slv20220331_10q.htm

0001437749-22-011362.txt : 20220506 0001437749-22-011362.hdr.sgml : 20220506 20220506163135 ACCESSION NUMBER: 0001437749-22-011362 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 43 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220506 DATE AS OF CHANGE: 20220506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: iShares Silver Trust CENTRAL INDEX KEY: 0001330568 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32863 FILM NUMBER: 22901743 BUSINESS ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 415-670-2000 MAIL ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 10-Q 1 slv20220331_10q.htm FORM 10-Q slv20220331_10q.htm

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2022

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from to

Commission File Number: 001-32863

iShares® Silver Trust

(Exact name of registrant as specified in its charter)

New York	13-7474456
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

c/o iShares Delaware Trust Sponsor LLC
400 Howard Street
San Francisco, California 94105
Attn: Product Management Team
iShares Product Research & Development

(Address of principal executive offices)(Zip Code)

(415) 670-2000

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

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

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

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

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

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

As of April 29, 2022, the Registrant had 622,750,000 Shares outstanding.

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PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	1

	Statements of Assets and Liabilities at March 31, 2022 and December 31, 2021	1

	Statements of Operations for the three months ended March 31, 2022 and 2021	2

	Statements of Changes in Net Assets for the three months ended March 31, 2022 and 2021	3

	Statements of Cash Flows for the three months ended March 31, 2022 and 2021	5

	Schedules of Investments at March 31, 2022 and December 31, 2021	6

	Notes to Financial Statement	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	14

Item 3.	Defaults Upon Senior Securities	14

Item 4.	Mine Safety Disclosures	14

Item 5.	Other Information	14

Item 6.	Exhibits	15

SIGNATURES		16

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

iShares® Silver Trust

Statements of Assets and Liabilities (Unaudited)

At March 31, 2022 and December 31, 2021

	March 31, 2022		December 31, 2021
Assets
Investment in silver bullion, at fair value(a)	$	13,862,837,819	$	12,254,397,545
Total Assets		13,862,837,819		12,254,397,545

Liabilities
Sponsor’s fees payable		5,879,314		5,163,322
Total Liabilities		5,879,314		5,163,322

Commitments and contingent liabilities (Note 6)		—		—

Net Assets	$	13,856,958,505	$	12,249,234,223

Shares issued and outstanding(b)		604,600,000		573,800,000
Net asset value per Share (Note 2C)	$	22.92	$	21.35

(a)	Cost of investment in silver bullion: $12,064,750,371 and $11,330,688,133, respectively.
(b)	No par value, unlimited amount authorized.

See notes to financial statements.

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iShares® Silver Trust

Statements of Operations (Unaudited)

For the three months ended March 31, 2022 and 2021

	Three Months Ended March 31,
	2022			2021
Expenses
Sponsor’s fees	$	15,968,507		$	19,286,631
Total expenses		15,968,507			19,286,631
Net investment loss		(15,968,507	)		(19,286,631	)

Net Realized and Unrealized Gain (Loss)
Net realized gain from:
Silver bullion sold to pay expenses		1,304,282			5,209,327
Silver bullion distributed for the redemption of Shares		69,885,981			888,549,245
Net realized gain		71,190,263			893,758,572
Net change in unrealized appreciation/depreciation		874,378,036			(2,459,779,533	)
Net realized and unrealized gain (loss)		945,568,299			(1,566,020,961	)

Net increase (decrease) in net assets resulting from operations	$	929,599,792		$	(1,585,307,592	)

Net increase (decrease) in net assets per Share(a)	$	1.59		$	(2.47	)

(a)	Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

See notes to financial statements.

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iShares® Silver Trust

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2022

	Three Months Ended March 31, 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

Shares issued and redeemed
Shares issued		55,400,000
Shares redeemed		(24,600,000	)
Net increase in Shares issued and outstanding		30,800,000

See notes to financial statements.

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iShares® Silver Trust

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2021

	Three Months Ended March 31, 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

Shares issued and redeemed
Shares issued		176,700,000
Shares redeemed		(158,350,000	)
Net increase in Shares issued and outstanding		18,350,000

See notes to financial statements.

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iShares® Silver Trust

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2022 and 2021

	Three Months Ended March 31,
	2022			2021
Cash Flows from Operating Activities
Proceeds from silver bullion sold to pay expenses	$	15,252,515		$	18,635,427
Expenses – Sponsor’s fees paid		(15,252,515	)		(18,635,427	)
Net cash provided by operating activities		—			—
Increase (decrease) in cash		—			—
Cash, beginning of period		—			—
Cash, end of period	$	—		$	—

Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities
Net increase (decrease) in net assets resulting from operations	$	929,599,792		$	(1,585,307,592	)
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		15,252,515			18,635,427
Net realized (gain) loss		(71,190,263	)		(893,758,572	)
Net change in unrealized appreciation/depreciation		(874,378,036	)		2,459,779,533
Change in operating assets and liabilities:
Sponsor’s fees payable		715,992			651,204
Net cash provided by (used in) operating activities	$	—		$	—

Supplemental disclosure of non-cash information:
Silver bullion contributed for Shares issued	$	1,235,098,722		$	4,468,670,836
Silver bullion distributed for Shares redeemed	$	(556,974,232	)	$	(3,878,623,508	)

See notes to financial statements.

