iShares Silver Trust (SLV) 10-K 18 Feb 25 2024 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
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	FY
Document Fiscal Year Focus	2024
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 12,841,416,000
Entity Common Stock, Shares Outstanding		489,650,000
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Philadelphia, Pennsylvania

Statements of Assets and Liabil

Statements of Assets and Liabilities - USD ($)		Dec. 31, 2024	Dec. 31, 2023
Assets
Investment in silver bullion, at fair value	[1]	$ 13,407,235,411	$ 10,393,666,180
Total Assets		13,407,235,411	10,393,666,180
Liabilities
Sponsor’s fees payable		5,976,407	4,488,405
Total Liabilities		5,976,407	4,488,405
Commitments and contingent liabilities (Note 6)
Net Assets		$ 13,401,259,004	$ 10,389,177,775
Shares issued and outstanding (in shares)	[2]	508,950,000	477,000,000
Net asset value per Share (Note 2C) (in dollars per share)		$ 26.33	$ 21.78
[1]Cost of investment in silver bullion: $11,628,353,352 and $9,616,427,847, respectively.[2]No par value, unlimited amount authorized.

Statements of Assets and Liab_2

Statements of Assets and Liabilities (Parentheticals) - USD ($) $ / shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investment in silver bullion, cost	$ 11,628,353,352	$ 9,616,427,847
Shares, par value (in dollars per share)	$ 0	$ 0
Shares issued (in shares)	508,950,000	477,000,000

Statements of Operations

Statements of Operations - USD ($)		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
Expenses
Sponsor's fees		$ 63,272,642		$ 53,561,823	$ 56,435,296
Total expenses		63,272,642		53,561,823	56,435,296
Net investment loss		(63,272,642)		(53,561,823)	(56,435,296)
Net Realized and Unrealized Gain (Loss)
Litigation Proceeds	[2]	138,783	[1]	0	0
Silver bullion sold to pay expenses		10,181,575		3,873,057	(38,589)
Silver bullion distributed for the redemption of Shares		1,216,849,453		282,624,263	(176,990,635)
Net realized gain (loss)		1,227,169,811		286,497,320	(177,029,224)
Net change in unrealized appreciation/depreciation		1,001,643,726		(361,918,369)	215,447,290
Net realized and unrealized gain (loss)		2,228,813,537		(75,421,049)	38,418,066
Net increase (decrease) in net assets resulting from operations		$ 2,165,540,895		$ (128,982,872)	$ (18,017,230)
Net increase (decrease) in net assets per Share (in dollars per share)	[3]	$ 4.42		$ (0.26)	$ (0.03)
[1]Includes a payment received from a class action settlement related to silver of $138,783.[2]Represents a payment received from a class action settlement related to silver.[3]Net increase (decrease) in net assets per Share based on average shares outstanding during the year.

Statements of Changes in Net As

Statements of Changes in Net Assets - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Assets, Beginning of Year	$ 10,389,177,775	$ 11,160,084,971	$ 12,249,234,223
Operations:
Net investment loss	(63,272,642)	(53,561,823)	(56,435,296)
Net realized gain (loss)	1,227,169,811	286,497,320	(177,029,224)
Net change in unrealized appreciation/depreciation	1,001,643,726	(361,918,369)	215,447,290
Net increase (decrease) in net assets resulting from operations	2,165,540,895	(128,982,872)	(18,017,230)
Capital Share Transactions:
Contributions for Shares issued	7,621,670,899	3,580,116,083	3,608,993,778
Distributions for Shares redeemed	(6,775,130,565)	(4,222,040,407)	(4,680,125,800)
Net increase (decrease) in net assets from capital share transactions	846,540,334	(641,924,324)	(1,071,132,022)
Increase (decrease) in net assets	3,012,081,229	(770,907,196)	(1,089,149,252)
Net Assets, End of Year	$ 13,401,259,004	$ 10,389,177,775	$ 11,160,084,971
Shares issued and redeemed
Shares issued (in shares)	293,550,000	167,250,000	175,900,000
Shares redeemed (in shares)	(261,600,000)	(196,800,000)	(243,150,000)
Net increase (decrease) in Shares issued and outstanding (in shares)	31,950,000	(29,550,000)	(67,250,000)

