美國
證券交易委員會
華盛頓特區20549
表格
| | 根據1934年證券交易法第13或15(d)節的季度報告 |
|
| 截至季度結束日期的財務報告 |
| 或者 |
| | 根據1934年證券交易法第13或15(d)節的轉型報告書 |
|
| 過渡期從 to |
委託文件編號：001-39866
iShares MSCI新興市場ETF - 歷史收盤價值®白銀信託
(根據其章程規定的註冊人準確名稱)
| | |
| （國家或其他管轄區的 | （IRS僱主 |
收件人：iShares Delaware Trust Sponsor LLC
（總部地址）（郵政編碼）
(
(註冊人電話號碼，包括區號)
N/A
（前名稱、地址及財政年度，如果自上次報告以來有更改）
在法案第12(b)條的規定下注冊的證券：
| 每一類的名稱 | 交易標誌 | 在其上註冊的交易所的名稱 |
| | | |
請勾選以下選項以指示註冊人是否在過去12個月內(或在註冊人需要提交此類報告的較短時間內)已提交證券交易法1934年第13或15(d)條所要求提交的所有報告，並且在過去90天內已受到此類報告提交要求的影響。
請在以下勾選方框表示註冊人是否已在Regulation S-T Rule 405規定的前12個月(或在註冊人需要提交此類文件的較短期間內)提交了每個互動數據文件。
請勾選註冊者是大型加速文件提交者、加速文件提交者、非加速文件提交者、小型報告公司還是新興增長公司。請參見《證交易法》規則120億.2 中「大型加速文件提交者」、「加速文件提交者」、「小型報告公司」和「新興增長公司」的定義。
| | 加速申報人 ☐ |
|
| 非加速申報人 ☐ | 較小的報告公司 | 新興成長型公司 |
如果是新興成長型公司，在選中複選標記的同時，如果公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則，則表明該公司已選擇不使用根據證券交易法第13(a)條提供的任何新的或修訂後的財務會計準則的延長過渡期來符合新的或修訂後的財務會計準則。☐
請用複選標記指示註冊人是否爲外殼公司（根據《證券交易法》第120億.2條規定定義）。是 ☐
截至2024年10月31日，註冊人持有
|
|
||
| 項目1。 | 1 | |
| 1 | ||
| 2 | ||
| 3 | ||
| 5 | ||
| 6 | ||
| 7 | ||
| 事項二 | 11 | |
| 第3項。 | 12 | |
| 事項4。 | 12 | |
| 項目1。 | 13 | |
| 項目1A。 | 13 | |
| 事項二 | 13 | |
| 第3項。 | 13 | |
| 事項4。 | 13 | |
| 項目5。 | 13 | |
| 項目6。 | 14 | |
| 15 | ||
項目1.基本報表
iShares MSCI新興市場ETF - 歷史收盤價值®白銀信託
資產負債表（未經審計）
2024年9月30日和2023年12月31日
| 九月三十日, | 12月31日, | |||||||
| 資產 | ||||||||
| 以公允價值計量的白銀投資(a) | $ | $ | ||||||
| 總資產 | ||||||||
| 負債 | ||||||||
| 贊助費用應付 | ||||||||
| 總負債 | ||||||||
| 承諾和或有負債（注6） | — | — | ||||||
| 淨資產 | $ | $ | ||||||
| 已發行和流通的股份(b) | ||||||||
| 每股淨資產價值（附註2C） | $ | $ | ||||||
| (a) |
白銀金條投資成本分別爲11,352,007,744美元和9,616,427,847美元。 |
| (b) |
無面值，授權數量不限。 |
查看基本報表附註。
iShares MSCI新興市場ETF - 歷史收盤價值®白銀信託
損益表（未經審計）
截至2024年9月30日和2023年的三個月和九個月
| 三個月結束 |
九個月結束 |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| 費用 |
