Docoh
Loading...

SLV iShares Silver Trust

Document And Entity Information

Document And Entity Information - shares3 Months Ended
Mar. 31, 2021Apr. 30, 2021
Document Information [Line Items]
Entity Central Index Key0001330568
Entity Registrant NameiShares Silver Trust
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Document Fiscal Period FocusQ1
Document Fiscal Year Focus2021
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number001-32863
Entity Incorporation, State or Country CodeNY
Entity Tax Identification Number13-7474456
Entity Address, Address Line One400 Howard Street
Entity Address, City or TownSan Francisco
Entity Address, State or ProvinceCA
Entity Address, Postal Zip Code94105
City Area Code415
Local Phone Number670-2000
Title of 12(b) SecurityShares
Trading SymbolSLV
Security Exchange NameNYSEArca
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding611,350,000

Statements of Assets and Liabil

Statements of Assets and Liabilities (Unaudited) - USD ($)Mar. 31, 2021Dec. 31, 2020
Assets
Investment in silver bullion, at fair value[1] $ 13,802,981,086 $ 14,797,590,146
Total Assets13,802,981,086 14,797,590,146
Liabilities
Sponsor’s fees payable6,448,630 5,797,426
Total Liabilities6,448,630 5,797,426
Commitments and contingent liabilities (Note 6)
Net Assets $ 13,796,532,456 $ 14,791,792,720
Shares issued and outstanding (in shares)[2]619,300,000 600,950,000
Net asset value per Share (Note 2C) (in dollars per share) $ 22.28 $ 24.61
[1]Cost of investment in silver bullion: $11,937,644,776 and $10,472,474,303, respectively.
[2]No par value, unlimited amount authorized.

Statements of Assets and Liab_2

Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($) $ / shares in ThousandsMar. 31, 2021Dec. 31, 2020
Investment in silver bullion, cost $ 11,937,644,776 $ 10,472,474,303
Shares, par value (in dollars per share) $ 0 $ 0
Shares issued (in shares)619,300,000 600,950,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Expenses
Sponsor's fees $ 19,286,631 $ 7,676,949
Total expenses19,286,631 7,676,949
Net investment loss(19,286,631)(7,676,949)
Net Realized and Unrealized Gain (Loss)
Silver bullion sold to pay expenses5,209,327 74,640
Silver bullion distributed for the redemption of Shares888,549,245 (9,645,349)
Net realized gain (loss)893,758,572 (9,570,709)
Net change in unrealized appreciation/depreciation(2,459,779,533)(1,423,211,664)
Net realized and unrealized loss(1,566,020,961)(1,432,782,373)
Net decrease in net assets resulting from operations $ (1,585,307,592) $ (1,440,459,322)
Net decrease in net assets per Share (in dollars per share)[1] $ (2.47) $ (3.69)
[1]Net decrease in net assets per Share based on average shares outstanding during the period.

Statements of Changes in Net As

Statements of Changes in Net Assets (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net Assets, Beginning of Period $ 14,791,792,720 $ 6,540,758,565
Operations:
Net investment loss(19,286,631)(7,676,949)
Net realized gain (loss)893,758,572 (9,570,709)
Net change in unrealized appreciation/depreciation(2,459,779,533)(1,423,211,664)
Net decrease in net assets resulting from operations(1,585,307,592)(1,440,459,322)
Capital Share Transactions:
Contributions for Shares issued4,468,670,836 889,817,438
Distributions for Shares redeemed(3,878,623,508)(484,999,588)
Net increase in net assets from capital share transactions590,047,328 404,817,850
Decrease in net assets(995,260,264)(1,035,641,472)
Net Assets, End of Period $ 13,796,532,456 $ 5,505,117,093
Shares issued and redeemed
Shares issued (in shares)176,700,000 66,150,000
Shares redeemed (in shares)(158,350,000)(30,550,000)
Net increase in Shares issued and outstanding (in shares)18,350,000 35,600,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash Flows from Operating Activities
Proceeds from silver bullion sold to pay expenses $ 18,635,427 $ 7,971,299
Expenses – Sponsor’s fees paid(18,635,427)(7,971,299)
Net cash provided by operating activities0 0
Increase (decrease) in cash0 0
Cash, beginning of period0 0
Cash, end of period0 0
Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities
Net decrease in net assets resulting from operations(1,585,307,592)(1,440,459,322)
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 expenses18,635,427 7,971,299
Net realized (gain) loss(893,758,572)9,570,709
Net change in unrealized appreciation/depreciation2,459,779,533 1,423,211,664
Change in operating assets and liabilities:
Sponsor’s fees payable651,204 (294,350)
Net cash provided by operating activities0 0
Supplemental disclosure of non-cash information:
Silver bullion contributed for Shares issued4,468,670,836 889,817,438
Silver bullion distributed for Shares redeemed $ (3,878,623,508) $ (484,999,588)

