Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2018shares | |
Document Information [Line Items] | |
Entity Registrant Name | iShares Silver Trust |
Entity Central Index Key | 1,330,568 |
Trading Symbol | slv |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 342,550,000 |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Statements of Assets and Liabil
Statements of Assets and Liabilities (Unaudited) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | |
Assets | |||
Investment in silver bullion, at fair value(a) | [1] | $ 5,169,125,403 | $ 5,407,419,250 |
Total Assets | 5,169,125,403 | 5,407,419,250 | |
Liabilities | |||
Sponsor’s fees payable | 2,171,796 | 2,225,399 | |
Total Liabilities | 2,171,796 | 2,225,399 | |
Commitments and contingent liabilities (Note 6) | 0 | 0 | |
Net Assets | $ 5,166,953,607 | $ 5,405,193,851 | |
Shares issued and outstanding(b) (in shares) | [2] | 342,550,000 | 339,750,000 |
Net asset value per Share (Note 2C) (in dollars per share) | $ 15.08 | $ 15.91 | |
[1] | Cost of investment in silver bullion: $5,806,008,238 and $5,831,748,196, respectively. | ||
[2] | No par value, unlimited amount authorized. |
Statements of Assets and Liabi3
Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment in silver bullion, cost | $ 5,806,008,238 | $ 5,831,748,196 |
Shares, par value (in dollars per share) | $ 0 | $ 0 |
Shares issued (in shares) | 342,550,000 | 339,750,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Expenses | ||||
Sponsor’s fees | $ 6,592,413 | $ 7,228,475 | $ 13,136,281 | $ 14,394,071 |
Total expenses | 6,592,413 | 7,228,475 | 13,136,281 | 14,394,071 |
Net investment loss | (6,592,413) | (7,228,475) | (13,136,281) | (14,394,071) |
Net Realized and Unrealized Gain (Loss) | ||||
Silver bullion sold to pay expenses | (688,243) | (431,111) | (1,194,705) | (941,188) |
Silver bullion distributed for the redemption of Shares | (27,518,074) | (11,635,841) | (41,297,877) | (27,169,500) |
Net realized loss | (28,206,317) | (12,066,952) | (42,492,582) | (28,110,688) |
Net change in unrealized appreciation/depreciation | (43,957,463) | (510,278,966) | (212,553,889) | 120,516,804 |
Net realized and unrealized gain (loss) | (72,163,780) | (522,345,918) | (255,046,471) | 92,406,116 |
Net increase (decrease) in net assets resulting from operations | $ (78,756,193) | $ (529,574,393) | $ (268,182,752) | $ 78,012,045 |
Net increase (decrease) in net assets per Share (in dollars per share) | $ (0.23) | $ (1.49) | $ (0.79) | $ 0.22 |
Statements of Changes in Net As
Statements of Changes in Net Assets (Unaudited) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Net Assets, Beginning of Period | $ 5,405,193,851 | $ 5,541,130,643 |
Operations: | ||
Net investment loss | (13,136,281) | (28,299,587) |
Net realized loss | (42,492,582) | (92,120,817) |
Net change in unrealized appreciation/depreciation | (212,553,889) | 337,891,452 |
Net increase (decrease) in net assets resulting from operations | (268,182,752) | 217,471,048 |
Capital Share Transactions: | ||
Contributions for Shares issued | 587,710,858 | 873,170,446 |
Distributions for Shares redeemed | (557,768,350) | (1,226,578,286) |
Net increase (decrease) in net assets from capital share transactions | 29,942,508 | (353,407,840) |
Decrease in net assets | (238,240,244) | (135,936,792) |
Net Assets, End of Period | $ 5,166,953,607 | $ 5,405,193,851 |
Shares issued and redeemed | ||
Shares issued (in shares) | 37,900,000 | 55,800,000 |
Shares redeemed (in shares) | (35,100,000) | (75,950,000) |
Net increase (decrease) in Shares issued and outstanding (in shares) | 2,800,000 | (20,150,000) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Cash Flows from Operating Activities | |||||
Proceeds from silver bullion sold to pay expenses | $ 13,189,884 | $ 14,391,316 | |||
Expenses – Sponsor’s fees paid | (13,189,884) | (14,391,316) | |||
Net cash provided by operating activities | 0 | 0 | |||
Increase (decrease) in cash | 0 | 0 | |||
