iShares Silver Trust Files 2023 Annual Report on Form 10-K
Ticker: SLV · Form: 10-K · Filed: Feb 20, 2024 · CIK: 1330568
Sentiment: neutral
Topics: iShares Silver Trust, 10-K, Silver Bullion, SLV, ETF Filing
TL;DR
<b>iShares Silver Trust filed its 2023 10-K, detailing a decrease in silver bullion holdings to $9.6 billion.</b>
AI Summary
iShares Silver Trust (SLV) filed a Annual Report (10-K) with the SEC on February 20, 2024. The iShares Silver Trust reported a cost of investment in silver bullion of $9,616,427,847 for the fiscal year ended December 31, 2023. The Trust's investment in silver bullion decreased from $10,025,562,224 in the prior year. The Trust is registered in New York and its fiscal year ends on December 31. Shares of the Trust are traded on the NYSE Arca, Inc. under the trading symbol SLV. The filing is an annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Why It Matters
For investors and stakeholders tracking iShares Silver Trust, this filing contains several important signals. This filing provides investors with the official year-end financial status and holdings of the iShares Silver Trust, crucial for understanding the trust's performance and asset backing. The reported decrease in silver bullion cost indicates a potential shift in the trust's strategy or market conditions affecting its holdings, which is important for investors tracking silver exposure.
Risk Assessment
Risk Level: low — iShares Silver Trust shows low risk based on this filing. The filing is a standard 10-K for a well-established trust, with no immediate red flags or significant deviations from typical reporting.
Analyst Insight
Monitor the trust's future filings for trends in silver bullion holdings and net asset value changes to assess investment performance.
Key Numbers
- 9,616,427,847 — Cost of investment in silver bullion (As of December 31, 2023.)
- 10,025,562,224 — Cost of investment in silver bullion (As of December 31, 2022.)
- 001-32863 — Commission File Number (For iShares Silver Trust.)
- 13-7474456 — IRS Employer Identification No. (For iShares Silver Trust.)
Key Players & Entities
- iShares Silver Trust (company) — Filer name and subject of the report.
- SLV (company) — Trading symbol for iShares Silver Trust.
- NYSE Arca, Inc. (company) — Exchange where SLV is registered.
- New York (company) — State of incorporation for iShares Silver Trust.
- San Francisco (company) — Business and mail address city for the registrant.
- 400 Howard Street (company) — Street address for the registrant.
- December 31, 2023 (date) — Fiscal year end date.
- February 20, 2024 (date) — Filing date.
FAQ
When did iShares Silver Trust file this 10-K?
iShares Silver Trust filed this Annual Report (10-K) with the SEC on February 20, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by iShares Silver Trust (SLV).
Where can I read the original 10-K filing from iShares Silver Trust?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by iShares Silver Trust.
What are the key takeaways from iShares Silver Trust's 10-K?
iShares Silver Trust filed this 10-K on February 20, 2024. Key takeaways: The iShares Silver Trust reported a cost of investment in silver bullion of $9,616,427,847 for the fiscal year ended December 31, 2023.. The Trust's investment in silver bullion decreased from $10,025,562,224 in the prior year.. The Trust is registered in New York and its fiscal year ends on December 31..
Is iShares Silver Trust a risky investment based on this filing?
Based on this 10-K, iShares Silver Trust presents a relatively low-risk profile. The filing is a standard 10-K for a well-established trust, with no immediate red flags or significant deviations from typical reporting.
What should investors do after reading iShares Silver Trust's 10-K?
Monitor the trust's future filings for trends in silver bullion holdings and net asset value changes to assess investment performance. The overall sentiment from this filing is neutral.
Risk Factors
- Fluctuations in Silver Prices [high — financial]: The value of the Trust's holdings is directly tied to the market price of silver, which can be volatile.
- Custody and Security of Silver Bullion [medium — operational]: The Trust relies on third-party custodians for the safekeeping of its silver bullion, introducing counterparty risk.
- Trust Share Creation and Redemption [medium — financial]: The process of creating and redeeming Trust Shares can impact the net asset value per Share due to timing differences with market fluctuations.
