0001437749-22-011362.txt : 20220506 0001437749-22-011362.hdr.sgml : 20220506 20220506163135 ACCESSION NUMBER: 0001437749-22-011362 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 43 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220506 DATE AS OF CHANGE: 20220506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: iShares Silver Trust CENTRAL INDEX KEY: 0001330568 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32863 FILM NUMBER: 22901743 BUSINESS ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 415-670-2000 MAIL ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 10-Q 1 slv20220331_10q.htm FORM 10-Q slv20220331_10q.htm
0001330568 iShares Silver Trust false --12-31 Q1 2022 100.04 0.04 100.00 100.04 0.04 100.00 Cost of investment in silver bullion: $12,064,750,371 and $11,330,688,133, respectively. Based on the change in net asset value of a Share during the period. The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment. Percentage is annualized. Net increase (decrease) in net assets per Share based on average shares outstanding during the period. Based on average Shares outstanding during the period. Percentage is not annualized. No par value, unlimited amount authorized. 12,064,750,371 11,330,688,133 0 0 604,600,000 573,800,000 00013305682022-01-012022-03-31 xbrli:shares 00013305682022-04-29 thunderdome:item iso4217:USD 00013305682022-03-31 00013305682021-12-31 iso4217:USDxbrli:shares 00013305682021-01-012021-03-31 00013305682020-12-31 00013305682021-03-31 utr:oz xbrli:pure 0001330568srt:MaximumMember2022-01-312022-01-31 0001330568srt:MaximumMember2021-01-012021-12-31
 

Table of Contents

 



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


FORM 10-Q


 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                       to                       

 

Commission File Number: 001-32863

 

 


iShares® Silver Trust

(Exact name of registrant as specified in its charter)


 

New York

13-7474456

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

 

c/o iShares Delaware Trust Sponsor LLC
400 Howard Street
San Francisco, California 94105
Attn: Product Management Team
iShares Product Research & Development

(Address of principal executive offices)(Zip Code)

 

(415) 670-2000

(Registrant’s telephone number, including area code)

 


N/A

(Former name, former address and former fiscal year, if changed since last report)


 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Shares

SLV

NYSE Arca, Inc.

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☒

Accelerated filer ☐

 

Non-accelerated filer ☐

Smaller reporting company 

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No ☒

 

As of April 29, 2022, the Registrant had 622,750,000 Shares outstanding.

 



 

 

 

Table of Contents

 

Page

PART I – FINANCIAL INFORMATION

 

     

Item 1.

Financial Statements (Unaudited)

1

     

 

Statements of Assets and Liabilities at March 31, 2022 and December 31, 2021

1

     

 

Statements of Operations for the three months ended March 31, 2022 and 2021

2

     

 

Statements of Changes in Net Assets for the three months ended March 31, 2022 and 2021

3

     

 

Statements of Cash Flows for the three months ended March 31, 2022 and 2021

5

     

 

Schedules of Investments at March 31, 2022 and December 31, 2021

6

     

 

Notes to Financial Statement

7

     

Item 2.

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

11

     

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

12

     

Item 4.

Controls and Procedures

12

   

PART II – OTHER INFORMATION

 

   

Item 1.

Legal Proceedings

13

     

Item 1A.

Risk Factors

13

     

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

14

     

Item 3.

Defaults Upon Senior Securities

14

     

Item 4.

Mine Safety Disclosures

14

     

Item 5.

Other Information

14

     

Item 6.

Exhibits

15

     

SIGNATURES

16

 

 
 

 

PART I FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

 

iShares® Silver Trust

Statements of Assets and Liabilities (Unaudited)

At March 31, 2022 and December 31, 2021

 

  

March 31,
2022

  

December 31,
2021

 

Assets

        

Investment in silver bullion, at fair value(a)

 $13,862,837,819  $12,254,397,545 

Total Assets

  13,862,837,819   12,254,397,545 
         

Liabilities

        

Sponsor’s fees payable

  5,879,314   5,163,322 

Total Liabilities

  5,879,314   5,163,322 
         

Commitments and contingent liabilities (Note 6)

        
         

Net Assets

 $13,856,958,505  $12,249,234,223 
         

Shares issued and outstanding(b)

  604,600,000   573,800,000 

Net asset value per Share (Note 2C)

 $22.92  $21.35 

 


(a)

Cost of investment in silver bullion: $12,064,750,371 and $11,330,688,133, respectively.

(b)

No par value, unlimited amount authorized.

 

 

See notes to financial statements.