Statements of Cash Flows

Statements of Cash Flows - USD ($)		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Proceeds from silver bullion sold to pay expenses		$ 61,784,640		$ 53,707,373	$ 56,964,663
Expenses – Sponsor’s fees paid		(61,784,640)		(53,707,373)	(56,964,663)
Net cash provided by (used in) operating activities		0		0	0
Increase (decrease) in cash		0		0	0
Cash, beginning of year		0		0	0
Cash, end of year		0		0	0
Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities
Net increase (decrease) in net assets resulting from operations		2,165,540,895		(128,982,872)	(18,017,230)
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		61,784,640		53,707,373	56,964,663
Litigation Proceeds	[2]	(138,783)	[1]	0	0
Net realized (gain) loss		(1,227,031,028)		(286,497,320)	177,029,224
Net change in unrealized appreciation/depreciation		(1,001,643,726)		361,918,369	(215,447,290)
Change in operating assets and liabilities:
Sponsor’s fees payable		1,488,002		(145,550)	(529,367)
Net cash provided by (used in) operating activities		0		0	0
Supplemental disclosure of non-cash information:
Silver bullion contributed for Shares issued		7,621,670,899		3,580,116,083	3,608,993,778
Silver bullion distributed for Shares redeemed		$ (6,775,130,565)		$ (4,222,040,407)	$ (4,680,125,800)
[1]Includes a payment received from a class action settlement related to silver of $138,783.[2]Represents a payment received from a class action settlement related to silver.