Key Dates
- 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
- 2024-02-20: Filing Date — Date the 10-K was officially filed with the SEC.
Filing Stats: 4,768 words · 19 min read · ~16 pages · Grade level 12.2 · Accepted 2024-02-16 19:37:25
Key Financial Figures
- $11,160,084,971 — Trust's net asset value decreased from $11,160,084,971 at December 31, 2022 to $10,389,177,775
- $10,389,177,775 — $11,160,084,971 at December 31, 2022 to $10,389,177,775 at December 31, 2023, the Trust's fisca
- $500,000 — sts, audit fees and expenses, and up to $500,000 per annum in legal fees and expenses. T
- $53,561,823 — bear any interest. The Sponsor earned $53,561,823 for the year ended December 31, 2023. E
Filing Documents
- slv20231231c_10k.htm (10-K) — 772KB
- ex_613894.htm (EX-23.1) — 2KB
- ex_613895.htm (EX-31.1) — 16KB
- ex_613896.htm (EX-31.2) — 16KB
- ex_613897.htm (EX-32.1) — 6KB
- ex_613898.htm (EX-32.2) — 7KB
- ex_613900.htm (EX-97.1) — 30KB
- graph.jpg (GRAPHIC) — 63KB
- 0001437749-24-004672.txt ( ) — 3108KB
- slv-20231231.xsd (EX-101.SCH) — 29KB
- slv-20231231_cal.xml (EX-101.CAL) — 14KB
- slv-20231231_def.xml (EX-101.DEF) — 125KB
- slv-20231231_lab.xml (EX-101.LAB) — 120KB
- slv-20231231_pre.xml (EX-101.PRE) — 150KB
- slv20231231c_10k_htm.xml (XML) — 437KB
Business
Business 1 Item 1A.
Risk Factors
Risk Factors 8 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 15 Item 2.
Properties
Properties 16 Item 3.
Legal Proceedings
Legal Proceedings 16 Item 4. Mine Safety Disclosures 16 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17 Item 6. [Reserved] 18 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 21 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 21 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 22 Item 9A.
Controls and Procedures
Controls and Procedures 22 Item 9B. Other Information 23 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 23 PART III Item 10. Directors, Executive Officers and Corporate Governance 24 Item 11.
Executive Compensation
Executive Compensation 24 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 25 Item 13. Certain Relationships and Related Transactions, and Director Independence 25 Item 14. Principal Accounting Fees and Services 25 PART IV Item 15. Exhibits, Financial Statement Schedules 26 Item 16. Form 10-K Summary 26 Table of Contents PART I
Business
Item 1. Business. Summary The purpose of the iShares Silver Trust (the "Trust") is to own silver transferred to the Trust in exchange for shares issued by the Trust ("Shares"). Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of silver held by the Trust's custodian on behalf of the Trust. However, there may be situations where the Trust will unexpectedly hold cash. For example, a claim may arise against a third party, which is settled in cash. In situations where the Trust unexpectedly receives cash or other assets, no new Shares will be issued until after the record date for the distribution of such cash or other property has passed. The Trust was formed on April 21, 2006 when an initial deposit of silver was made in exchange for the issuance of three Baskets (a "Basket" consists of 50,000 Shares). The Trust is a grantor trust formed under the laws of the State of New York. The sponsor of the Trust is iShares Delaware Trust Sponsor LLC (the "Sponsor"), a Delaware limited liability company and an indirect subsidiary of BlackRock, Inc. ("BlackRock"). The trustee of the Trust is The Bank of New York Mellon (the "Trustee") and the custodian of the Trust is JPMorgan Chase Bank N.A., London branch (the "Custodian"). The agreement between the Trust and the Custodian is governed by English law. The Trust does not have any officers, directors or employees. 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, the Trust's fiscal year end. Outstanding Shares of the Trust decreased from 506,550,000 Shares outstanding at December 31, 2022 to 477,000,000 Shares outstanding at December 31, 2023. The activities of the Trust are limited to (1) issuing Baskets in exchange for the silver deposited with the Custodian as consideration, (2) selling silver as necessary to cover the Sponsor's fee, Trust expenses not assumed by