10-Q

Table of Contents

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-Q

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☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
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or
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☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from                        to
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Commission File Number: 001-32863

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iShares® Silver Trust

(Exact name of registrant as specified in its charter)

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New York	13-7474456
(State or other jurisdiction of<br> incorporation or organization)	(I.R.S. Employer<br> Identification No.)
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c/o iShares Delaware Trust Sponsor LLC 400 Howard Street San Francisco, California 94105 Attn: Product Management Team iShares Product Research & Development

(Address of principal executive offices)(Zip Code)

(415) 670-2000

(Registrant’s telephone number, including area code)

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N/A

(Former name, former address and former fiscal year, if changed since last report)

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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Shares	SLV	NYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 31, 2023, the Registrant had 482,100,000 Shares outstanding.

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Table of Contents

Table of Contents

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	Statements of Assets and Liabilities at September 30, 2023 and December 31, 2022	1
	Statements of Operations for the three and nine months ended September 30, 2023 and 2022	2
	Statements of Changes in Net Assets for the three, six and nine months ended September 30, 2023 and 2022	3
	Statements of Cash Flows for the nine months ended September 30, 2023 and 2022	5
	Schedules of Investments at September 30, 2023 and December 31, 2022	6
	Notes to Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	12
Item 4.	Controls and Procedures	12
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	13
Item 1A.	Risk Factors	13
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	13
Item 3.	Defaults Upon Senior Securities	13
Item 4.	Mine Safety Disclosures	13
Item 5.	Other Information	13
Item 6.	Exhibits	14
SIGNATURES		15

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

iShares® Silver Trust

Statements of Assets and Liabilities (Unaudited)

At September 30, 2023 and December 31, 2022

	September 30, 2023		December 31, 2022
Assets	****	****	****	****
Investment in silver bullion, at fair value(a)	$	10,196,458,655	$	11,164,718,926
Total Assets		10,196,458,655		11,164,718,926
Liabilities	****	****	****	****
Sponsor’s fees payable		4,253,016		4,633,955
Total Liabilities		4,253,016		4,633,955
Commitments and contingent liabilities (Note 6)		—		—
Net Assets	$	10,192,205,639	$	11,160,084,971
Shares issued and outstanding(b)		481,850,000		506,550,000
Net asset value per Share (Note 2C)	$	21.15	$	22.03
(a)	Cost of investment in silver bullion: $9,698,264,542 and $10,025,562,224, respectively.
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(b)	No par value, unlimited amount authorized.

See notes to financial statements.

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iShares® Silver Trust

Statements of Operations (Unaudited)

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Expenses	****	****	****	****	****	****	****	****	****	****	****	****
Sponsor’s fees	$	13,376,846		$	11,853,564		$	40,630,780		$	43,758,189
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:
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 change in unrealized appreciation/depreciation		220,590,322			(489,449,244	)		(640,962,589	)		(2,151,261,448	)
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	)	$	(4.09	)
(a)	Net increase (decrease) in net assets per Share based on average shares outstanding during the period.
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See notes to financial statements.

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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
Net Assets at December 31, 2022	$	11,160,084,971
Operations:	****	****	****
Net investment loss		(13,133,630	)
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
Operations:	****	****	****
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
Operations:	****	****	****
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
Distributions for Shares redeemed		(1,199,300,449	)
Net decrease in net assets from capital share transactions		(625,139,904	)
Decrease in net assets		(322,416,725	)
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.

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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
Net Assets at December 31, 2021	$	12,249,234,223
Operations:	****	****	****
Net investment loss		(15,968,507	)
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
Operations:	****	****	****
Net investment loss		(15,936,118	)
Net realized gain		28,550,593
Net change in unrealized appreciation/depreciation		(2,536,190,240	)
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		(1,202,027,440	)
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
Operations:	****	****	****
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		(1,901,792,549	)
Net decrease in net assets from capital share transactions		(1,133,968,538	)
Decrease in net assets		(1,890,347,130	)
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.