Cash, beginning of period | 0 | 0 | $ 0 | ||
Cash, end of period | $ 0 | $ 0 | 0 | 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 | (78,756,193) | (529,574,393) | (268,182,752) | 78,012,045 | 217,471,048 |
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 | 13,189,884 | 14,391,316 | |||
Net realized (gain) loss | 28,206,317 | 12,066,952 | 42,492,582 | 28,110,688 | 92,120,817 |
Net change in unrealized appreciation/depreciation | $ 43,957,463 | $ 510,278,966 | 212,553,889 | (120,516,804) | $ (337,891,452) |
Change in operating assets and liabilities: | |||||
Sponsor’s fees payable | (53,603) | 2,755 | |||
Net cash provided by operating activities | 0 | 0 | |||
Supplemental disclosure of non-cash information: | |||||
Silver bullion contributed for Shares issued | 587,710,858 | 468,480,450 | |||
Silver bullion distributed for Shares redeemed | $ (557,768,350) | $ (496,692,867) |
Schedules of Investments (Unaud
Schedules of Investments (Unaudited) | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Investment Holdings, Schedule of Investments [Text Block] | Schedules of Investments (Unaudited) At June 30, 2018 December 31, 2017 June 30, 2018 Description Ounces Cost Fair Value Silver bullion 322,465,714 $ 5,806,008,238 $ 5,169,125,403 Total Investment – 100.04% 5,169,125,403 Less Liabilities – (0.04)% (2,171,796 ) Net Assets – 100.00% $ 5,166,953,607 December 31, 2017 Description Ounces Cost Fair Value Silver bullion 320,629,662 $ 5,831,748,196 $ 5,407,419,250 Total Investment – 100.04% 5,407,419,250 Less Liabilities – (0.04)% (2,225,399 ) Net Assets – 100.00% $ 5,405,193,851 |
Note 1 - Organization
Note 1 - Organization | 6 Months Ended |
Jun. 30, 2018 | |
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 December 22, 2016. 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 not 10‑K December 31, 2017, February 28, 2018. The Trust qualifies as an investment company solely for accounting purposes and not 946, Financial Services - Investment Companies not not 1940, |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2 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. 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 hosted by ICE Benchmark Administration (“IBA”) that begins at 12:00 no October 2, 2017, October 2, 2017, 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 June 30, 2018 2017: Three Months Ended June 30, 2018 Ounces Cost Fair Realized Beginning balance 319,012,097 $ 5,786,442,301 $ 5,193,516,929 $ — Silver bullion contributed 24,760,653 404,809,725 404,809,725 — Silver bullion distributed (20,901,664 ) (377,908,569 ) (350,390,495 ) (27,518,074 ) Silver bullion sold to pay expenses (405,372 ) (7,335,219 ) (6,646,976 ) (688,243 ) Net realized loss — — (28,206,317 ) — Net change in unrealized appreciation/depreciation — — (43,957,463 ) — Ending balance 322,465,714 $ 5,806,008,238 $ 5,169,125,403 $ (28,206,317 ) Three Months Ended June 30, 2017 Ounces Cost Fair Realized Beginning balance 330,326,197 $ 6,097,115,732 $ 5,965,691,104 $ — Silver bullion contributed 22,664,845 384,309,070 384,309,070 — Silver bullion distributed (12,964,321 ) (238,657,456 ) (227,021,615 ) (11,635,841 ) Silver bullion sold to pay expenses (421,510 ) (7,765,928 ) (7,334,817 ) (431,111 ) Net realized loss — — (12,066,952 ) — Net change in unrealized appreciation/depreciation — — (510,278,966 ) — Ending balance 339,605,211 $ 6,235,001,418 $ 5,593,297,824 $ (12,066,952 ) The following tables summarize activity in silver bullion for the six June 30, 2018 2017: Six Months Ended June 30, 2018 Ounces Cost Fair Realized Beginning balance 320,629,662 $ 5,831,748,196 $ 5,407,419,250 $ — Silver bullion contributed 35,696,104 587,710,858 587,710,858 — Silver bullion distributed (33,066,784 ) (599,066,227 ) (557,768,350 ) (41,297,877 ) Silver bullion sold to pay expenses (793,268 ) (14,384,589 ) (13,189,884 ) (1,194,705 ) Net realized loss — — (42,492,582 ) — Net change in unrealized appreciation/depreciation — — (212,553,889 ) — Ending