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iShares® Silver Trust

Schedules of Investments (Unaudited)

At March 31, 2022 and December 31, 2021

March 31, 2022

Description	Ounces		Cost		Fair Value
Silver bullion		558,647,503	$	12,064,750,371	$	13,862,837,819

Total Investments – 100.04%						13,862,837,819
Less Liabilities – (0.04)%						(5,879,314	)
Net Assets – 100.00%					$	13,856,958,505

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

See notes to financial statements.

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iShares® Silver Trust

Notes to Financial Statements (Unaudited)

March 31, 2022

1 -

Organization

The iShares Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day-to-day administration of the Trust. The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Trust is governed by the provisions of the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of January 31, 2022. The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

The Trust seeks to reflect generally the performance of the price of silver. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in silver.

The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 1, 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.

2 -

Significant Accounting Policies

A.	Basis of Accounting

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

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

B.	Silver Bullion

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

Fair value of the silver bullion held by the Trust is based on the price per ounce of silver determined in an electronic auction consisting of one or more 30‑second rounds hosted by ICE Benchmark Administration (“IBA”) that begins at 12:00 p.m. (London time) and published shortly thereafter on each day that the London silver market is open for business (such price, the “LBMA Silver Price”). If there is no announced LBMA Silver Price on any day, the Trustee is authorized to use the most recently announced LBMA Silver Price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.

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The following tables summarize activity in silver bullion for the three months ended March 31, 2022 and 2021:

Three Months Ended March 31, 2022	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		530,838,100		$	11,330,688,133		$	12,254,397,545		$	—
Silver bullion contributed		51,197,066			1,235,098,722			1,235,098,722			—
Silver bullion distributed		(22,736,381	)		(487,088,251	)		(556,974,232	)		69,885,981
Silver bullion sold to pay expenses		(651,282	)		(13,948,233	)		(15,252,515	)		1,304,282
Net realized gain		—			—			71,190,263			—
Net change in unrealized appreciation/depreciation		—			—			874,378,036			—
Ending balance		558,647,503		$	12,064,750,371		$	13,862,837,819		$	71,190,263

Three Months Ended March 31, 2021	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		558,715,882		$	10,472,474,303		$	14,797,590,146		$	—
Silver bullion contributed		164,157,109			4,468,670,836			4,468,670,836			—
Silver bullion distributed		(147,079,936	)		(2,990,074,263	)		(3,878,623,508	)		888,549,245
Silver bullion sold to pay expenses		(668,843	)		(13,426,100	)		(18,635,427	)		5,209,327
Net realized gain		—			—			893,758,572			—
Net change in unrealized appreciation/depreciation		—			—			(2,459,779,533	)		—
Ending balance		575,124,212		$	11,937,644,776		$	13,802,981,086		$	893,758,572

C.	Calculation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the silver and other assets held by the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

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D.	Offering of the Shares

Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for silver bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trustee and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of silver is not reasonably practicable.

The per Share amount of silver exchanged for a purchase or redemption represents the per Share amount of silver held by the Trust, after giving effect to its liabilities.

When silver bullion is exchanged in settlement of a redemption, it is considered a sale of silver bullion for accounting purposes.

E.	Federal Income Taxes

The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 -

Trust Expenses

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.

4 -

Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

5 -

Indemnification

The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their (1) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or (2) reckless disregard of their obligations and duties under the Trust Agreement.

The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties.

6 -

Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

7 -

Concentration Risk

Substantially all of the Trust’s assets are holdings of silver bullion, which creates a concentration risk associated with fluctuations in the price of silver. Accordingly, a decline in the price of silver will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of silver include a change in economic conditions (such as a recession); a significant increase in the hedging activities of silver producers; significant changes in the attitude of speculators, investors and other market participants towards silver; global silver supply and demand; global or regional political, economic or financial events and situations; investors’ expectations with respect to the rate of inflation; interest rates; investment and trading activities of hedge funds and commodity funds; other economic variables such as income growth, economic output, and monetary policies; and investor confidence.

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8 -

Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2022 and 2021.

	Three Months Ended March 31,
	2022			2021
Net asset value per Share, beginning of period	$	21.35		$	24.61

Net investment loss(a)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)(b)		1.60			(2.30	)
Net increase (decrease) in net assets from operations		1.57			(2.33	)
Net asset value per Share, end of period	$	22.92		$	22.28

Total return, at net asset value(c)(d)		7.35	%		(9.47	)%

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

(a)	Based on average Shares outstanding during the period.
(b)	The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.
(c)	Based on the change in net asset value of a Share during the period.
(d)	Percentage is not annualized.
(e)	Percentage is annualized.

9 -

Investment Valuation

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

Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:

Level 1 −

Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 −

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

Level 3 −

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At March 31, 2022 and December 31, 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 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 IBA that begins at 12:00 p.m. (London time) and published shortly thereafter, on the day the valuation takes place (such price, the “LBMA Silver Price”). If there is no announced LBMA Silver Price on any day, the Trustee is authorized to use the most recently announced LBMA Silver Price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation. The LBMA Silver Price is used by the Trust because it is commonly used by the U.S. silver market as an indicator of the value of silver and is permitted to be used under the Trust Agreement. The use of an indicator of the value of silver bullion other than the LBMA Silver Price could result in materially different fair value pricing of the silver held by the Trust, and as such, could result in different cost or market adjustments or in different redemption value adjustments of the outstanding redeemable capital Shares. Having valued the silver held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the silver held by the Trust and other assets held by the Trust. The result is the net asset value of the Trust. The Trustee computes NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