||||||||||||||||
| 贊助費用 |
$ | $ | $ | $ | ||||||||||||
| 總支出 |
||||||||||||||||
| 淨投資虧損 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| 已實現淨收益和未實現淨損失 |
||||||||||||||||
| 來自實現的淨收益： |
||||||||||||||||
| 訴訟賠償金(a) |
||||||||||||||||
| 出售白銀用於支付費用 |
||||||||||||||||
| 分發白銀以贖回份額 |
||||||||||||||||
| 已實現的淨收益 |
||||||||||||||||
| 未實現升值/貶值淨變化 |
( |
) | ||||||||||||||
| 淨實現和未實現的收益（損失） |
( |
) | ||||||||||||||
| 經營活動產生的淨資產增減額 |
$ | $ | $ | $ | ( |
) | ||||||||||
| 每股資產淨增長（減少）(b) |
$ | $ | $ | $ | ( |
) | ||||||||||
| (a) | 代表與白銀相關的集體訴訟和解款項收到的支付。 |
| (b) |
基於期間平均流通股數每股淨資產的淨增長（減少）。 |
查看基本報表附註。
iShares MSCI新興市場ETF - 歷史收盤價值®白銀信託
資產淨值變動表（未經審計）
截至2024年9月30日的三、六和九個月
| 九個月結束 |
||||
| 2023年12月31日的淨資產 |
$ | |||
| 運營： |
||||
| 淨投資虧損 |
( |
) | ||
| 已實現的淨收益 |
||||
| 未實現升值/貶值淨變化 |
||||
| 經營活動產生的淨資產增長 |
||||
| 資本股份交易： |
||||
| 股份發行的出資 |
||||
| 股份贖回的分配 |
( |
) | ||
| 資產淨額由股本交易淨額減少 |
( |
) | ||
| 資產增加 |
||||
| 2024年3月31日淨資產 |
$ | |||
| 運營： |
||||
| 淨投資虧損 |
( |
) | ||
| 已實現的淨收益 |
||||
| 未實現升值/貶值淨變化 |
||||
| 經營活動產生的淨資產增長 |
||||
| 資本股份交易： |
||||
| 股份發行的出資 |
||||
| 股份贖回的分配 |
( |
) | ||
| 來自資本股份交易的資產淨增加 |
||||
| 資產增加 |
||||
| 2024年6月30日淨資產 |
$ | |||
| 運營： |
||||
| 淨投資虧損 |
( |
) | ||
| 已實現的淨收益 |
||||
| 未實現升值/貶值淨變化 |
||||
| 經營活動產生的淨資產增長 |
||||
| 資本股份交易： |
||||
| 股份發行的出資 |
||||
| 股份贖回的分配 |
( |
) | ||
| 來自資本股份交易的資產淨增加 |
||||
| 資產增加 |
||||
| 2024年9月30日的資產淨額 |
$ | |||
| 已發行和贖回的股份 |
||||
| 發行股份 |
||||
| 贖回股份 |
( |
) | ||
| 已發行和在外流通股份淨增加 |
||||
查看基本報表附註。
iShares MSCI新興市場ETF - 歷史收盤價值®白銀信託
資產淨值變動表（未經審計）
截至2023年9月30日爲止的三、六和九個月
| 九個月結束 |
||||
| 2022年12月31日的淨資產 |
$ | |||
| 運營： |
||||
| 淨投資虧損 |
( |
) | ||
| 已實現的淨收益 |
||||
| 未實現升值/貶值淨變化 |
( |
) | ||
| 經營活動減少淨資產 |
( |
) | ||
| 資本股份交易： |
||||
| 股份發行的出資 |
||||
| 股份贖回的分配 |
( |
) | ||
| 資產淨額由股本交易淨額減少 |
( |
) | ||
| 淨資產減少 |
( |
) | ||