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2024
Insider Trading Arr Line Items
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy The Trust does not have any officers, directors or employees. The Sponsor, a subsidiary of BlackRock, is responsible for the oversight and overall management of the Trust. The Sponsor relies on BlackRock’s ERM framework for the Trust’s cybersecurity risk management and strategy. Key aspects of the ERM framework are summarized below. The board of directors of the Sponsor (the “Board of Directors”) periodically receives reports from BlackRock regarding BlackRock’s cybersecurity program. As of December 31, 2024, cybersecurity risks have not materially affected the Trust’s objective, results of operations or financial condition. BlackRock s Enterprise Risk Management Framework BlackRock recognizes the importance of identifying, assessing, and managing material risks associated with cybersecurity threats. Cybersecurity represents an important component of BlackRock’s approach to ERM. BlackRock leverages a multi-lines-of-defense model with cybersecurity operational processes executed by global information security and other teams and dedicated internal audit technology and technology risk management (“TRM”) teams that independently review technology risks. BlackRock’s cybersecurity program is fully integrated into its ERM framework and is aligned with recognized frameworks, including NIST CSF, FFIEC CAT, FedRAMP, SOC 1/2, ISO 27001/2 and others. BlackRock aims to inform and continuously improve its cybersecurity program through engagement with regulatory, client, insurer, vendor, partner, peer, government and industry organizations and associations, as well as external audit, technology risk, information security and other assessments. BlackRock seeks to address cybersecurity risks through a global, multilayered strategy of control programs that is designed to preserve the confidentiality, integrity and availability of the information that BlackRock collects and stores by identifying, preventing and mitigating cybersecurity threats and incidents. As one of the critical elements of BlackRock’s overall ERM framework, BlackRock’s cybersecurity program is focused on the following key areas: ● Governance: ● Cross-Functional Approach: ● Safeguards: ● Incident Response and Recovery Planning: ● Third-Party Risk Management: ● Education and Awareness: BlackRock’s global information security team, in collaboration with the technology risk and internal audit teams, engages in the periodic assessment and testing of BlackRock’s cyber risks and cybersecurity program. These efforts may include a wide range of activities, including audits, assessments, wargames and “tabletop” exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. BlackRock also participates in financial services industry and government forums in an effort to improve both internal and sector cybersecurity defense. BlackRock regularly engages third parties and advisors to assess its cybersecurity control environment. The results of certain program and control assessments are reported to BlackRock’s Risk Committee, and BlackRock adjusts its cybersecurity program as appropriate based on the information provided by these assessments. As of December 31, 2024, cybersecurity risks have not materially affected BlackRock’s business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	BlackRock seeks to address cybersecurity risks through a global, multilayered strategy of control programs that is designed to preserve the confidentiality, integrity and availability of the information that BlackRock collects and stores by identifying, preventing and mitigating cybersecurity threats and incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	BlackRock s Cybersecurity Governance BlackRock’s Board is actively engaged in the oversight of BlackRock’s risk management program. BlackRock’s Risk Committee assists BlackRock’s Board with its oversight of BlackRock’s levels of risk, risk assessment, risk management and related policies and processes, including risks arising from cybersecurity threats. BlackRock’s Risk Committee receives regular reports on BlackRock’s cybersecurity program, technology resilience risk management and related developments from members of our information security team, including the CISO. BlackRock’s Board and BlackRock’s Risk Committee also receive information regarding cybersecurity incidents that meet certain reporting thresholds. On an annual basis, senior members of BlackRock’s technology, risk and information security teams provide a comprehensive overview of BlackRock’s cyber risk and related programs to a joint session of BlackRock’s Board’s Risk and Audit Committees. Technology and cybersecurity risks at BlackRock are also overseen by the TRCC, a dedicated management risk governance committee and sub‑committee of the firmwide ERC. The chair of the TRCC is appointed by the head of Enterprise Risk Management at BlackRock and its members include the CISO as well as a broad range of senior business stakeholders across BlackRock. The TRCC is responsible for oversight of BlackRock’s technology and cybersecurity risk management practices and helps ensure that technology and cybersecurity risks remain within firmwide risk tolerances and technology and cybersecurity risk issues are escalated as appropriate to the ERC and other committees. The TRCC also reviews any relevant technology and cybersecurity risk related issues and helps ensure that they are appropriately escalated, reported, and remediated. BlackRock’s cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by BlackRock’s CISO. As of December 31, 2024, the CISO had over 30 years of experience in information technology with a 25-year concentration in information security, including previously serving as the CISO at several global financial institutions, and held the Certified Information Systems Security Professional certification. The CISO works closely with the leadership team and other subject matter experts in the global cybersecurity group, who collectively have extensive prior work experience in various roles involving managing information security, developing cybersecurity strategy, implementing effective information and cybersecurity programs and overseeing cybersecurity controls in technology risk and audit functions, as well as having relevant degrees and industry-leading certifications. The CISO and members of the TRCC monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management processes described above, including the operation of BlackRock’s incident response plan.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	BlackRock’s Board is actively engaged in the oversight of BlackRock’s risk management program. BlackRock’s Risk Committee assists BlackRock’s Board with its oversight of BlackRock’s levels of risk, risk assessment, risk management and related policies and processes, including risks arising from cybersecurity threats. BlackRock’s Risk Committee receives regular reports on BlackRock’s cybersecurity program, technology resilience risk management and related developments from members of our information security team, including the CISO. BlackRock’s Board and BlackRock’s Risk Committee also receive information regarding cybersecurity incidents that meet certain reporting thresholds. On an annual basis, senior members of BlackRock’s technology, risk and information security teams provide a comprehensive overview of BlackRock’s cyber risk and related programs to a joint session of BlackRock’s Board’s Risk and Audit Committees.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Technology and cybersecurity risks at BlackRock are also overseen by the TRCC, a dedicated management risk governance committee and sub‑committee of the firmwide ERC. The chair of the TRCC is appointed by the head of Enterprise Risk Management at BlackRock and its members include the CISO as well as a broad range of senior business stakeholders across BlackRock. The TRCC is responsible for oversight of BlackRock’s technology and cybersecurity risk management practices and helps ensure that technology and cybersecurity risks remain within firmwide risk tolerances and technology and cybersecurity risk issues are escalated as appropriate to the ERC and other committees. The TRCC also reviews any relevant technology and cybersecurity risk related issues and helps ensure that they are appropriately escalated, reported, and remediated.
Cybersecurity Risk Role of Management [Text Block]	The TRCC is responsible for oversight of BlackRock’s technology and cybersecurity risk management practices and helps ensure that technology and cybersecurity risks remain within firmwide risk tolerances and technology and cybersecurity risk issues are escalated as appropriate to the ERC and other committees.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The CISO and members of the TRCC monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management processes described above, including the operation of BlackRock’s incident response plan.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	BlackRock’s cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by BlackRock’s CISO. As of December 31, 2024, the CISO had over 30 years of experience in information technology with a 25-year concentration in information security, including previously serving as the CISO at several global financial institutions, and held the Certified Information Systems Security Professional certification. The CISO works closely with the leadership team and other subject matter experts in the global cybersecurity group, who collectively have extensive prior work experience in various roles involving managing information security, developing cybersecurity strategy, implementing effective information and cybersecurity programs and overseeing cybersecurity controls in technology risk and audit functions, as well as having relevant degrees and industry-leading certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	BlackRock’s Risk Committee receives regular reports on BlackRock’s cybersecurity program, technology resilience risk management and related developments from members of our information security team, including the CISO. BlackRock’s Board and BlackRock’s Risk Committee also receive information regarding cybersecurity incidents that meet certain reporting thresholds.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Schedules of Investments

