iShares Silver Trust (SLV) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Document Information [Line Items]
Entity Central Index Key	0001330568
Entity Registrant Name	iShares Silver Trust
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-32863
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-7474456
Entity Address, Address Line One	400 Howard Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	670-2000
Title of 12(b) Security	Shares
Trading Symbol	SLV
Security Exchange Name	NYSEArca
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		524,350,000

Statements of Assets and Liabil

Statements of Assets and Liabilities (Unaudited) - USD ($)		Jun. 30, 2022	Dec. 31, 2021
Assets
Investment in silver bullion, at fair value	[1]	$ 11,038,582,148	$ 12,254,397,545
Total Assets		11,038,582,148	12,254,397,545
Liabilities
Sponsor’s fees payable		4,828,998	5,163,322
Total Liabilities		4,828,998	5,163,322
Commitments and contingent liabilities (Note 6)
Net Assets		$ 11,033,753,150	$ 12,249,234,223
Shares issued and outstanding (in shares)	[2]	585,950,000	573,800,000
Net asset value per Share (Note 2C) (in dollars per share)		$ 18.83	$ 21.35
[1]Cost of investment in silver bullion: $11,776,684,940 and $11,330,688,133, respectively.[2]No par value, unlimited amount authorized.

Statements of Assets and Liab_2

Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Jun. 30, 2022	Dec. 31, 2021
Investment in silver bullion, cost	$ 11,776,684,940	$ 11,330,688,133
Shares, par value (in dollars per share)	$ 0	$ 0
Shares issued (in shares)	585,950,000	573,800,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Expenses
Sponsor's fees		$ 15,936,118	$ 18,940,519	$ 31,904,625	$ 38,227,150
Total expenses		15,936,118	18,940,519	31,904,625	38,227,150
Net investment loss		(15,936,118)	(18,940,519)	(31,904,625)	(38,227,150)
Net Realized and Unrealized Gain (Loss)
Silver bullion sold to pay expenses		903,438	3,984,434	2,207,720	9,193,761
Silver bullion distributed for the redemption of Shares		27,647,155	249,015,993	97,533,136	1,137,565,238
Net realized gain		28,550,593	253,000,427	99,740,856	1,146,758,999
Net change in unrealized appreciation/depreciation		(2,536,190,240)	756,594,817	(1,661,812,204)	(1,703,184,716)
Net realized and unrealized gain (loss)		(2,507,639,647)	1,009,595,244	(1,562,071,348)	(556,425,717)
Net increase (decrease) in net assets resulting from operations		$ (2,523,575,765)	$ 990,654,725	$ (1,593,975,973)	$ (594,652,867)
Net increase (decrease) in net assets per Share (in dollars per share)	[1]	$ (4.15)	$ 1.61	$ (2.67)	$ (0.95)
[1]Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

Statements of Changes in Net As

Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Net Assets, Beginning of Period	$ 13,856,958,505	$ 12,249,234,223	$ 13,796,532,456	$ 14,791,792,720	$ 12,249,234,223	$ 14,791,792,720
Operations:
Net investment loss	(15,936,118)	(15,968,507)	(18,940,519)	(19,286,631)	(31,904,625)	(38,227,150)
Net realized gain	28,550,593	71,190,263	253,000,427	893,758,572	99,740,856	1,146,758,999
Net change in unrealized appreciation/depreciation	(2,536,190,240)	874,378,036	756,594,817	(2,459,779,533)	(1,661,812,204)	(1,703,184,716)
Net increase (decrease) in net assets resulting from operations	(2,523,575,765)	929,599,792	990,654,725	(1,585,307,592)	(1,593,975,973)	(594,652,867)
Capital Share Transactions:
Contributions for Shares issued	902,397,850	1,235,098,722	765,794,167	4,468,670,836
Distributions for Shares redeemed	(1,202,027,440)	(556,974,232)	(1,177,999,610)	(3,878,623,508)
Net increase (decrease) in net assets from capital share transactions	(299,629,590)	678,124,490	(412,205,443)	590,047,328
Increase (decrease) in net assets	(2,823,205,355)	1,607,724,282	578,449,282	(995,260,264)
Net Assets, End of Period	$ 11,033,753,150	$ 13,856,958,505	$ 14,374,981,738	$ 13,796,532,456	$ 11,033,753,150	$ 14,374,981,738
Shares issued and redeemed
Shares issued (in shares)					95,200,000	207,000,000
Shares redeemed (in shares)					(83,050,000)	(206,150,000)
Net increase in Shares issued and outstanding (in shares)					12,150,000	850,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities
Proceeds from silver bullion sold to pay expenses					$ 32,238,949	$ 37,671,676
Expenses – Sponsor’s fees paid					(32,238,949)	(37,671,676)
Net cash provided by (used in) operating activities					0	0
Increase (decrease) in cash					0	0
Cash, beginning of period		$ 0		$ 0	0	0
Cash, end of period	$ 0		$ 0		0	0
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	(2,523,575,765)	929,599,792	990,654,725	(1,585,307,592)	(1,593,975,973)	(594,652,867)
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					32,238,949	37,671,676
Net realized (gain) loss	(28,550,593)	(71,190,263)	(253,000,427)	(893,758,572)	(99,740,856)	(1,146,758,999)
Net change in unrealized appreciation/depreciation	$ 2,536,190,240	$ (874,378,036)	$ (756,594,817)	$ 2,459,779,533	1,661,812,204	1,703,184,716
Change in operating assets and liabilities:
Sponsor’s fees payable					(334,324)	555,474
Net cash provided by (used in) operating activities					0	0
Supplemental disclosure of non-cash information:
Silver bullion contributed for Shares issued					2,137,496,572	5,234,465,003
Silver bullion distributed for Shares redeemed					$ (1,759,001,672)	$ (5,056,623,118)

