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 ~~Second~~Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of ~~December 22, 2016.~~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, ~~2020,~~2021, as filed with the SEC on March 1, ~~2021.~~2022.

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.

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.

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.

The following tables summarize activity in silver bullion for the three months ended June 30, ~~2021~~2022 and ~~2020:~~2021:

The following tables summarize activity in silver bullion for the six months ended June 30, ~~2021~~2022 and ~~2020:~~2021:

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.

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.

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 June 30, ~~2021~~2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.50% of the net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee and reimbursement for its reasonable out-of-pocket expenses, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and, effective January 31, 2022, up to $500,000 per annum in legal fees and expenses. Prior to January 31, 2022, the Sponsor had agreed to assume up to $100,000 per annum in legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the amount required under the Trust Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust.

The 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.

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.

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.

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

~~Financial Highlights~~

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, ~~2021~~2022 and ~~2020.~~2021.

	Three Months Ended June 30,						Six Months Ended June 30,						Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020			2022			2021			2022			2021
Net asset value per Share, beginning of period	$	22.28		$	12.99		$	24.61		$	16.85		$	22.92		$	22.28		$	21.35		$	24.61
Net investment loss(a)		(0.03	)		(0.02	)		(0.06	)		(0.04	)		(0.03	)		(0.03	)		(0.05	)		(0.06	)
Net realized and unrealized gain (loss)(b)		1.64			3.65			(0.66	)		(0.19	)		(4.06	)		1.64			(2.47	)		(0.66	)
Net increase (decrease) in net assets from operations		1.61			3.63			(0.72	)		(0.23	)		(4.09	)		1.61			(2.52	)		(0.72	)
Net asset value per Share, end of period	$	23.89		$	16.62		$	23.89		$	16.62		$	18.83		$	23.89		$	18.83		$	23.89

Total return, at net asset value(c)(d)		7.23	%		27.94	%		(2.93	)%		(1.36	)%		(17.84	)%		7.23	%		(11.80	)%		(2.93	)%

Ratio to average net assets:
Net investment loss(e)		(0.50	)%		(0.50	)%		(0.50	)%		(0.50	)%		(0.50	)%		(0.50	)%		(0.50	)%		(0.50	)%
Expenses(e)		0.50	%		0.50	%		0.50	%		0.50	%		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

~~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 June 30, ~~2021~~2022 and December 31, ~~2020,~~2021, the value of the silver bullion held by the Trust is categorized as Level 1.

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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~~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 Second 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”)~~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 ofheld 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.

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Results of Operations

The Quarter Ended June 30, ~~2021~~2022

The Trust’s net asset value ~~increased~~decreased from ~~$13,796,532,456~~$13,856,958,505 at March 31, ~~2021~~2022 to ~~$14,374,981,738~~$11,033,753,150 at June 30, ~~2021,~~2022, a 4.19% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the LBMA Silver Price, which increased 7.38% from $24.00 at March 31, 2021 to $25.77 at June 30, 2021. The increase in the Trust’s net asset value was partially offset by a decrease in the number of outstanding Shares, which fell from 619,300,000 Shares at March 31, 2021 to 601,800,000 Shares at June 30, 2021, a consequence of 30,300,000 Shares (606 Baskets) being created and 47,800,000 Shares (956 Baskets) being redeemed during the quarter.

~~The 7.23% increase in the NAV from $22.28 at March 31, 2021 to $23.89 at June 30, 2021 is directly related to the 7.38% increase in the price of silver.~~

The Trust’s NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $18,940,519 for the quarter, or 0.12% of the average weighted assets of $15,200,399,950 during the quarter. The NAV of $26.42 on May 18, 2021 was the highest during the quarter, compared with a low during the quarter of $22.57 on April 1, 2021.

Net increase in net assets resulting from operations for the quarter ended June 30, 2021 was $990,654,725, resulting from an unrealized gain on investment in silver bullion of $756,594,817, a net realized gain of $249,015,993 on silver distributed for the redemption of Shares, a net realized gain of $3,984,434 from silver bullion sold to pay expenses and a net investment loss of $18,940,519. Other than the Sponsor’s fees of $18,940,519, the Trust had no expenses during the quarter.

