iShares Silver Trust
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-08.
0001437749-24-015393
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-08.
0001437749-24-025404
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 18 previous paragraphs and 23 current paragraphs.
14 unchanged; 4 reworded; 1 added; 0 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
The Six-Month Period Ended June 30, 2024
Reworded paragraphs (4)
Previous wording
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.
Current wording
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.
Previous wording
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.
Current wording
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.
Previous wording
The NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $12,537,998 for the quarter, or 0.12% of the Trust’s average weighted assets of $10,092,367,352 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.
Current wording
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 $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.
Previous wording
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. Other than the Sponsor’s fees of $12,537,998, the Trust had no expenses during the quarter.
Current wording
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.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.