Liquidity

The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee. The Trust’s only source of liquidity is its sales of silver.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. A description of the valuation of silver bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Silver Bullion; Computation of Net Asset Value” above. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

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Results of Operations

The Quarter Ended March 31, 2022

The Trust’s net asset value increased from $12,249,234,223 at December 31, 2021 to $13,856,958,505 at March 31, 2022, a 13.13% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the LBMA Silver Price, which grew 7.49% from $23.09 at December 31, 2021 to $24.82 at March 31, 2022. The increase in the Trust’s net asset value also benefited from an increase in the number of outstanding Shares, which rose from 573,800,000 Shares at December 31, 2021 to 604,600,000 Shares at March 31, 2022, a consequence of 55,400,000 Shares (1,108 Baskets) being created and 24,600,000 Shares (492 Baskets) being redeemed during the quarter.

The 7.35% increase in the NAV from $21.35 at December 31, 2021 to $22.92 at March 31, 2022 is directly related to the 7.49% increase in the price of silver.

The NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $15,968,507 for the quarter, or 0.12% of the Trust’s average weighted assets of $12,970,209,527 during the quarter. The NAV of $24.18 on March 9, 2022 was the highest during the quarter, compared with a low during the quarter of $20.56 on January 7, 2022.

Net increase in net assets resulting from operations for the quarter ended March 31, 2022 was $929,599,792, resulting from an unrealized gain on investment in silver bullion of $874,378,036, a net realized gain of $69,885,981 on silver distributed for the redemption of Shares, and a net realized gain of $1,304,282 from silver bullion sold to pay expenses, partially offset by net investment loss of $15,968,507. Other than the Sponsor’s fees of $15,968,507, the Trust had no expenses during the quarter.

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

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, 2021, filed with the Securities and Exchange Commission on March 1, 2022.

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 Fund 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.

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.

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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) 24,600,000 Shares (492 Baskets) were redeemed during the quarter ended March 31, 2022.

Period	Total Number of Shares Redeemed		Average Ounces of Silver Paid Per Share
01/01/22 to 01/31/22		12,500,000	$	0.9245
02/01/22 to 02/28/22		6,000,000		0.9241
03/01/22 to 03/31/22		6,100,000		0.9239
Total		24,600,000	$	0.9243

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		Third Amended and Restated Depositary Trust Agreement is incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by the Registrant on January 31, 2022

4.2		Standard Terms for Authorized Participant Agreements is incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016

10.1		First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch is incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016

10.2		Amendment Agreement to First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch is incorporated by reference to Exhibit 10.2 of Registration Statement No. 333-239613 filed by the Registrant on July 1, 2020

10.3		Sub-license Agreement is incorporated by reference to Exhibit 10.2 of Registration Statement No. 333-156506 filed by the Registrant on December 30, 2008

31.1		Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002

32.2		Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002

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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

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

Date:

May 5, 2022

/s/ Trent Walker

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

Date:

May 5, 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.

EX-31.1 2 ex_356157.htm EXHIBIT 31.1 ex_356157.htm

Exhibit 31.1

CERTIFICATION

I, Paul Lohrey, certify that:

I have reviewed this report on Form 10-Q of iShares Silver Trust;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d‑15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:

May 5, 2022

/s/ Paul Lohrey

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

EX-31.2 3 ex_356158.htm EXHIBIT 31.2 ex_356158.htm

Exhibit 31.2

CERTIFICATION

I, Trent Walker, certify that:

I have reviewed this report on Form 10-Q of iShares Silver Trust;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:

May 5, 2022

/s/ Trent Walker

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

EX-32.1 4 ex_356159.htm EXHIBIT 32.1 ex_356159.htm

Exhibit 32.1

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

In connection with the Quarterly Report of iShares Silver Trust (the “Trust”) on Form 10-Q for the period ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Paul Lohrey, Chief Executive Officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

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

Date:

May 5, 2022

/s/ Paul Lohrey

Paul Lohrey*
President and Chief Executive Officer
(Principal executive officer)

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

EX-32.2 5 ex_356160.htm EXHIBIT 32.2 ex_356160.htm

Exhibit 32.2

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

In connection with the Quarterly Report of iShares Silver Trust (the “Trust”) on Form 10-Q for the period ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Trent Walker, Chief Financial Officer of iShares Delaware Trust Sponsor LLC, the Sponsor of the Trust, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

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

Date:

May 5, 2022

/s/ Trent Walker

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

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

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2022	Apr. 29, 2022
Document Information [Line Items]
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Entity Registrant Name	iShares Silver Trust
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 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		622,750,000

XML 12 R2.htm IDEA: XBRL DOCUMENT

Statements of Assets and Liabilities (Unaudited) - USD ($)

Mar. 31, 2022

Dec. 31, 2021

Assets

Investment in silver bullion, at fair value

^[1]

$ 13,862,837,819

$ 12,254,397,545

Total Assets

13,862,837,819

12,254,397,545

Liabilities

Sponsor’s fees payable

5,879,314

5,163,322

Total Liabilities

5,879,314

5,163,322

Commitments and contingent liabilities (Note 6)

Net Assets

$ 13,856,958,505

$ 12,249,234,223

Shares issued and outstanding (in shares)

^[2]

604,600,000

573,800,000

Net asset value per Share (Note 2C) (in dollars per share)

$ 22.92

$ 21.35

[1]	Cost of investment in silver bullion: $12,064,750,371 and $11,330,688,133, respectively.
[2]	No par value, unlimited amount authorized.