Schedules of Investments	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Schedule of Investments [Text Block]	® Schedules of Investments At December 31, 2024 2023 December 31, 2024 Description Ounces Cost Fair Value Silver bullion 463,837,932 $ 11,628,353,352 $ 13,407,235,411 Total Investments — 100.04 13,407,235,411 Less Liabilities — (0.04) (5,976,407 ) Net Assets — 100.00 $ 13,401,259,004 December 31, 2023 Description Ounces Cost Fair Value Silver bullion 436,892,231 $ 9,616,427,847 $ 10,393,666,180 Total Investments — 100.04 10,393,666,180 Less Liabilities — (0.04) (4,488,405 ) Net Assets — 100.00 $ 10,389,177,775 See notes to financial statements.

Note 1 - Organization

Note 1 - Organization	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1 Organization 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 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	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	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 generally accepted accounting principles in the United States of America (“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 years ended December 31, 2024, 2023 2022: Year Ended December 31, 2024 Ounces Cost Fair Realized Beginning balance 436,892,231 $ 9,616,427,847 $ 10,393,666,180 $ — Silver bullion contributed 268,075,875 7,621,670,899 7,621,670,899 — Silver bullion distributed (238,913,180 ) (5,558,281,112 ) (6,775,130,565 ) 1,216,849,453 Silver bullion sold to pay expenses (2,216,994 ) (51,464,282 ) (61,784,640 ) 10,181,575 Net realized gain — — 1,227,031,028 — Litigation Proceeds (a) — — 138,783 — Net change in unrealized appreciation/depreciation — — 1,001,643,726 — Ending balance 463,837,932 $ 11,628,353,352 $ 13,407,235,411 $ 1,227,031,028 (a) Includes a payment received from a class action settlement related to silver of $138,783. Year Ended December 31, 2023 Ounces Cost Fair Realized Beginning balance 466,265,146 $ 10,025,562,224 $ 11,164,718,926 $ — Silver bullion contributed 153,556,215 3,580,116,083 3,580,116,083 — Silver bullion distributed (180,643,461 ) (3,939,416,144 ) (4,222,040,407 ) 282,624,263 Silver bullion sold to pay expenses (2,285,669 ) (49,834,316 ) (53,707,373 ) 3,873,057 Net realized gain — — 286,497,320 — Net change in unrealized appreciation/depreciation — — (361,918,369 ) — Ending balance 436,892,231 $ 9,616,427,847 $ 10,393,666,180 $ 286,497,320 Year Ended December 31, 2022 Ounces Cost Fair Realized Beginning balance 530,838,100 $ 11,330,688,133 $ 12,254,397,545 $ — Silver bullion contributed 162,289,256 3,608,993,778 3,608,993,778 — Silver bullion distributed (224,224,243 ) (4,857,116,435 ) (4,680,125,800 ) (176,990,635 ) Silver bullion sold to pay expenses (2,637,967 ) (57,003,252 ) (56,964,663 ) (38,589 ) Net realized loss — — (177,029,224 ) — Net change in unrealized appreciation/depreciation — — 215,447,290 — Ending balance 466,265,146 $ 10,025,562,224 $ 11,164,718,926 $ (177,029,224 ) 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. Share activities for the years ended December 31, 2024, 2023 2022 December 31, 2024 2023 2022 Shares Amount Shares Amount Shares Amount Shares issued 293,550,000 $ 7,621,670,899 167,250,000 $ 3,580,116,083 175,900,000 $ 3,608,993,778 Shares redeemed (261,600,000 ) (6,775,130,565 ) (196,800,000 ) (4,222,040,407 ) (243,150,000 ) (4,680,125,800 ) Net increase (decrease) 31,950,000 $ 846,540,334 (29,550,000 ) $ (641,924,324 ) (67,250,000 ) $ (1,071,132,022 ) 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 December 31, 2024 not F. Segment Reporting The Trust adopted Financial Accounting Standards Board Update 2023 07, 280 2023 07” not The Chief Financial Officer of the Sponsor acts as the Trust’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Trust. The CODM has concluded that the Trust operates as a single operating segment since the Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Trust's financial statements.