~~The Six-Month Period Ended June 30, 2021~~

~~The Trust’s net asset value fell from $14,791,792,720 at December 31, 2020 to $14,374,981,738 at June 30, 2021, a 2.82%~~20.37% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Silver Price, which fell ~~2.72%~~17.73% from ~~$26.49~~$24.82 at ~~December~~March 31, ~~2020~~2022 to ~~$25.77~~$20.42 at June 30, ~~2021.~~2022. The decrease in the Trust’s net asset value was ~~partially offset~~also affected by ~~an increase~~a decrease in the number of outstanding Shares, which ~~rose~~fell from ~~600,950,000~~604,600,000 Shares at ~~December~~March 31, ~~2020~~2022 to ~~601,800,000~~585,950,000 Shares at June 30, ~~2021,~~2022, a consequence of ~~207,000,000~~39,800,000 Shares ~~(4,140~~(796 Baskets) being created and ~~206,150,000~~58,450,000 Shares ~~(4,123~~(1,169 Baskets) being redeemed during the ~~period.~~quarter.

The ~~2.93%~~17.84% decrease in the NAV from ~~$24.61~~$22.92 at ~~December~~March 31, ~~2020~~2022 to ~~$23.89~~$18.83 at June 30, ~~2021~~2022 is directly related to the ~~2.72%~~17.73% 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 ~~$38,227,150~~$15,936,118 for the quarter, or 0.12% of the Trust’s average weighted assets of $12,752,622,613 during the quarter. The NAV of $23.93 on April 19, 2022 was the highest during the quarter, compared with a low during the quarter of $18.83 on June 30, 2022.

Net decrease in net assets resulting from operations for the quarter ended June 30, 2022 was $2,523,575,765, resulting from an unrealized loss on investment in silver bullion of $2,536,190,240, a net realized gain of $27,647,155 on silver distributed for the redemption of Shares, a net realized gain of $903,438 from silver bullion sold to pay expenses, and a net investment loss of $15,936,118. Other than the Sponsor’s fees of $15,936,118, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2022

The Trust’s net asset value decreased from $12,249,234,223 at December 31, 2021 to $11,033,753,150 at June 30, 2022, a 9.92% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Silver Price, which fell 11.56% from $23.09 at December 31, 2021 to $20.42 at June 30, 2022. The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 573,800,000 Shares at December 31, 2021 to 585,950,000 Shares at June 30, 2022, a consequence of 95,200,000 Shares (1,904 Baskets) being created and 83,050,000 Shares (1,661 Baskets) being redeemed during the period.

The 11.80% decline in the NAV from $21.35 at December 31, 2021 to $18.83 at June 30, 2022 is directly related to the 11.56% 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 $31,904,625 for the period, or 0.25% of the Trust’s average weighted assets of ~~$15,414,790,092~~$12,860,815,001 during the period. The NAV of ~~$27.48~~$24.18 on ~~February 1, 2021~~March 9, 2022 was the highest during the period, compared with a low during the ~~period~~quarter of ~~$22.28~~$18.83 on ~~March 31, 2021.~~June 30, 2022.

Net decrease in net assets resulting from operations for the six months ended June 30, ~~2021~~2022 was ~~$594,652,867,~~$1,593,975,973, resulting from an unrealized loss on investment in silver bullion of $1,661,812,204, a net realized gain of ~~$1,137,565,238~~$97,533,136 on silver distributed for the redemption of Shares, a net realized gain of ~~$9,193,761~~$2,207,720 from silver bullion sold to pay expenses, ~~offset by an unrealized loss on investment in silver bullion of $1,703,184,716~~ and a net investment loss of ~~$38,227,150.~~$31,904,625. Other than the Sponsor’s fees of ~~$38,227,150,~~$31,904,625, 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.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors

~~There~~Except as set forth below, 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, ~~2020,~~2021, filed with the Securities and Exchange Commission on March 1, ~~2021.~~2022.

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Because the Shares are created to reflect the price of the silver held by the Trust, the market price of the Shares will be as unpredictable as the price of silver has historically been. This creates the potential for losses, regardless of whether you hold Shares for a short-, mid- or long- term period.