Schedules of Investments (Unaud

Schedules of Investments (Unaudited)	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Investment Holdings, Schedule of Investments [Text Block]	® Silver Trust Schedules of Investments (Unaudited) At June 30, 2022 December 31, 2021 June 30, 2022 Description Ounces Cost Fair Value Silver bullion 540,709,388 $ 11,776,684,940 $ 11,038,582,148 Total Investments – 100.04% 11,038,582,148 Less Liabilities – (0.04)% (4,828,998 ) Net Assets – 100.00% $ 11,033,753,150 December 31, 2021 Description Ounces Cost Fair Value Silver bullion 530,838,100 $ 11,330,688,133 $ 12,254,397,545 Total Investments – 100.04% 12,254,397,545 Less Liabilities – (0.04)% (5,163,322 ) Net Assets – 100.00% $ 12,249,234,223

Note 1 - Organization

Note 1 - Organization	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1 The iShares Silver Trust (the “Trust”) was organized on April 21, 2006 January 31, 2022. 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 not 10 December 31, 2021, March 1, 2022. The Trust qualifies as an investment company solely for accounting purposes and not 946, Financial Services - Investment Companies, not not 1940,

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2 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 30‑second 12:00 no 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 June 30, 2022 2021: Three Months Ended June 30, 2022 Ounces Cost Fair Value Realized Beginning balance 558,647,503 $ 12,064,750,371 $ 13,862,837,819 $ — Silver bullion contributed 36,747,878 902,397,850 902,397,850 — Silver bullion distributed (53,945,960 ) (1,174,380,285 ) (1,202,027,440 ) 27,647,155 Silver bullion sold to pay expenses (740,033 ) (16,082,996 ) (16,986,434 ) 903,438 Net realized gain — — 28,550,593 — Net change in unrealized appreciation/depreciation — — (2,536,190,240 ) — Ending balance 540,709,388 $ 11,776,684,940 $ 11,038,582,148 $ 28,550,593 Three Months Ended June 30, 2021 Ounces Cost Fair Value Realized Beginning balance 575,124,212 $ 11,937,644,776 $ 13,802,981,086 $ — Silver bullion contributed 28,106,701 765,794,167 765,794,167 — Silver bullion distributed (44,335,250 ) (928,983,617 ) (1,177,999,610 ) 249,015,993 Silver bullion sold to pay expenses (722,380 ) (15,051,815 ) (19,036,249 ) 3,984,434 Net realized gain — — 253,000,427 — Net change in unrealized appreciation/depreciation — — 756,594,817 — Ending balance 558,173,283 $ 11,759,403,511 $ 14,381,334,638 $ 253,000,427 The following tables summarize activity in silver bullion for the six June 30, 2022 2021: Six Months Ended June 30, 2022 Ounces Cost Fair Value Realized Beginning balance 530,838,100 $ 11,330,688,133 $ 12,254,397,545 $ — Silver bullion contributed 87,944,944 2,137,496,572 2,137,496,572 — Silver bullion distributed (76,682,341 ) (1,661,468,536 ) (1,759,001,672 ) 97,533,136 Silver bullion sold to pay expenses (1,391,315 ) (30,031,229 ) (32,238,949 ) 2,207,720 Net realized gain — — 99,740,856 — Net change in unrealized appreciation/depreciation — — (1,661,812,204 ) — Ending balance 540,709,388 $ 11,776,684,940 $ 11,038,582,148 $ 99,740,856 Six Months Ended June 30, 2021 Ounces Cost Fair Value Realized Beginning balance 558,715,882 $ 10,472,474,303 $ 14,797,590,146 $ — Silver bullion contributed 192,263,810 5,234,465,003 5,234,465,003 — Silver bullion distributed (191,415,186 ) (3,919,057,880 ) (5,056,623,118 ) 1,137,565,238 Silver bullion sold to pay expenses (1,391,223 ) (28,477,915 ) (37,671,676 ) 9,193,761 Net realized gain — — 1,146,758,999 — Net change in unrealized appreciation/depreciation — — (1,703,184,716 ) — Ending balance 558,173,283 $ 11,759,403,511 $ 14,381,334,638 $ 1,146,758,999 C. Calculation of Net Asset Value On each business day, as soon as practicable after 4:00 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 provided may not 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 The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of June 30, 2022 not