 

 

 

iShares® Silver Trust

Statements of Operations (Unaudited)

For the three months ended March 31, 2022 and 2021

 

  

Three Months Ended
March 31,

 
  

2022

  

2021

 

Expenses

        

Sponsor’s fees

 $15,968,507  $19,286,631 

Total expenses

  15,968,507   19,286,631 

Net investment loss

  (15,968,507)  (19,286,631)
         

Net Realized and Unrealized Gain (Loss)

        

Net realized gain from:

        

Silver bullion sold to pay expenses

  1,304,282   5,209,327 

Silver bullion distributed for the redemption of Shares

  69,885,981   888,549,245 

Net realized gain

  71,190,263   893,758,572 

Net change in unrealized appreciation/depreciation

  874,378,036   (2,459,779,533)

Net realized and unrealized gain (loss)

  945,568,299   (1,566,020,961)
         

Net increase (decrease) in net assets resulting from operations

 $929,599,792  $(1,585,307,592)
         

Net increase (decrease) in net assets per Share(a)

 $1.59  $(2.47)

 


(a)

Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

 

 

See notes to financial statements.

 

 

 

iShares® Silver Trust

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2022

 

  

Three Months Ended
March 31, 2022

 

Net Assets at December 31, 2021

 $12,249,234,223 
     

Operations:

    

Net investment loss

  (15,968,507)

Net realized gain

  71,190,263 

Net change in unrealized appreciation/depreciation

  874,378,036 

Net increase in net assets resulting from operations

  929,599,792 
     

Capital Share Transactions:

    

Contributions for Shares issued

  1,235,098,722 

Distributions for Shares redeemed

  (556,974,232)

Net increase in net assets from capital share transactions

  678,124,490 
     

Increase in net assets

  1,607,724,282 
     

Net Assets at March 31, 2022

 $13,856,958,505 
     

Shares issued and redeemed

    

Shares issued

  55,400,000 

Shares redeemed

  (24,600,000)

Net increase in Shares issued and outstanding

  30,800,000 

 

 

See notes to financial statements.

 

 

iShares® Silver Trust

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2021

 

  

Three Months Ended
March 31, 2021

 

Net Assets at December 31, 2020

 $14,791,792,720 
     

Operations:

    

Net investment loss

  (19,286,631)

Net realized gain

  893,758,572 

Net change in unrealized appreciation/depreciation

  (2,459,779,533)

Net decrease in net assets resulting from operations

  (1,585,307,592)
     

Capital Share Transactions:

    

Contributions for Shares issued

  4,468,670,836 

Distributions for Shares redeemed

  (3,878,623,508)

Net increase in net assets from capital share transactions

  590,047,328 
     

Decrease in net assets

  (995,260,264)
     

Net Assets at March 31, 2021

 $13,796,532,456 
     

Shares issued and redeemed

    

Shares issued

  176,700,000 

Shares redeemed

  (158,350,000)

Net increase in Shares issued and outstanding

  18,350,000 

 

 

See notes to financial statements.

 

 

 

iShares® Silver Trust

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2022 and 2021

 

  

Three Months Ended
March 31,

 
  

2022

  

2021

 

Cash Flows from Operating Activities

        

Proceeds from silver bullion sold to pay expenses

 $15,252,515  $18,635,427 

Expenses – Sponsor’s fees paid

  (15,252,515)  (18,635,427)

Net cash provided by operating activities

      

Increase (decrease) in cash

      

Cash, beginning of period

      

Cash, end of period

 $  $ 
         

Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities

        

Net increase (decrease) in net assets resulting from operations

 $929,599,792  $(1,585,307,592)

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

        

Proceeds from silver bullion sold to pay expenses

  15,252,515   18,635,427 

Net realized (gain) loss

  (71,190,263)  (893,758,572)

Net change in unrealized appreciation/depreciation

  (874,378,036)  2,459,779,533 

Change in operating assets and liabilities:

        

Sponsor’s fees payable

  715,992   651,204 

Net cash provided by (used in) operating activities

 $  $ 
         

Supplemental disclosure of non-cash information:

        

Silver bullion contributed for Shares issued

 $1,235,098,722  $4,468,670,836 

Silver bullion distributed for Shares redeemed

 $(556,974,232) $(3,878,623,508)

 

 

See notes to financial statements.

 

 

 

iShares® Silver Trust

Schedules of Investments (Unaudited)

At March 31, 2022 and December 31, 2021

 

March 31, 2022

  

Description

 

Ounces

  

Cost

  

Fair Value

 

Silver bullion

  558,647,503  $12,064,750,371  $13,862,837,819 
             

Total Investments – 100.04%

          13,862,837,819 

Less Liabilities – (0.04)%

          (5,879,314)

Net Assets – 100.00%

         $13,856,958,505 

 

December 31, 2021

  

Description

 

Ounces

  

Cost

  

Fair Value

 

Silver bullion

  530,838,100  $11,330,688,133  $12,254,397,545 
             

Total Investments – 100.04%

          12,254,397,545 

Less Liabilities – (0.04)%

          (5,163,322)

Net Assets – 100.00%

         $12,249,234,223 

 

 

See notes to financial statements.