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iShares® Silver Trust

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2023 and 2022

	Nine Months Ended September 30,
	2023			2022
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	)
Net cash provided by operating activities		—			—
Increase (decrease) in cash		—			—
Cash, beginning of period		—			—
Cash, end of period	$	—		$	—
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	)
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	)		(1,515,766	)
Net cash provided by (used in) operating activities	$	—		$	—
Supplemental disclosure of non-cash information:
Silver bullion contributed for Shares issued	$	2,758,616,940		$	2,905,320,583
Silver bullion distributed for Shares redeemed	$	(3,271,327,083	)	$	(3,660,794,221	)

See notes to financial statements.

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iShares® Silver Trust

Schedules of Investments (Unaudited)

At September 30, 2023 and December 31, 2022

September 30, 2023

Description	Ounces		Cost		Fair Value
Silver bullion		441,883,366	$	9,698,264,542	$	10,196,458,655
Total Investments – 100.04%						10,196,458,655
Less Liabilities – (0.04)%						(4,253,016	)
Net Assets – 100.00%					$	10,192,205,639

December 31, 2022

Description	Ounces		Cost		Fair Value
Silver bullion		466,265,146	$	10,025,562,224	$	11,164,718,926
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.

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iShares® Silver Trust

Notes to Financial Statements (Unaudited)

September 30, 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.

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”). 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.

2 - Significant Accounting Policies

A.	Basis of Accounting

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Certain statements and captions in the financial statements for the prior periods have been changed to conform to the current financial statement presentation.

B.	Silver Bullion

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

Fair value of the silver bullion held by the Trust is based on the price per ounce of silver determined in an electronic auction consisting of one 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”). 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.

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

Three Months Ended September 30, 2023	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		468,141,099		$	10,241,526,716		$	10,519,130,507		$	—
Silver bullion contributed		24,759,188			574,160,545			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	Ounces			Cost			Fair Value			Realized Gain (Loss)
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Beginning balance		540,709,388		$	11,776,684,940		$	11,038,582,148		$	—
Silver bullion contributed		40,044,552			767,824,011			767,824,011			—
Silver bullion distributed		(99,159,944	)		(2,155,201,581	)		(1,901,792,549	)		(253,409,032	)
Silver bullion sold to pay expenses		(676,354	)		(14,701,758	)		(13,035,006	)		(1,666,752	)
Net realized loss		—			—			(255,075,784	)		—
Net change in unrealized appreciation/depreciation		—			—			(489,449,244	)		—
Ending balance		480,917,642		$	10,374,605,612		$	9,147,053,576		$	(255,075,784	)

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

Nine Months Ended September 30, 2023	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		466,265,146		$	10,025,562,224		$	11,164,718,926		$	—
Silver bullion contributed		117,411,787			2,758,616,940			2,758,616,940			—
Silver bullion distributed		(140,058,647	)		(3,048,171,609	)		(3,271,327,083	)		223,155,474
Silver bullion sold to pay expenses		(1,734,920	)		(37,743,013	)		(41,011,719	)		3,268,706
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	Ounces			Cost			Fair Value			Realized Gain (Loss)
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Beginning balance		530,838,100		$	11,330,688,133		$	12,254,397,545		$	—
Silver bullion contributed		127,989,496			2,905,320,583			2,905,320,583			—
Silver bullion distributed		(175,842,285	)		(3,816,670,117	)		(3,660,794,221	)		(155,875,896	)
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	)		—
Ending balance		480,917,642		$	10,374,605,612		$	9,147,053,576		$	(155,334,928	)
C.	Calculation of Net Asset Value
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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.

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D.	Offering of the Shares

Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for silver bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trustee and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may 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.

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, 2023 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 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

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.

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. 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.

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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 30, 2023 and 2022.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
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	)		(0.08	)
Net realized and unrealized gain (loss)(b)		0.56			(1.29	)		(0.80	)		(3.75	)
Net increase (decrease) in net assets from operations		0.53			(1.31	)		(0.88	)		(3.83	)
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	)%		(17.94	)%
Ratio to average net assets:
Net investment loss(e)		(0.50	)%		(0.50	)%		(0.50	)%		(0.50	)%
Expenses(e)		0.50	%		0.50	%		0.50	%		0.50	%
(a)	Based on average Shares outstanding during the period.
---	---
(b)	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.
(c)	Based on the change in net asset value of a Share during the period.
(d)	Percentage is not annualized.
(e)	Percentage is annualized.

9 - Investment Valuation

U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investment at fair value.