Schedules of Investments (Unaud

Schedules of Investments (Unaudited)3 Months Ended
Mar. 31, 2021
Notes to Financial Statements
Investment Holdings, Schedule of Investments [Text Block]® Schedules of Investments (Unaudited) At March 31, 2021 December 31, 2020 March 31, 2021 Description Ounces Cost Fair Value Silver bullion 575,124,212 $ 11,937,644,776 $ 13,802,981,086 Total Investments – 100.05 13,802,981,086 Less Liabilities – (0.05) (6,448,630 ) Net Assets – 100.00 $ 13,796,532,456 December 31, 2020 Description Ounces Cost Fair Value Silver bullion 558,715,882 $ 10,472,474,303 $ 14,797,590,146 Total Investments – 100.04 14,797,590,146 Less Liabilities – (0.04) (5,797,426 ) Net Assets – 100.00 $ 14,791,792,720

Note 1 - Organization

Note 1 - Organization3 Months Ended
Mar. 31, 2021
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 December 31, 2020, March 1, 2021. 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 Policies3 Months Ended
Mar. 31, 2021
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 30‑second 12:00 no 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 March 31, 2021 2020: 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 Three Months Ended March 31, 2020 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 362,616,711 $ 6,294,157,046 $ 6,543,418,555 $ — Silver bullion contributed 61,719,272 889,817,438 889,817,438 — Silver bullion distributed (28,512,880 ) (494,644,937 ) (484,999,588 ) (9,645,349 ) Silver bullion sold to pay expenses (454,637 ) (7,896,659 ) (7,971,299 ) 74,640 Net realized loss — — (9,570,709 ) — Net change in unrealized appreciation/depreciation — — (1,423,211,664 ) — Ending balance 395,368,466 $ 6,681,432,888 $ 5,507,482,733 $ (9,570,709 ) 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 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 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 analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2021 not

Note 3 - Trust Expenses

Note 3 - Trust Expenses3 Months Ended
Mar. 31, 2021
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% 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, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $100,000 per annum in legal fees and expenses.

Note 4 - Related Parties

Note 4 - Related Parties3 Months Ended
Mar. 31, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]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

Note 5 - Indemnification

Note 5 - Indemnification3 Months Ended
Mar. 31, 2021
Notes to Financial Statements
Indemnification [Text Block]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 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, 1 2 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 Liabilities3 Months Ended
Mar. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]6 Commitments and Contingent Liabilities In the normal course of business, the Trust may may not

Note 7 - Concentration Risk

Note 7 - Concentration Risk3 Months Ended
Mar. 31, 2021
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]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

Note 8 - Financial Highlights

Note 8 - Financial Highlights3 Months Ended
Mar. 31, 2021
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 March 31, 2021 2020.
Three Months Ended March 31,
2021 2020
Net asset value per Share, beginning of period $ 24.61 $ 16.85
Net investment loss (a) (0.03 ) (0.02 )
Net realized and unrealized loss (b) (2.30 ) (3.84 )
Net decrease in net assets from operations (2.33 ) (3.86 )
Net asset value per Share, end of period $ 22.28 $ 12.99
Total return, at net asset value (c)(d) (9.47 )%  (22.91 )% 
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
(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 Valuation3 Months Ended
Mar. 31, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]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 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 March 31, 2021 December 31, 2020, 1.