 

 

iShares® Silver Trust

Notes to Financial Statements (Unaudited)

March 31, 2022

 

 

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, 2021, as filed with the SEC on March 1, 2022.

 

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

 

 

2 -

Significant Accounting Policies

 

A.

Basis of Accounting

 

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

Certain statements and captions in the financial statements for the prior periods have been changed to conform to the current financial statement presentation.

 

B.

Silver Bullion

 

JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of silver bullion owned by the Trust.

 

Fair value of the silver bullion held by the Trust is based on the price per ounce of silver determined in an electronic auction consisting of one or more 30‑second rounds hosted by ICE Benchmark Administration (“IBA”) that begins at 12:00 p.m. (London time) and published shortly thereafter on each day that the London silver market is open for business (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.

 

Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.

 

7

 

The following tables summarize activity in silver bullion for the three months ended March 31, 2022 and 2021:

 

Three Months Ended March 31, 2022

 

Ounces

  

Cost

  

Fair Value

  

Realized
Gain (Loss)

 

Beginning balance

  530,838,100  $11,330,688,133  $12,254,397,545  $ 

Silver bullion contributed

  51,197,066   1,235,098,722   1,235,098,722    

Silver bullion distributed

  (22,736,381)  (487,088,251)  (556,974,232)  69,885,981 

Silver bullion sold to pay expenses

  (651,282)  (13,948,233)  (15,252,515)  1,304,282 

Net realized gain

        71,190,263    

Net change in unrealized appreciation/depreciation

        874,378,036    

Ending balance

  558,647,503  $12,064,750,371  $13,862,837,819  $71,190,263 

 

Three Months Ended March 31, 2021

 

Ounces

  

Cost

  

Fair Value

  

Realized

Gain (Loss)

 

Beginning balance

  558,715,882  $10,472,474,303  $14,797,590,146  $ 

Silver bullion contributed

  164,157,109   4,468,670,836   4,468,670,836    

Silver bullion distributed

  (147,079,936)  (2,990,074,263)  (3,878,623,508)  888,549,245 

Silver bullion sold to pay expenses

  (668,843)  (13,426,100)  (18,635,427)  5,209,327 

Net realized gain

        893,758,572    

Net change in unrealized appreciation/depreciation

        (2,459,779,533)   

Ending balance

  575,124,212  $11,937,644,776  $13,802,981,086  $893,758,572 

 

C.

Calculation of Net Asset Value

 

On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the silver and other assets held by the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

 

8

 

D.

Offering of the Shares

 

Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for silver bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trustee and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of silver is not reasonably practicable.

 

The per Share amount of silver exchanged for a purchase or redemption represents the per Share amount of silver held by the Trust, after giving effect to its liabilities.

 

When silver bullion is exchanged in settlement of a redemption, it is considered a sale of silver bullion for accounting purposes.

 

E.

Federal Income Taxes

 

The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

 

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

 

 

3 -

Trust Expenses

 

The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.50% of the net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee and reimbursement for its reasonable out-of-pocket expenses, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and, effective January 31, 2022, up to $500,000 per annum in legal fees and expenses. Prior to January 31, 2022, the Sponsor had agreed to assume up to $100,000 per annum in legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the amount required under the Trust Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust. 

 

 

4 -

Related Parties

 

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

 

 

5 -

Indemnification

 

The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

 

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their (1) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or (2) reckless disregard of their obligations and duties under the Trust Agreement.

 

The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties.

 

 

6 -

Commitments and Contingent Liabilities

 

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

 

 

7 -

Concentration Risk

 

Substantially all of the Trust’s assets are holdings of silver bullion, which creates a concentration risk associated with fluctuations in the price of silver. Accordingly, a decline in the price of silver will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of silver include a change in economic conditions (such as a recession); a significant increase in the hedging activities of silver producers; significant changes in the attitude of speculators, investors and other market participants towards silver; global silver supply and demand; global or regional political, economic or financial events and situations; investors’ expectations with respect to the rate of inflation; interest rates; investment and trading activities of hedge funds and commodity funds; other economic variables such as income growth, economic output, and monetary policies; and investor confidence.

 

 

 

8 -

Financial Highlights

 

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2022 and 2021.

 

  

Three Months Ended
March 31,

 
  

2022

  

2021

 

Net asset value per Share, beginning of period

 $21.35  $24.61 
         

Net investment loss(a)

  (0.03)  (0.03)

Net realized and unrealized gain (loss)(b)

  1.60   (2.30)

Net increase (decrease) in net assets from operations

  1.57   (2.33)

Net asset value per Share, end of period

 $22.92  $22.28 
         

Total return, at net asset value(c)(d)

  7.35%   (9.47)% 
         

Ratio to average net assets:

        

Net investment loss(e)

  (0.50)%   (0.50)% 

Expenses(e)

  0.50%   0.50% 

 


(a)

Based on average Shares outstanding during the period.