XML 13 R3.htm IDEA: XBRL DOCUMENT

Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment in silver bullion, cost	$ 12,064,750,371	$ 11,330,688,133
Shares, par value (in dollars per share)	$ 0	$ 0
Shares issued (in shares)	604,600,000	573,800,000

XML 14 R4.htm IDEA: XBRL DOCUMENT

Statements of Operations (Unaudited) - USD ($)

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Expenses

Sponsor's fees

$ 15,968,507

$ 19,286,631

Total expenses

15,968,507

19,286,631

Net investment loss

(15,968,507)

(19,286,631)

Net Realized and Unrealized Gain (Loss)

Silver bullion sold to pay expenses

1,304,282

5,209,327

Silver bullion distributed for the redemption of Shares

69,885,981

888,549,245

Net realized gain

71,190,263

893,758,572

Net change in unrealized appreciation/depreciation

874,378,036

(2,459,779,533)

Net realized and unrealized gain (loss)

945,568,299

(1,566,020,961)

Net increase (decrease) in net assets resulting from operations

$ 929,599,792

$ (1,585,307,592)

Net increase (decrease) in net assets per Share (in dollars per share)

^[1]

$ 1.59

$ (2.47)

[1]	Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

XML 15 R5.htm IDEA: XBRL DOCUMENT

Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Assets, Beginning of Period	$ 12,249,234,223	$ 14,791,792,720
Operations:
Net investment loss	(15,968,507)	(19,286,631)
Net realized gain	71,190,263	893,758,572
Net change in unrealized appreciation/depreciation	874,378,036	(2,459,779,533)
Net increase (decrease) in net assets resulting from operations	929,599,792	(1,585,307,592)
Capital Share Transactions:
Contributions for Shares issued	1,235,098,722	4,468,670,836
Distributions for Shares redeemed	(556,974,232)	(3,878,623,508)
Net increase in net assets from capital share transactions	678,124,490	590,047,328
Increase (decrease) in net assets	1,607,724,282	(995,260,264)
Net Assets, End of Period	$ 13,856,958,505	$ 13,796,532,456
Shares issued and redeemed
Shares issued (in shares)	55,400,000	176,700,000
Shares redeemed (in shares)	(24,600,000)	(158,350,000)
Net increase in Shares issued and outstanding (in shares)	30,800,000	18,350,000

XML 16 R6.htm IDEA: XBRL DOCUMENT

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
Statements of Cash Flows (Unaudited) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities
Proceeds from silver bullion sold to pay expenses	$ 15,252,515	$ 18,635,427
Expenses – Sponsor’s fees paid	(15,252,515)	(18,635,427)
Net cash provided by (used in) operating activities	0	0
Increase (decrease) in cash	0	0
Cash, beginning of period	0	0
Cash, end of period	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	929,599,792	(1,585,307,592)
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	15,252,515	18,635,427
Net realized (gain) loss	(71,190,263)	(893,758,572)
Net change in unrealized appreciation/depreciation	(874,378,036)	2,459,779,533
Change in operating assets and liabilities:
Sponsor’s fees payable	715,992	651,204
Net cash provided by (used in) operating activities	0	0
Supplemental disclosure of non-cash information:
Silver bullion contributed for Shares issued	1,235,098,722	4,468,670,836
Silver bullion distributed for Shares redeemed	$ (556,974,232)	$ (3,878,623,508)

XML 17 R7.htm IDEA: XBRL DOCUMENT

Schedules of Investments (Unaudited)

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Investment Holdings, Schedule of Investments [Text Block]

iShares® Silver Trust

Schedules of Investments (Unaudited)

At March 31, 2022 and December 31, 2021

March 31, 2022

Description	Ounces		Cost		Fair Value
Silver bullion		558,647,503	$	12,064,750,371	$	13,862,837,819

Total Investments – 100.04%						13,862,837,819
Less Liabilities – (0.04)%						(5,879,314	)
Net Assets – 100.00%					$	13,856,958,505

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

XML 18 R8.htm IDEA: XBRL DOCUMENT

Note 1 - Organization

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

1 -

Organization

XML 19 R9.htm IDEA: XBRL DOCUMENT

Note 2 - Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Significant Accounting Policies [Text Block]

2 -

Significant Accounting Policies

A.	Basis of Accounting

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.

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 March 31, 2022 and 2021:

Three Months Ended March 31, 2022	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		530,838,100		$	11,330,688,133		$	12,254,397,545		$	—
Silver bullion contributed		51,197,066			1,235,098,722			1,235,098,722			—
Silver bullion distributed		(22,736,381	)		(487,088,251	)		(556,974,232	)		69,885,981
Silver bullion sold to pay expenses		(651,282	)		(13,948,233	)		(15,252,515	)		1,304,282
Net realized gain		—			—			71,190,263			—
Net change in unrealized appreciation/depreciation		—			—			874,378,036			—
Ending balance		558,647,503		$	12,064,750,371		$	13,862,837,819		$	71,190,263

Three Months Ended March 31, 2021	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		558,715,882		$	10,472,474,303		$	14,797,590,146		$	—
Silver bullion contributed		164,157,109			4,468,670,836			4,468,670,836			—
Silver bullion distributed		(147,079,936	)		(2,990,074,263	)		(3,878,623,508	)		888,549,245
Silver bullion sold to pay expenses		(668,843	)		(13,426,100	)		(18,635,427	)		5,209,327
Net realized gain		—			—			893,758,572			—
Net change in unrealized appreciation/depreciation		—			—			(2,459,779,533	)		—
Ending balance		575,124,212		$	11,937,644,776		$	13,802,981,086		$	893,758,572

C.

