What changed in this filing

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Item 9A. Controls and Procedures

2024-02-20 compared with 2023-02-23 · 148 added, 260 removed, 336 unchanged (55% of the section changed)

1 unchanged sentence

Disclosure 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.

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.

Management ’

s Report on Internal Control over Financial Reporting

The Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rules 13a-15(f) and 15d-15(f).

The Trust’s internal control over financial reporting is a process designed 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 in the United States of America.

Management ’ s Report on Internal Control over Financial Reporting

The Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rules 13a-15(f) and 15d-15(f).

Internal control over financial reporting includes those policies and procedures that:

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Trust’s assets that could have a material effect on the financial statements.

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Trust’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Sponsor's management, including the principal executive officer and principal financial officer of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2022.

In making its assessment, the Sponsor’s management has utilized the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its report entitled Internal Control –

Integrated Framework (2013) .

Based on their assessment and those criteria, the Sponsor's management concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2022.

The effectiveness of the Trust’s internal control over financial reporting as of December 31, 2022 has been audited by PricewaterhouseCoopers LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein.

The Sponsor’s management, including the principal executive officer and principal financial officer of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2023.

Based on their assessment and those criteria, the Sponsor’s management concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2023.

The effectiveness of the Trust’s internal control over financial reporting as of December 31, 2023 has been audited by PricewaterhouseCoopers LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein.

Changes in Internal Control over Financial Reporting

There were no changes in the Trust’s internal control over financial reporting that occurred during the Trust’s fourth fiscal quarter of 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.

Other Information.

6 unchanged sentences

Shannon Ghia is the President and Chief Executive Officer, and Bryan Bowers is the Chief Financial Officer of the Sponsor.

The Sponsor is managed by a Board of Directors composed of Philip Jensen, Peter Landini, Kimun Lee, Shannon Ghia and Bryan Bowers.

The Sponsor is managed by the Board of Directors composed of Philip Jensen, Peter Landini, Kimun Lee, Shannon Ghia and Bryan Bowers.

Shannon Ghia, 47, has served as a Director of the Sponsor since March 2022 and became a principal of the Sponsor on April 18, 2022.

Ghia is a Managing Director of BlackRock and has served as Global Co-Head of ETF Markets since January 1, 2022.

ETF Markets encompasses the Global Markets and Product Engineering teams within EII Markets and Investments (“the Engine”) of BlackRock’s ETF and Index Investing organization.

The Engine teams drive investment integrity and market quality in BlackRock’s ETF and index portfolios.

Global Markets and Product Engineering together strive to safeguard ETF trading, evolve the ETF ecosystem and develop best-in-class products with enduring integrity that promote clients’

financial well‑being.

ETF Markets encompasses the Global Markets and Product Engineering teams within EII Markets and Investments (“the Engine”) of BlackRock’s ETF and Index Investing organization.

The Engine teams drive investment integrity and market quality in BlackRock’s ETF and index portfolios.

Global Markets and Product Engineering together strive to safeguard ETF trading, evolve the ETF ecosystem and develop best-in-class products with enduring integrity that promote clients’ financial well‑being.

From January 1, 2016 to December 31, 2021, Ms.

4 unchanged sentences

She also worked closely with exchanges, ETF service providers and liquidity providers to promote ETF market quality.

Ghia’s service with BlackRock or its affiliates dates to 2002, including her years with Barclays Global Investors.

Ghia earned a BA degree in Business / Economics with an emphasis in Accounting from the University of California, Santa Barbara.

1 unchanged sentence

Since October 4, 2021, Mr.

Bowers has served as a Director of BlackRock and manages the Product Oversight and Governance team within BlackRock’s Global Accounting and Product Services (“GAAPS”) function.

In that capacity, Mr.

2 unchanged sentences

From September 1, 2014 to October 3, 2021, Mr.

Bowers served as a Director on the Global Financial Reporting on the Business Operations & Technology team within BlackRock’s GAAPS function.

From September 6, 2011 to August 31, 2014, Mr.

Bowers served as a Vice President on BlackRock’s Fund Administration team.

Prior to joining BlackRock, Mr.

2 unchanged sentences

degree in accounting from Stockton University.

Philip Jensen , 64, is Chairman of the Sponsor’s audit committee.

Philip Jensen, 65, is Chairman of the Sponsor’s audit committee.

In June 2001, Mr.