| 2023年3月31日的淨資產 |
$ | |||
| 運營： |
||||
| 淨投資虧損 |
( |
) | ||
| 已實現的淨收益 |
||||
| 未實現升值/貶值淨變化 |
( |
) | ||
| 經營活動減少淨資產 |
( |
) | ||
| 資本股份交易： |
||||
| 股份發行的出資 |
||||
| 股份贖回的分配 |
( |
) | ||
| 來自資本股份交易的資產淨增加 |
||||
| 淨資產減少 |
( |
) | ||
| 2023年6月30日的淨資產 |
$ | |||
| 運營： |
||||
| 淨投資虧損 |
( |
) | ||
| 已實現的淨收益 |
||||
| 未實現升值/貶值淨變化 |
||||
| 經營活動產生的淨資產增長 |
||||
| 資本股份交易： |
||||
| 股份發行的出資 |
||||
| 股份贖回的分配 |
( |
) | ||
| 資產淨額由股本交易淨額減少 |
( |
) | ||
| 淨資產減少 |
( |
) | ||
| 2023年9月30日的淨資產 |
$ | |||
| 已發行和贖回的股份 |
||||
| 發行股份 |
||||
| 贖回股份 |
( |
) | ||
| 已發行和流通股份的淨減少 |
( |
) | ||
查看基本報表附註。
iShares MSCI新興市場ETF - 歷史收盤價值®白銀信託
現金流量表（未經審計）
截至2024年和2023年九個月的結束
| 九個月結束 |
||||||||
| 2024 |
2023 |
|||||||
| 經營活動產生的現金流量 |
||||||||
| 銷售白銀金塊所得用於支付費用 |
$ | $ | ||||||
| 費用 - 贊助費用已支付 |
( |
) | ( |
) | ||||
| 經營活動產生的現金流量淨額 |
||||||||
| 現金流量的淨增加額 |
||||||||
| 期初現金 |
||||||||
| 期末現金 |
$ | $ | ||||||
| 將由經營活動產生的淨資產增加（減少）調節爲經營活動提供的現金淨額 |
||||||||
| 經營活動產生的淨資產增減額 |
$ | $ | ( |
) | ||||
| 調整以協調由經營活動產生的淨資產淨增加（減少）與經營活動提供的淨現金的差異： |
||||||||
| 出售白銀用於支付費用的收入 |
||||||||
| 訴訟收益(a) |
( |
) | ||||||
| 實現的淨（收益）損失 |
( |
) | ( |
) | ||||
| 未實現升值/貶值淨變化 |
( |
) | ||||||
| 經營性資產和負債的變化： |
||||||||
| 贊助費用應付 |
( |
) | ||||||
| 經營活動產生的淨現金流量 |
$ | $ | ||||||
| 非現金信息的補充披露: |
||||||||
| 白銀金條貢獻給發行的股份 |
$ | $ | ||||||
| 白銀金條分發用於贖回股份 |
$ | ( |
) | $ | ( |
) | ||
| (a) |
代表與白銀相關的集體訴訟和解款項收到的支付。 |
查看基本報表附註。
iShares MSCI新興市場ETF - 歷史收盤價值®白銀信託
投資明細表（未經審計）
在 2024年9月30日 及 2023年12月31日
| 2024年9月30日 |
| 描述 | 盎司 | 成本 | 公允價值 | |||||||||
| 白銀原條 | $ | $ | ||||||||||
| 總投資 — % | ||||||||||||
| 少負債 — % | ( | ) | ||||||||||
| 淨資產 — % | $ | |||||||||||
| 2023年12月31日 |
| Description | 盎司 | 成本 | 公正價值 | |||||||||
| 白銀實物 | $ | $ | ||||||||||
| 總投資 — % | ||||||||||||
| 少負債 — % | ( | ) | ||||||||||
| 淨資產 — % | $ | |||||||||||
查看基本報表附註。