Various inputs are used in determining the fair value of assets and liabilities. Inputs may 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. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. 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; 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, 2023 and December 31, 2022, the value of the silver bullion held by the Trust is categorized as Level 1.

Table of Contents

Item 2. 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. These statements are only predictions. Actual events or results may differ materially. 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.

Introduction

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.

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 held by the Trust 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.

11

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Table of Contents

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.

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.

12

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Table of Contents

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors

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, 2022, filed with the Securities and Exchange Commission on February 23, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a) None.

b) Not applicable.

c) 55,000,000 Shares (1,100 Baskets) were redeemed during the quarter ended September 30, 2023.

Period	Total Number of Shares Redeemed		Average Ounces of Silver Paid Per Share
07/01/23 to 07/31/23		19,950,000	$	0.9176
08/01/23 to 08/31/23		19,700,000		0.9172
09/01/23 to 09/30/23		15,350,000		0.9168
Total		55,000,000	$	0.9172

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

13

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Table of Contents

Item 6. Exhibits

Exhibit No.	Description
4.1	Third Amended and Restated Depositary Trust Agreement is incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by the Registrant on January 31, 2022
4.2	Standard Terms for Authorized Participant Agreements is incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016
10.1	First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch is incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016
10.2	Amendment Agreement to First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch is incorporated by reference to Exhibit 10.2 of Registration Statement No. 333-239613 filed by the Registrant on July 1, 2020
10.3	Sub-license Agreement is incorporated by reference to Exhibit 10.2 of Registration Statement No. 333-156506 filed by the Registrant on December 30, 2008
31.1	Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	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
32.2	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
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)

14

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Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.

iShares Delaware Trust Sponsor LLC, Sponsor of the iShares Silver Trust (registrant)

/s/ Shannon Ghia

Shannon Ghia Director, President and Chief Executive Officer (Principal executive officer)

Date:	November 3, 2023
/s/ Bryan Bowers
---

Bryan Bowers Director and Chief Financial Officer (Principal financial and accounting officer)

Date:	November 3, 2023
*	The registrant is a trust and the persons are signing in their respective capacities as officers of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.
---	---

15

ex_577469.htm

Exhibit 31.1

CERTIFICATION

I, Shannon Ghia, certify that:

1.	I have reviewed this report on Form 10-Q of iShares Silver Trust;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
---	---
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
---	---
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d‑15(f)) for the registrant and have:
---	---
a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
---	---
b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
---	---
c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
---	---
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
---	---
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
---	---
a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
---	---
b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
---	---
Date:	November 3, 2023
---	---
/s/ Shannon Ghia
---

Shannon Ghia*

Director, President and Chief Executive Officer

(Principal executive officer)

*	The registrant is a trust and Ms. Ghia is signing in her capacity as an officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

ex_577470.htm

Exhibit 31.2

CERTIFICATION

I, Bryan Bowers, certify that:

1.	I have reviewed this report on Form 10-Q of iShares Silver Trust;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
---	---
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
---	---
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d‑15(f)) for the registrant and have:
---	---
a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
---	---
b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
---	---
c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
---	---
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
---	---
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
---	---
a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
---	---
b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
---	---
Date:	November 3, 2023
---	---
/s/ Bryan Bowers
---

Bryan Bowers*

Director and Chief Financial Officer

(Principal financial and accounting officer)

*	The registrant is a trust and Mr. Bowers is signing in his capacity as an officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

ex_577471.htm

Exhibit 32.1

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of iShares Silver Trust (the “Trust”) on Form 10-Q for the period ended September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Shannon Ghia, Chief Executive Officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.
---	---

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.

Date:	November 3, 2023
/s/ Shannon Ghia
---

Shannon Ghia*

Director, President and Chief Executive Officer

(Principal executive officer)

*	The registrant is a trust and Ms. Ghia is signing in her capacity as an officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

ex_577472.htm

Exhibit 32.2

Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of iShares Silver Trust (the “Trust”) on Form 10-Q for the period ended September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Bryan Bowers, Chief Financial Officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.
---	---

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.

Date:	November 3, 2023
/s/ Bryan Bowers
---

Bryan Bowers*

Director and Chief Financial Officer

(Principal financial and accounting officer)

*	The registrant is a trust and Mr. Bowers is signing in his capacity as an officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.