Note 3 - Trust Expenses

Note 3 - Trust Expenses	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Trust Expenses [Text Block]	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 up to $500,000 per annum in legal fees and expenses. The Sponsor may not

Note 4 - Related Parties

Note 4 - Related Parties	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	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

Note 5 - Indemnification

Note 5 - Indemnification	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Indemnification [Text Block]	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 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. The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingent Liabilities	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6 Commitments and Contingent Liabilities In the normal course of business, the Trust may may not

Note 7 - Concentration Risk

Note 7 - Concentration Risk	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	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

Note 8 - Financial Highlights

Note 8 - Financial Highlights	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Financial Highlights [Text Block]	8 Financial Highlights The following financial highlights relate to investment performance and operations for a Share outstanding for the years ended December 31, 2024, 2023 2022. December 31, 2024 2023 2022 Net asset value per Share, beginning of year $ 21.78 $ 22.03 $ 21.35 Net investment loss (a) (0.13 ) (0.11 ) (0.10 ) Net realized and unrealized gain (loss) (b) 4.68 (0.14 ) 0.78 Net increase (decrease) in net assets from operations 4.55 (0.25 ) 0.68 Net asset value per Share, end of year $ 26.33 $ 21.78 $ 22.03 Total return, at net asset value (c) 20.89 %  (1.13 )%  3.19 %  Ratio to average net assets: Net investment loss (0.50 )%  (0.50 )%  (0.50 )%  Expenses 0.50 %  0.50 %  0.50 %  (a) Based on average Shares outstanding during the year. (b) The amounts reported for a Share outstanding may not (c) Based on the change in net asset value of a Share during the year.

