What changed in this filing

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Item 1. Financial Statements

2025-05-07 compared with 2024-11-07 · 68 added, 161 removed, 301 unchanged (43% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At September 30, 2024 and December 31, 2023

September 30,

At March 31, 2025 and December 31, 2024

Investment in silver bullion, at fair value (a)

$ 15,255,556,304 $ 13,407,235,411

Receivable for investments sold

15,267,950,390 13,407,235,411

1 unchanged sentence

6,188,987 5,976,407

Payable for capital shares redeemed

Total Liabilities

12 unchanged sentences

Statements of Operations (Unaudited)

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

For the three months ended March 31, 2025 and 2024

Three Months Ended

September 30,

Nine Months Ended

September 30,

Sponsor’s fees

$ 17,518,363 $ 12,537,998

Total expenses

17,518,363 12,537,998

Net investment loss

( 17,518,363 ) ( 12,537,998 )

Net Realized and Unrealized Gain (Loss)

Net realized gain from:

Litigation proceeds (a)

Silver bullion sold to pay expenses

3,051,265 594,406

Silver bullion distributed for the redemption of Shares

Net realized gain

Net change in unrealized appreciation/depreciation

514,709,786 82,149,803

Net realized gain

517,761,051 82,744,209

Net realized and unrealized gain (loss)

Net change in unrealized appreciation/depreciation

1,784,759,917 226,214,620

Net realized and unrealized gain

2,302,520,968 308,958,829

Net increase (decrease) in net assets resulting from operations

Net increase in net assets resulting from operations

$ 2,285,002,605 $ 296,420,831

Net increase in net assets per Share (a)

$ 4.66 $ 0.63

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.

Net increase in net assets per Share based on average shares outstanding during the period.

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

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

Nine Months Ended

September 30, 2024

For the three months ended March 31, 2025

Three Months Ended

March 31, 2025

Net Assets at December 31, 2024

1 unchanged sentence

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

( 17,518,363 )

Distributions for Shares redeemed

( 1,432,431,212

Net decrease in net assets from capital share transactions

( 117,953,400

Increase in net assets

Net Assets at March 31, 2024

10,567,645,206

Net investment loss

Net realized gain

8 unchanged sentences

( 2,585,212,588 )

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

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

Net decrease in net assets from capital share transactions

( 436,894,287 )

Net increase in net assets from capital share transactions

Increase in net assets

1,848,108,318

Net Assets at September 30, 2024

Net Assets at March 31, 2025

$ 15,249,367,322

3 unchanged sentences

( 89,550,000 )

Net increase in Shares issued and outstanding

Net decrease in Shares issued and outstanding

( 16,800,000 )

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

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

Nine Months Ended

September 30, 2023

For the three months ended March 31, 2024

Three Months Ended

March 31, 2024

Net Assets at December 31, 2023

1 unchanged sentence

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

( 12,537,998 )

Net decrease in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

1,316,358,763

Distributions for Shares redeemed

( 1,320,595,807

Net decrease in net assets from capital share transactions

Decrease in net assets

Net Assets at March 31, 2023

11,076,935,913

Net investment loss

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

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

1 unchanged sentence

Contributions for Shares issued

1,314,477,812

Distributions for Shares redeemed

2 unchanged sentences

( 117,953,400 )

Decrease in net assets

( 322,416,725

Net Assets at September 30, 2023

Increase in net assets

Net Assets at March 31, 2024

$ 10,567,645,206

4 unchanged sentences

Net decrease in Shares issued and outstanding

( 6,050,000 )

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2024 and 2023

Nine Months Ended

September 30,

For the three months ended March 31, 2025 and 2024

Three Months Ended

Cash Flows from Operating Activities

Proceeds from silver bullion sold to pay expenses

$ 17,305,788 $ 12,670,512

Expenses – Sponsor’s fees paid

( 17,305,788 ) ( 12,670,512 )

Net cash provided by operating activities

3 unchanged sentences

Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities

Net increase (decrease) in net assets resulting from operations

3,178,191,885

Net increase in net assets resulting from operations

$ 2,285,002,605 $ 296,420,831

1 unchanged sentence

Proceeds from silver bullion sold to pay expenses

Litigation Proceeds (a)

Net realized (gain) loss

17,305,788 12,670,512

Net realized (gain) loss

( 517,761,051 ) ( 82,744,209 )

3 unchanged sentences

Sponsor’s fees payable

212,580 ( 132,514 )

Receivable for investments sold

( 12,394,086 ) —

Payable for capital shares redeemed

Net cash provided by (used in) operating activities

2 unchanged sentences

$ 2,148,318,301 $ 1,314,477,812

2,758,616,940

Silver bullion distributed for Shares redeemed

$ ( 2,585,212,588 ) $ ( 1,432,431,212 )

( 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 September 30, 2024 and December 31, 2023

September 30, 2024

At March 31, 2025 and December 31, 2024

March 31, 2025

Silver bullion

2 unchanged sentences

15,255,556,304

Less Liabilities — (0.04) %

Other Assets Less Liabilities – (0.04) %

( 6,188,982 )

13 unchanged sentences

Notes to Financial Statements (Unaudited)

September 30, 2024

1 - Organization

March 31, 2025

The iShares Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust.

