What changed in this filing

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Item 1. Financial Statements

2024-05-08 compared with 2023-11-03 · 127 added, 428 removed, 205 unchanged (73% of the section changed)

Financial Statements

iShares ®

iShares ® Silver Trust

Statements of Assets and Liabilities (Unaudited)

At September 30, 2023 and December 31, 2022

September 30,

At March 31, 2024 and December 31, 2023

Investment in silver bullion, at fair value (a)

$ 10,196,458,655  

$ 11,164,718,926  

10,196,458,655  

11,164,718,926  

Sponsor’s fees payable

4,253,016  

4,633,955  

$ 10,572,001,097 $ 10,393,666,180

10,572,001,097 10,393,666,180

Sponsor’s fees payable

4,355,891 4,488,405

Total Liabilities

4,253,016  

4,633,955  

4,355,891 4,488,405

Commitments and contingent liabilities (Note 6)

$ 10,192,205,639  

$ 11,160,084,971  

$ 10,567,645,206 $ 10,389,177,775

Shares issued and outstanding (b)

481,850,000  

506,550,000  

470,950,000 477,000,000

Net asset value per Share (Note 2C)

$ 21.15  

$ 22.03  

$ 22.44 $ 21.78

Cost of investment in silver bullion:

2 unchanged sentences

See notes to financial statements.

iShares ®

iShares ® Silver Trust

Statements of Operations (Unaudited)

For the three and nine months ended September 30, 2023 and 2022

For the three months ended March 31, 2024 and 2023

Three Months Ended

September 30,

Nine Months Ended

September 30,

Sponsor’s fees

$ 13,376,846  

$ 11,853,564  

$ 40,630,780  

$ 43,758,189  

Sponsor’s fees

Total expenses

13,376,846  

11,853,564  

40,630,780  

43,758,189  

Net investment loss

( 13,376,846 )  

( 11,853,564 )  

( 40,630,780 )  

( 43,758,189 )

Net Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Net realized gain from:

Silver bullion sold to pay expenses

1,173,908  

( 1,666,752 )  

3,268,706  

540,968  

Silver bullion distributed for the redemption of Shares

94,335,795  

( 253,409,032 )  

223,155,474  

( 155,875,896 )

Net realized gain (loss)

95,509,703  

( 255,075,784 )  

226,424,180  

( 155,334,928 )

Net realized gain

Net change in unrealized appreciation/depreciation

220,590,322  

( 489,449,244 )  

( 640,962,589 )  

( 115,731,699

Net realized and unrealized gain (loss)

316,100,025  

( 744,525,028 )  

( 414,538,409 )  

( 2,306,596,376 )

Net increase (decrease) in net assets resulting from operations

$ 302,723,179  

$ ( 756,378,592 )  

$ ( 455,169,189 )  

$ ( 2,350,354,565 )

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

$ 0.62  

$ ( 1.43 )  

$ ( 0.90 )  

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

See notes to financial statements.

iShares ®

iShares ® Silver Trust

Statements of Changes in Net Assets (Unaudited)

For the three, six and nine months ended September 30, 2023

Nine Months Ended

September 30, 2023

For the three months ended March 31, 2024

Three Months Ended

March 31, 2024

Net Assets at December 31, 2023

$ 11,160,084,971  

Net investment loss

10,389,177,775

Net realized gain

49,953,315  

Net change in unrealized appreciation/depreciation

( 115,731,699 )

Net decrease in net assets resulting from operations

( 78,912,014 )

Capital Share Transactions:

Contributions for Shares issued

1,316,358,763  

Distributions for Shares redeemed

( 1,320,595,807 )

Net decrease in net assets from capital share transactions

( 4,237,044 )

Decrease in net assets

( 83,149,058 )

Net Assets at March 31, 2023

$ 11,076,935,913  

Net investment loss

( 14,120,304 )

Net realized gain

80,961,162  

Net change in unrealized appreciation/depreciation

( 745,821,212 )

Net decrease in net assets resulting from operations

( 678,980,354 )

Capital Share Transactions:

Contributions for Shares issued

868,097,632  

Distributions for Shares redeemed

( 751,430,827 )

Net increase in net assets from capital share transactions

116,666,805  

Decrease in net assets

( 562,313,549 )