balance 322,465,714 $ 5,806,008,238 $ 5,169,125,403 $ (42,492,582 ) Six Months Ended June 30, 2017 Ounces Cost Fair Realized Beginning balance 341,348,242 $ 6,305,715,839 $ 5,543,495,441 $ — Silver bullion contributed 27,495,599 468,480,450 468,480,450 — Silver bullion distributed (28,407,461 ) (523,862,367 ) (496,692,867 ) (27,169,500 ) Silver bullion sold to pay expenses (831,169 ) (15,332,504 ) (14,391,316 ) (941,188 ) Net realized loss — — (28,110,688 ) — Net change in unrealized appreciation/depreciation — — 120,516,804 — Ending balance 339,605,211 $ 6,235,001,418 $ 5,593,297,824 $ (28,110,688 ) C. Calculation of Net Asset Value On each business day, as soon as practicable after 4:00 D. Offering of the Shares Trust Shares are issued and redeemed continuously in aggregations of 50,000 may 50,000 provided may not 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 The Sponsor has reviewed the tax positions as of June 30, 2018 no |
Note 3 - Trust Expenses
Note 3 - Trust Expenses | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Trust Expenses [Text Block] | 3 - Trust Expenses The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.50% $100,000 |
Note 4 - Related Parties
Note 4 - Related Parties | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 4 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 |
Note 5 - Indemnification
Note 5 - Indemnification | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Indemnification [Text Block] | 5 The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates and subsidiaries shall be indemnified by the Trust for any loss, liability or expense incurred by any such person that arises out of or in connection with the performance of obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement, absent such person’s negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of such person’s duties and obligations. 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. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6 In the normal course of business, the Trust may may not |
Note 7 - Concentration Risk
Note 7 - Concentration Risk | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 7 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 |
Note 8 - Financial Highlights
Note 8 - Financial Highlights | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Financial Highlights [Text Block] | 8 - Financial Highlights The following financial highlights relate to investment performance and operations for a Share outstanding for the three six June 30, 2018 2017. Three Months Ended Six Months Ended 2018 2017 2018 2017 Net asset value per Share, beginning of period $ 15.34 $ 17.10 $ 15.91 $ 15.40 Net investment loss (a) (0.02 ) (0.02 ) (0.04 ) (0.04 ) Net realized and unrealized gain (loss) (b) (0.24 ) (1.50 ) (0.79 ) 0.22 Net increase (decrease) in net assets from operations (0.26 ) (1.52 ) (0.83 ) 0.18 Net asset value per Share, end of period $ 15.08 $ 15.58 $ 15.08 $ 15.58 Total return, at net asset value (c)(d) (1.69 )% (8.89 )% (5.22 )% 1.17 % Ratio to average net assets: Net investment loss (e) (0.50 )% (0.50 )% (0.50 )% (0.50 )% Expenses (e) 0.50 % 0.50 % 0.50 % 0.50 % (a) Based on average Shares outstanding during the period. (b) The amounts reported for a Share outstanding may not (c) Based on the change in net asset value of a Share during the period. (d) Percentage is not (e) Percentage is annualized. |
Note 9 - Investment Valuation
Note 9 - Investment Valuation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9 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 may three three Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included within Level 1 not 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 June 30, 2018 December 31, 2017, 1. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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. |
