsor’s fees of $15,254,121, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2024

The Trust’s net asset value increased from $10,389,177,775 at December 31, 2023 to $12,842,620,288 at June 30, 2024, a 23.62% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which grew 23.46% from $23.79 at December 31, 2023 to $29.37 at June 30, 2024.

The increase in the Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 477,000,000 Shares at December 31, 2023 to 478,800,000 Shares at June 30, 2024, a consequence of 141,800,000 Shares (2,836 Baskets) being created and 140,000,000 Shares (2,800 Baskets) being redeemed during the period.

The 23.14% increase in the NAV from $21.78 at December 31, 2023 to $26.82 at June 30, 2024 is directly related to the 23.46% 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 $27,792,119 for the period, or 0.25% of the Trust’s average weighted assets of $11,192,054,382 during the period.

The NAV of $29.25 on May 29, 2024 was the highest during the period, compared with a low during the period of $20.21 on February 14, 2024.

Net increase in net assets resulting from operations for the six months ended June 30, 2024 was $2,377,561,236, resulting from an unrealized gain on investment in silver bullion of $1,906,382,706, a net realized gain of $495,778,681 on silver bullion distributed for the redemption of Shares, and a net realized gain of $3,191,968 from investment in silver bullion sold to pay expenses, partially offset by a net investment loss of $27,792,119.

Other than the Sponsor’s fees of $27,792,119, 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