1 unchanged sentence

Jensen received his Bachelor of Science from San Francisco State University and practiced as a California Certified Public Accountant through 1992.

Peter Landini, 71 , is a member of the Sponsor’s audit committee.

Peter Landini, 72 , is a member of the Sponsor’s audit committee.

In January 2003, Mr.

2 unchanged sentences

Landini is a certified financial planner.

Kimun Lee, 76, is a member of the Sponsor’s audit committee.

Kimun Lee, 77, is a member of the Sponsor’s audit committee.

Lee is a California-registered investment adviser and has conducted his consulting business under the name Resources Consolidated since January 1980.

9 unchanged sentences

He also completed the executive education program on corporate governance at Stanford Graduate School of Business.

The Sponsor has a code of ethics (the “Code of Ethics”) that applies to its executive officers, including its Chief Executive Officer, President, Chief Financial Officer and Treasurer, who perform certain functions with respect to the Trust that, if the Trust had executive officers would typically be performed by them.

The Code of Ethics is available by writing the Sponsor at 400 Howard Street, San Francisco, CA 94105 or calling the Sponsor at (415) 670-2000.

The Sponsor’s Code of Ethics is intended to be a codification of the business and ethical principles that guide the Sponsor, and to deter wrongdoing, to promote (1) honest and ethical conduct (including the ethical handling of actual or apparent conflicts of interest), (2) full, fair, accurate, timely and understandable disclosure in public reports, documents and communications, (3) compliance with applicable laws and governmental rules and regulations, (4) the prompt internal reporting of violations of the Code of Ethics and (5) accountability for adherence to the Code of Ethics.

Executive Compensation.

The Trust has no employees, officers or directors.

The Trust is managed by the Sponsor and pays the Sponsor the Sponsor’s fee.

For the year ended December 31, 2022, the Trust has incurred Sponsor’s fees of $56,435,296.

The Trust is managed by the Sponsor and pays the Sponsor the Sponsor’s fee.

For the year ended December 31, 2023, the Trust has incurred Sponsor’s fees of $53,561,823.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

8 unchanged sentences

The table below summarizes the fees for services performed by PricewaterhouseCoopers LLP for the years ended December 31, 2023 and 2022.

 61,800

Audit-related fees

All other fees

 63,800

 62,050

Approval of Independent Registered Public Accounting Firm Services and Fees

13 unchanged sentences

Consent of PricewaterhouseCoopers LLP

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

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

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

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

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

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

Executive Officer Incentive-Based Compensation Clawback Policy

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.

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

Filed herewith

Form 10-K Summary.

iShares ®

iShares ® Silver Trust

Financial Statements

7 unchanged sentences

Report of Independent Registered Public Accounting Firm

To the Sponsor and Shareholders of iShares  

To the Sponsor and Shareholders of iShares Silver Trust

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares  

Silver Trust (the “Trust”) as of December 31, 2022 and 2021, and the related statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2022, including the related notes (collectively referred to as the “financial statements”).

We also have audited the Trust’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Silver Trust (the “Trust”) as of December 31, 2023 and 2022, and the related statements of operations, changes in net assets and cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”).

We also have audited the Trust’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2023 and 2022, and the results of its operations, changes in its net assets and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

1 unchanged sentence

Basis for Opinions

The Sponsor’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A.

Our responsibility is to express opinions on the Trust’s financial statements and on the Trust’s internal control over financial reporting based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S.

9 unchanged sentences

Definition and Limitations of Internal Control over Financial Reporting

A trust’s internal control over financial reporting is a process designed 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.

A trust’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Trust;

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Trust are being made only in accordance with authorizations of the Sponsor’s management and the Sponsor of the Trust;

and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the trust are being made only in accordance with authorizations of the Sponsor’s management and the Sponsor of the trust;

and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the trust’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

6 unchanged sentences

February 16, 2024

We have served as the Trust’s auditor since 2006.

iShares ®

We have served as the Trust’s auditor since 2006.

iShares ® Silver Trust

Statements of Assets and Liabilities

1 unchanged sentence

Investment in silver bullion, at fair value (a)

$ 11,164,718,926  

$ 12,254,397,545  

11,164,718,926  

12,254,397,545  

Sponsor’s fees payable

4,633,955  

5,163,322  

$ 10,393,666,180 $ 11,164,718,926

10,393,666,180 11,164,718,926

Sponsor’s fees payable

4,488,405 4,633,955

Total Liabilities

4,633,955  

5,163,322  

4,488,405 4,633,955

Commitments and contingent liabilities (Note 6)