(b)

The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.

(c)

Based on the change in net asset value of a Share during the period.

(d)

Percentage is not annualized.

(e)

Percentage is annualized.

 

 

9 -

Investment Valuation

 

U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investment at fair value.

 

Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:

 

 Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities;

 

 Level 2

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

 

 Level 3

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

 

At March 31, 2022 and December 31, 2021, the value of the silver bullion held by the Trust is categorized as Level 1.

 

 

 

Item 2. Managements 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 10‑Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking 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 officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Second Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and iShares Delaware Trust Sponsor LLC, the sponsor of the Trust (the “Sponsor”). The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist primarily of silver bullion held by a custodian as an agent of the Trust responsible only to the Trustee.

 

The Trust is a passive investment vehicle and 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 does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of silver.

 

The Trust issues and redeems Shares only in exchange for silver, only in aggregations of 50,000 Shares (a “Basket”) or integral multiples thereof, and only in transactions with registered broker-dealers that have previously entered into an agreement with the Sponsor and the Trustee governing the terms and conditions of such issuance (such broker-dealers, the “Authorized Participants”). A list of the current Authorized Participants is available from the Sponsor or the Trustee.

 

Shares of the Trust trade on NYSE Arca, Inc. under the ticker symbol SLV.

 

Valuation of Silver Bullion; Computation of Net Asset Value

 

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 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.

 

Liquidity

 

The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee. The Trust’s only source of liquidity is its sales of silver.

 

Critical Accounting Policies

 

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. A description of the valuation of silver bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Silver Bullion; Computation of Net Asset Value” above. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

 

 

Results of Operations

 

The Quarter Ended March 31, 2022

 

The Trust’s net asset value increased from $12,249,234,223 at December 31, 2021 to $13,856,958,505 at March 31, 2022, a 13.13% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the LBMA Silver Price, which grew 7.49% from $23.09 at December 31, 2021 to $24.82 at March 31, 2022. The increase in the Trust’s net asset value also benefited from an increase in the number of outstanding Shares, which rose from 573,800,000 Shares at December 31, 2021 to 604,600,000 Shares at March 31, 2022, a consequence of 55,400,000 Shares (1,108 Baskets) being created and 24,600,000 Shares (492 Baskets) being redeemed during the quarter.

 

The 7.35% increase in the NAV from $21.35 at December 31, 2021 to $22.92 at March 31, 2022 is directly related to the 7.49% increase in the price of silver.

 

The NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $15,968,507 for the quarter, or 0.12% of the Trust’s average weighted assets of $12,970,209,527 during the quarter. The NAV of $24.18 on March 9, 2022 was the highest during the quarter, compared with a low during the quarter of $20.56 on January 7, 2022.

 

Net increase in net assets resulting from operations for the quarter ended March 31, 2022 was $929,599,792, resulting from an unrealized gain on investment in silver bullion of $874,378,036, a net realized gain of $69,885,981 on silver distributed for the redemption of Shares, and a net realized gain of $1,304,282 from silver bullion sold to pay expenses, partially offset by net investment loss of $15,968,507. Other than the Sponsor’s fees of $15,968,507, the Trust had no expenses during the quarter.

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not applicable.

 

 

Item 4. Controls and Procedures.

 

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

 

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

 

There were no changes in the Trust’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

 

Item 1A. Risk Factors

 

Except as set forth below, there have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 1, 2022.

 

Because the Shares are created to reflect the price of the silver held by the Trust, the market price of the Shares will be as unpredictable as the price of silver has historically been. This creates the potential for losses, regardless of whether you hold Shares for a short-, mid- or long- term period.

 

Shares are created to reflect, at any given time, the market price of silver owned by the Trust at that time less the Trust’s expenses and liabilities. Because the value of Shares depends on the price of silver, it is subject to fluctuations similar to those affecting silver prices. This exposes your investment in Shares to potential losses if you need to sell your Shares at a time when the price of silver is lower than it was when you made your investment in Shares. Even if you are able to hold Shares for the mid- or long-term, you may never realize a profit, because silver markets have historically experienced extended periods of flat or declining prices.

