iShares Silver Trust Files Q1 2024 10-Q Report

TL;DR

<b>iShares Silver Trust filed its Q1 2024 10-Q, detailing a slight decrease in its silver bullion holdings and confirming its trading status on NYSE Arca.</b>

AI Summary

iShares Silver Trust (SLV) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. The iShares Silver Trust reported a cost of investment in silver bullion of $9,568,548,144 as of March 31, 2024. This cost decreased from $9,616,427,847 as of December 31, 2023. The Trust's shares are registered under Section 12(b) of the Securities Exchange Act of 1934 and trade under the symbol SLV on NYSE Arca, Inc. The filing covers the quarterly period ended March 31, 2024. The Trust is incorporated in New York and its principal executive offices are located at 400 Howard Street, San Francisco, CA.

Why It Matters

For investors and stakeholders tracking iShares Silver Trust, this filing contains several important signals. This filing provides an update on the Trust's holdings and financial status, crucial for investors tracking their exposure to silver. The report confirms the Trust's compliance with SEC filing requirements, offering transparency to shareholders.

Risk Assessment

Risk Level: low — iShares Silver Trust shows low risk based on this filing. The filing is a standard quarterly report for a well-established trust, with no immediate red flags or significant deviations from typical operations.

Analyst Insight

Monitor the cost of silver bullion and the Trust's net asset value in subsequent filings for trends related to silver price movements.

Key Numbers

• 9,568,548,144 — Cost of investment in silver bullion (As of March 31, 2024)
• 9,616,427,847 — Cost of investment in silver bullion (As of December 31, 2023)
• 001-32863 — SEC File Number (iShares Silver Trust)
• 2024-03-31 — Quarterly period end date (Form 10-Q)

Key Players & Entities

• iShares Silver Trust (company) — Registrant
• SLV (company) — Trading Symbol
• NYSE Arca, Inc. (company) — Exchange
• New York (company) — State of Incorporation
• San Francisco (company) — City
• 400 Howard Street (company) — Business Address

FAQ

Risk Factors

• Fluctuations in the Price of Silver [high — financial]: The value of the Trust's investment in silver bullion is directly tied to the price of silver, which can be volatile and influenced by various factors.
• Trust Share Transactions [medium — operational]: Timing of Trust Share creations and redemptions in relation to fluctuating fair values of underlying investments can affect reported per-share metrics.

Key Dates

• 2024-03-31: Quarterly period end — Reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was filed with the SEC.

Glossary

Silver Bullion

Physical silver metal held by the Trust as its primary investment. (Directly represents the Trust's core asset and its value is subject to market price fluctuations.)

Net Asset Value (NAV)

The per-share market value of the Trust's assets minus liabilities. (Key metric for investors to assess the value of their holdings in the Trust.)

Trust Shares

Units of ownership in the iShares Silver Trust. (The instruments traded by investors on the stock exchange.)

Key Financial Figures

• $9,568,548,144 — Cost of investment in silver bullion: $9,568,548,144 and $9,616,427,847, respectively. (b)
• $9,616,427,847 — t in silver bullion: $9,568,548,144 and $9,616,427,847, respectively. (b) No par value, unl

Filing Documents

• slv20240331c_10q.htm (10-Q) — 363KB
• ex_651497.htm (EX-31.1) — 13KB
• ex_651498.htm (EX-31.2) — 13KB
• ex_651499.htm (EX-32.1) — 6KB
• ex_651500.htm (EX-32.2) — 6KB
• 0001437749-24-015393.txt (&nbsp;) — 2127KB
• slv-20240331.xsd (EX-101.SCH) — 28KB
• slv-20240331_cal.xml (EX-101.CAL) — 14KB
• slv-20240331_def.xml (EX-101.DEF) — 117KB
• slv-20240331_lab.xml (EX-101.LAB) — 115KB
• slv-20240331_pre.xml (EX-101.PRE) — 141KB
• slv20240331c_10q_htm.xml (XML) — 302KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 1 2 3 5 Schedules of Investments at March 31, 2024 and December 31, 2023 6

Notes to Financial Statements

Notes to Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 12 Item 4.

Controls and Procedures

Controls and Procedures 12

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 13 Item 1A.

Risk Factors

Risk Factors 13 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 13 Item 3. Defaults Upon Senior Securities 13 Item 4. Mine Safety Disclosures 13 Item 5. Other Information 13 Item 6. Exhibits 14

SIGNATURES

SIGNATURES 15 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements iShares Silver Trust At March 31, 2024 and December 31, 2023 March 31, 2024 December 31, 2023 Assets Investment in silver bullion, at fair value (a) $ 10,572,001,097 $ 10,393,666,180 Total Assets 10,572,001,097 10,393,666,180 Liabilities Sponsor's fees payable 4,355,891 4,488,405 Total Liabilities 4,355,891 4,488,405 Commitments and contingent liabilities (Note 6) — — Net Assets $ 10,567,645,206 $ 10,389,177,775 Shares issued and outstanding (b) 470,950,000 477,000,000 Net asset value per Share (Note 2C) $ 22.44 $ 21.78 (a) Cost of investment in silver bullion: $9,568,548,144 and $9,616,427,847, respectively. (b) No par value, unlimited amount authorized. See notes to financial statements. 1 Table of Contents iShares Silver Trust For the three months ended March 31, 2024 and 2023 Three Months Ended March 31, 2024 2023 Expenses Sponsor's fees $ 12,537,998 $ 13,133,630 Total expenses 12,537,998 13,133,630 Net investment loss ( 12,537,998 ) ( 13,133,630 ) Net Realized and Unrealized Gain (Loss) Net realized gain from: Silver bullion sold to pay expenses 594,406 776,041 Silver bullion distributed for the redemption of Shares 82,149,803 49,177,274 Net realized gain 82,744,209 49,953,315 Net change in unrealized appreciation/depreciation 226,214,620 ( 115,731,699 ) Net realized and unrealized gain (loss) 308,958,829 ( 65,778,384 ) Net increase (decrease) in net assets resulting from operations $ 296,420,831 $ ( 78,912,014 ) Net increase (decrease) in net assets per Share (a) $ 0.63 $ ( 0.15 ) (a) Net increase (decrease) in net assets per Share based on average shares outstanding during the period. See notes to financial statements. 2 Table of Contents iShares Silver Trust

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) March 31, 2024 1 - Organization The iShares Silver Trust (the "Trust") was organized on April 21, 2006 as a New York trust. The trustee is The Bank of New York Mellon (the "Trustee"), which is responsible for the day-to-day administration of the Trust. The Trust's sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the "Sponsor"). The Trust is governed by the provisions of the Third Amended and Restated Depositary Trust Agreement (the "Trust Agreement") executed by the Trustee and the Sponsor as of January 31, 2022. The Trust issues units of beneficial interest ("Shares") representing fractional undivided beneficial interests in its net assets. The Trust seeks to reflect generally the performance of the price of silver. The Trust seeks to reflect such performance before payment of the Trust's expenses and liabilities. The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in silver. The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and with the instructions for Form 10 -Q and the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust's financial statements included in its Annual Report on Form 10 -K for the year ended December 31, 2023, as filed with the SEC on February 20, 2024. The Trust qualifies as an investment company solely for accounting purposes and not for any other pu

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations. This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forwardlooking statements can be identified by terminology such as "may," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor's expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. 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. Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forwardlooking statements to conform such statements to actual results or to a change in the Sponsor's expectations or predictions. Introduction The iShares Silver Trust (the "Trust") is a grantor trust formed under the laws of the State of New York. The Trust does not have any offi

View Full Filing

View this 10-Q filing on SEC EDGAR