7 unchanged sentences
The Trust is a grantor trust formed under the laws of the State of New York.
−Removed: The sponsor of the Trust is iShares Delaware Trust Sponsor LLC (the “Sponsor”), a Delaware limited liability company and an indirect subsidiary of BlackRock, Inc.
+Added: The sponsor of the Trust is iShares Delaware Trust Sponsor LLC (the “Sponsor”), a Delaware limited liability company and a consolidated subsidiary of BlackRock, Inc.
(“BlackRock”).
The trustee of the Trust is The Bank of New York Mellon (the “Trustee”) and the custodian of the Trust is JPMorgan Chase Bank N.A., London Branch (the “Custodian”).
−Removed: The agreement between the Trust and the Custodian is governed by English law.
+Added: The agreement between the Trustee and the Custodian is governed by English law.
The Trust does not have any officers, directors or employees.
1 unchanged sentence
Outstanding Shares of the Trust increased from 508,950,000 Shares outstanding at December 31, 2024 to 582,950,000 Shares outstanding at December 31, 2025.
−Removed: The activities of the Trust are limited to (1) issuing Baskets in exchange for the silver deposited with the Custodian as consideration, (2) selling silver as necessary to cover the Sponsor’s fee, Trust expenses not assumed by the Sponsor and other liabilities, and (3) delivering silver in exchange for Baskets surrendered for redemption.
+Added: The activities of the Trust are limited to (1) issuing Baskets in exchange for the silver deposited with the Custodian as consideration, (2) selling silver as necessary to cover the Sponsor’s fees, Trust expenses not assumed by the Sponsor and other liabilities, and (3) delivering silver in exchange for Baskets surrendered for redemption.
The Trust is not actively managed.
It does not engage in any activities designed to obtain a profit from, or to ameliorate losses caused by, changes in the price of silver.
+Added: The Trust does not lend its silver.
+Added: In addition, the Custodian does not have the right to lend the Trust’s silver.
The Sponsor of the Trust maintains a website at www.ishares.com, through which the Trust’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), are made available free of charge after they have been filed or furnished to the Securities and Exchange Commission (the “SEC”).
+Added: The Sponsor also makes available on the website the list of the Trust’s silver bars and the report from the most recent inspection of the premises where the Trust’s silver is warehoused.
Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov.
47 unchanged sentences
The use of sub‑custodians does not affect the Custodian’s liability to the Trustee under the custodian agreement between the Trustee and the Custodian (the “Custodian Agreement”).
+Added: The Trust does not lend its silver.
+Added: In addition, the Custodian does not have the right to lend the Trust’s silver.
The Custodian has agreed to use reasonable care in the performance of its duties under the Custodian Agreement and will only be responsible for any loss or damage suffered by the Trust as a direct result of any negligence, fraud or willful default on the part of the Custodian.
11 unchanged sentences
During the period covered by this report, Bureau Veritas Commodities UK Ltd.
−Removed: and Bureau Veritas Commodities & Trade, Inc., acting as authorized representatives of the Trustee pursuant to the foregoing provisions, inspected the premises where the Trust’s silver is warehoused and on April 18, 2024 issued their report summarizing their findings.
+Added: and Bureau Veritas Commodities & Trade, Inc., acting as authorized representatives of the Trustee pursuant to the foregoing provisions, inspected the premises where the Trust’s silver is warehoused and on May 12, 2025 issued their report summarizing their findings.
Such report is posted by the Sponsor on the Trust’s website.
16 unchanged sentences
As of the date of this report, information publicly available on IBA’s website indicates that the direct participants currently qualified to submit orders during the electronic auctions used for the daily determination of the LBMA Silver Price are Citibank, N.A.
−Removed: London Branch, Coins ’N Things Inc., DRW Investments, LLC, Goldman Sachs International plc, HSBC Bank USA NA, Jane Street Global Trading, LLC, JPMorgan Chase Bank, N.A.