 

Following an investment in Shares, several factors may have the effect of causing a decline in the prices of silver and a corresponding decline in the price of Shares. Among them:

 

• large sales, including those by the official sector (government, central banks and related institutions), which own a significant portion of the aggregate world holdings. If one or more of these institutions decide to sell in amounts large enough to cause a decline in world silver prices, the price of the Shares will be adversely affected;

 

• a significant increase in silver hedging activity by silver producers. Should there be an increase in the level of hedge activity of silver producing companies, it could cause a decline in world silver prices, adversely affecting the price of the Shares;

 

• a significant change in the attitude of speculators and investors towards silver. Should the speculative community take a negative view towards silver, a decline in world silver prices could occur, negatively impacting the price of the Shares;

 

• global silver supply and demand, which is influenced by such factors as silver’s uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other silver products, forward selling by silver producers, purchases made by silver producers to unwind silver hedge positions, central bank purchases and sales, and production and cost levels in major silver-producing countries such as China, Mexico and Peru;

 

• global or regional political, economic or financial events and situations, especially those unexpected in nature, including the recent Russian invasion of Ukraine;

 

• investors’ expectations with respect to the rate of inflation;

 

• interest rates;

 

• investment and trading activities of hedge funds and commodity funds;

 

• other economic variables such as income growth, economic output, and monetary policies; and

 

• investor confidence.

 

Conversely, several factors may trigger a temporary increase in the price of silver prior to your investment in the Shares. If that is the case, you will be buying Shares at prices affected by the temporarily high prices of silver, and you may incur losses when the causes for the temporary increase disappear.

 

Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and economic impacts are impossible to predict. These and any related events could cause volatility in precious metals prices and have significant impact on Fund performance and the value of an investment in the Shares. Russia is a significant producer of silver. On March 7, 2022, the LBMA suspended six Russian gold and silver refiners from its Good Delivery List. As a result, while existing silver bars from these refiners are considered acceptable, new silver bars are not.

 

Investors should be aware that while silver is used to preserve wealth by investors around the world, there is no assurance that silver will maintain its long term value in terms of future purchasing power. In the event the price of silver declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

 

 

Furthermore, although silver has been used as a portfolio diversifier due to its historically low-to-negative correlation with stocks and bonds, diversification does not ensure against, nor can it prevent against, risk of loss.

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

a) None.

 

b) Not applicable.

 

c) 24,600,000 Shares (492 Baskets) were redeemed during the quarter ended March 31, 2022.

 

Period

 

Total Number of Shares
Redeemed

   

Average Ounces of
Silver Paid Per Share

 

01/01/22 to 01/31/22

    12,500,000     $  0.9245  

02/01/22 to 02/28/22

    6,000,000       0.9241  

03/01/22 to 03/31/22

    6,100,000       0.9239  

Total

    24,600,000     $  0.9243  

 

 

Item 3. Defaults Upon Senior Securities

 

None.

 

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

 

Item 5. Other Information.

 

Not applicable.

 

 

Item 6. Exhibits

 

ExhibitNo.

 

Description

4.1

 

Third Amended and Restated Depositary Trust Agreement is incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by the Registrant on January 31, 2022

     

4.2

 

Standard Terms for Authorized Participant Agreements is incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016

     

10.1

 

First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch is incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016

     

10.2

 

Amendment Agreement to First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch is incorporated by reference to Exhibit 10.2 of Registration Statement No. 333-239613 filed by the Registrant on July 1, 2020

     

10.3

 

Sub-license Agreement is incorporated by reference to Exhibit 10.2 of Registration Statement No. 333-156506 filed by the Registrant on December 30, 2008

     

31.1

 

Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

     

31.2

 

Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

     

32.1

 

Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002

     

32.2

 

Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002

     

101.INS

 

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

     

101.SCH

 

Inline XBRL Taxonomy Extension Schema Document

     

101.CAL

 

Inline XBRL Taxonomy Extension Calculation Linkbase Document

     

101.DEF

 

Inline XBRL Taxonomy Extension Definition Linkbase Document

     

101.LAB

 

Inline XBRL Taxonomy Extension Label Linkbase Document

     

101.PRE

 

Inline XBRL Taxonomy Extension Presentation Linkbase Document

     

104

 

Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.

 

iShares Delaware Trust Sponsor LLC,
Sponsor of the iShares Silver Trust (registrant)

 

/s/ Paul Lohrey

Paul Lohrey
Director, President and Chief Executive Officer
(Principal executive officer)

 

Date: May 5, 2022

 

 

/s/ Trent Walker

Trent Walker
Chief Financial Officer
(Principal financial and accounting officer)

 

Date: May 5, 2022

 


*     The registrant is a trust and the persons are signing in their respective capacities as officers of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

 

16
EX-31.1 2 ex_356157.htm EXHIBIT 31.1 ex_356157.htm

Exhibit 31.1

 

CERTIFICATION

 

I, Paul Lohrey, certify that:

 

 

1.

I have reviewed this report on Form 10-Q of iShares Silver Trust;

 

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d‑15(f)) for the registrant and have:

 

 

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 5, 2022

 

/s/ Paul Lohrey

Paul Lohrey
President and Chief Executive Officer
(Principal executive officer)

 

 

 
EX-31.2 3 ex_356158.htm EXHIBIT 31.2 ex_356158.htm

Exhibit 31.2

 

CERTIFICATION

 

I, Trent Walker, certify that:

 

 

1.