$ 11,160,084,971  

$ 12,249,234,223  

$ 10,389,177,775 $ 11,160,084,971

Shares issued and outstanding (b)

506,550,000  

573,800,000  

477,000,000 506,550,000

Net asset value per Share (Note 2C)

$ 22.03  

$ 21.35  

$ 21.78 $ 22.03

Cost of investment in silver bullion:

2 unchanged sentences

See notes to financial statements.

iShares ®

iShares ® Silver Trust

Statements of Operations

1 unchanged sentence

Years Ended December 31,

Sponsor’s fees

$ 53,561,823 $ 56,435,296 $ 71,208,965

Total expenses

53,561,823 56,435,296 71,208,965

Net investment loss

( 53,561,823 ) ( 56,435,296 ) ( 71,208,965 )

Net Realized and Unrealized Gain (Loss)

1 unchanged sentence

Silver bullion sold to pay expenses

Silver bullion distributed for the redemption of Shares

3,873,057 ( 38,589 ) 13,262,117

Silver bullion distributed for the redemption of Shares

282,624,263 ( 176,990,635 ) 1,349,023,048

1 unchanged sentence

286,497,320 ( 177,029,224 ) 1,362,285,165

1,362,285,165

Net change in unrealized appreciation/depreciation

( 361,918,369 ) 215,447,290 ( 3,401,406,431 )

4,075,854,334

Net realized and unrealized gain (loss)

( 75,421,049 ) 38,418,066 ( 2,039,121,266 )

5,005,182,190

Net increase (decrease) in net assets resulting from operations

Net decrease in net assets resulting from operations

$ ( 128,982,872 ) $ ( 18,017,230 ) $ ( 2,110,330,231 )

Net decrease in net assets per Share (a)

$ ( 0.26 ) $ ( 0.03 ) $ ( 3.46 )

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

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

See notes to financial statements.

iShares ®

iShares ® Silver Trust

Statements of Changes in Net Assets

3 unchanged sentences

$ 11,160,084,971 $ 12,249,234,223 $ 14,791,792,720

14,791,792,720

6,540,758,565

Net investment loss

Net realized gain (loss)

( 53,561,823 ) ( 56,435,296 ) ( 71,208,965 )

Net realized gain (loss)

286,497,320 ( 177,029,224 ) 1,362,285,165

1 unchanged sentence

( 361,918,369 ) 215,447,290 ( 3,401,406,431 )

4,075,854,334

Net increase (decrease) in net assets resulting from operations

( 2,110,330,231

Net decrease in net assets resulting from operations

( 128,982,872 ) ( 18,017,230 ) ( 2,110,330,231 )

2 unchanged sentences

3,580,116,083 3,608,993,778 6,742,609,430

6,742,609,430

7,299,222,832

Distributions for Shares redeemed

( 4,222,040,407 ) ( 4,680,125,800 ) ( 7,174,837,696 )

( 7,174,837,696

( 4,002,727,459

Net increase (decrease) in net assets from capital share transactions

( 1,071,132,022

( 432,228,266

3,296,495,373

Increase (decrease) in net assets

( 1,089,149,252

Net decrease in net assets from capital share transactions

( 641,924,324 ) ( 1,071,132,022 ) ( 432,228,266 )

Decrease in net assets

( 770,907,196 ) ( 1,089,149,252 ) ( 2,542,558,497 )

1 unchanged sentence

$ 10,389,177,775 $ 11,160,084,971 $ 12,249,234,223

12,249,234,223

14,791,792,720

Shares issued and redeemed

Shares issued

Shares redeemed

167,250,000 175,900,000 275,950,000

Shares redeemed

( 196,800,000 ) ( 243,150,000 ) ( 303,100,000 )

Net decrease in Shares issued and outstanding

( 29,550,000 ) ( 67,250,000 ) ( 27,150,000 )

Net increase (decrease) in Shares issued and outstanding

See notes to financial statements.

iShares ®

iShares ® Silver Trust

Statements of Cash Flows

3 unchanged sentences

Proceeds from silver bullion sold to pay expenses

Expenses –

Sponsor’s fees paid

$ 53,707,373 $ 56,964,663 $ 71,843,069

Expenses – Sponsor’s fees paid

( 53,707,373 ) ( 56,964,663 ) ( 71,843,069 )