Investment, Policy [Policy Text Block] | 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 hosted by ICE Benchmark Administration (“IBA”) that begins at 12:00 no October 2, 2017, October 2, 2017, 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 June 30, 2018 2017: Three Months Ended June 30, 2018 Ounces Cost Fair Realized Beginning balance 319,012,097 $ 5,786,442,301 $ 5,193,516,929 $ — Silver bullion contributed 24,760,653 404,809,725 404,809,725 — Silver bullion distributed (20,901,664 ) (377,908,569 ) (350,390,495 ) (27,518,074 ) Silver bullion sold to pay expenses (405,372 ) (7,335,219 ) (6,646,976 ) (688,243 ) Net realized loss — — (28,206,317 ) — Net change in unrealized appreciation/depreciation — — (43,957,463 ) — Ending balance 322,465,714 $ 5,806,008,238 $ 5,169,125,403 $ (28,206,317 ) Three Months Ended June 30, 2017 Ounces Cost Fair Realized Beginning balance 330,326,197 $ 6,097,115,732 $ 5,965,691,104 $ — Silver bullion contributed 22,664,845 384,309,070 384,309,070 — Silver bullion distributed (12,964,321 ) (238,657,456 ) (227,021,615 ) (11,635,841 ) Silver bullion sold to pay expenses (421,510 ) (7,765,928 ) (7,334,817 ) (431,111 ) Net realized loss — — (12,066,952 ) — Net change in unrealized appreciation/depreciation — — (510,278,966 ) — Ending balance 339,605,211 $ 6,235,001,418 $ 5,593,297,824 $ (12,066,952 ) The following tables summarize activity in silver bullion for the six June 30, 2018 2017: Six Months Ended June 30, 2018 Ounces Cost Fair Realized Beginning balance 320,629,662 $ 5,831,748,196 $ 5,407,419,250 $ — Silver bullion contributed 35,696,104 587,710,858 587,710,858 — Silver bullion distributed (33,066,784 ) (599,066,227 ) (557,768,350 ) (41,297,877 ) Silver bullion sold to pay expenses (793,268 ) (14,384,589 ) (13,189,884 ) (1,194,705 ) Net realized loss — — (42,492,582 ) — Net change in unrealized appreciation/depreciation — — (212,553,889 ) — Ending balance 322,465,714 $ 5,806,008,238 $ 5,169,125,403 $ (42,492,582 ) Six Months Ended June 30, 2017 Ounces Cost Fair Realized Beginning balance 341,348,242 $ 6,305,715,839 $ 5,543,495,441 $ — Silver bullion contributed 27,495,599 468,480,450 468,480,450 — Silver bullion distributed (28,407,461 ) (523,862,367 ) (496,692,867 ) (27,169,500 ) Silver bullion sold to pay expenses (831,169 ) (15,332,504 ) (14,391,316 ) (941,188 ) Net realized loss — — (28,110,688 ) — Net change in unrealized appreciation/depreciation — — 120,516,804 — Ending balance 339,605,211 $ 6,235,001,418 $ 5,593,297,824 $ (28,110,688 ) |
Calculation of Net Asset Value [Policy Text Block] | C. Calculation of Net Asset Value On each business day, as soon as practicable after 4:00 |
Offering of the Shares [Policy Text Block] | D. Offering of the Shares Trust Shares are issued and redeemed continuously in aggregations of 50,000 may 50,000 provided may not 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. |
Income Tax, Policy [Policy Text Block] | E. Federal Income Taxes The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no The Sponsor has reviewed the tax positions as of June 30, 2018 no |
Schedules of Investments (Una18
Schedules of Investments (Unaudited) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Investment [Table Text Block] | June 30, 2018 Description Ounces Cost Fair Value Silver bullion 322,465,714 $ 5,806,008,238 $ 5,169,125,403 Total Investment – 100.04% 5,169,125,403 Less Liabilities – (0.04)% (2,171,796 ) Net Assets – 100.00% $ 5,166,953,607 December 31, 2017 Description Ounces Cost Fair Value Silver bullion 320,629,662 $ 5,831,748,196 $ 5,407,419,250 Total Investment – 100.04% 5,407,419,250 Less Liabilities – (0.04)% (2,225,399 ) Net Assets – 100.00% $ 5,405,193,851 |
Note 2 - Significant Accounti19