I have reviewed this report on Form 10-Q of iShares Silver Trust;

 

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d‑15(f)) for the registrant and have:

 

 

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 5, 2022

 

/s/ Trent Walker

Trent Walker
Chief Financial Officer
(Principal financial and accounting officer)

 

 
EX-32.1 4 ex_356159.htm EXHIBIT 32.1 ex_356159.htm

Exhibit 32.1

 

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with the Quarterly Report of iShares Silver Trust (the “Trust”) on Form 10-Q for the period ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Paul Lohrey, Chief Executive Officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

 

1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

 

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

 

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.

 

Date: May 5, 2022

 

/s/ Paul Lohrey

Paul Lohrey*
President and Chief Executive Officer
(Principal executive officer)

 


*     The registrant is a trust and Mr. Lohrey is signing in his capacity as an officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

 

 
EX-32.2 5 ex_356160.htm EXHIBIT 32.2 ex_356160.htm

Exhibit 32.2

 

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with the Quarterly Report of iShares Silver Trust (the “Trust”) on Form 10-Q for the period ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Trent Walker, Chief Financial Officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

 

1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

 

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

 

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.

 

Date: May 5, 2022

 

/s/ Trent Walker

Trent Walker*
Chief Financial Officer
(Principal financial and accounting officer)

 


*     The registrant is a trust and Mr. Walker is signing in his capacity as an officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