Note 3 - Trust Expenses

Note 3 - Trust Expenses	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Trust Expenses [Text Block]	3 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, January 31, 2022, may not

Note 4 - Related Parties

Note 4 - Related Parties	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	4 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

Note 5 - Indemnification

Note 5 - Indemnification	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Indemnification [Text Block]	5 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 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, 1 2 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.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6 In the normal course of business, the Trust may may not

Note 7 - Concentration Risk

Note 7 - Concentration Risk	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	7 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

Note 8 - Financial Highlights

Note 8 - Financial Highlights	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Financial Highlights [Text Block]	8 The following financial highlights relate to investment performance and operations for a Share outstanding for the three six June 30, 2022 2021. Three Months Ended Six Months Ended 2022 2021 2022 2021 Net asset value per Share, beginning of period $ 22.92 $ 22.28 $ 21.35 $ 24.61 Net investment loss (a) (0.03 ) (0.03 ) (0.05 ) (0.06 ) Net realized and unrealized gain (loss) (b) (4.06 ) 1.64 (2.47 ) (0.66 ) Net increase (decrease) in net assets from operations (4.09 ) 1.61 (2.52 ) (0.72 ) Net asset value per Share, end of period $ 18.83 $ 23.89 $ 18.83 $ 23.89 Total return, at net asset value (c)(d) (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 )% 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 (c) Based on the change in net asset value of a Share during the period. (d) Percentage is not (e) Percentage is annualized.