Note 9 - Investment Valuation

Note 9 - Investment Valuation	12 Months Ended
	Dec. 31, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	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 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 December 31, 2024 December 31, 2023, 1.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
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 generally accepted accounting principles in the United States of America (“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 years ended December 31, 2024, 2023 2022: Year Ended December 31, 2024 Ounces Cost Fair Realized Beginning balance 436,892,231 $ 9,616,427,847 $ 10,393,666,180 $ — Silver bullion contributed 268,075,875 7,621,670,899 7,621,670,899 — Silver bullion distributed (238,913,180 ) (5,558,281,112 ) (6,775,130,565 ) 1,216,849,453 Silver bullion sold to pay expenses (2,216,994 ) (51,464,282 ) (61,784,640 ) 10,181,575 Net realized gain — — 1,227,031,028 — Litigation Proceeds (a) — — 138,783 — Net change in unrealized appreciation/depreciation — — 1,001,643,726 — Ending balance 463,837,932 $ 11,628,353,352 $ 13,407,235,411 $ 1,227,031,028 (a) Includes a payment received from a class action settlement related to silver of $138,783. Year Ended December 31, 2023 Ounces Cost Fair Realized Beginning balance 466,265,146 $ 10,025,562,224 $ 11,164,718,926 $ — Silver bullion contributed 153,556,215 3,580,116,083 3,580,116,083 — Silver bullion distributed (180,643,461 ) (3,939,416,144 ) (4,222,040,407 ) 282,624,263 Silver bullion sold to pay expenses (2,285,669 ) (49,834,316 ) (53,707,373 ) 3,873,057 Net realized gain — — 286,497,320 — Net change in unrealized appreciation/depreciation — — (361,918,369 ) — Ending balance 436,892,231 $ 9,616,427,847 $ 10,393,666,180 $ 286,497,320 Year Ended December 31, 2022 Ounces Cost Fair Realized Beginning balance 530,838,100 $ 11,330,688,133 $ 12,254,397,545 $ — Silver bullion contributed 162,289,256 3,608,993,778 3,608,993,778 — Silver bullion distributed (224,224,243 ) (4,857,116,435 ) (4,680,125,800 ) (176,990,635 ) Silver bullion sold to pay expenses (2,637,967 ) (57,003,252 ) (56,964,663 ) (38,589 ) Net realized loss — — (177,029,224 ) — Net change in unrealized appreciation/depreciation — — 215,447,290 — Ending balance 466,265,146 $ 10,025,562,224 $ 11,164,718,926 $ (177,029,224 )
Offering of the Shares [Policy Text Block]	C. Calculation of Net Asset Value On each business day, as soon as practicable after 4:00
Calculation of Net Asset Value [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. Share activities for the years ended December 31, 2024, 2023 2022 December 31, 2024 2023 2022 Shares Amount Shares Amount Shares Amount Shares issued 293,550,000 $ 7,621,670,899 167,250,000 $ 3,580,116,083 175,900,000 $ 3,608,993,778 Shares redeemed (261,600,000 ) (6,775,130,565 ) (196,800,000 ) (4,222,040,407 ) (243,150,000 ) (4,680,125,800 ) Net increase (decrease) 31,950,000 $ 846,540,334 (29,550,000 ) $ (641,924,324 ) (67,250,000 ) $ (1,071,132,022 )
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 December 31, 2024 not
Segment Reporting, Policy [Policy Text Block]	F. Segment Reporting The Trust adopted Financial Accounting Standards Board Update 2023 07, 280 2023 07” not The Chief Financial Officer of the Sponsor acts as the Trust’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Trust. The CODM has concluded that the Trust operates as a single operating segment since the Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Trust's financial statements.

Schedules of Investments (Table

Schedules of Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Investment [Table Text Block]	Description Ounces Cost Fair Value Silver bullion 463,837,932 $ 11,628,353,352 $ 13,407,235,411 Total Investments — 100.04 13,407,235,411 Less Liabilities — (0.04) (5,976,407 ) Net Assets — 100.00 $ 13,401,259,004 Description Ounces Cost Fair Value Silver bullion 436,892,231 $ 9,616,427,847 $ 10,393,666,180 Total Investments — 100.04 10,393,666,180 Less Liabilities — (0.04) (4,488,405 ) Net Assets — 100.00 $ 10,389,177,775