Shares are created to reflect, at any given time, the market price of silver owned by the Trust at that time less the Trust’s expenses and liabilities. Because the value of Shares depends on the price of silver, it is subject to fluctuations similar to those affecting silver prices. This exposes your investment in Shares to potential losses if you need to sell your Shares at a time when the price of silver is lower than it was when you made your investment in Shares. Even if you are able to hold Shares for the mid- or long-term, you may never realize a profit, because silver markets have historically experienced extended periods of flat or declining prices.

Following an investment in Shares, several factors may have the effect of causing a decline in the prices of silver and a corresponding decline in the price of Shares. Among them:

• large sales, including those by the official sector (government, central banks and related institutions), which own a significant portion of the aggregate world holdings. If one or more of these institutions decide to sell in amounts large enough to cause a decline in world silver prices, the price of the Shares will be adversely affected;

• a significant increase in silver hedging activity by silver producers. Should there be an increase in the level of hedge activity of silver producing companies, it could cause a decline in world silver prices, adversely affecting the price of the Shares;

• a significant change in the attitude of speculators and investors towards silver. Should the speculative community take a negative view towards silver, a decline in world silver prices could occur, negatively impacting the price of the Shares;

• global silver supply and demand, which is influenced by such factors as silver’s uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other silver products, forward selling by silver producers, purchases made by silver producers to unwind silver hedge positions, central bank purchases and sales and production and cost levels in major silver -producing countries such as China, Mexico and Peru;

• global or regional political, economic or financial events and situations, especially those unexpected in nature, including the recent Russian invasion of Ukraine;

• 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.

Conversely, several factors may trigger a temporary increase in the price of silver prior to your investment in the Shares. If that is the case, you will be buying Shares at prices affected by the temporarily high prices of silver, and you may incur losses when the causes for the temporary increase disappear.

Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and economic impacts are impossible to predict. These and any related events could cause volatility in precious metals prices and have significant impact on Trust performance and the value of an investment in the Shares. Russia is a significant producer of silver. On March 7, 2022, the LBMA suspended six Russian gold and silver refiners from its Good Delivery List. As a result, while existing silver bars from these refiners are considered acceptable, new silver bars are not.

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Investors should be aware that while silver is used to preserve wealth by investors around the world, there is no assurance that silver will maintain its long- term value in terms of future purchasing power. In the event the price of silver declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

Furthermore, although silver has been used as a portfolio diversifier due to its historically low-to-negative correlation with stocks and bonds, diversification does not ensure against, nor can it prevent against, risk of loss.

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

a) None.

b) Not applicable.

c) ~~47,800,000~~58,450,000 Shares ~~(956~~(1,169 Baskets) were redeemed during the quarter ended June 30, ~~2021.~~2022.

Period

Total Number of Shares
Redeemed

Average Ounces of
Silver Paid Per Share

04/01/21 to 04/30/21
12,950,000 $ 0.9280
05/01/21 to 05/31/21
5,050,000 0.9278
06/01/21 to 06/30/21
29,800,000 0.9273
Total
47,800,000 $ 0.9275

Period	Total Number of Shares Redeemed		Average Ounces of Silver Paid Per Share
04/01/22 to 04/30/22		13,400,000	$	0.9234
05/01/22 to 05/31/22		25,050,000		0.9230
06/01/22 to 06/30/22		20,000,000		0.9226
Total		58,450,000	$	0.9229

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

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Item 6. Exhibits

Exhibit No.		Description
4.1		~~Second~~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 ~~December 22, 2016~~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 ~~JP Morgan~~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)

1415

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/ ~~Paul Lohrey~~Shannon Ghia

Shannon Ghia

Director, President and Chief Executive Officer

(Principal executive officer)

~~Paul Lohrey~~
~~Director, President and Chief Executive Officer~~
~~(Principal executive officer)~~

Date:

August ~~6, 2021~~4, 2022

/s/ ~~Trent Walker~~Bryan Bowers

Bryan Bowers

Director and Chief Financial Officer

(Principal financial and accounting officer)

~~Trent Walker~~
~~Chief Financial Officer~~
~~(Principal financial and accounting officer)~~

Date:

August ~~6, 2021~~4, 2022

*~~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.~~

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.