Significant Accounting Policies

Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
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. Certain statements and captions in the financial statements for the prior periods have been changed to conform to the current financial statement presentation.
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 consisting of one 30‑second 12:00 no 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 March 31, 2021 2020: 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 Three Months Ended March 31, 2020 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 362,616,711 $ 6,294,157,046 $ 6,543,418,555 $ — Silver bullion contributed 61,719,272 889,817,438 889,817,438 — Silver bullion distributed (28,512,880 ) (494,644,937 ) (484,999,588 ) (9,645,349 ) Silver bullion sold to pay expenses (454,637 ) (7,896,659 ) (7,971,299 ) 74,640 Net realized loss — — (9,570,709 ) — Net change in unrealized appreciation/depreciation — — (1,423,211,664 ) — Ending balance 395,368,466 $ 6,681,432,888 $ 5,507,482,733 $ (9,570,709 )
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 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 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 analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2021 not

Schedules of Investments (Una_2

Schedules of Investments (Unaudited) (Tables)3 Months Ended
Mar. 31, 2021
Notes Tables
Investment [Table Text Block]Description Ounces Cost Fair Value Silver bullion 575,124,212 $ 11,937,644,776 $ 13,802,981,086 Total Investments – 100.05 13,802,981,086 Less Liabilities – (0.05) (6,448,630 ) Net Assets – 100.00 $ 13,796,532,456 Description Ounces Cost Fair Value Silver bullion 558,715,882 $ 10,472,474,303 $ 14,797,590,146 Total Investments – 100.04 14,797,590,146 Less Liabilities – (0.04) (5,797,426 ) Net Assets – 100.00 $ 14,791,792,720

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Tables)3 Months Ended
Mar. 31, 2021
Notes Tables
Activity in Silver Bullion [Table Text Block]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 Three Months Ended March 31, 2020 Ounces Cost Fair Value Realized Gain (Loss) Beginning balance 362,616,711 $ 6,294,157,046 $ 6,543,418,555 $ — Silver bullion contributed 61,719,272 889,817,438 889,817,438 — Silver bullion distributed (28,512,880 ) (494,644,937 ) (484,999,588 ) (9,645,349 ) Silver bullion sold to pay expenses (454,637 ) (7,896,659 ) (7,971,299 ) 74,640 Net realized loss — — (9,570,709 ) — Net change in unrealized appreciation/depreciation — — (1,423,211,664 ) — Ending balance 395,368,466 $ 6,681,432,888 $ 5,507,482,733 $ (9,570,709 )

Note 8 - Financial Highlights (

Note 8 - Financial Highlights (Tables)3 Months Ended
Mar. 31, 2021
Notes Tables
Financial Highlights [Table Text Block]Three Months Ended March 31,
2021 2020
Net asset value per Share, beginning of period $ 24.61 $ 16.85
Net investment loss (a) (0.03 ) (0.02 )
Net realized and unrealized loss (b) (2.30 ) (3.84 )
Net decrease in net assets from operations (2.33 ) (3.86 )
Net asset value per Share, end of period $ 22.28 $ 12.99
Total return, at net asset value (c)(d) (9.47 )%  (22.91 )% 
Ratio to average net assets:
Net investment loss (e) (0.50 )%  (0.50 )% 
Expenses (e) 0.50 %  0.50 % 