Net Assets at June 30, 2023

$ 10,514,622,364  

Net investment loss

( 13,376,846 )

Net realized gain

95,509,703  

Net change in unrealized appreciation/depreciation

220,590,322  

Net increase in net assets resulting from operations

302,723,179  

Capital Share Transactions:

Contributions for Shares issued

574,160,545  

1,314,477,812

Distributions for Shares redeemed

2 unchanged sentences

( 117,953,400

Decrease in net assets

Increase in net assets

Net Assets at March 31, 2024

10,567,645,206

Net Assets at September 30, 2023

$ 10,192,205,639  

Shares issued and redeemed

Shares issued

127,800,000  

Shares redeemed

( 152,500,000 )

Net decrease in Shares issued and outstanding

( 24,700,000 )

See notes to financial statements.

iShares ®

iShares ® Silver Trust

Statements of Changes in Net Assets (Unaudited)

For the three, six and nine months ended September 30, 2022

Nine Months Ended

September 30, 2022

For the three months ended March 31, 2023

Three Months Ended

March 31, 2023

Net Assets at December 31, 2022

$ 12,249,234,223  

Net investment loss

11,160,084,971

Net realized gain

71,190,263  

Net change in unrealized appreciation/depreciation

874,378,036  

Net increase in net assets resulting from operations

929,599,792  

Capital Share Transactions:

Contributions for Shares issued

1,235,098,722  

Distributions for Shares redeemed

( 556,974,232 )

Net increase in net assets from capital share transactions

678,124,490  

Increase in net assets

1,607,724,282  

Net Assets at March 31, 2022

$ 13,856,958,505  

Net investment loss

( 15,936,118 )

Net realized gain

28,550,593  

Net change in unrealized appreciation/depreciation

1 unchanged sentence

Net decrease in net assets resulting from operations

( 2,523,575,765 )

Capital Share Transactions:

Contributions for Shares issued

902,397,850  

Distributions for Shares redeemed

1,316,358,763

Net decrease in net assets from capital share transactions

( 299,629,590 )

Decrease in net assets

( 2,823,205,355 )

Net Assets at June 30, 2022

$ 11,033,753,150  

Net investment loss

( 11,853,564 )

Net realized loss

( 255,075,784 )

Net change in unrealized appreciation/depreciation

( 489,449,244 )

Net decrease in net assets resulting from operations

( 756,378,592 )

Capital Share Transactions:

Contributions for Shares issued

767,824,011  

Distributions for Shares redeemed

1 unchanged sentence

Net decrease in net assets from capital share transactions

( 1,133,968,538 )

Decrease in net assets

Net Assets at March 31, 2023

11,076,935,913

Net Assets at September 30, 2022

$ 9,143,406,020  

Shares issued and redeemed

Shares issued

138,650,000  

Shares redeemed

( 190,600,000 )

Net decrease in Shares issued and outstanding

( 51,950,000 )

See notes to financial statements.

iShares ®

iShares ® Silver Trust

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2023 and 2022

Nine Months Ended

September 30,

For the three months ended March 31, 2024 and 2023

Three Months Ended

Cash Flows from Operating Activities

Proceeds from silver bullion sold to pay expenses

$ 41,011,719  

$ 45,273,955  

Expenses – Sponsor’s fees paid

( 41,011,719 )  

( 45,273,955 )

Expenses – Sponsor’s fees paid

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 decrease in net assets resulting from operations

$ ( 455,169,189 )  

$ ( 2,350,354,565 )

Net increase (decrease) in net assets resulting from operations

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

Proceeds from silver bullion sold to pay expenses

41,011,719  

45,273,955  

Net realized (gain) loss

( 226,424,180 )  

155,334,928  

Net change in unrealized appreciation/depreciation

640,962,589  

2,151,261,448  

Change in operating assets and liabilities:

Sponsor’s fees payable

( 380,939 )  

( 226,214,620

Change in operating assets and liabilities:

Sponsor’s fees payable

Net cash provided by (used in) operating activities

1 unchanged sentence

Silver bullion contributed for Shares issued

$ 2,758,616,940  

$ 2,905,320,583  

1,314,477,812

1,316,358,763

Silver bullion distributed for Shares redeemed

$ ( 3,271,327,083 )  

( 1,432,431,212

( 1,320,595,807

See notes to financial statements.