1516

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

	June 30, 2021		December 31, 2020		June 30, 2022		December 31, 2021
Assets
Investment in silver bullion, at fair value(a)	$	14,381,334,638	$	14,797,590,146	$	11,038,582,148	$	12,254,397,545
Total Assets		14,381,334,638		14,797,590,146		11,038,582,148		12,254,397,545

Liabilities
Sponsor’s fees payable		6,352,900		5,797,426		4,828,998		5,163,322
Total Liabilities		6,352,900		5,797,426		4,828,998		5,163,322

Commitments and contingent liabilities (Note 6)		—		—		—		—

Net Assets	$	14,374,981,738	$	14,791,792,720	$	11,033,753,150	$	12,249,234,223

Shares issued and outstanding(b)		601,800,000		600,950,000		585,950,000		573,800,000
Net asset value per Share (Note 2C)	$	23.89	$	24.61	$	18.83	$	21.35

	Three Months Ended June 30,						Six Months Ended June 30,						Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020			2022			2021			2022			2021
Expenses
Sponsor’s fees	$	18,940,519		$	8,953,394		$	38,227,150		$	16,630,343		$	15,936,118		$	18,940,519		$	31,904,625		$	38,227,150
Total expenses		18,940,519			8,953,394			38,227,150			16,630,343			15,936,118			18,940,519			31,904,625			38,227,150
Net investment loss		(18,940,519	)		(8,953,394	)		(38,227,150	)		(16,630,343	)		(15,936,118	)		(18,940,519	)		(31,904,625	)		(38,227,150	)

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Net realized gain from:
Silver bullion sold to pay expenses		3,984,434			(583,239	)		9,193,761			(508,599	)		903,438			3,984,434			2,207,720			9,193,761
Silver bullion distributed for the redemption of Shares		249,015,993			(10,559,630	)		1,137,565,238			(20,204,979	)		27,647,155			249,015,993			97,533,136			1,137,565,238
Net realized gain (loss)		253,000,427			(11,142,869	)		1,146,758,999			(20,713,578	)
Net realized gain														28,550,593			253,000,427			99,740,856			1,146,758,999
Net change in unrealized appreciation/depreciation		756,594,817			1,686,694,147			(1,703,184,716	)		263,482,483			(2,536,190,240	)		756,594,817			(1,661,812,204	)		(1,703,184,716	)
Net realized and unrealized gain (loss)		1,009,595,244			1,675,551,278			(556,425,717	)		242,768,905			(2,507,639,647	)		1,009,595,244			(1,562,071,348	)		(556,425,717	)

Net increase (decrease) in net assets resulting from operations	$	990,654,725		$	1,666,597,884		$	(594,652,867	)	$	226,138,562		$	(2,523,575,765	)	$	990,654,725		$	(1,593,975,973	)	$	(594,652,867	)

Net increase (decrease) in net assets per Share(a)	$	1.61		$	3.51		$	(0.95	)	$	0.52		$	(4.15	)	$	1.61		$	(2.67	)	$	(0.95	)

	Six Months Ended June 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

Shares issued and redeemed
Shares issued		95,200,000
Shares redeemed		(83,050,000	)
Net increase in Shares issued and outstanding		12,150,000

	Six Months Ended June 30, 2021
Net Assets at December 31, 2020	$	14,791,792,720

Operations:
Net investment loss		(19,286,631	)
Net realized gain		893,758,572
Net change in unrealized appreciation/depreciation		(2,459,779,533	)
Net decrease in net assets resulting from operations		(1,585,307,592	)

Capital Share Transactions:
Contributions for Shares issued		4,468,670,836
Distributions for Shares redeemed		(3,878,623,508	)
Net increase in net assets from capital share transactions		590,047,328

Decrease in net assets		(995,260,264	)

Net Assets at March 31, 2021	$	13,796,532,456

Operations:
Net investment loss		(18,940,519	)
Net realized gain		253,000,427
Net change in unrealized appreciation/depreciation		756,594,817
Net increase in net assets resulting from operations		990,654,725

Capital Share Transactions:
Contributions for Shares issued		765,794,167
Distributions for Shares redeemed		(1,177,999,610	)
Net decrease in net assets from capital share transactions		(412,205,443	)

