What changed in this filing

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Item 1. Financial Statements

2024-11-07 compared with 2024-08-08 · 91 added, 66 removed, 371 unchanged (30% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At June 30, 2024 and December 31, 2023

At September 30, 2024 and December 31, 2023

September 30,

Investment in silver bullion, at fair value (a)

17 unchanged sentences

Statements of Operations (Unaudited)

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

For the three and nine months ended September 30, 2024 and 2023

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

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)

Net realized gain from:

Litigation proceeds (a)

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

2,451,095,160

( 640,962,589

Net realized and unrealized gain (loss)

3,222,912,402

( 414,538,409

Net increase (decrease) in net assets resulting from operations

3,178,191,885

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

( 455,169,189

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

Represents a payment received from a class action settlement related to silver.

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 and six months ended June 30, 2024

Six Months Ended

June 30, 2024

For the three, six and nine months ended September 30, 2024

Nine Months Ended

September 30, 2024

Net Assets at December 31, 2023

1 unchanged sentence

Net investment loss

( 12,537,998 )

Net realized gain

12 unchanged sentences

Net investment loss

( 15,254,121 )

Net realized gain

13 unchanged sentences

12,842,620,288

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

2,280,397,964

Distributions for Shares redeemed

( 1,349,047,223

Net increase in net assets from capital share transactions

Increase in net assets

1,731,981,390

Net Assets at September 30, 2024

14,574,601,678

Shares issued and redeemed

6 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

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

1 unchanged sentence

Net investment loss

( 14,120,304 )

Net realized gain

12 unchanged sentences

10,514,622,364

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

( 1,199,300,449

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

2 unchanged sentences

( 152,500,000

Net increase in Shares issued and outstanding

Net decrease in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2024 and 2023

Six Months Ended

For the nine months ended September 30, 2024 and 2023

Nine Months Ended

September 30,

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

5 unchanged sentences

3,178,191,885

( 455,169,189

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

Litigation Proceeds (a)

Net realized (gain) loss

( 771,678,459

( 226,424,180

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

5,710,448,011

2,758,616,940

Silver bullion distributed for Shares redeemed

( 4,703,215,993

( 3,271,327,083

Represents a payment received from a class action settlement related to silver.

See notes to financial statements.

1 unchanged sentence

Schedules of Investments (Unaudited)

At June 30, 2024 and December 31, 2023

June 30, 2024

At September 30, 2024 and December 31, 2023

September 30, 2024

Silver bullion

18 unchanged sentences

Notes to Financial Statements (Unaudited)

June 30, 2024

September 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 June 30, 2024 and 2023:

Three Months Ended June 30, 2024

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

Three Months Ended September 30, 2024

Beginning balance

8 unchanged sentences

— — 272,707,810 —

Litigation Proceeds (a)

— — 138,783 —

Net change in unrealized appreciation/depreciation

2 unchanged sentences

469,198,431 $ 11,352,007,744 $ 14,580,341,237 $ 272,707,810

Three Months Ended June 30, 2023

Includes a payment received from a class action settlement related to silver of $ 138,783 .

Three Months Ended September 30, 2023

Beginning balance

12 unchanged sentences

441,883,366 $ 9,698,264,542 $ 10,196,458,655 $ 95,509,703

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

Six Months Ended June 30, 2024

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

Nine Months Ended September 30, 2024

Beginning balance

8 unchanged sentences

— — 771,678,459 —

Litigation Proceeds (a)

— — 138,783 —

Net change in unrealized appreciation/depreciation

2 unchanged sentences

469,198,431 $ 11,352,007,744 $ 14,580,341,237 $ 771,678,459

Six Months Ended June 30, 2023

Includes a payment received from a class action settlement related to silver of $ 138,783 .

Nine Months Ended September 30, 2023

Beginning balance

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

3 - Trust Expenses

29 unchanged sentences

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, 2024 and 2023.

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

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

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.

14 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, 2024 and December 31, 2023, the value of the silver bullion held by the Trust is categorized as Level 1.

At September 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.

28 unchanged sentences

The use of an indicator of the value of silver bullion other than the LBMA Silver Price could result in materially different fair value pricing of the silver held by the Trust, and as such, could result in different cost or market adjustments or in different redemption value adjustments of the outstanding redeemable capital Shares.

Having valued the silver held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the silver held by the Trust and other assets held by the Trust.

Having valued the silver held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the silver and other assets held by the Trust.

The result is the net asset value of the Trust.

11 unchanged sentences

Results of Operations

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 Quarter Ended September 30, 2024

The Trust’s net asset value increased from $12,842,620,288 at June 30, 2024 to $14,574,601,678 at September 30, 2024, a 13.49% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 478,800,000 Shares at June 30, 2024 to 514,200,000 Shares at September 30, 2024, a consequence of 85,150,000 Shares (1,703 Baskets) being created and 49,750,000 Shares (995 Baskets) being redeemed during the quarter.

The increase in the Trust’s net asset value also benefitted from an increase in the price of silver, which grew 5.82% from $29.37 at June 30, 2024 to $31.08 at September 30, 2024.

The 5.67% increase in the NAV from $26.82 at June 30, 2024 to $28.34 at September 30, 2024 is directly related to the 5.82% 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 $16,928,398 for the quarter, or 0.13% of the Trust’s average weighted assets of $13,488,289,860 during the quarter.

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.

The NAV of $29.63 on September 26, 2024 was the highest during the quarter, compared with a low during the quarter of $24.58 on August 8, 2024.

Net increase in net assets resulting from operations for the quarter ended September 30, 2024 was $800,630,649, resulting from an unrealized gain on investment in silver bullion of $544,712,454, a net realized gain of $269,781,344 on silver bullion distributed for the redemption of Shares, a net realized gain of $2,926,466 from investment in silver bullion sold to pay expenses and a net realized gain of $138,783 from litigation proceeds during the quarter, partially offset by a net investment loss of $16,928,398.

Other than the Sponsor’s fees of $16,928,398, 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 Nine-Month Period Ended September 30, 2024

The Trust’s net asset value increased from $10,389,177,775 at December 31, 2023 to $14,574,601,678 at September 30, 2024, a 40.29% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which grew 30.64% from $23.79 at December 31, 2023 to $31.08 at September 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 514,200,000 Shares at September 30, 2024, a consequence of 226,950,000 Shares (4,539 Baskets) being created and 189,750,000 Shares (3,795 Baskets) being redeemed during the period.

The 30.12% increase in the NAV from $21.78 at December 31, 2023 to $28.34 at September 30, 2024 is directly related to the 30.64% 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 $44,720,517 for the period, or 0.37% of the Trust’s average weighted assets of $11,964,851,765 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.

The NAV of $29.63 on September 26, 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 nine months ended September 30, 2024 was $3,178,191,885, resulting from an unrealized gain on investment in silver bullion of $2,451,095,160, a net realized gain of $765,560,025 on silver bullion distributed for the redemption of Shares, a net realized gain of $6,118,434 from investment in silver bullion sold to pay expenses and a net realized gain of $138,783 from litigation proceeds during the period, partially offset by a net investment loss of $44,720,517.

Other than the Sponsor’s fees of $44,720,517, 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