 
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Investment in silver bullion, at fair value Beginning balance, fair value Ending balance, fair value us-gaap_LiabilitiesFairValueDisclosure Total Liabilities Less Liabilities us-gaap_CashAndCashEquivalentsAtCarryingValue Cash, beginning of period Cash, end of period Ending balance, realized gain (loss) us-gaap_RealizedInvestmentGainsLosses Net realized gain Net realized gain Net realized (gain) loss Document Quarterly Report Amendment Flag Entity Incorporation, State or Country Code Accounting Policies [Abstract] Significant Accounting Policies [Text Block] us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets Less liabilities, percentage of net asset value Document Transition Report City Area Code Basis of Accounting, Policy [Policy Text Block] Net Realized and Unrealized Gain (Loss) Concentration Risk Disclosure [Text Block] Entity Interactive Data Current Silver bullion fair value Activity in Silver Bullion [Table Text Block] Tabular disclosure of the ounces, average cost, fair value and realized gain (loss) related to activity in silver bullion. Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: Security Exchange Name Silver bullion contributed (Ounce) Ounces of silver bullion contributed for the creation of shares. Title of 12(b) Security Silver bullion contributed, average cost Average cost of silver bullion contributed for the creation of shares. Current Fiscal Year End Date Net increase in Shares issued and outstanding (in shares) Statistical Measurement [Domain] Maximum [Member] Document Fiscal Period Focus Silver bullion contributed, fair value Fair value of silver bullion contributed for the creation of shares. Document Fiscal Year Focus Document Period End Date slv_SilverDistributed Silver bullion distributed (Ounce) Ounces of silver bullion distributed for the redemption of shares. Statistical Measurement [Axis] slv_SilverDistributedAverageCost Silver bullion distributed, average cost Average cost of silver bullion distributed for the redemption of shares. Entity File Number slv_SilverDistributedFairValue Silver bullion distributed, fair value Fair value of silver bullion distributed for the redemption of shares. slv_SilverSold Silver bullion sold to pay expenses (Ounce) Ounces of silver bullion sold to pay the trust's expenses. us-gaap_PaymentsForFees Expenses – Sponsor’s fees paid Entity Emerging Growth Company slv_SilverSoldAverageCost Silver bullion sold to pay expenses, average cost Average cost of silver bullion sold to pay the trust's expenses. Document Type slv_SilverSoldFairValue Silver bullion sold to pay expenses, fair value Fair value of silver bullion sold to pay the trust's expenses. Investment in silver bullion, cost Beginning balance, average cost Ending balance, average cost Entity Small Business Entity Shell Company us-gaap_PolicyTextBlockAbstract Accounting Policies Document Information [Line Items] Document Information [Table] Total investment, percentage of net asset value Proceeds from silver bullion sold to pay expenses Entity Filer Category Entity Current Reporting Status Silver bullion contributed for Shares issued Entity Tax Identification Number Entity Central Index Key Financial Highlights [Table Text Block] Financial highlights table. Entity Registrant Name Liabilities Entity [Domain] Legal Entity [Axis] Statement [Table] Entity Address, Address Line One Statement of Financial Position [Abstract] Supplemental disclosure of non-cash information: Entity Address, City or Town Net investment loss (in dollars per share) Net investment income (loss) per share during the period. Entity Address, Postal Zip Code Net increase (decrease) in net assets per Share (in dollars per share) Entity Address, State or Province Sponsor’s fees payable Cash Flows from Operating Activities Net realized and unrealized gain (loss) (in dollars per share) Net realized and unrealized gain (loss) per share during the period. Net increase (decrease) in net assets from operations (in dollars per share) Net increase (decrease) in net assets from operations per Share during the period. Statement of Cash Flows [Abstract] Investment [Table Text Block] Statement [Line Items] Investment Holdings, Schedule of Investments [Text Block] Entity Common Stock, Shares Outstanding Statement of Stockholders' Equity [Abstract] Ratio to average net assets: Ratio to average net assets [abstract] Income Statement [Abstract] slv_NetInvestmentGainLossToAverageNetAssetsRatio Net investment loss Ratio of net investment gain (loss) to average net assets. slv_ExpensesToAverageNetAssetsRatio Expenses Ratio of expenses to average net assets. Total return, at net asset value Total return at net asset value for the period. Silver bullion distributed for the redemption of Shares Silver bullion distributed, realized gain (loss) The net realized gain (loss) from silver distributed for the redemption of shares during the period. Trading Symbol Operations: Business Description and Basis of Presentation [Text Block] Net asset value per Share (Note 2C) (in dollars per share) Net asset value per Share, beginning of period (in dollars per share) Net asset value per Share, end of period (in dollars per share) Capital Share Transactions: Shares issued and redeemed slv_IncreaseDecreaseInNetAssets Increase (decrease) in net assets Increase (decrease) in net assets. 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Net investment loss Net investment loss us-gaap_NetCashProvidedByUsedInOperatingActivities Net cash provided by (used in) operating activities Net assets, percentage of net asset value The percentage of net assets of net assets. Commitments and Contingencies Disclosure [Text Block] us-gaap_StockIssuedDuringPeriodSharesNewIssues Shares issued (in shares) Investment, Policy [Policy Text Block] Net increase in net assets from capital share transactions Contributions for Shares issued Change in operating assets and liabilities: us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements Class of Stock [Axis] Expenses Net change in unrealized appreciation/depreciation Net change in unrealized appreciation/depreciation, fair value Net change in unrealized appreciation/depreciation EX-101.PRE 10 slv-20220331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.22.1
Document And Entity Information - shares
3 Months Ended
Mar. 31, 2022
Apr. 29, 2022
Document Information [Line Items]    
Entity Central Index Key 0001330568  
Entity Registrant Name iShares Silver Trust  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2022  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2022  
Document Transition Report false  
Entity File Number 001-32863  
Entity Incorporation, State or Country Code NY  
Entity Tax Identification Number 13-7474456  
Entity Address, Address Line One 400 Howard Street  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94105  
City Area Code 415  
Local Phone Number 670-2000  
Title of 12(b) Security Shares  
Trading Symbol SLV  
Security Exchange Name NYSEArca  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   622,750,000
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.22.1
Statements of Assets and Liabilities (Unaudited) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Assets    
Investment in silver bullion, at fair value [1] $ 13,862,837,819 $ 12,254,397,545
Total Assets 13,862,837,819 12,254,397,545
Liabilities    
Sponsor’s fees payable 5,879,314 5,163,322
Total Liabilities 5,879,314 5,163,322
Commitments and contingent liabilities (Note 6)
Net Assets $ 13,856,958,505 $ 12,249,234,223
Shares issued and outstanding (in shares) [2] 604,600,000 573,800,000
Net asset value per Share (Note 2C) (in dollars per share) $ 22.92 $ 21.35
[1] Cost of investment in silver bullion: $12,064,750,371 and $11,330,688,133, respectively.
[2] No par value, unlimited amount authorized.
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.22.1
Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($)
$ / shares in Thousands
Mar. 31, 2022
Dec. 31, 2021
Investment in silver bullion, cost $ 12,064,750,371 $ 11,330,688,133
Shares, par value (in dollars per share) $ 0 $ 0
Shares issued (in shares) 604,600,000 573,800,000
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.1
Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Expenses    
Sponsor's fees $ 15,968,507 $ 19,286,631
Total expenses 15,968,507 19,286,631
Net investment loss (15,968,507) (19,286,631)
Net Realized and Unrealized Gain (Loss)    
Silver bullion sold to pay expenses 1,304,282 5,209,327
Silver bullion distributed for the redemption of Shares 69,885,981 888,549,245
Net realized gain 71,190,263 893,758,572
Net change in unrealized appreciation/depreciation 874,378,036 (2,459,779,533)
Net realized and unrealized gain (loss) 945,568,299 (1,566,020,961)
Net increase (decrease) in net assets resulting from operations $ 929,599,792 $ (1,585,307,592)
Net increase (decrease) in net assets per Share (in dollars per share) [1] $ 1.59 $ (2.47)
[1] Net increase (decrease) in net assets per Share based on average shares outstanding during the period.
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.22.1
Statements of Changes in Net Assets (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Net Assets, Beginning of Period $ 12,249,234,223 $ 14,791,792,720
Operations:    
Net investment loss (15,968,507) (19,286,631)
Net realized gain 71,190,263 893,758,572
Net change in unrealized appreciation/depreciation 874,378,036 (2,459,779,533)
Net increase (decrease) in net assets resulting from operations 929,599,792 (1,585,307,592)
Capital Share Transactions:    
Contributions for Shares issued 1,235,098,722 4,468,670,836
Distributions for Shares redeemed (556,974,232) (3,878,623,508)
Net increase in net assets from capital share transactions 678,124,490 590,047,328
Increase (decrease) in net assets 1,607,724,282 (995,260,264)
Net Assets, End of Period $ 13,856,958,505 $ 13,796,532,456
Shares issued and redeemed    
Shares issued (in shares) 55,400,000 176,700,000
Shares redeemed (in shares) (24,600,000) (158,350,000)
Net increase in Shares issued and outstanding (in shares) 30,800,000 18,350,000
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.1
Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows from Operating Activities    
Proceeds from silver bullion sold to pay expenses $ 15,252,515 $ 18,635,427
Expenses – Sponsor’s fees paid (15,252,515) (18,635,427)
Net cash provided by (used in) operating activities 0 0
Increase (decrease) in cash 0 0
Cash, beginning of period 0 0
Cash, end of period 0 0
Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities    
Net increase (decrease) in net assets resulting from operations 929,599,792 (1,585,307,592)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:    
Proceeds from silver bullion sold to pay expenses 15,252,515 18,635,427
Net realized (gain) loss (71,190,263) (893,758,572)
Net change in unrealized appreciation/depreciation (874,378,036) 2,459,779,533
Change in operating assets and liabilities:    
Sponsor’s fees payable 715,992 651,204
Net cash provided by (used in) operating activities 0 0
Supplemental disclosure of non-cash information:    
Silver bullion contributed for Shares issued 1,235,098,722 4,468,670,836
Silver bullion distributed for Shares redeemed $ (556,974,232) $ (3,878,623,508)
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Schedules of Investments (Unaudited)
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Investment Holdings, Schedule of Investments [Text Block]

