26 unchanged sentences
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.
−Removed: 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.
+Added: 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 Trust is a grantor trust formed under the laws of the State of New York.
39 unchanged sentences
The Year Ended December 31, 2024
+Added: The Trust’s net asset value increased from $10,389,177,775 at December 31, 2023 to $13,401,259,004 at December 31, 2024, a 28.99% increase for the year.
+Added: The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which grew 21.48% from $23.79 at December 31, 2023 to $28.90 at December 31, 2024 and an increase in the number of outstanding Shares, which rose from 477,000,000 Shares at December 31, 2023 to 508,950,000 Shares at December 31, 2024, a consequence of 293,550,000 Shares (5,871 Baskets) being created and 261,600,000 Shares (5,232 Baskets) being redeemed during the year.
+Added: The 20.89% increase in the NAV from $21.78 at December 31, 2023 to $26.33 at December 31, 2024 is directly related to the 21.48% increase in the price of silver.
+Added: The NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $63,272,642 for the year, or 0.50% of the Trust’s average weighted assets of $12,664,538,520 during the year.
+Added: The NAV of $31.47 on October 23, 2024 was the highest during the year, compared with a low during the year of $20.21 on February 14, 2024.
+Added: Net increase in net assets resulting from operations for the year ended December 31, 2024 was $2,165,540,895, resulting from an unrealized gain on investment in silver bullion of $1,001,643,726, a net realized gain of $1,216,849,453 on silver bullion distributed for the redemption of Shares, a net realized gain of $10,181,575 from silver bullion sold to pay expenses and a net realized gain of $138,783 from litigation proceeds during the year, partially offset by a net investment loss of $63,272,642.
+Added: Other than the Sponsor’s fees of $63,272,642, the Trust had no expenses during the year.
+Added: The Year Ended December 31, 2023
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.
7 unchanged sentences
The Year Ended December 31, 2022
−Removed: 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.
+Added: 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, an 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.
5 unchanged sentences
Other than the Sponsor’s fees of $56,435,296, the Trust had no expenses during the year ended December 31, 2022.
−Removed: The Year Ended December 31, 2021
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
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.