Calculation of Net Asset Value

D.

Offering of the Shares

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

XML 20 R10.htm IDEA: XBRL DOCUMENT

Note 3 - Trust Expenses

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Trust Expenses [Text Block]

3 -

Trust Expenses

XML 21 R11.htm IDEA: XBRL DOCUMENT

Note 4 - Related Parties

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

4 -

Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

XML 22 R12.htm IDEA: XBRL DOCUMENT

Note 5 - Indemnification

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Indemnification [Text Block]

5 -

Indemnification

XML 23 R13.htm IDEA: XBRL DOCUMENT

Note 6 - Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

6 -

Commitments and Contingent Liabilities

XML 24 R14.htm IDEA: XBRL DOCUMENT

Note 7 - Concentration Risk

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

7 -

Concentration Risk

XML 25 R15.htm IDEA: XBRL DOCUMENT

Note 8 - Financial Highlights

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022 and 2021.

	Three Months Ended March 31,
	2022			2021
Net asset value per Share, beginning of period	$	21.35		$	24.61

Net investment loss(a)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)(b)		1.60			(2.30	)
Net increase (decrease) in net assets from operations		1.57			(2.33	)
Net asset value per Share, end of period	$	22.92		$	22.28

Total return, at net asset value(c)(d)		7.35	%		(9.47	)%

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

XML 26 R16.htm IDEA: XBRL DOCUMENT

Note 9 - Investment Valuation

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Fair Value Disclosures [Text Block]

9 -

Investment Valuation

Level 1 −

Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 −

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

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 27 R17.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

A.	Basis of Accounting

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.

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 March 31, 2022 and 2021:

Three Months Ended March 31, 2022	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		530,838,100		$	11,330,688,133		$	12,254,397,545		$	—
Silver bullion contributed		51,197,066			1,235,098,722			1,235,098,722			—
Silver bullion distributed		(22,736,381	)		(487,088,251	)		(556,974,232	)		69,885,981
Silver bullion sold to pay expenses		(651,282	)		(13,948,233	)		(15,252,515	)		1,304,282
Net realized gain		—			—			71,190,263			—
Net change in unrealized appreciation/depreciation		—			—			874,378,036			—
Ending balance		558,647,503		$	12,064,750,371		$	13,862,837,819		$	71,190,263

Three Months Ended March 31, 2021	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		558,715,882		$	10,472,474,303		$	14,797,590,146		$	—
Silver bullion contributed		164,157,109			4,468,670,836			4,468,670,836			—
Silver bullion distributed		(147,079,936	)		(2,990,074,263	)		(3,878,623,508	)		888,549,245
Silver bullion sold to pay expenses		(668,843	)		(13,426,100	)		(18,635,427	)		5,209,327
Net realized gain		—			—			893,758,572			—
Net change in unrealized appreciation/depreciation		—			—			(2,459,779,533	)		—
Ending balance		575,124,212		$	11,937,644,776		$	13,802,981,086		$	893,758,572

Calculation of Net Asset Value [Policy Text Block]

C.	Calculation of Net Asset Value

Offering of the Shares [Policy Text Block]

D.	Offering of the Shares

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

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

XML 28 R18.htm IDEA: XBRL DOCUMENT

Schedules of Investments (Unaudited) (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Investment [Table Text Block]

March 31, 2022

Description	Ounces		Cost		Fair Value
Silver bullion		558,647,503	$	12,064,750,371	$	13,862,837,819

Total Investments – 100.04%						13,862,837,819
Less Liabilities – (0.04)%						(5,879,314	)
Net Assets – 100.00%					$	13,856,958,505

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

XML 29 R19.htm IDEA: XBRL DOCUMENT

Note 2 - Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Activity in Silver Bullion [Table Text Block]

Three Months Ended March 31, 2022	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		530,838,100		$	11,330,688,133		$	12,254,397,545		$	—
Silver bullion contributed		51,197,066			1,235,098,722			1,235,098,722			—
Silver bullion distributed		(22,736,381	)		(487,088,251	)		(556,974,232	)		69,885,981
Silver bullion sold to pay expenses		(651,282	)		(13,948,233	)		(15,252,515	)		1,304,282
Net realized gain		—			—			71,190,263			—
Net change in unrealized appreciation/depreciation		—			—			874,378,036			—
Ending balance		558,647,503		$	12,064,750,371		$	13,862,837,819		$	71,190,263

Three Months Ended March 31, 2021	Ounces			Cost			Fair Value			Realized Gain (Loss)
Beginning balance		558,715,882		$	10,472,474,303		$	14,797,590,146		$	—
Silver bullion contributed		164,157,109			4,468,670,836			4,468,670,836			—
Silver bullion distributed		(147,079,936	)		(2,990,074,263	)		(3,878,623,508	)		888,549,245
Silver bullion sold to pay expenses		(668,843	)		(13,426,100	)		(18,635,427	)		5,209,327
Net realized gain		—			—			893,758,572			—
Net change in unrealized appreciation/depreciation		—			—			(2,459,779,533	)		—
Ending balance		575,124,212		$	11,937,644,776		$	13,802,981,086		$	893,758,572