Note 2 - Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Activity in Silver Bullion [Table Text Block] | Three Months Ended June 30, 2018 Ounces Cost Fair Realized Beginning balance 319,012,097 $ 5,786,442,301 $ 5,193,516,929 $ — Silver bullion contributed 24,760,653 404,809,725 404,809,725 — Silver bullion distributed (20,901,664 ) (377,908,569 ) (350,390,495 ) (27,518,074 ) Silver bullion sold to pay expenses (405,372 ) (7,335,219 ) (6,646,976 ) (688,243 ) Net realized loss — — (28,206,317 ) — Net change in unrealized appreciation/depreciation — — (43,957,463 ) — Ending balance 322,465,714 $ 5,806,008,238 $ 5,169,125,403 $ (28,206,317 ) Three Months Ended June 30, 2017 Ounces Cost Fair Realized Beginning balance 330,326,197 $ 6,097,115,732 $ 5,965,691,104 $ — Silver bullion contributed 22,664,845 384,309,070 384,309,070 — Silver bullion distributed (12,964,321 ) (238,657,456 ) (227,021,615 ) (11,635,841 ) Silver bullion sold to pay expenses (421,510 ) (7,765,928 ) (7,334,817 ) (431,111 ) Net realized loss — — (12,066,952 ) — Net change in unrealized appreciation/depreciation — — (510,278,966 ) — Ending balance 339,605,211 $ 6,235,001,418 $ 5,593,297,824 $ (12,066,952 ) Six Months Ended June 30, 2018 Ounces Cost Fair Realized Beginning balance 320,629,662 $ 5,831,748,196 $ 5,407,419,250 $ — Silver bullion contributed 35,696,104 587,710,858 587,710,858 — Silver bullion distributed (33,066,784 ) (599,066,227 ) (557,768,350 ) (41,297,877 ) Silver bullion sold to pay expenses (793,268 ) (14,384,589 ) (13,189,884 ) (1,194,705 ) Net realized loss — — (42,492,582 ) — Net change in unrealized appreciation/depreciation — — (212,553,889 ) — Ending balance 322,465,714 $ 5,806,008,238 $ 5,169,125,403 $ (42,492,582 ) Six Months Ended June 30, 2017 Ounces Cost Fair Realized Beginning balance 341,348,242 $ 6,305,715,839 $ 5,543,495,441 $ — Silver bullion contributed 27,495,599 468,480,450 468,480,450 — Silver bullion distributed (28,407,461 ) (523,862,367 ) (496,692,867 ) (27,169,500 ) Silver bullion sold to pay expenses (831,169 ) (15,332,504 ) (14,391,316 ) (941,188 ) Net realized loss — — (28,110,688 ) — Net change in unrealized appreciation/depreciation — — 120,516,804 — Ending balance 339,605,211 $ 6,235,001,418 $ 5,593,297,824 $ (28,110,688 ) |
Note 8 - Financial Highlights (
Note 8 - Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Financial Highlights [Table Text Block] | Three Months Ended Six Months Ended 2018 2017 2018 2017 Net asset value per Share, beginning of period $ 15.34 $ 17.10 $ 15.91 $ 15.40 Net investment loss (a) (0.02 ) (0.02 ) (0.04 ) (0.04 ) Net realized and unrealized gain (loss) (b) (0.24 ) (1.50 ) (0.79 ) 0.22 Net increase (decrease) in net assets from operations (0.26 ) (1.52 ) (0.83 ) 0.18 Net asset value per Share, end of period $ 15.08 $ 15.58 $ 15.08 $ 15.58 Total return, at net asset value (c)(d) (1.69 )% (8.89 )% (5.22 )% 1.17 % Ratio to average net assets: Net investment loss (e) (0.50 )% (0.50 )% (0.50 )% (0.50 )% Expenses (e) 0.50 % 0.50 % 0.50 % 0.50 % |
Schedules of Investments (Una21
Schedules of Investments (Unaudited) - Investments (Details) | Jun. 30, 2018USD ($)oz | Mar. 31, 2018USD ($)oz | Dec. 31, 2017USD ($)oz | Jun. 30, 2017USD ($)oz | Mar. 31, 2017USD ($)oz | Dec. 31, 2016USD ($)oz |
Silver bullion (Ounce) | oz | 322,465,714 | 319,012,097 | 320,629,662 | 339,605,211 | 330,326,197 | 341,348,242 |
Investment in silver bullion, cost | $ 5,806,008,238 | $ 5,786,442,301 | $ 5,831,748,196 | $ 6,235,001,418 | $ 6,097,115,732 | $ 6,305,715,839 |
Silver bullion fair value | 5,169,125,403 | 5,407,419,250 | ||||
Less Liabilities | (2,171,796) | (2,225,399) | ||||
Net Assets | $ 5,166,953,607 | $ 5,405,193,851 | $ 5,541,130,643 |
Schedules of Investments (Una22
Schedules of Investments (Unaudited) - Investments (Details) (Parentheticals) | Jun. 30, 2018 | Dec. 31, 2017 |
Total investment, percentage of net asset value | 100.04% | 100.04% |
Less liabilities, percentage of net asset value | (0.04%) | (0.04%) |
Net assets, percentage of net asset value | 100.00% | 100.00% |
Note 2 - Significant Accounti23
Note 2 - Significant Accounting Policies (Details Textual) | Jun. 30, 2018shares |
Shares Prescribed Aggregation | 50,000 |
Note 2 - Significant Accounti24