Note 9 - Investment Valuation

Note 9 - Investment Valuation	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	9 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 may three three Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included within Level 1 not 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, 2022 December 31, 2021, 1.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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.
Investment, Policy [Policy Text Block]	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 30‑second 12:00 no 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 June 30, 2022 2021: Three Months Ended June 30, 2022 Ounces Cost Fair Value Realized Beginning balance 558,647,503 $ 12,064,750,371 $ 13,862,837,819 $ — Silver bullion contributed 36,747,878 902,397,850 902,397,850 — Silver bullion distributed (53,945,960 ) (1,174,380,285 ) (1,202,027,440 ) 27,647,155 Silver bullion sold to pay expenses (740,033 ) (16,082,996 ) (16,986,434 ) 903,438 Net realized gain — — 28,550,593 — Net change in unrealized appreciation/depreciation — — (2,536,190,240 ) — Ending balance 540,709,388 $ 11,776,684,940 $ 11,038,582,148 $ 28,550,593 Three Months Ended June 30, 2021 Ounces Cost Fair Value Realized Beginning balance 575,124,212 $ 11,937,644,776 $ 13,802,981,086 $ — Silver bullion contributed 28,106,701 765,794,167 765,794,167 — Silver bullion distributed (44,335,250 ) (928,983,617 ) (1,177,999,610 ) 249,015,993 Silver bullion sold to pay expenses (722,380 ) (15,051,815 ) (19,036,249 ) 3,984,434 Net realized gain — — 253,000,427 — Net change in unrealized appreciation/depreciation — — 756,594,817 — Ending balance 558,173,283 $ 11,759,403,511 $ 14,381,334,638 $ 253,000,427 The following tables summarize activity in silver bullion for the six June 30, 2022 2021: Six Months Ended June 30, 2022 Ounces Cost Fair Value Realized Beginning balance 530,838,100 $ 11,330,688,133 $ 12,254,397,545 $ — Silver bullion contributed 87,944,944 2,137,496,572 2,137,496,572 — Silver bullion distributed (76,682,341 ) (1,661,468,536 ) (1,759,001,672 ) 97,533,136 Silver bullion sold to pay expenses (1,391,315 ) (30,031,229 ) (32,238,949 ) 2,207,720 Net realized gain — — 99,740,856 — Net change in unrealized appreciation/depreciation — — (1,661,812,204 ) — Ending balance 540,709,388 $ 11,776,684,940 $ 11,038,582,148 $ 99,740,856 Six Months Ended June 30, 2021 Ounces Cost Fair Value Realized Beginning balance 558,715,882 $ 10,472,474,303 $ 14,797,590,146 $ — Silver bullion contributed 192,263,810 5,234,465,003 5,234,465,003 — Silver bullion distributed (191,415,186 ) (3,919,057,880 ) (5,056,623,118 ) 1,137,565,238 Silver bullion sold to pay expenses (1,391,223 ) (28,477,915 ) (37,671,676 ) 9,193,761 Net realized gain — — 1,146,758,999 — Net change in unrealized appreciation/depreciation — — (1,703,184,716 ) — Ending balance 558,173,283 $ 11,759,403,511 $ 14,381,334,638 $ 1,146,758,999
Calculation of Net Asset Value [Policy Text Block]	C. Calculation of Net Asset Value On each business day, as soon as practicable after 4:00
Offering of the Shares [Policy Text Block]	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 provided may not 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.
Income Tax, Policy [Policy Text Block]	E. Federal Income Taxes The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of June 30, 2022 not

Schedules of Investments (Una_2

Schedules of Investments (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Investment [Table Text Block]	Description Ounces Cost Fair Value Silver bullion 540,709,388 $ 11,776,684,940 $ 11,038,582,148 Total Investments – 100.04% 11,038,582,148 Less Liabilities – (0.04)% (4,828,998 ) Net Assets – 100.00% $ 11,033,753,150 Description Ounces Cost Fair Value Silver bullion 530,838,100 $ 11,330,688,133 $ 12,254,397,545 Total Investments – 100.04% 12,254,397,545 Less Liabilities – (0.04)% (5,163,322 ) Net Assets – 100.00% $ 12,249,234,223

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Activity in Silver Bullion [Table Text Block]	Three Months Ended June 30, 2022 Ounces Cost Fair Value Realized Beginning balance 558,647,503 $ 12,064,750,371 $ 13,862,837,819 $ — Silver bullion contributed 36,747,878 902,397,850 902,397,850 — Silver bullion distributed (53,945,960 ) (1,174,380,285 ) (1,202,027,440 ) 27,647,155 Silver bullion sold to pay expenses (740,033 ) (16,082,996 ) (16,986,434 ) 903,438 Net realized gain — — 28,550,593 — Net change in unrealized appreciation/depreciation — — (2,536,190,240 ) — Ending balance 540,709,388 $ 11,776,684,940 $ 11,038,582,148 $ 28,550,593 Three Months Ended June 30, 2021 Ounces Cost Fair Value Realized Beginning balance 575,124,212 $ 11,937,644,776 $ 13,802,981,086 $ — Silver bullion contributed 28,106,701 765,794,167 765,794,167 — Silver bullion distributed (44,335,250 ) (928,983,617 ) (1,177,999,610 ) 249,015,993 Silver bullion sold to pay expenses (722,380 ) (15,051,815 ) (19,036,249 ) 3,984,434 Net realized gain — — 253,000,427 — Net change in unrealized appreciation/depreciation — — 756,594,817 — Ending balance 558,173,283 $ 11,759,403,511 $ 14,381,334,638 $ 253,000,427 Six Months Ended June 30, 2022 Ounces Cost Fair Value Realized Beginning balance 530,838,100 $ 11,330,688,133 $ 12,254,397,545 $ — Silver bullion contributed 87,944,944 2,137,496,572 2,137,496,572 — Silver bullion distributed (76,682,341 ) (1,661,468,536 ) (1,759,001,672 ) 97,533,136 Silver bullion sold to pay expenses (1,391,315 ) (30,031,229 ) (32,238,949 ) 2,207,720 Net realized gain — — 99,740,856 — Net change in unrealized appreciation/depreciation — — (1,661,812,204 ) — Ending balance 540,709,388 $ 11,776,684,940 $ 11,038,582,148 $ 99,740,856 Six Months Ended June 30, 2021 Ounces Cost Fair Value Realized Beginning balance 558,715,882 $ 10,472,474,303 $ 14,797,590,146 $ — Silver bullion contributed 192,263,810 5,234,465,003 5,234,465,003 — Silver bullion distributed (191,415,186 ) (3,919,057,880 ) (5,056,623,118 ) 1,137,565,238 Silver bullion sold to pay expenses (1,391,223 ) (28,477,915 ) (37,671,676 ) 9,193,761 Net realized gain — — 1,146,758,999 — Net change in unrealized appreciation/depreciation — — (1,703,184,716 ) — Ending balance 558,173,283 $ 11,759,403,511 $ 14,381,334,638 $ 1,146,758,999

