iShares Silver Trust Q3 2024: Bullion Costs Rise, Class Action Payout Noted

TL;DR

**SLV Q3:** Bullion costs up to $11.35B, got $138k from silver class action settlement.

AI Summary

iShares Silver Trust (SLV) filed its Q3 2024 10-Q report for the period ending September 30, 2024. The Trust reported a cost of investment in silver bullion of $11,352,007,744, an increase from $9,616,427,847 at the end of the previous period. The filing also notes a $138,783 payment received from a class action settlement related to silver.

Why It Matters

This filing provides insight into the iShares Silver Trust's holdings and financial performance, directly impacting investors in silver-backed ETFs.

Risk Assessment

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

Key Numbers

• $11.35B — Cost of silver bullion (Represents the Trust's investment in silver as of Q3 2024.)
• $9.62B — Cost of silver bullion (Represents the Trust's investment in silver as of the prior period end.)
• $138,783 — Class action settlement payment (A one-time payment received by the Trust.)

Key Players & Entities

• iShares Silver Trust (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• $11,352,007,744 (dollar_amount) — Cost of investment in silver bullion as of September 30, 2024
• $9,616,427,847 (dollar_amount) — Cost of investment in silver bullion as of the prior period end
• $138,783 (dollar_amount) — Payment received from a class action settlement related to silver

FAQ

Key Financial Figures

• $11,352,007,744 — Cost of investment in silver bullion: $11,352,007,744 and $9,616,427,847, respectively. (b)
• $9,616,427,847 — in silver bullion: $11,352,007,744 and $9,616,427,847, respectively. (b) No par value, unl

Filing Documents

• slv20240930c_10q.htm (10-Q) — 538KB
• ex_731570.htm (EX-31.1) — 12KB
• ex_731571.htm (EX-31.2) — 12KB
• ex_731572.htm (EX-32.1) — 5KB
• ex_731573.htm (EX-32.2) — 5KB
• 0001437749-24-033818.txt ( ) — 2737KB
• slv-20240930.xsd (EX-101.SCH) — 28KB
• slv-20240930_cal.xml (EX-101.CAL) — 15KB
• slv-20240930_def.xml (EX-101.DEF) — 120KB
• slv-20240930_lab.xml (EX-101.LAB) — 117KB
• slv-20240930_pre.xml (EX-101.PRE) — 143KB
• slv20240930c_10q_htm.xml (XML) — 512KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 1 2 3 5 Schedules of Investments at September 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 September 30, 2024 and December 31, 2023 September 30, 2024 December 31, 2023 Assets Investment in silver bullion, at fair value (a) $ 14,580,341,237 $ 10,393,666,180 Total Assets 14,580,341,237 10,393,666,180 Liabilities Sponsor's fees payable 5,739,559 4,488,405 Total Liabilities 5,739,559 4,488,405 Commitments and contingent liabilities (Note 6) — — Net Assets $ 14,574,601,678 $ 10,389,177,775 Shares issued and outstanding (b) 514,200,000 477,000,000 Net asset value per Share (Note 2C) $ 28.34 $ 21.78 (a) Cost of investment in silver bullion: $11,352,007,744 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 nine months ended September 30, 2024 and 2023 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Expenses Sponsor's fees $ 16,928,398 $ 13,376,846 $ 44,720,517 $ 40,630,780 Total expenses 16,928,398 13,376,846 44,720,517 40,630,780 Net investment loss ( 16,928,398 ) ( 13,376,846 ) ( 44,720,517 ) ( 40,630,780 ) Net Realized and Unrealized Gain (Loss) Net realized gain from: Litigation proceeds (a) 138,783 — 138,783 — Silver bullion sold to pay expenses 2,926,466 1,173,908 6,118,434 3,268,706 Silver bullion distributed for the redemption of Shares 269,781,344 94,335,795 765,560,025 223,155,474 Net realized gain 272,846,593 95,509,703 771,817,242 226,424,180 Net change in unrealized appreciation/depreciation 544,712,454 220,590,322 2,451,095,160 ( 640,962,589 ) Net realized and unrealized gain (loss) 817,559,047 316,100,025 3,222,912,402 ( 414,538,409 ) Net increase (decrease) in net assets resulting from o

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) September 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 othe

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

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View this 10-Q filing on SEC EDGAR