Increase in net assets		578,449,282

Net Assets at June 30, 2021	$	14,374,981,738

Shares issued and redeemed
Shares issued		207,000,000
Shares redeemed		(206,150,000	)
Net increase in Shares issued and outstanding		850,000

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

		Page

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	1

	Statements of Assets and Liabilities at June 30, ~~2021~~2022 and December 31, ~~2020~~2021	1

	Statements of Operations for the three and six months ended June 30, ~~2021~~2022 and ~~2020~~2021	2

	Statements of Changes in Net Assets for the three and six months ended June 30, ~~2021~~2022 and ~~2020~~2021	3

	Statements of Cash Flows for the six months ended June 30, ~~2021~~2022 and ~~2020~~2021	5

	Schedules of Investments at June 30, ~~2021~~2022 and December 31, ~~2020~~2021	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	1314

Item 3.	Defaults Upon Senior Securities	1314

Item 4.	Mine Safety Disclosures	1314

Item 5.	Other Information	1314

Item 6.	Exhibits	1415

SIGNATURES		1516

(a)	Cost of investment in silver bullion: ~~$11,759,403,511~~$11,776,684,940 and ~~$10,472,474,303,~~$11,330,688,133, respectively.
(b)	No par value, unlimited amount authorized.

	Six Months Ended June 30, 2020
Net Assets at December 31, 2019	$	6,540,758,565

Operations:
Net investment loss		(7,676,949	)
Net realized loss		(9,570,709	)
Net change in unrealized appreciation/depreciation		(1,423,211,664	)
Net decrease in net assets resulting from operations		(1,440,459,322	)

Capital Share Transactions:
Contributions for Shares issued		889,817,438
Distributions for Shares redeemed		(484,999,588	)
Net increase in net assets from capital share transactions		404,817,850

Decrease in net assets		(1,035,641,472	)

Net Assets at March 31, 2020	$	5,505,117,093

Operations:
Net investment loss		(8,953,394	)
Net realized loss		(11,142,869	)
Net change in unrealized appreciation/depreciation		1,686,694,147
Net increase in net assets resulting from operations		1,666,597,884

Capital Share Transactions:
Contributions for Shares issued		1,962,530,775
Distributions for Shares redeemed		(250,788,865	)
Net increase in net assets from capital share transactions		1,711,741,910

Increase in net assets		3,378,339,794

Net Assets at June 30, 2020	$	8,883,456,887

Shares issued and redeemed
Shares issued		193,500,000
Shares redeemed		(47,250,000	)
Net increase in Shares issued and outstanding		146,250,000

Description	Ounces		Cost		Fair Value			Ounces		Cost		Fair Value
Silver bullion		558,173,283	$	11,759,403,511	$	14,381,334,638			540,709,388	$	11,776,684,940	$	11,038,582,148

Total Investments – 100.04%						14,381,334,638							11,038,582,148
Less Liabilities – (0.04)%						(6,352,900	)						(4,828,998	)
Net Assets – 100.00%					$	14,374,981,738						$	11,033,753,150

Three Months Ended June 30, 2021	Ounces			Cost			Fair Value			Realized Gain (Loss)
Three Months Ended June 30, 2022												Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		575,124,212		$	11,937,644,776		$	13,802,981,086		$	—		558,647,503		$	12,064,750,371		$	13,862,837,819		$	—
Silver bullion contributed		28,106,701			765,794,167			765,794,167			—		36,747,878			902,397,850			902,397,850			—
Silver bullion distributed		(44,335,250	)		(928,983,617	)		(1,177,999,610	)		249,015,993		(53,945,960	)		(1,174,380,285	)		(1,202,027,440	)		27,647,155
Silver bullion sold to pay expenses		(722,380	)		(15,051,815	)		(19,036,249	)		3,984,434		(740,033	)		(16,082,996	)		(16,986,434	)		903,438
Net realized gain		—			—			253,000,427			—		—			—			28,550,593			—
Net change in unrealized appreciation/depreciation		—			—			756,594,817			—		—			—			(2,536,190,240	)		—
Ending balance		558,173,283		$	11,759,403,511		$	14,381,334,638		$	253,000,427		540,709,388		$	11,776,684,940		$	11,038,582,148		$	28,550,593