iShares ®

iShares ® Silver Trust

Schedules of Investments (Unaudited)

At September 30, 2023 and December 31, 2022

September 30, 2023

At March 31, 2024 and December 31, 2023

March 31, 2024

Silver bullion

441,883,366  

$ 9,698,264,542  

$ 10,196,458,655  

Total Investments – 

10,196,458,655  

Less Liabilities – 

430,806,891 $ 9,568,548,144 $ 10,572,001,097

Net Assets – 

$ 10,192,205,639  

Total Investments – 100.04 %

10,572,001,097

Less Liabilities – (0.04) %

( 4,355,891 )

Net Assets – 100.00 %

$ 10,567,645,206

December 31, 2023

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

See notes to financial statements.

iShares ®

iShares ® Silver Trust

Notes to Financial Statements (Unaudited)

September 30, 2023

March 31, 2024

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 iShares Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust.

The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day-to-day administration of the Trust.

The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”).

The Trust is governed by the provisions of the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of January 31, 2022.

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

The Trust seeks to reflect generally the performance of the price of silver.

The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities.

The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in silver.

The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S.

GAAP”) for interim financial information and with the instructions for Form 10 -Q and the rules and regulations of the U.S.

Securities and Exchange Commission (the “SEC”).

The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S.

GAAP”) for interim financial information and with the instructions for Form 10 -Q and the rules and regulations of the U.S.

Securities and Exchange Commission (the “SEC”).

In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made.

Interim period results are not necessarily indicative of results for a full-year period.

These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10 -K for the year ended December 31, 2022, as filed with the SEC on February 23, 2023.

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

5 unchanged sentences

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.

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.

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

The following tables summarize activity in silver bullion for the three months ended September 

2023 and 2022:

Three Months Ended September 30, 2023

Beginning balance

468,141,099  

$ 10,241,526,716  

$ 10,519,130,507  

Silver bullion contributed

24,759,188  

574,160,545  

Silver bullion distributed

( 50,447,767 )  

( 1,104,964,654 )  

( 1,199,300,449 )  

94,335,795  

Silver bullion sold to pay expenses

( 569,154 )  

( 12,458,065 )  

( 13,631,973 )  

1,173,908  

Net realized gain

95,509,703  

Net change in unrealized appreciation/depreciation

220,590,322  

Ending balance

441,883,366  

$ 9,698,264,542  

$ 10,196,458,655  

$ 95,509,703  

Three Months Ended September 30, 2022

The following tables summarize activity in silver bullion for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31, 2024

Beginning balance

540,709,388  

$ 11,776,684,940  

$ 11,038,582,148  

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

Silver bullion contributed

40,044,552  

767,824,011  

55,670,911 1,314,477,812 1,314,477,812 —

Silver bullion distributed

( 99,159,944 )  

( 2,155,201,581 )  

( 1,901,792,549 )  

( 61,208,264 ) ( 1,350,281,409 ) ( 1,432,431,212 ) 82,149,803

Silver bullion sold to pay expenses

( 676,354 )  

( 14,701,758 )  

( 13,035,006 )  

( 547,987 ) ( 12,076,106 ) ( 12,670,512 ) 594,406

Net realized loss

( 255,075,784 )  

Net realized gain

— — 82,744,209 —

Net change in unrealized appreciation/depreciation

( 489,449,244 )  

— — 226,214,620 —

Ending balance

480,917,642  

$ 10,374,605,612  

$ 9,147,053,576  

430,806,891 $ 9,568,548,144 $ 10,572,001,097 $ 82,744,209

The following tables summarize activity in silver bullion for the nine months ended September 30, 2023 and 2022:

Nine Months Ended September 30, 2023

Three Months Ended March 31, 2023

Beginning balance

466,265,146  

$ 10,025,562,224  

$ 11,164,718,926  

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

Silver bullion contributed

117,411,787  

2,758,616,940  

57,061,861 1,316,358,763 1,316,358,763 —

Silver bullion distributed

( 140,058,647 )  

( 3,048,171,609 )  

( 3,271,327,083 )  

223,155,474  

( 58,798,412 ) ( 1,271,418,533 ) ( 1,320,595,807 ) 49,177,274

Silver bullion sold to pay expenses

( 1,734,920 )  

( 37,743,013 )  