XML 30 R20.htm IDEA: XBRL DOCUMENT

Note 8 - Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Financial Highlights [Table Text Block]

	Three Months Ended March 31,
	2022			2021
Net asset value per Share, beginning of period	$	21.35		$	24.61

Net investment loss(a)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)(b)		1.60			(2.30	)
Net increase (decrease) in net assets from operations		1.57			(2.33	)
Net asset value per Share, end of period	$	22.92		$	22.28

Total return, at net asset value(c)(d)		7.35	%		(9.47	)%

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

XML 31 R21.htm IDEA: XBRL DOCUMENT

Schedules of Investments (Unaudited) - Investments (Details)	Mar. 31, 2022 USD ($) oz	Dec. 31, 2021 USD ($) oz	Mar. 31, 2021 USD ($) oz	Dec. 31, 2020 USD ($) oz
Silver bullion (Ounce) \| oz	558,647,503	530,838,100	575,124,212	558,715,882
Investment in silver bullion, cost	$ 12,064,750,371	$ 11,330,688,133	$ 11,937,644,776	$ 10,472,474,303
Silver bullion fair value	13,862,837,819	12,254,397,545
Less Liabilities	(5,879,314)	(5,163,322)
Net Assets	$ 13,856,958,505	$ 12,249,234,223	$ 13,796,532,456	$ 14,791,792,720

XML 32 R22.htm IDEA: XBRL DOCUMENT

Schedules of Investments (Unaudited) - Investments (Details) (Parentheticals)	Mar. 31, 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	100.00%	100.00%

XML 33 R23.htm IDEA: XBRL DOCUMENT

Note 2 - Significant Accounting Policies (Details Textual)	Mar. 31, 2022 shares
Shares Prescribed Aggregation (in shares)	50,000

XML 34 R24.htm IDEA: XBRL DOCUMENT

Note 2 - Significant Accounting Policies - Activity in Silver Bullion (Details)

3 Months Ended

Mar. 31, 2022

USD ($)

Mar. 31, 2021

USD ($)

Beginning balance (Ounce) | oz

530,838,100

558,715,882

Beginning balance, average cost

$ 11,330,688,133

$ 10,472,474,303

Beginning balance, fair value

$ 12,254,397,545

^[1]

$ 14,797,590,146

Silver bullion contributed (Ounce) | oz

51,197,066

164,157,109

Silver bullion contributed, average cost

$ 1,235,098,722

$ 4,468,670,836

Silver bullion contributed, fair value

$ 1,235,098,722

$ 4,468,670,836

Silver bullion distributed (Ounce) | oz

(22,736,381)

(147,079,936)

Silver bullion distributed, average cost

$ (487,088,251)

$ (2,990,074,263)

Silver bullion distributed, fair value

(556,974,232)

(3,878,623,508)

Silver bullion distributed, realized gain (loss)

$ 69,885,981

$ 888,549,245

Silver bullion sold to pay expenses (Ounce) | oz

(651,282)

(668,843)

Silver bullion sold to pay expenses, average cost

$ (13,948,233)

$ (13,426,100)

Silver bullion sold to pay expenses, fair value

(15,252,515)

(18,635,427)

Silver bullion sold to pay expenses, realized gain (loss)

1,304,282

5,209,327

Net realized gain

71,190,263

893,758,572

Net change in unrealized appreciation/depreciation, fair value

$ 874,378,036

$ (2,459,779,533)

Ending balance (Ounce) | oz

558,647,503

575,124,212

Ending balance, average cost

$ 12,064,750,371

$ 11,937,644,776

Ending balance, fair value

13,862,837,819

^[1]

13,802,981,086

Ending balance, realized gain (loss)

$ 71,190,263

$ 893,758,572

[1]	Cost of investment in silver bullion: $12,064,750,371 and $11,330,688,133, respectively.

XML 35 R25.htm IDEA: XBRL DOCUMENT

Note 3 - Trust Expenses (Details Textual) - USD ($)		3 Months Ended	12 Months Ended
Note 3 - Trust Expenses (Details Textual) - USD ($)	Jan. 31, 2022	Mar. 31, 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

XML 36 R26.htm IDEA: XBRL DOCUMENT

Note 8 - Financial Highlights - Financial Highlights (Details) - $ / shares

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Net asset value per Share, beginning of period (in dollars per share)

$ 21.35

$ 24.61

Net investment loss (in dollars per share)

^[1]

(0.03)

Net realized and unrealized gain (loss) (in dollars per share)

^[2]

1.60

(2.30)

Net increase (decrease) in net assets from operations (in dollars per share)

1.57

(2.33)

Net asset value per Share, end of period (in dollars per share)

$ 22.92

$ 22.28

Total return, at net asset value

^[3],[4]

7.35%

(9.47%)

Ratio to average net assets:

Net investment loss

^[5]

(0.50%)

Expenses

^[5]

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.