Note 2 - Significant Accounting Policies - Activity in Silver Bullion (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2018USD ($)oz | Jun. 30, 2017USD ($)oz | Jun. 30, 2018USD ($)oz | Jun. 30, 2017USD ($)oz | Dec. 31, 2017USD ($)oz | ||||
Beginning balance (Ounce) | oz | 319,012,097 | 330,326,197 | 320,629,662 | 341,348,242 | 341,348,242 | |||
Silver bullion contributed (Ounce) | oz | 24,760,653 | 22,664,845 | 35,696,104 | 27,495,599 | ||||
Silver bullion distributed (Ounce) | oz | (20,901,664) | (12,964,321) | (33,066,784) | (28,407,461) | ||||
Silver bullion sold to pay expenses (Ounce) | oz | (405,372) | (421,510) | (793,268) | (831,169) | ||||
Ending balance (Ounce) | oz | 322,465,714 | 339,605,211 | 322,465,714 | 339,605,211 | 320,629,662 | |||
Beginning balance, average cost | $ 5,786,442,301 | $ 6,097,115,732 | $ 5,831,748,196 | $ 6,305,715,839 | $ 6,305,715,839 | |||
Silver bullion contributed, average cost | 404,809,725 | 384,309,070 | 587,710,858 | 468,480,450 | ||||
Silver bullion distributed, average cost | (377,908,569) | (238,657,456) | (599,066,227) | (523,862,367) | ||||
Silver bullion sold to pay expenses, average cost | (7,335,219) | (7,765,928) | (14,384,589) | (15,332,504) | ||||
Ending balance, average cost | 5,806,008,238 | 6,235,001,418 | 5,806,008,238 | 6,235,001,418 | 5,831,748,196 | |||
Beginning balance, fair value | 5,193,516,929 | 5,965,691,104 | 5,407,419,250 | [1] | 5,543,495,441 | 5,543,495,441 | ||
Silver bullion contributed, fair value | 404,809,725 | 384,309,070 | 587,710,858 | 468,480,450 | ||||
Silver bullion distributed, fair value | (350,390,495) | (227,021,615) | (557,768,350) | (496,692,867) | ||||
Silver bullion sold to pay expenses, fair value | (6,646,976) | (7,334,817) | (13,189,884) | (14,391,316) | ||||
Net realized gain (loss), fair value | (28,206,317) | (12,066,952) | (42,492,582) | (28,110,688) | (92,120,817) | |||
Net change in unrealized appreciation/depreciation, fair value | (43,957,463) | (510,278,966) | (212,553,889) | 120,516,804 | 337,891,452 | |||
Ending balance, fair value | 5,169,125,403 | [1] | 5,593,297,824 | 5,169,125,403 | [1] | 5,593,297,824 | 5,407,419,250 | [1] |
Silver bullion distributed, realized gain (loss) | (27,518,074) | (11,635,841) | (41,297,877) | (27,169,500) | ||||
Silver bullion sold to pay expenses, realized gain (loss) | (688,243) | (431,111) | (1,194,705) | (941,188) | ||||
Ending balance, realized gain (loss) | $ (28,206,317) | $ (12,066,952) | $ (42,492,582) | $ (28,110,688) | $ (92,120,817) | |||
[1] | Cost of investment in silver bullion: $5,806,008,238 and $5,831,748,196, respectively. |
Note 3 - Trust Expenses (Detail
Note 3 - Trust Expenses (Details Textual) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Sponsor's Fee Annualized Accrual Rate Based on Daily Net Asset Value | 0.50% |
Maximum [Member] | |
Legal Fees Per Year | $ 100,000 |
Note 8 - Financial Highlights -
Note 8 - Financial Highlights - Financial Highlights (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Net asset value per Share, beginning of period (in dollars per share) | $ 15.34 | $ 17.10 | $ 15.91 | $ 15.40 | |
Net investment loss(a) (in dollars per share) | [1] | (0.02) | (0.02) | (0.04) | (0.04) |
Net realized and unrealized gain (loss)(b) (in dollars per share) | [2] | (0.24) | (1.50) | (0.79) | 0.22 |
Net increase (decrease) in net assets from operations (in dollars per share) | (0.26) | (1.52) | (0.83) | 0.18 | |
Net asset value per Share, end of period (in dollars per share) | $ 15.08 | $ 15.58 | $ 15.08 | $ 15.58 | |
Total return, at net asset value(c)(d) | [3],[4] | (1.69%) | (8.89%) | (5.22%) | 1.17% |
Ratio to average net assets: | |||||
Net investment loss(e) | [5] | (0.50%) | (0.50%) | (0.50%) | (0.50%) |
Expenses(e) | [5] | 0.50% | 0.50% | 0.50% | 0.50% |
[1] | Based on average Shares outstanding during the period. | ||||
[2] | 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. | ||||
[3] | Based on the change in net asset value of a Share during the period. | ||||
[4] | Percentage is not annualized. | ||||
[5] | Percentage is annualized. |