iShares MSCI新興市場ETF - 歷史收盤價值®白銀信託
基本報表附註（未經審計）
2024年9月30日
1 - 組織
iShares 白銀信託（以下簡稱「信託」）於 2006年4月21日 在紐約設立。受託人是紐約梅隆銀行（以下簡稱「受託人」），負責信託的日常管理。信託的贊助商是iShares Delaware Trust Sponsor LLC，註冊於特拉華州的有限責任公司（以下簡稱「贊助商」）。信託受《第三次修訂和重述的託管信託協議》（以下簡稱「信託協議」）的條款約束，該協議於 2022年1月31日簽署。 信託發行代表其淨資產中分數無分割收益權益的利益單位（「股份」）。
該信託旨在通常反映白銀價格表現。該信託旨在在支付信託費用和負債之前反映這種表現。該信託旨在爲投資者提供一種類似於投資白銀的投資工具。
附帶的未經審計的基本財務報表是根據美國通用會計準則（"U.S. GAAP"）和表格- Q的說明書以及美國證券交易委員會（"SEC"）的規定編制的，用於臨時財務信息。 10據管理層意見，所有主要調整隻包括爲了對臨時期間的財務報表作出公平說明而認爲必要的正常重複調整。臨時期間的結果必然是 沒有 全年期間結果的指標。這些財務報表及其附註應與交易所包含在其年度報告表格中的基本財務報表一起閱讀。 10年度報告中，報告格式爲 該租賃的當前經營負債約爲作爲2024年2月20日提交給SEC的年度報告表格。 2月20日，2024年提交給SEC的年度報告表格。
trust僅在會計目的上被認定爲投資公司，並 在測試商譽減值時，公司可以選擇 在任何其他目的上，遵循美國財務會計準則委員會會計準則法規主題下的會計和報告指導方針 946, 金融服務 - 投資公司， 但就是 在測試商譽減值時，公司可以選擇 註冊，且 在測試商譽減值時，公司可以選擇 依照《投資公司法》的規定，作爲一家投資公司註冊 1940, 修訂後的1940年《投資公司法案》。
2 重要會計政策
| |
A. | 會計基礎 |
信託基本報表的編制始終遵循美國通用會計準則。根據美國通用會計準則編制基本報表需要管理層做出一些估計和假設，這些估計和假設會影響基本報表中資產和負債的報告金額以及在基本報表日期以及報告期間內營業收入和支出金額的披露。實際結果可能與這些估計有所不同。
| |
B. | 白銀實物 |
摩根大通銀行N.A.倫敦分行（「保管人」）負責保管由trust擁有的白銀條塊。
信託持有的白銀塊的公允價值基於每盎司白銀價格，該價格由ICE基準管理公司（「IBA」）舉辦的30秒輪次電子拍賣確定，在倫敦時間下午開始，並在倫敦白銀市場營業的每一天發佈（該價格稱爲「LBMA白銀價格」） 之一 爲期 30秒 由ICE基準管理公司（IBA）主持的輪次，從倫敦時間下午開始 12:00 下午 no 任何一天如果沒有宣佈LBMA白銀價格，受託人有權使用最近宣佈的LBMA白銀價格，除非受託人在與贊助人協商後確定該價格不適合作爲評估基礎。
白銀金條的買賣盈虧是基於交易日期，使用平均成本法計算的。
以下表格總結了白銀 金條的活動。 三 月結束 2024年9月30日 及 2023:
| 2024年9月30日止三個月 | 盎司 | 成本 | 公平 | 實現 | ||||||||||||
| 期初餘額 | $ | $ | $ | — | ||||||||||||
| 白銀金條貢獻 | — | |||||||||||||||
| 白銀金條分發 | ( | ) | ( | ) | ( | ) | ||||||||||
| 出售白銀用於支付費用 | ( | ) | ( | ) | ( | ) | ||||||||||
| 已實現的淨收益 | — | — | — | |||||||||||||
| 訴訟收益(a) | — | — | — | |||||||||||||
| 未實現升值/貶值淨變化 | — | — | — | |||||||||||||
| 期末餘額 | $ | $ | $ | |||||||||||||
| (a) | 包括從與白銀相關的集體訴訟和解款項收到的支付$ |
| 2023年9月30日止三個月 | 盎司 | 成本 | 公平 | 實現 | ||||||||||||