Three Months Ended June 30, 2020	Ounces			Cost			Fair Value			Realized Gain (Loss)
Three Months Ended June 30, 2021													Ounces			Cost			Fair Value			Realized Gain (loss)
Beginning balance		395,368,466		$	6,681,432,888		$	5,507,482,733		$	—			575,124,212		$	11,937,644,776		$	13,802,981,086		$	—
Silver bullion contributed		118,708,634			1,962,530,775			1,962,530,775			—			28,106,701			765,794,167			765,794,167			—
Silver bullion distributed		(15,569,065	)		(261,348,495	)		(250,788,865	)		(10,559,630	)		(44,335,250	)		(928,983,617	)		(1,177,999,610	)		249,015,993
Silver bullion sold to pay expenses		(500,537	)		(8,415,355	)		(7,832,116	)		(583,239	)		(722,380	)		(15,051,815	)		(19,036,249	)		3,984,434
Net realized loss		—			—			(11,142,869	)		—
Net realized gain														—			—			253,000,427			—
Net change in unrealized appreciation/depreciation		—			—			1,686,694,147			—			—			—			756,594,817			—
Ending balance		498,007,498		$	8,374,199,813		$	8,886,943,805		$	(11,142,869	)		558,173,283		$	11,759,403,511		$	14,381,334,638		$	253,000,427

Six Months Ended June 30, 2021	Ounces			Cost			Fair Value			Realized Gain (Loss)
Six Months Ended June 30, 2022												Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		558,715,882		$	10,472,474,303		$	14,797,590,146		$	—		530,838,100		$	11,330,688,133		$	12,254,397,545		$	—
Silver bullion contributed		192,263,810			5,234,465,003			5,234,465,003			—		87,944,944			2,137,496,572			2,137,496,572			—
Silver bullion distributed		(191,415,186	)		(3,919,057,880	)		(5,056,623,118	)		1,137,565,238		(76,682,341	)		(1,661,468,536	)		(1,759,001,672	)		97,533,136
Silver bullion sold to pay expenses		(1,391,223	)		(28,477,915	)		(37,671,676	)		9,193,761		(1,391,315	)		(30,031,229	)		(32,238,949	)		2,207,720
Net realized gain		—			—			1,146,758,999			—		—			—			99,740,856			—
Net change in unrealized appreciation/depreciation		—			—			(1,703,184,716	)		—		—			—			(1,661,812,204	)		—
Ending balance		558,173,283		$	11,759,403,511		$	14,381,334,638		$	1,146,758,999		540,709,388		$	11,776,684,940		$	11,038,582,148		$	99,740,856

Six Months Ended June 30, 2020	Ounces			Cost			Fair Value			Realized Gain (Loss)
Six Months Ended June 30, 2021													Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		362,616,711		$	6,294,157,046		$	6,543,418,555		$	—			558,715,882		$	10,472,474,303		$	14,797,590,146		$	—
Silver bullion contributed		180,427,906			2,852,348,213			2,852,348,213			—			192,263,810			5,234,465,003			5,234,465,003			—
Silver bullion distributed		(44,081,945	)		(755,993,432	)		(735,788,453	)		(20,204,979	)		(191,415,186	)		(3,919,057,880	)		(5,056,623,118	)		1,137,565,238
Silver bullion sold to pay expenses		(955,174	)		(16,312,014	)		(15,803,415	)		(508,599	)		(1,391,223	)		(28,477,915	)		(37,671,676	)		9,193,761
Net realized loss		—			—			(20,713,578	)		—
Net realized gain														—			—			1,146,758,999			—
Net change in unrealized appreciation/depreciation		—			—			263,482,483			—			—			—			(1,703,184,716	)		—
Ending balance		498,007,498		$	8,374,199,813		$	8,886,943,805		$	(20,713,578	)		558,173,283		$	11,759,403,511		$	14,381,334,638		$	1,146,758,999

Period	Total Number of Shares Redeemed		Average Ounces of Silver Paid Per Share
04/01/21 to 04/30/21		12,950,000	$	0.9280
05/01/21 to 05/31/21		5,050,000		0.9278
06/01/21 to 06/30/21		29,800,000		0.9273
Total		47,800,000	$	0.9275