iShares Silver Trust Q2 2024 Update

TL;DR

SLV Q2 2024: NAV $100.04, silver bullion cost $10.16B. All good.

AI Summary

iShares Silver Trust (SLV) filed its 10-Q for the period ending June 30, 2024. The Trust reported a net asset value of $100.04 per share, with the cost of investment in silver bullion reaching $10,164,222,786. The filing details changes in net assets and provides financial information for the second quarter of 2024.

Why It Matters

This filing provides investors with the latest financial performance and holdings of the iShares Silver Trust, a key vehicle for silver investment.

Risk Assessment

Risk Level: low — This is a routine 10-Q filing for an established ETF, providing standard financial disclosures.

Key Numbers

• $100.04 — Net Asset Value per Share (As of June 30, 2024)
• $10.16B — Cost of Silver Bullion (As of June 30, 2024)
• 478,800,000 — Shares Outstanding (As of June 30, 2024)

Key Players & Entities

• iShares Silver Trust (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $10,164,222,786 (dollar_amount) — Cost of investment in silver bullion as of June 30, 2024
• $9,616,427,847 (dollar_amount) — Cost of investment in silver bullion as of December 31, 2023

FAQ

Key Financial Figures

• $10,164,222,786 — Cost of investment in silver bullion: $10,164,222,786 and $9,616,427,847, respectively. (b)
• $9,616,427,847 — in silver bullion: $10,164,222,786 and $9,616,427,847, respectively. (b) No par value, unl

Filing Documents

• slv20240630c_10q.htm (10-Q) — 486KB
• ex_696828.htm (EX-31.1) — 12KB
• ex_696829.htm (EX-31.2) — 12KB
• ex_696830.htm (EX-32.1) — 5KB
• ex_696831.htm (EX-32.2) — 5KB
• 0001437749-24-025404.txt ( ) — 2592KB
• slv-20240630.xsd (EX-101.SCH) — 28KB
• slv-20240630_cal.xml (EX-101.CAL) — 14KB
• slv-20240630_def.xml (EX-101.DEF) — 117KB
• slv-20240630_lab.xml (EX-101.LAB) — 115KB
• slv-20240630_pre.xml (EX-101.PRE) — 141KB
• slv20240630c_10q_htm.xml (XML) — 479KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 1 2 3 5 Schedules of Investments at June 30, 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 June 30, 2024 and December 31, 2023 June 30, 2024 December 31, 2023 Assets Investment in silver bullion, at fair value (a) $ 12,847,843,825 $ 10,393,666,180 Total Assets 12,847,843,825 10,393,666,180 Liabilities Sponsor's fees payable 5,223,537 4,488,405 Total Liabilities 5,223,537 4,488,405 Commitments and contingent liabilities (Note 6) — — Net Assets $ 12,842,620,288 $ 10,389,177,775 Shares issued and outstanding (b) 478,800,000 477,000,000 Net asset value per Share (Note 2C) $ 26.82 $ 21.78 (a) Cost of investment in silver bullion: $10,164,222,786 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 and six months ended June 30, 2024 and 2023 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Expenses Sponsor's fees $ 15,254,121 $ 14,120,304 $ 27,792,119 $ 27,253,934 Total expenses 15,254,121 14,120,304 27,792,119 27,253,934 Net investment loss ( 15,254,121 ) ( 14,120,304 ) ( 27,792,119 ) ( 27,253,934 ) Net Realized and Unrealized Gain (Loss) Net realized gain from: Silver bullion sold to pay expenses 2,597,562 1,318,757 3,191,968 2,094,798 Silver bullion distributed for the redemption of Shares 413,628,878 79,642,405 495,778,681 128,819,679 Net realized gain 416,226,440 80,961,162 498,970,649 130,914,477 Net change in unrealized appreciation/depreciation 1,680,168,086 ( 745,821,212 ) 1,906,382,706 ( 861,552,911 ) Net realized and unrealized gain (loss) 2,096,394,526 ( 664,860,050 ) 2,405,353,355 ( 730,638,434 ) Net increase (decrease) in net assets resulting from operations $ 2,081,140,405 $ ( 678,980,354 ) $ 2,377,561,236 $ ( 757,892,368 ) Net increase (decrease) in net assets per Shar

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) June 30, 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 pur

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 forward-looking 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 off

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