Schedules of Investments (Una_3

Schedules of Investments (Unaudited) - Investments (Details)Mar. 31, 2021USD ($)ozDec. 31, 2020USD ($)ozMar. 31, 2020USD ($)ozDec. 31, 2019USD ($)oz
Silver bullion (Ounce) | oz575,124,212 558,715,882 395,368,466 362,616,711
Investment in silver bullion, cost $ 11,937,644,776 $ 10,472,474,303 $ 6,681,432,888 $ 6,294,157,046
Silver bullion fair value13,802,981,086 14,797,590,146
Less Liabilities(6,448,630)(5,797,426)
Net Assets $ 13,796,532,456 $ 14,791,792,720 $ 5,505,117,093 $ 6,540,758,565

Schedules of Investments (Una_4

Schedules of Investments (Unaudited) - Investments (Details) (Parentheticals)Mar. 31, 2021Dec. 31, 2020
Total investment, percentage of net asset value100.05%100.04%
Less liabilities, percentage of net asset value(0.05%)(0.04%)
Net assets, percentage of net asset value100.00%100.00%

Note 2 - Significant Accounti_3

Note 2 - Significant Accounting Policies (Details Textual)Mar. 31, 2021shares
Shares Prescribed Aggregation (in shares)50,000

Note 2 - Significant Accounti_4

Note 2 - Significant Accounting Policies - Activity in Silver Bullion (Details)3 Months Ended
Mar. 31, 2021USD ($)ozMar. 31, 2020USD ($)oz
Beginning balance (Ounce) | oz558,715,882 362,616,711
Beginning balance, average cost $ 10,472,474,303 $ 6,294,157,046
Beginning balance, fair value $ 14,797,590,146 [1] $ 6,543,418,555
Silver bullion contributed (Ounce) | oz164,157,109 61,719,272
Silver bullion contributed, average cost $ 4,468,670,836 $ 889,817,438
Silver bullion contributed, fair value $ 4,468,670,836 $ 889,817,438
Silver bullion distributed (Ounce) | oz(147,079,936)(28,512,880)
Silver bullion distributed, average cost $ (2,990,074,263) $ (494,644,937)
Silver bullion distributed, fair value(3,878,623,508)(484,999,588)
Silver bullion distributed, realized gain (loss) $ 888,549,245 $ (9,645,349)
Silver bullion sold to pay expenses (Ounce) | oz(668,843)(454,637)
Silver bullion sold to pay expenses, average cost $ (13,426,100) $ (7,896,659)
Silver bullion sold to pay expenses, fair value(18,635,427)(7,971,299)
Silver bullion sold to pay expenses, realized gain (loss)5,209,327 74,640
Net realized gain (loss), fair value893,758,572 (9,570,709)
Net change in unrealized appreciation/depreciation, fair value $ (2,459,779,533) $ (1,423,211,664)
Ending balance (Ounce) | oz575,124,212 395,368,466
Ending balance, average cost $ 11,937,644,776 $ 6,681,432,888
Ending balance, fair value13,802,981,086 [1]5,507,482,733
Ending balance, realized gain (loss) $ 893,758,572 $ (9,570,709)
[1]Cost of investment in silver bullion: $11,937,644,776 and $10,472,474,303, respectively.

Note 3 - Trust Expenses (Detail

Note 3 - Trust Expenses (Details Textual)3 Months Ended
Mar. 31, 2021USD ($)
Sponsor's Fee Annualized Accrual Rate Based on Daily Net Asset Value0.50%
Maximum [Member]
Legal Fees Per Year $ 100,000

Note 8 - Financial Highlights -

Note 8 - Financial Highlights - Financial Highlights (Details) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net asset value per Share, beginning of period (in dollars per share) $ 24.61 $ 16.85
Net investment loss (in dollars per share)[1](0.03)(0.02)
Net realized and unrealized loss(b) (in dollars per share)[2](2.30)(3.84)
Net decrease in net assets from operations (in dollars per share)(2.33)(3.86)
Net asset value per Share, end of period (in dollars per share) $ 22.28 $ 12.99
Total return, at net asset value[3],[4](9.47%)(22.91%)
Ratio to average net assets:
Net investment loss[5](0.50%)(0.50%)
Expenses[5]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.