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Activity in Silver Bullion [Table Text Block]	Year Ended December 31, 2024 Ounces Cost Fair Realized Beginning balance 436,892,231 $ 9,616,427,847 $ 10,393,666,180 $ — Silver bullion contributed 268,075,875 7,621,670,899 7,621,670,899 — Silver bullion distributed (238,913,180 ) (5,558,281,112 ) (6,775,130,565 ) 1,216,849,453 Silver bullion sold to pay expenses (2,216,994 ) (51,464,282 ) (61,784,640 ) 10,181,575 Net realized gain — — 1,227,031,028 — Litigation Proceeds (a) — — 138,783 — Net change in unrealized appreciation/depreciation — — 1,001,643,726 — Ending balance 463,837,932 $ 11,628,353,352 $ 13,407,235,411 $ 1,227,031,028 Year Ended December 31, 2023 Ounces Cost Fair Realized Beginning balance 466,265,146 $ 10,025,562,224 $ 11,164,718,926 $ — Silver bullion contributed 153,556,215 3,580,116,083 3,580,116,083 — Silver bullion distributed (180,643,461 ) (3,939,416,144 ) (4,222,040,407 ) 282,624,263 Silver bullion sold to pay expenses (2,285,669 ) (49,834,316 ) (53,707,373 ) 3,873,057 Net realized gain — — 286,497,320 — Net change in unrealized appreciation/depreciation — — (361,918,369 ) — Ending balance 436,892,231 $ 9,616,427,847 $ 10,393,666,180 $ 286,497,320 Year Ended December 31, 2022 Ounces Cost Fair Realized Beginning balance 530,838,100 $ 11,330,688,133 $ 12,254,397,545 $ — Silver bullion contributed 162,289,256 3,608,993,778 3,608,993,778 — Silver bullion distributed (224,224,243 ) (4,857,116,435 ) (4,680,125,800 ) (176,990,635 ) Silver bullion sold to pay expenses (2,637,967 ) (57,003,252 ) (56,964,663 ) (38,589 ) Net realized loss — — (177,029,224 ) — Net change in unrealized appreciation/depreciation — — 215,447,290 — Ending balance 466,265,146 $ 10,025,562,224 $ 11,164,718,926 $ (177,029,224 )
Schedule of Capital Units [Table Text Block]	December 31, 2024 2023 2022 Shares Amount Shares Amount Shares Amount Shares issued 293,550,000 $ 7,621,670,899 167,250,000 $ 3,580,116,083 175,900,000 $ 3,608,993,778 Shares redeemed (261,600,000 ) (6,775,130,565 ) (196,800,000 ) (4,222,040,407 ) (243,150,000 ) (4,680,125,800 ) Net increase (decrease) 31,950,000 $ 846,540,334 (29,550,000 ) $ (641,924,324 ) (67,250,000 ) $ (1,071,132,022 )

Note 8 - Financial Highlights (

Note 8 - Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Tables
Financial Highlights [Table Text Block]	December 31, 2024 2023 2022 Net asset value per Share, beginning of year $ 21.78 $ 22.03 $ 21.35 Net investment loss (a) (0.13 ) (0.11 ) (0.10 ) Net realized and unrealized gain (loss) (b) 4.68 (0.14 ) 0.78 Net increase (decrease) in net assets from operations 4.55 (0.25 ) 0.68 Net asset value per Share, end of year $ 26.33 $ 21.78 $ 22.03 Total return, at net asset value (c) 20.89 %  (1.13 )%  3.19 %  Ratio to average net assets: Net investment loss (0.50 )%  (0.50 )%  (0.50 )%  Expenses 0.50 %  0.50 %  0.50 %

Schedules of Investments - Inve

Schedules of Investments - Investments (Details)	Dec. 31, 2024 USD ($) oz	Dec. 31, 2023 USD ($) oz	Dec. 31, 2022 USD ($) oz	Dec. 31, 2021 USD ($) oz
Silver bullion (Ounce) | oz	463,837,932	436,892,231	466,265,146	530,838,100
Investment in silver bullion, cost	$ 11,628,353,352	$ 9,616,427,847	$ 10,025,562,224	$ 11,330,688,133
Silver bullion fair value	13,407,235,411	10,393,666,180
Less Liabilities	(5,976,407)	(4,488,405)
Net Assets	$ 13,401,259,004	$ 10,389,177,775	$ 11,160,084,971	$ 12,249,234,223

Schedules of Investments - In_2

Schedules of Investments - Investments (Details) (Parentheticals)	Dec. 31, 2024	Dec. 31, 2023
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) - USD ($)		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
Gain (Loss) from Litigation Settlement	[2]	$ 138,783	[1]	$ 0	$ 0
Shares Prescribed Aggregation (in shares)		50,000
[1]Includes a payment received from a class action settlement related to silver of $138,783.[2]Represents a payment received from a class action settlement related to silver.