( 41,011,719 )  

3,268,706  

( 586,373 ) ( 12,667,476 ) ( 13,443,517 ) 776,041

Net realized gain

226,424,180  

Net change in unrealized appreciation/depreciation

( 640,962,589 )  

Ending balance

441,883,366  

$ 9,698,264,542  

$ 10,196,458,655  

$ 226,424,180  

Nine Months Ended September 30, 2022

Beginning balance

530,838,100  

$ 11,330,688,133  

$ 12,254,397,545  

Silver bullion contributed

127,989,496  

2,905,320,583  

Silver bullion distributed

( 175,842,285 )  

( 3,816,670,117 )  

( 3,660,794,221 )  

— — 49,953,315 —

Silver bullion sold to pay expenses

( 2,067,669 )  

( 44,732,987 )  

( 45,273,955 )  

540,968  

Net realized loss

( 155,334,928 )  

Net change in unrealized appreciation/depreciation

( 2,151,261,448 )  

— — ( 115,731,699 ) —

Ending balance

480,917,642  

$ 10,374,605,612  

$ 9,147,053,576  

463,942,222 $ 10,057,834,978 $ 11,081,259,981 $ 49,953,315

6 unchanged sentences

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.

3 unchanged sentences

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, 2023 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2024 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 - Trust Expenses

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 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 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.

2 unchanged sentences

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

1 unchanged sentence

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.

4 unchanged sentences

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;

3 unchanged sentences

8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and nine months ended September 

2023 and 2022.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2024 and 2023.

Three Months Ended

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

$ 20.62  

$ 18.83  

$ 22.03  

$ 21.35  

Net investment loss (a)

( 0.03 )  

( 0.02 )  

( 0.08 )  

Net realized and unrealized gain (loss) (b)

( 1.29 )  

( 0.80 )  

Net increase (decrease) in net assets from operations

( 1.31 )  

( 0.88 )  

Net asset value per Share, end of period

$ 21.15  

$ 17.52  

$ 21.15  

$ 17.52  

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

2.57 %  

( 6.96 )%  

( 3.99 )%  

Ratio to average net assets:

Net investment loss (e)

( 0.50 )%  

0.50 %  

Based on average Shares outstanding during the period.

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

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

3 unchanged sentences

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.

At September 30, 2023 and December 31, 2022, the value of the silver bullion held by the Trust is categorized as Level 1.

Management ’

s Discussion and Analysis of Financial Condition and Results of Operations.

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q.

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 March 31, 2024 and December 31, 2023, the value of the silver bullion held by the Trust is categorized as Level 1.

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

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q.

The discussion and analysis that follows may contain statements that relate to future events or future performance.

In some cases, such forward looking statements can be identified by terminology such as “may,”

“should,”

“could,”

“expect,”

“plan,”

“anticipate,”

“believe,”

“estimate,”

“predict,”

“potential”

or the negative of these terms or other comparable terminology.

In some cases, such forward‑looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology.

These statements are only predictions.

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These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances.

Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.

Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy.

Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

The iShares Silver Trust (the “Trust”) is a grantor trust formed under the laws of the State of New York.

The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and iShares Delaware Trust Sponsor LLC, the sponsor of the Trust (the “Sponsor”).

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward‑looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

The iShares Silver Trust (the “Trust”) is a grantor trust formed under the laws of the State of New York.

The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and iShares Delaware Trust Sponsor LLC, the sponsor of the Trust (the “Sponsor”).

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

The assets of the Trust consist primarily of silver bullion held by a custodian as an agent of the Trust responsible only to the Trustee.

The Trust is a passive investment vehicle and seeks to reflect generally the performance of the price of silver.

The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities.

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

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

A list of the current Authorized Participants is available from the Sponsor or the Trustee.

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under the ticker symbol SLV.

Valuation of Silver Bullion ;

Computation of Net Asset Value

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”).

(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”).

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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.

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”

In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

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.

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, 2023

The Trust’s net asset value decreased from $10,514,622,364 at June 30, 2023 to $10,192,205,639 at September 30, 2023, a 3.07% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares, which fell from 509,850,000 Shares at June 30, 2023 to 481,850,000 Shares at September 30, 2023, a consequence of 27,000,000 Shares (540 Baskets) being created and 55,000,000 Shares (1,100 Baskets) being redeemed during the quarter.