25 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 September 30, 2024 and 2023:

Three Months Ended September 30, 2024

Beginning balance

437,447,866 $ 10,164,222,786 $ 12,847,843,825 $ —

Silver bullion contributed

77,719,368 2,280,397,964 2,280,397,964 —

Silver bullion distributed

( 45,404,182 ) ( 1,079,265,879 ) ( 1,349,047,223 ) 269,781,344

Silver bullion sold to pay expenses

( 564,621 ) ( 13,347,127 ) ( 16,412,376 ) 2,926,466

Net realized gain

— — 272,707,810 —

Litigation Proceeds (a)

— — 138,783 —

Net change in unrealized appreciation/depreciation

— — 544,712,454 —

Ending balance

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

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

Three Months Ended September 30, 2023

Beginning balance

468,141,099 $ 10,241,526,716 $ 10,519,130,507 $ —

Silver bullion contributed

24,759,188 574,160,545 574,160,545 —

Silver bullion distributed

( 50,447,767 ) ( 1,104,964,654 ) ( 1,199,300,449 ) 94,335,795

Silver bullion sold to pay expenses

( 569,154 ) ( 12,458,065 ) ( 13,631,973 ) 1,173,908

Net realized gain

— — 95,509,703 —

Net change in unrealized appreciation/depreciation

— — 220,590,322 —

Ending balance

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

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

Nine Months Ended September 30, 2024

The following tables summarize activity in silver bullion for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025

Beginning balance

8 unchanged sentences

— — 517,761,051 —

Litigation Proceeds (a)

— — 138,783 —

Net change in unrealized appreciation/depreciation

2 unchanged sentences

447,968,178 $ 11,691,914,328 $ 15,255,556,304 $ 517,761,051

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

Nine Months Ended September 30, 2023

Three Months Ended March 31, 2024

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 September 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 March 31, 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Segment Reporting

The Chief Financial Officer of the Sponsor acts as the Trust’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Trust.

The CODM has concluded that the Trust operates as a single operating segment since the Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance.

The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements.

Trust Expenses

14 unchanged sentences

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, which cannot be predicted with any certainty.

The Trust’s maximum exposure under these arrangements is unknown as this would involve future potential claims that may be made against the Trust that have not yet occurred.

Concentration Risk

12 unchanged sentences

Financial Highlights

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.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2025 and 2024.

Three Months Ended

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

$ 26.33 $ 21.78

Net investment loss (a)

Net realized and unrealized gain (loss) (b)

Net increase (decrease) in net assets from operations

( 0.04 ) ( 0.03 )

Net realized and unrealized gain (b)

Net increase in net assets from operations

Net asset value per Share, end of period

$ 30.99 $ 22.44

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

17.70 % 3.03 %

Ratio to average net assets:

Net investment loss (e)

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

At March 31, 2025 and December 31, 2024, 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.

21 unchanged sentences

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 net asset value per Share (“NAV”).

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

The Trustee values the silver held by the Trust using the price per ounce of silver determined in an electronic auction hosted by ICE Benchmark Administration (“IBA”) that begins at 12:00 p.m.

18 unchanged sentences

Results of Operations

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 Quarter Ended March 31, 2025

The Trust’s net asset value increased from $13,401,259,004 at December 31, 2024 to $15,249,367,322 at March 31, 2025, a 13.79% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which grew 17.85% from $28.90 at December 31, 2024 to $34.06 at March 31, 2025, partially offset by a decrease in the number of outstanding Shares, which fell from 508,950,000 Shares at December 31, 2024 to 492,150,000 Shares at March 31, 2025, a consequence of 72,750,000 Shares (1,455 Baskets) being created and 89,550,000 Shares (1,791 Baskets) being redeemed during the quarter.

The 17.70% increase in the NAV from $26.33 at December 31, 2024 to $30.99 at March 31, 2025 is directly related to the 17.85% 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 $17,518,363 for the quarter, or 0.12% of the Trust’s average weighted assets of $14,209,036,812 during the quarter.

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.

The NAV of $31.30 on March 28, 2025 was the highest during the quarter, compared with a low during the quarter of $26.79 on January 2, 2025.

Net increase in net assets resulting from operations for the quarter ended March 31, 2025 was $2,285,002,605, resulting from an unrealized gain on investment in silver bullion of $1,784,759,917, a net realized gain of $514,709,786 on silver bullion distributed for the redemption of Shares, a net realized gain of $3,051,265 from investment in silver bullion sold to pay expenses, partially offset by a net investment loss of $17,518,363.

Other than the Sponsor’s fees of $17,518,363, the Trust had no expenses during the quarter.

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 $29.63 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.

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