−Removed: London Branch, Koch Supply and Trading LP, Marex Financial Limited, Morgan Stanley, Standard Chartered Bank, StoneX Financial Ltd., Toronto-Dominion Bank and Virtu Financial Global Markets, LLC.
+Added: London Branch, Coins ’N Things Inc., DRW Investments, LLC, Goldman Sachs International plc, HSBC Bank USA NA, Jane Street Global Trading, LLC, JPMorgan Chase Bank N.A., London Branch, Koch Supply and Trading LP, Marex, Morgan Stanley, Standard Chartered Bank, and The Toronto Dominion Bank.
Prior to October 2, 2017, the LBMA Silver Price was determined using an electronic auction administered by CME Group and published by Thomson Reuters.
5 unchanged sentences
Trust Expenses
−Removed: The Trust’s only ordinary recurring expense is expected to be the Sponsor’s fee.
−Removed: In exchange for the Sponsor’s fee, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:
+Added: The Trust’s only ordinary recurring expense is expected to be the Sponsor’s fees.
+Added: In exchange for the Sponsor’s fees, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:
the Trustee’s fee, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $500,000 per annum in legal fees and expenses.
1 unchanged sentence
To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust.
−Removed: The Sponsor’s fee is accrued daily at an annualized rate equal to 0.50% of the net asset value of the Trust and is payable monthly in arrears.
−Removed: The Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell silver in such quantity and at such times as may be necessary to permit payment of the Sponsor’s fee and of Trust expenses or liabilities not assumed by the Sponsor.
+Added: The Sponsor’s fees are accrued daily at an annualized rate equal to 0.50% of the net asset value of the Trust and is payable monthly in arrears.
+Added: The Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell silver in such quantity and at such times as may be necessary to permit payment of the Sponsor’s fees and of Trust expenses or liabilities not assumed by the Sponsor.
The Trustee is authorized to sell silver at such times and in the smallest amounts required to permit such payments as they become due, it being the intention to avoid or minimize the Trust’s holdings of assets other than silver.
32 unchanged sentences
NYSE Arca also publishes the Basket Silver Amount determined by the Trustee as indicated above.
−Removed: Because the Sponsor has assumed what are expected to be most of the Trust’s expenses and the Sponsor’s fee accrues daily at the same rate, in the absence of any extraordinary expenses or liabilities, the amount of silver by which the Basket Silver Amount decreases each day is predictable.
+Added: Because the Sponsor has assumed what are expected to be most of the Trust’s expenses and the Sponsor’s fees accrue daily at the same rate, in the absence of any extraordinary expenses or liabilities, the amount of silver by which the Basket Silver Amount decreases each day is predictable.
The Trustee intends to make available on each business day, through the same channels used to disseminate the actual Basket Silver Amount determined by the Trustee as indicated above, an indicative Basket Silver Amount for the next business day.
120 unchanged sentences
Shareholder of a trade or business in the United States and certain other conditions are met.
+Added: Estate Tax Considerations for Non-U.S.
+Added: Individuals who are neither citizens nor residents of the United States, as determined for U.S.
+Added: federal estate tax purposes (collectively, “Non-U.S.
+Added: Residents”), may be subject to estate tax on “U.S.
+Added: situs” property they own or are treated as owning at the time of death.
+Added: Tangible personal property (including silver) is treated as having U.S.
+Added: situs if it is physically located in the United States.
+Added: Shares may be considered to have U.S.
+Added: situs, in which case they would be includible in the U.S.
+Added: gross estate of a Non-U.S.
+Added: Resident investor, unless an applicable tax treaty provides otherwise.
+Added: Residents considering an investment in Shares are urged to consult with their tax advisers regarding the potential application of U.S.
+Added: federal estate taxes to their Shares in their particular circumstances.
United States Information Reporting and Backup Withholding
24 unchanged sentences
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.