Note 8 - Financial Highlights (

Note 8 - Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Financial Highlights [Table Text Block]	Three Months Ended Six Months Ended 2022 2021 2022 2021 Net asset value per Share, beginning of period $ 22.92 $ 22.28 $ 21.35 $ 24.61 Net investment loss (a) (0.03 ) (0.03 ) (0.05 ) (0.06 ) Net realized and unrealized gain (loss) (b) (4.06 ) 1.64 (2.47 ) (0.66 ) Net increase (decrease) in net assets from operations (4.09 ) 1.61 (2.52 ) (0.72 ) Net asset value per Share, end of period $ 18.83 $ 23.89 $ 18.83 $ 23.89 Total return, at net asset value (c)(d) (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 )% Expenses (e) 0.50 % 0.50 % 0.50 % 0.50 %

Schedules of Investments (Una_3

Schedules of Investments (Unaudited) - Investments (Details)	Jun. 30, 2022 USD ($) oz	Mar. 31, 2022 USD ($) oz	Dec. 31, 2021 USD ($) oz	Jun. 30, 2021 USD ($) oz	Mar. 31, 2021 USD ($) oz	Dec. 31, 2020 USD ($) oz
Silver bullion (Ounce) | oz	540,709,388	558,647,503	530,838,100	558,173,283	575,124,212	558,715,882
Investment in silver bullion, cost	$ 11,776,684,940	$ 12,064,750,371	$ 11,330,688,133	$ 11,759,403,511	$ 11,937,644,776	$ 10,472,474,303
Silver bullion fair value	11,038,582,148		12,254,397,545
Less Liabilities	(4,828,998)		(5,163,322)
Net Assets	$ 11,033,753,150	$ 13,856,958,505	$ 12,249,234,223	$ 14,374,981,738	$ 13,796,532,456	$ 14,791,792,720

Schedules of Investments (Una_4

Schedules of Investments (Unaudited) - Investments (Details) (Parentheticals)	Jun. 30, 2022	Dec. 31, 2021
Total investment, percentage of net asset value	100.04%	100.04%
Less liabilities, percentage of net asset value	(0.04%)	(0.04%)
Net assets, percentage of net asset value	100%	100%

Note 2 - Significant Accounti_3

Note 2 - Significant Accounting Policies (Details Textual)	Jun. 30, 2022 shares
Shares Prescribed Aggregation (in shares)	50,000