| 期初餘額 | $ | $ | $ | — | ||||||||||||
| 白銀金條有所貢獻 | — | |||||||||||||||
| 白銀金條已分發 | ( | ) | ( | ) | ( | ) | ||||||||||
| 出售白銀用於支付費用 | ( | ) | ( | ) | ( | ) | ||||||||||
| 已實現的淨收益 | — | — | — | |||||||||||||
| 未實現升值/貶值淨變化 | — | — | — | |||||||||||||
| 期末餘額 | $ | $ | $ | |||||||||||||
以下表格總結了白銀投資活動。 九月份結束時 2024年9月30日 和框架。有關詳細信息，請參閱UBS集團報酬報告2023:
| 2024年9月30日止九個月 | 盎司 | 成本 | 公平 | 實現 | ||||||||||||
| 期初餘額 | $ | $ | $ | — | ||||||||||||
| 白銀金條貢獻 | — | |||||||||||||||
| 白銀金條分發 | ( | ) | ( | ) | ( | ) | ||||||||||
| 出售白銀用於支付費用 | ( | ) | ( | ) | ( | ) | ||||||||||
| 已實現的淨收益 | — | — | — | |||||||||||||
| 訴訟收益(a) | — | — | — | |||||||||||||
| 未實現升值/貶值淨變化 | — | — | — | |||||||||||||
| 期末餘額 | $ | $ | $ | |||||||||||||
| (a) | 包括從一項與白銀相關的集體訴訟和解款項收到的付款 $ |
| 2023年9月30日止九個月 | 盎司 | 成本 | 公平 | 實現 | ||||||||||||
| 期初餘額 | $ | $ | $ | — | ||||||||||||
| 白銀金條有助貢獻 | — | |||||||||||||||
| 白銀金條分發 | ( | ) | ( | ) | ( | ) | ||||||||||
| 出售白銀用於支付費用 | ( | ) | ( | ) | ( | ) | ||||||||||
| 已實現的淨收益 | — | — | — | |||||||||||||
| 未實現升值/貶值淨變化 | — | — | ( | ) | — | |||||||||||
| 期末餘額 | $ | $ | $ | |||||||||||||
| |
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.
| |
D. | Offering of the Shares |
股份以一定數量持續發行和贖回
每股白銀在購買或贖回時的兌換金額代表了信託所持有的每股白銀金額，減去其負債之後的金額。
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 September 30, 2024 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
3 - Trust Expenses
贊助人的費用按年化利率每日計提，等於
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.
信託已同意，保管人僅對因其過失、欺詐或故意失職在履行職責時直接導致信託遭受的任何損失或損害負責。
信託基金在這些安排下的最大暴露是未知的，因爲它涉及未來可能針對信託基金提出的索賠，這是無法確切預測的。
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, which cannot be predicted with any certainty.
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 - 財務亮點
以下財務要點涉及投資業績和股份的運營情況 三 和 九個月期間 截至月份 2024年9月30日 和 2023.