The decrease in the Trust’s net asset value was partially offset by an increase in the price of silver, which rose 2.71% from $22.47 at June 30, 2023 to $23.08 at September 30, 2023.

The 2.57% increase in the NAV from $20.62 at June 30, 2023 to $21.15 at September 30, 2023 is directly related to the 2.71% 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 $13,376,846 for the quarter, or 0.13% of the Trust’s average weighted assets of $10,610,838,824 during the quarter.

The NAV of $23.10 on July 20, 2023 was the highest during the quarter, compared with a low during the quarter of $20.56 on August 15, 2023.

Net increase in net assets resulting from operations for the quarter ended September 30, 2023 was $302,723,179, resulting from an unrealized gain on investment in silver bullion of $220,590,322, a net realized gain of $94,335,795 on silver bullion distributed for the redemption of Shares, and a net realized gain of $1,173,908 from investment in silver bullion sold to pay expenses, partially offset by a net investment loss of $13,376,846.

Other than the Sponsor’s fees of $13,376,846, the Trust had no expenses during the quarter.

The Nine-Month Period Ended September 30, 2023

The Trust’s net asset value decreased from $11,160,084,971 at December 31, 2022 to $10,192,205,639 at September 30, 2023, a 8.67% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares, which fell from 506,550,000 Shares at December 31, 2022 to 481,850,000 Shares at September 30, 2023, a consequence of 127,800,000 Shares (2,556 Baskets) being created and 152,500,000 Shares (3,050 Baskets) being redeemed during the period.

The decrease in the Trust’s net asset value was also affected by a decrease in the price of silver, which fell 3.63% from $23.95 at December 31, 2022 to $23.08 at September 30, 2023.

The 3.99% decline in the NAV from $22.03 at December 31, 2022 to $21.15 at September 30, 2023 is directly related to the 3.63% decrease in the price of silver.

The NAV decreased slightly more than the price of silver on a percentage basis due to the Sponsor’s fees, which were $40,630,780 for the period, or 0.37% of the Trust’s average weighted assets of $10,860,450,452 during the period.

The NAV of $23.91 on April 14, 2023 was the highest during the period, compared with a low during the period of $18.47 on March 10, 2023.

Net decrease in net assets resulting from operations for the nine months ended September 30, 2023 was $455,169,189, resulting from an unrealized loss on investment in silver bullion of $640,962,589, and a net investment loss of $40,630,780, partially offset by a net realized gain of $223,155,474 on silver distributed for the redemption of Shares, and a net realized gain of $3,268,706 from silver bullion sold to pay expenses.

Other than the Sponsor’s fees of $40,630,780, the Trust had no expenses during the period.

The Quarter Ended March 31, 2024

The Trust’s net asset value increased from $10,389,177,775 at December 31, 2023 to $10,567,645,206 at March 31, 2024, a 1.72% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which grew 3.15% from $23.79 at December 31, 2023 to $24.54 at March 31, 2024, partially offset by a decrease in the number of outstanding Shares, which fell from 477,000,000 Shares at December 31, 2023 to 470,950,000 Shares at March 31, 2024, a consequence of 60,850,000 Shares (1,217 Baskets) being created and 66,900,000 Shares (1,338 Baskets) being redeemed during the quarter.

The 3.03% increase in the NAV from $21.78 at December 31, 2023 to $22.44 at March 31, 2024 is directly related to the 3.15% 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 $12,537,998 for the quarter, or 0.12% of the Trust’s average weighted assets of $10,092,367,352 during the quarter.

The NAV of $23.26 on March 21, 2024 was the highest during the quarter, compared with a low during the quarter of $20.21 on February 14, 2024.

Net increase in net assets resulting from operations for the quarter ended March 31, 2024 was $296,420,831, resulting from an unrealized gain on investment in silver bullion of $226,214,620, a net realized gain of $82,149,803 on silver bullion distributed for the redemption of Shares, and a net realized gain of $594,406 from investment in silver bullion sold to pay expenses, partially offset by a net investment loss of $12,537,998.

Other than the Sponsor’s fees of $12,537,998, the Trust had no expenses during the quarter.

Quantitative and Qualitative Disclosures About Market Risk.

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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-Q

Item 1. Financial Statements