Net cash provided by operating activities

3 unchanged sentences

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

( 2,110,330,231

Net decrease in net assets resulting from operations

$ ( 128,982,872 ) $ ( 18,017,230 ) $ ( 2,110,330,231 )

1 unchanged sentence

Proceeds from silver bullion sold to pay expenses

Net realized (gain) loss

53,707,373 56,964,663 71,843,069

Net realized (gain) loss

( 286,497,320 ) 177,029,224 ( 1,362,285,165 )

1 unchanged sentence

361,918,369 ( 215,447,290 ) 3,401,406,431

3,401,406,431

( 4,075,854,334

Change in operating assets and liabilities:

Sponsor’s fees payable

( 145,550 ) ( 529,367 ) ( 634,104 )

Net cash provided by (used in) operating activities

2 unchanged sentences

$ 3,580,116,083 $ 3,608,993,778 $ 6,742,609,430

6,742,609,430

7,299,222,832

Silver bullion distributed for Shares redeemed

$ ( 4,222,040,407 ) $ ( 4,680,125,800 ) $ ( 7,174,837,696 )

( 7,174,837,696

( 4,002,727,459

See notes to financial statements.

iShares ®

iShares ® Silver Trust

Schedules of Investments

2 unchanged sentences

Silver bullion

466,265,146  

$ 10,025,562,224  

$ 11,164,718,926  

Total Investments –

11,164,718,926  

Less Liabilities –

436,892,231 $ 9,616,427,847 $ 10,393,666,180

Net Assets –

$ 11,160,084,971  

Total Investments – 100.04 %

10,393,666,180

Less Liabilities – (0.04) %

( 4,488,405 )

Net Assets – 100.00 %

$ 10,389,177,775

December 31, 2022

Silver bullion

530,838,100  

$ 11,330,688,133  

$ 12,254,397,545  

Total Investments –

12,254,397,545  

Less Liabilities –

466,265,146 $ 10,025,562,224 $ 11,164,718,926

Net Assets –

$ 12,249,234,223  

Total Investments – 100.04 %

11,164,718,926

Less Liabilities – (0.04) %

( 4,633,955 )

Net Assets – 100.00 %

$ 11,160,084,971

See notes to financial statements.

iShares ®

iShares ® Silver Trust

Notes to Financial Statements

December 31, 2023

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.

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.

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Basis of Accounting

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with generally accepted accounting principles in the United States of America (“U.S.

GAAP”).

The preparation of financial statements in conformity with U.S.

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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”).

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

(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.

3 unchanged sentences

Beginning balance

530,838,100  

$ 11,330,688,133  

$ 12,254,397,545  

466,265,146 $ 10,025,562,224 $ 11,164,718,926 $ —

Silver bullion contributed

162,289,256  

3,608,993,778  

153,556,215 3,580,116,083 3,580,116,083 —

Silver bullion distributed

( 224,224,243 )  

( 4,857,116,435 )  

( 4,680,125,800 )  

( 180,643,461 ) ( 3,939,416,144 ) ( 4,222,040,407 ) 282,624,263

Silver bullion sold to pay expenses

( 2,637,967 )  

( 57,003,252 )  

( 56,964,663 )  

Net realized loss

( 177,029,224 )  

( 2,285,669 ) ( 49,834,316 ) ( 53,707,373 ) 3,873,057

Net realized gain

— — 286,497,320 —

Net change in unrealized appreciation/depreciation

215,447,290  

— — ( 361,918,369 ) —

Ending balance

466,265,146  

$ 10,025,562,224  

$ 11,164,718,926  

436,892,231 $ 9,616,427,847 $ 10,393,666,180 $ 286,497,320

1 unchanged sentence

Beginning balance

558,715,882  

$ 10,472,474,303  

$ 14,797,590,146  

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

Silver bullion contributed

256,106,607  

6,742,609,430  

162,289,256 3,608,993,778 3,608,993,778 —

Silver bullion distributed

( 281,173,891 )  

( 5,825,814,648 )  

( 7,174,837,696 )  

1,349,023,048  

( 224,224,243 ) ( 4,857,116,435 ) ( 4,680,125,800 ) ( 176,990,635 )

Silver bullion sold to pay expenses

( 2,810,498 )  

( 58,580,952 )  