| 截至三個月 |
截至九個月 |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| 每股股票淨資產淨值，期初 |
$ | $ | $ | $ | ||||||||||||
| 投資淨虧損(a) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| 淨實現和未實現收益（損失）(b) |
( |
) | ||||||||||||||
| 來自運營的淨資產增加（減少） |
( |
) | ||||||||||||||
| 每股淨資產，期末 |
$ | $ | $ | $ | ||||||||||||
| 總回報，按淨資產值計算(c)(d) |
% | % | % | ( |
)% | |||||||||||
| 與平均淨資產的比率: |
||||||||||||||||
| 投資淨虧損(e) |
( |
)% | ( |
)% | ( |
)% | ( |
)% | ||||||||
| 費用(e) |
% | % | % | % | ||||||||||||
| (a) |
基於期間內平均流通股份數。 |
| (b) |
報告的股份總數 可能 不 與信託基礎投資的波動公允價值相關的股份交易時間，按照投資收益和損失總額的變化 |
| (c) |
基於股東權益在期間內的變化。 |
| (d) |
百分比是 不 年化。 |
| (e) |
百分比是年化的。 |
9 - 投資估值
美國通用會計準則定義公允價值爲信託在計量日期與市場參與者之間進行有序交易時，出售資產或轉移負債所能收到的價格。信託的政策是以公允價值對其投資進行估值。
在確定資產和負債的公允價值時使用了多種輸入。輸入 可能 可以基於獨立市場數據（「可觀察輸入」）或它們 可能 可以是內部開發的（「不可觀察輸入」）。這些輸入被分類爲一個包括 三 在財務報告目的下的廣泛層次。根據公允價值層次中任何對公允價值計量的整體重要輸入的最低層次，確定資產或負債的價值層次。該 三 公允價值層級的水平如下：
| 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 September 30, 2024 and December 31, 2023, the value of the silver bullion held by the Trust is categorized as Level 1.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
這些信息應與本表10-Q第I部分第1項中包含的基本報表及其附註一起閱讀。以下的討論和分析可能包含與未來事件或未來業績相關的陳述。在某些情況下，這些前瞻性陳述可以通過「可能」、「應該」、「能夠」、「期望」、「計劃」、「預期」、「相信」、「估計」、「預測」、「潛力」或這些術語的否定形式或其他類似術語來識別。這些陳述僅僅是預測。實際事件或結果可能會有重大差異。這些陳述基於贊助商對歷史趨勢、當前狀況和預期未來發展的感知，以及其認爲在具體情況下適當的其他因素所做出的某些假設和分析。然而，實際結果和發展是否符合贊助商的期望和預測，受多種風險和不確定性的影響，包括下面討論的特殊考慮、一般經濟、市場和業務情況、法律或法規的變化，包括政府機構或監管機構對稅收的規定，以及其他世界經濟和政治的發展。儘管贊助商在認爲有合理依據的情況下才會作出前瞻性陳述，但贊助商無法保證其準確性。除適用的披露法律要求外，信託和贊助商均沒有義務更新任何前瞻性陳述，使其與實際結果或贊助商的期望或預測的變化相符。
介紹
白銀ETF-iShares（以下簡稱「信託」）是根據紐約州法律成立的授予信託。信託沒有任何官員、董事或員工，由紐約梅隆銀行（以下簡稱「受託人」）根據受託人與白銀ETF-iShares特拉華信託贊助公司（以下簡稱「贊助商」）之間的第三次修訂和重述保管信託協議（以下簡稱「信託協議」）擔任受託人進行管理。信託發行代表其淨資產中分數不分割的受益權益單位（「股份」）。信託的資產主要由保存作爲信託代理人的保管人持有的白銀實物組成，該保管人僅對受託人負責。
該 Trust 是一種被動投資工具，旨在一般反映白銀價格的表現。該 Trust 在支付 Trust 的費用和負債之前，尋求反映此類表現。該 Trust 不從事任何旨在從白銀價格變化中獲取利潤或改善因白銀價格變化而導致的損失的活動。
該Trust僅以白銀爲交換髮行和贖回股份，僅限於50,000股份的組合（「籃子」）或其整數倍，並且僅限於與已與發起人和受託人簽訂管理該發行條款和條件協議的註冊經銷商進行的交易（這些經銷商稱爲「授權參與者」）。當前授權參與者的名單可從發起人或受託人處獲得。
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 ICE Benchmark Administration (“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 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 September 30, 2024
The Trust’s net asset value increased from $12,842,620,288 at June 30, 2024 to $14,574,601,678 at September 30, 2024, a 13.49% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 478,800,000 Shares at June 30, 2024 to 514,200,000 Shares at September 30, 2024, a consequence of 85,150,000 Shares (1,703 Baskets) being created and 49,750,000 Shares (995 Baskets) being redeemed during the quarter. The increase in the Trust’s net asset value also benefitted from an increase in the price of silver, which grew 5.82% from $29.37 at June 30, 2024 to $31.08 at September 30, 2024.