iShares® Silver Trust

Schedules of Investments (Unaudited)

At March 31, 2022 and December 31, 2021

 

March 31, 2022

  

Description

 

Ounces

  

Cost

  

Fair Value

 

Silver bullion

  558,647,503  $12,064,750,371  $13,862,837,819 
             

Total Investments – 100.04%

          13,862,837,819 

Less Liabilities – (0.04)%

          (5,879,314)

Net Assets – 100.00%

         $13,856,958,505 

 

December 31, 2021

  

Description

 

Ounces

  

Cost

  

Fair Value

 

Silver bullion

  530,838,100  $11,330,688,133  $12,254,397,545 
             

Total Investments – 100.04%

          12,254,397,545 

Less Liabilities – (0.04)%

          (5,163,322)

Net Assets – 100.00%

         $12,249,234,223 

 

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.1
Note 1 - Organization
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Business Description and Basis of Presentation [Text Block]

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, 2021, as filed with the SEC on March 1, 2022.

 

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.22.1
Note 2 - Significant Accounting Policies
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Significant Accounting Policies [Text Block]

2 -

Significant Accounting Policies

 

A.

Basis of Accounting

 

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

Certain statements and captions in the financial statements for the prior periods have been changed to conform to the current financial statement presentation.

 

B.

Silver Bullion

 

JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of silver bullion owned by the Trust.

 

Fair value of the silver bullion held by the Trust is based on the price per ounce of silver determined in an electronic auction consisting of one or more 30‑second rounds hosted by ICE Benchmark Administration (“IBA”) that begins at 12:00 p.m. (London time) and published shortly thereafter on each day that the London silver market is open for business (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.

 

Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.

 

The following tables summarize activity in silver bullion for the three months ended March 31, 2022 and 2021:

 

Three Months Ended March 31, 2022

 

Ounces

  

Cost

  

Fair Value

  

Realized
Gain (Loss)

 

Beginning balance

  530,838,100  $11,330,688,133  $12,254,397,545  $ 

Silver bullion contributed

  51,197,066   1,235,098,722   1,235,098,722    

Silver bullion distributed

  (22,736,381)  (487,088,251)  (556,974,232)  69,885,981 

Silver bullion sold to pay expenses

  (651,282)  (13,948,233)  (15,252,515)  1,304,282 

Net realized gain

        71,190,263    

Net change in unrealized appreciation/depreciation

        874,378,036    

Ending balance

  558,647,503  $12,064,750,371  $