Note 2 - Significant Accounti_4

Note 2 - Significant Accounting Policies - Activity in Silver Bullion (Details)	3 Months Ended						6 Months Ended
	Jun. 30, 2022 USD ($) oz		Mar. 31, 2022 USD ($) oz		Jun. 30, 2021 USD ($) oz	Mar. 31, 2021 USD ($) oz	Jun. 30, 2022 USD ($) oz		Jun. 30, 2021 USD ($) oz
Beginning balance (Ounce) | oz	558,647,503		530,838,100		575,124,212	558,715,882	530,838,100		558,715,882
Beginning balance, average cost	$ 12,064,750,371		$ 11,330,688,133		$ 11,937,644,776	$ 10,472,474,303	$ 11,330,688,133		$ 10,472,474,303
Beginning balance, fair value	$ 13,862,837,819		12,254,397,545	[1]	$ 13,802,981,086	14,797,590,146	$ 12,254,397,545	[1]	$ 14,797,590,146
Silver bullion contributed (Ounce) | oz	36,747,878				28,106,701		87,944,944		192,263,810
Silver bullion contributed, average cost	$ 902,397,850				$ 765,794,167		$ 2,137,496,572		$ 5,234,465,003
Silver bullion contributed, fair value	$ 902,397,850				$ 765,794,167		$ 2,137,496,572		$ 5,234,465,003
Silver bullion distributed (Ounce) | oz	(53,945,960)				(44,335,250)		(76,682,341)		(191,415,186)
Silver bullion distributed, average cost	$ (1,174,380,285)				$ (928,983,617)		$ (1,661,468,536)		$ (3,919,057,880)
Silver bullion distributed, fair value	(1,202,027,440)				(1,177,999,610)		(1,759,001,672)		(5,056,623,118)
Silver bullion distributed, realized gain (loss)	$ 27,647,155				$ 249,015,993		$ 97,533,136		$ 1,137,565,238
Silver bullion sold to pay expenses (Ounce) | oz	(740,033)				(722,380)		(1,391,315)		(1,391,223)
Silver bullion sold to pay expenses, average cost	$ (16,082,996)				$ (15,051,815)		$ (30,031,229)		$ (28,477,915)
Silver bullion sold to pay expenses, fair value	(16,986,434)				(19,036,249)		(32,238,949)		(37,671,676)
Silver bullion sold to pay expenses, realized gain (loss)	903,438				3,984,434		2,207,720		9,193,761
Net realized gain	28,550,593		71,190,263		253,000,427	893,758,572	99,740,856		1,146,758,999
Net change in unrealized appreciation/depreciation, fair value	$ (2,536,190,240)		$ 874,378,036		$ 756,594,817	$ (2,459,779,533)	$ (1,661,812,204)		$ (1,703,184,716)
Ending balance (Ounce) | oz	540,709,388		558,647,503		558,173,283	575,124,212	540,709,388		558,173,283
Ending balance, average cost	$ 11,776,684,940		$ 12,064,750,371		$ 11,759,403,511	$ 11,937,644,776	$ 11,776,684,940		$ 11,759,403,511
Ending balance, fair value	11,038,582,148	[1]	13,862,837,819		14,381,334,638	13,802,981,086	11,038,582,148	[1]	14,381,334,638
Ending balance, realized gain (loss)	$ 28,550,593		$ 71,190,263		$ 253,000,427	$ 893,758,572	$ 99,740,856		$ 1,146,758,999
[1]Cost of investment in silver bullion: $11,776,684,940 and $11,330,688,133, respectively.

Note 3 - Trust Expenses (Detail

Note 3 - Trust Expenses (Details Textual) - USD ($)		6 Months Ended	12 Months Ended
	Jan. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Sponsor's Fee Annualized Accrual Rate Based on Daily Net Asset Value		0.50%
Maximum [Member]
Legal Fees Per Year	$ 500,000		$ 100,000

Note 8 - Financial Highlights -

Note 8 - Financial Highlights - Financial Highlights (Details) - $ / shares		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net asset value per Share, beginning of period (in dollars per share)		$ 22.92	$ 22.28	$ 21.35	$ 24.61
Net investment loss (in dollars per share)	[1]	(0.03)	(0.03)	(0.05)	(0.06)
Net realized and unrealized gain (loss) (in dollars per share)	[2]	(4.06)	1.64	(2.47)	(0.66)
Net increase (decrease) in net assets from operations (in dollars per share)		(4.09)	1.61	(2.52)	(0.72)
Net asset value per Share, end of period (in dollars per share)		$ 18.83	$ 23.89	$ 18.83	$ 23.89
Total return, at net asset value	[3],[4]	(17.84%)	7.23%	(11.80%)	(2.93%)
Ratio to average net assets:
Net investment loss	[5]	(0.50%)	(0.50%)	(0.50%)	(0.50%)
Expenses	[5]	0.50%	0.50%	0.50%	0.50%
[1]Based on average Shares outstanding during the period.[2]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.[3]Based on the change in net asset value of a Share during the period.[4]Percentage is not annualized.[5]Percentage is annualized.