The 5.67% increase in the NAV from $26.82 at June 30, 2024 to $28.34 at September 30, 2024 is directly related to the 5.82% 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 $16,928,398 for the quarter, or 0.13% of the Trust’s average weighted assets of $13,488,289,860 during the quarter. The NAV of $29.63 on September 26, 2024 was the highest during the quarter, compared with a low during the quarter of $24.58 on August 8, 2024.
Net increase in net assets resulting from operations for the quarter ended September 30, 2024 was $800,630,649, resulting from an unrealized gain on investment in silver bullion of $544,712,454, a net realized gain of $269,781,344 on silver bullion distributed for the redemption of Shares, a net realized gain of $2,926,466 from investment in silver bullion sold to pay expenses and a net realized gain of $138,783 from litigation proceeds during the quarter, partially offset by a net investment loss of $16,928,398. Other than the Sponsor’s fees of $16,928,398, the Trust had no expenses during the quarter.
The Nine-Month Period Ended September 30, 2024
The Trust’s net asset value increased from $10,389,177,775 at December 31, 2023 to $14,574,601,678 at September 30, 2024, a 40.29% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which grew 30.64% from $23.79 at December 31, 2023 to $31.08 at September 30, 2024. The increase in the Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 477,000,000 Shares at December 31, 2023 to 514,200,000 Shares at September 30, 2024, a consequence of 226,950,000 Shares (4,539 Baskets) being created and 189,750,000 Shares (3,795 Baskets) being redeemed during the period.
The 30.12% increase in the NAV from $21.78 at December 31, 2023 to $28.34 at September 30, 2024 is directly related to the 30.64% 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 $44,720,517 for the period, or 0.37% of the Trust’s average weighted assets of $11,964,851,765 during the period. The NAV of $29.63 on September 26, 2024 was the highest during the period, compared with a low during the period of $20.21 on February 14, 2024.
Net increase in net assets resulting from operations for the nine months ended September 30, 2024 was $3,178,191,885, resulting from an unrealized gain on investment in silver bullion of $2,451,095,160, a net realized gain of $765,560,025 on silver bullion distributed for the redemption of Shares, a net realized gain of $6,118,434 from investment in silver bullion sold to pay expenses and a net realized gain of $138,783 from litigation proceeds during the period, partially offset by a net investment loss of $44,720,517. Other than the Sponsor’s fees of $44,720,517, the Trust had no expenses during the period.
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.
None.
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, 2023, filed with the Securities and Exchange Commission on February 20, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
a) None.
b) Not applicable.
c) 49,750,000 Shares (995 Baskets) were redeemed during the quarter ended September 30, 2024.
| Period |
Total Number of Shares |
Average Ounces of |
||||||
| 07/01/24 to 07/31/24 |
15,850,000 | $ | 0.9131 | |||||
| 08/01/24 to 08/31/24 |
14,600,000 | 0.9127 | ||||||
| 09/01/24 to 09/30/24 |
19,300,000 | 0.9123 | ||||||
| Total |
49,750,000 | $ | 0.9126 | |||||
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures.
Not applicable.
| Exhibit No. |
Description |
||
| 4.1 |
|||
| 4.2 |
|||
| 10.1 |
|||
| 10.2 |
|||
| 10.3 |
|||
| 31.1* |
|||
| 31.2* |
|||
| 32.1* |
|||
| 32.2* |
|||
| 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) |
* 隨附提交
根據1934年證券交易法的要求，註冊人已適當地促使本報告由下方簽署人以其適當授權的身份簽署。
iShares特拉華信託贊助有限公司，
白銀ETF-iShares的贊助商（註冊者）
| /s/ 香農·吉亞 |
香農·吉亞
董事、總裁兼首席執行官
(首席執行官)
| 日期： | 2024年11月7日 |
| /s/ 布萊恩·鮑爾斯 |
布萊恩·鮑爾斯
董事和財務長
（信安金融和會計官）
| 日期： | 2024年11月7日 |
* 登記者是一項Trust，簽字人作爲iShares Delaware Trust Sponsor LLC的官員以各自的身份簽署，該公司是登記者的贊助商。