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<a href="#" id="investments" title="investments"/>iShares® Silver Trust Schedules of Investments (Unaudited) At March 31, 2022 and December 31, 2021 <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td colspan="13" style="font-family: Arial; font-size: 10pt;"> March 31, 2022 </td></tr> <tr><td colspan="12" style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 34%; border-bottom: 1px solid rgb(0, 0, 0);"> Description </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 40pt; text-align: right;">558,647,503</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">12,064,750,371</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">13,862,837,819</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Total Investments – 100.04% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">13,862,837,819</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Less Liabilities – (0.04)% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(5,879,314</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net Assets – 100.00% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">13,856,958,505</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td colspan="13" style="font-family: Arial; font-size: 10pt;"> December 31, 2021 </td></tr> <tr><td colspan="12" style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 34%; border-bottom: 1px solid rgb(0, 0, 0);"> Description </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 40pt; text-align: right;">530,838,100</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">11,330,688,133</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">12,254,397,545</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Total Investments – 100.04% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">12,254,397,545</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Less Liabilities – (0.04)% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(5,163,322</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net Assets – 100.00% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">12,249,234,223</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td colspan="13" style="font-family: Arial; font-size: 10pt;"> March 31, 2022 </td></tr> <tr><td colspan="12" style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 34%; border-bottom: 1px solid rgb(0, 0, 0);"> Description </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 40pt; text-align: right;">558,647,503</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">12,064,750,371</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">13,862,837,819</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Total Investments – 100.04% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">13,862,837,819</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Less Liabilities – (0.04)% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(5,879,314</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net Assets – 100.00% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">13,856,958,505</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td colspan="13" style="font-family: Arial; font-size: 10pt;"> December 31, 2021 </td></tr> <tr><td colspan="12" style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 34%; border-bottom: 1px solid rgb(0, 0, 0);"> Description </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 40pt; text-align: right;">530,838,100</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">11,330,688,133</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">12,254,397,545</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Total Investments – 100.04% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">12,254,397,545</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Less Liabilities – (0.04)% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(5,163,322</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net Assets – 100.00% </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 19%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">12,249,234,223</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table>

558647503

12064750371

13862837819

5879314

13856958505

530838100

11330688133

12254397545

5163322

12249234223

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> 2 - </td><td style="width: auto;"> Significant Accounting Policies </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> </td></tr> </tbody></table><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;">A. </td><td style="width: auto;"> Basis of Accounting </td></tr> </tbody></table> 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. <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> </td></tr> </tbody></table><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;">B. </td><td style="width: auto;"> Silver Bullion </td></tr> </tbody></table> 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 March 31, 2022 and 2021: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 48%; border-bottom: 1px solid rgb(0, 0, 0);"> Three Months Ended March 31, 2022 </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">530,838,100</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">11,330,688,133</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">12,254,397,545</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">51,197,066</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">1,235,098,722</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">1,235,098,722</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">(22,736,381</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(487,088,251</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(556,974,232</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">69,885,981</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">(651,282</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(13,948,233</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(15,252,515</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">1,304,282</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">71,190,263</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">874,378,036</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">558,647,503</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">12,064,750,371</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">13,862,837,819</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">71,190,263</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 48%; border-bottom: 1px solid rgb(0, 0, 0);"> Three Months Ended March 31, 2021 </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">558,715,882</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">10,472,474,303</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">14,797,590,146</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">164,157,109</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">4,468,670,836</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">4,468,670,836</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">(147,079,936</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(2,990,074,263</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(3,878,623,508</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">888,549,245</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">(668,843</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(13,426,100</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(18,635,427</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">5,209,327</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">893,758,572</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(2,459,779,533</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">575,124,212</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">11,937,644,776</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">13,802,981,086</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">893,758,572</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> C. </td><td style="width: auto;"> Calculation of Net Asset Value </td></tr> </tbody></table> 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. <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> D. </td><td style="width: auto;"> Offering of the Shares </td></tr> </tbody></table> 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. <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> E. </td><td style="width: auto;"> Federal Income Taxes </td></tr> </tbody></table> 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 March 31, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;">A. </td><td style="width: auto;"> Basis of Accounting </td></tr> </tbody></table> 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.

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;">B. </td><td style="width: auto;"> Silver Bullion </td></tr> </tbody></table> 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 March 31, 2022 and 2021: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 48%; border-bottom: 1px solid rgb(0, 0, 0);"> Three Months Ended March 31, 2022 </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">530,838,100</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">11,330,688,133</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">12,254,397,545</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">51,197,066</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">1,235,098,722</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">1,235,098,722</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">(22,736,381</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(487,088,251</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(556,974,232</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">69,885,981</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">(651,282</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(13,948,233</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(15,252,515</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">1,304,282</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">71,190,263</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">874,378,036</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">558,647,503</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">12,064,750,371</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">13,862,837,819</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">71,190,263</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 48%; border-bottom: 1px solid rgb(0, 0, 0);"> Three Months Ended March 31, 2021 </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">558,715,882</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">10,472,474,303</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">14,797,590,146</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">164,157,109</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">4,468,670,836</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">4,468,670,836</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">(147,079,936</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(2,990,074,263</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(3,878,623,508</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">888,549,245</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">(668,843</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(13,426,100</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(18,635,427</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">5,209,327</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">893,758,572</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(2,459,779,533</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">575,124,212</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">11,937,644,776</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">13,802,981,086</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">893,758,572</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 48%; border-bottom: 1px solid rgb(0, 0, 0);"> Three Months Ended March 31, 2022 </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">530,838,100</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">11,330,688,133</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">12,254,397,545</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">51,197,066</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">1,235,098,722</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">1,235,098,722</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">(22,736,381</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(487,088,251</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(556,974,232</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">69,885,981</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">(651,282</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(13,948,233</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(15,252,515</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">1,304,282</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">71,190,263</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">874,378,036</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 10pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">558,647,503</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">12,064,750,371</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">13,862,837,819</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">71,190,263</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 48%; border-bottom: 1px solid rgb(0, 0, 0);"> Three Months Ended March 31, 2021 </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Ounces </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Realized Gain (Loss) </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Beginning balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">558,715,882</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">10,472,474,303</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">14,797,590,146</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion contributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">164,157,109</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">4,468,670,836</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">4,468,670,836</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion distributed </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">(147,079,936</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(2,990,074,263</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(3,878,623,508</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">888,549,245</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Silver bullion sold to pay expenses </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">(668,843</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(13,426,100</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(18,635,427</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">5,209,327</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net realized gain </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">893,758,572</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt;"> Net change in unrealized appreciation/depreciation </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(2,459,779,533</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">—</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt;"> Ending balance </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 7pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">575,124,212</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">11,937,644,776</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">13,802,981,086</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 10%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">893,758,572</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> </tbody></table> 530838100