Note 2 - Significant Accounti_4

Note 2 - Significant Accounting Policies - Activity in Silver Bullion (Details)		12 Months Ended
		Dec. 31, 2024 USD ($) oz		Dec. 31, 2023 USD ($) oz		Dec. 31, 2022 USD ($) oz
Beginning balance (Ounce) | oz		436,892,231		466,265,146		530,838,100
Beginning balance, average cost		$ 9,616,427,847		$ 10,025,562,224		$ 11,330,688,133
Beginning balance, fair value		$ 10,393,666,180	[1]	$ 11,164,718,926		$ 12,254,397,545
Silver bullion contributed (Ounce) | oz		268,075,875		153,556,215		162,289,256
Silver bullion contributed, average cost		$ 7,621,670,899		$ 3,580,116,083		$ 3,608,993,778
Silver bullion contributed, fair value		$ 7,621,670,899		$ 3,580,116,083		$ 3,608,993,778
Silver bullion distributed (Ounce) | oz		(238,913,180)		(180,643,461)		(224,224,243)
Silver bullion distributed, average cost		$ (5,558,281,112)		$ (3,939,416,144)		$ (4,857,116,435)
Silver bullion distributed, fair value		(6,775,130,565)		(4,222,040,407)		(4,680,125,800)
Silver bullion distributed, realized gain (loss)		$ 1,216,849,453		$ 282,624,263		$ (176,990,635)
Silver bullion sold to pay expenses (Ounce) | oz		(2,216,994)		(2,285,669)		(2,637,967)
Silver bullion sold to pay expenses, average cost		$ (51,464,282)		$ (49,834,316)		$ (57,003,252)
Silver bullion sold to pay expenses, fair value		(61,784,640)		(53,707,373)		(56,964,663)
Silver bullion sold to pay expenses, realized gain (loss)		10,181,575		3,873,057		(38,589)
Net realized gain (loss), fair value		1,227,031,028		286,497,320		(177,029,224)
Litigation Proceeds	[3]	138,783	[2]	0		0
Net change in unrealized appreciation/depreciation, fair value		$ 1,001,643,726		$ (361,918,369)		$ 215,447,290
Ending balance (Ounce) | oz		463,837,932		436,892,231		466,265,146
Ending balance, average cost		$ 11,628,353,352		$ 9,616,427,847		$ 10,025,562,224
Ending balance, fair value		13,407,235,411	[1]	10,393,666,180	[1]	11,164,718,926
Ending balance, realized gain (loss)		$ 1,227,031,028		$ 286,497,320		$ (177,029,224)
[1]Cost of investment in silver bullion: $11,628,353,352 and $9,616,427,847, respectively.[2]Includes a payment received from a class action settlement related to silver of $138,783.[3]Represents a payment received from a class action settlement related to silver.

Note 2 - Significant Accounti_5

Note 2 - Significant Accounting Policies - Share Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares issued (in shares)	293,550,000	167,250,000	175,900,000
Shares issued	$ 7,621,670,899	$ 3,580,116,083	$ 3,608,993,778
Shares redeemed (in shares)	(261,600,000)	(196,800,000)	(243,150,000)
Distributions for Shares redeemed	$ (6,775,130,565)	$ (4,222,040,407)	$ (4,680,125,800)
Net increase (decrease) in Shares issued and outstanding (in shares)	31,950,000	(29,550,000)	(67,250,000)
Net increase (decrease) in net assets from capital share transactions	$ 846,540,334	$ (641,924,324)	$ (1,071,132,022)

Note 3 - Trust Expenses (Detail

Note 3 - Trust Expenses (Details Textual)	12 Months Ended
	Dec. 31, 2024 USD ($)
Sponsor's Fee Annualized Accrual Rate Based on Daily Net Asset Value	0.50%
Maximum [Member]
Legal Fees Per Year	$ 500,000

Note 8 - Financial Highlights -

Note 8 - Financial Highlights - Financial Highlights (Details) - $ / shares		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net asset value per Share, beginning of year (in dollars per share)		$ 21.78	$ 22.03	$ 21.35
Net investment loss (in dollars per share)	[1]	(0.13)	(0.11)	(0.1)
Net realized and unrealized gain (loss) (in dollars per share)	[2]	4.68	(0.14)	0.78
Net increase (decrease) in net assets from operations (in dollars per share)		4.55	(0.25)	0.68
Net asset value per Share, end of year (in dollars per share)		$ 26.33	$ 21.78	$ 22.03
Total return, at net asset value	[3]	20.89%	(1.13%)	3.19%
Ratio to average net assets:
Net investment loss		(0.50%)	(0.50%)	(0.50%)
Expenses		0.50%	0.50%	0.50%
[1]Based on average Shares outstanding during the year.[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 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 year.