( 71,843,069 )  

13,262,117  

Net realized gain

1,362,285,165  

( 2,637,967 ) ( 57,003,252 ) ( 56,964,663 ) ( 38,589 )

Net realized loss

— — ( 177,029,224 ) —

Net change in unrealized appreciation/depreciation

( 3,401,406,431 )  

— — 215,447,290 —

Ending balance

530,838,100  

$ 11,330,688,133  

$ 12,254,397,545  

$ 1,362,285,165  

466,265,146 $ 10,025,562,224 $ 11,164,718,926 $ ( 177,029,224 )

Year Ended December 31, 2021

Beginning balance

362,616,711  

$ 6,294,157,046  

$ 6,543,418,555  

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

Silver bullion contributed

371,438,229  

7,299,222,832  

256,106,607 6,742,609,430 6,742,609,430 —

Silver bullion distributed

( 173,055,462 )  

( 3,080,813,670 )  

( 4,002,727,459 )  

921,913,789  

( 281,173,891 ) ( 5,825,814,648 ) ( 7,174,837,696 ) 1,349,023,048

Silver bullion sold to pay expenses

( 2,283,596 )  

( 40,091,905 )  

( 47,505,972 )  

7,414,067  

( 2,810,498 ) ( 58,580,952 ) ( 71,843,069 ) 13,262,117

Net realized gain

929,327,856  

— — 1,362,285,165 —

Net change in unrealized appreciation/depreciation

4,075,854,334  

— — ( 3,401,406,431 ) —

Ending balance

558,715,882  

$ 10,472,474,303  

$ 14,797,590,146  

$ 929,327,856  

530,838,100 $ 11,330,688,133 $ 12,254,397,545 $ 1,362,285,165

Calculation of Net Asset Value

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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.

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.

2 unchanged sentences

Shares issued

175,900,000  

$ 3,608,993,778  

275,950,000  

$ 6,742,609,430  

398,700,000  

$ 7,299,222,832  

167,250,000 $ 3,580,116,083 175,900,000 $ 3,608,993,778 275,950,000 $ 6,742,609,430

Shares redeemed

( 243,150,000 )  

( 4,680,125,800 )  

( 303,100,000 )  

( 7,174,837,696 )  

( 185,850,000 )  

( 196,800,000 ) ( 4,222,040,407 ) ( 243,150,000 ) ( 4,680,125,800 ) ( 303,100,000 ) ( 7,174,837,696 )

Net increase (decrease)

( 67,250,000 )  

( 1,071,132,022 )  

( 27,150,000 )  

$ ( 432,228,266 )  

212,850,000  

$ 3,296,495,373  

( 29,550,000 ) $ ( 641,924,324 ) ( 67,250,000 ) $ ( 1,071,132,022 ) ( 27,150,000 ) $ ( 432,228,266 )

Federal Income Taxes

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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’s fee is accrued 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. 

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.

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

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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.

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global or regional political, economic or financial events and situations;

investors’

expectations with respect to the rate of inflation;

investors’ expectations with respect to the rate of inflation;

interest rates;

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Net asset value per Share, beginning of year

$ 21.35  

$ 24.61  

$ 16.85  

$ 22.03 $ 21.35 $ 24.61

Net investment loss (a)

( 0.10 )  

( 0.12 )  

( 0.11 ) ( 0.10 ) ( 0.12 )

Net realized and unrealized gain (loss) (b)

( 3.14 )  

( 0.14 ) 0.78 ( 3.14 )

Net increase (decrease) in net assets from operations

( 3.26 )  

( 0.25 ) 0.68 ( 3.26 )

Net asset value per Share, end of year

$ 22.03  

$ 21.35  

$ 24.61  

$ 21.78 $ 22.03 $ 21.35

Total return, at net asset value (c)

3.19 % 

( 13.25 )% 

46.05 % 

( 1.13 )% 3.19 % ( 13.25 )%

Ratio to average net assets:

Net investment loss

( 0.50 )% 

0.50 % 

( 0.50 )% ( 0.50 )% ( 0.50 )%

0.50 % 0.50 % 0.50 %

Based on average Shares outstanding during the year.

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.

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

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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.

1 unchanged sentence

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;

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.

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

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

At December 31, 2023 and December 31, 2022, the value of the silver bullion held by the Trust is categorized as Level 1.

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February 16, 2024

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

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures