iShares Silver Trust
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 2024
SLV$46.87-0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001437749-24-033818
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 23 previous paragraphs and 23 current paragraphs.
13 unchanged; 10 reworded; 0 added; 0 removed; 0 previous and 0 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.
Reworded paragraphs (10)
Previous wording
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”). 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. (London time) and published shortly thereafter, on the day the valuation takes place (such price, the “LBMA Silver Price”). If there is no announced LBMA Silver Price on any day, the Trustee is authorized to use the most recently announced LBMA Silver Price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation. The LBMA Silver Price is used by the Trust because it is commonly used by the U.S. silver market as an indicator of the value of silver and is permitted to be used under the Trust Agreement. 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. The result is the net asset value of the Trust. The Trustee computes NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.
Current wording
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”). 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. (London time) and published shortly thereafter, on the day the valuation takes place (such price, the “LBMA Silver Price”). If there is no announced LBMA Silver Price on any day, the Trustee is authorized to use the most recently announced LBMA Silver Price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation. The LBMA Silver Price is used by the Trust because it is commonly used by the U.S. silver market as an indicator of the value of silver and is permitted to be used under the Trust Agreement. 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 and other assets held by the Trust. The result is the net asset value of the Trust. The Trustee computes NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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 $29.63 on September 26, 2024 was the highest during the quarter, compared with a low during the quarter of $24.58 on August 8, 2024.
Previous 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.
Current wording
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.
Previous wording
The Six-Month Period Ended June 30, 2024
Current wording
The Nine-Month Period Ended September 30, 2024
Previous wording
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 wording
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.
Previous wording
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 wording
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.
Previous wording
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 wording
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.
Previous wording
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.
Current wording
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.