11330688133

12254397545

51197066 1235098722 1235098722 22736381 487088251 556974232 69885981 651282 13948233 15252515

1304282

71190263

874378036

558647503

12064750371

13862837819

71190263

558715882

10472474303

14797590146

164157109 4468670836 4468670836 147079936 2990074263 3878623508 888549245 668843 13426100 18635427

5209327

893758572

-2459779533

575124212

11937644776

13802981086

893758572

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> C. </td><td style="width: auto;"> Calculation of Net Asset Value </td></tr> </tbody></table> 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. <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> D. </td><td style="width: auto;"> Offering of the Shares </td></tr> </tbody></table> 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. 50000 50000

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> E. </td><td style="width: auto;"> Federal Income Taxes </td></tr> </tbody></table> 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 March 31, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> 8 - </td><td style="width: auto;"> Financial Highlights </td></tr> </tbody></table> The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2022 and 2021. <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td><td colspan="6" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 17%;"> Three Months Ended March 31, </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> 2022 </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px; width: 2%;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> 2021 </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Net asset value per Share, beginning of period </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">21.35</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">24.61</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="width: 69%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 2%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Net investment loss(a) </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.03</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.03</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Net realized and unrealized gain (loss)(b) </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">1.60</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(2.30</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Net increase (decrease) in net assets from operations </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">1.57</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(2.33</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Net asset value per Share, end of period </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">22.92</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">22.28</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="width: 69%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 2%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 1%;"> </td></tr> <tr class="GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Total return, at net asset value(c)(d) </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">7.35</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">% </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(9.47</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)% </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="width: 69%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 2%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Ratio to average net assets: </td><td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 12%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 2%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 12%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Net investment loss(e) </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.50</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)% </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.50</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)% </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Expenses(e) </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">0.50</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">% </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">0.50</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">% </td></tr> </tbody></table> <hr style="text-align: left; height: 1px; color: #000000; background-color: #000000; width: 10%; border: none; margin: 3pt auto 3pt 0"/> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 18pt;"> (a) </td><td style="width: auto;"> Based on average Shares outstanding during the period. </td></tr> <tr style="vertical-align: top;"><td style="width: 18pt;"> (b) </td><td style="width: auto;"> 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. </td></tr> <tr style="vertical-align: top;"><td style="width: 18pt;"> (c) </td><td style="width: auto;"> Based on the change in net asset value of a Share during the period. </td></tr> <tr style="vertical-align: top;"><td style="width: 18pt;"> (d) </td><td style="width: auto;"> Percentage is not annualized. </td></tr> <tr style="vertical-align: top;"><td style="width: 18pt;"> (e) </td><td style="width: auto;"> Percentage is annualized. </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Arial; text-indent: 0px;"><tbody><tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td><td colspan="6" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 17%;"> Three Months Ended March 31, </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td></tr> <tr style="vertical-align: bottom;"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> 2022 </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px; width: 2%;"> </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td><td colspan="2" style="text-align: center; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> 2021 </td><td style="font-family: Arial; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Net asset value per Share, beginning of period </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">21.35</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">24.61</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="width: 69%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 2%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Net investment loss(a) </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.03</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.03</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Net realized and unrealized gain (loss)(b) </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">1.60</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(2.30</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Net increase (decrease) in net assets from operations </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">1.57</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(2.33</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Net asset value per Share, end of period </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">22.92</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; padding-bottom: 3px;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">22.28</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="width: 69%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 2%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 1%;"> </td></tr> <tr class="GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Total return, at net asset value(c)(d) </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">7.35</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">% </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(9.47</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)% </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="width: 69%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 2%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 12%;"> </td><td style="width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Ratio to average net assets: </td><td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 12%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 2%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 12%;"> </td><td style="font-family: Arial; font-size: 10pt; width: 1%;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Net investment loss(e) </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.50</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)% </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.50</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">)% </td></tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"><td style="font-family: Arial; font-size: 10pt; width: 69%;"> Expenses(e) </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">0.50</td><td style="width: 2%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">% </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 1%; font-family: Arial; font-size: 10pt;"> </td><td style="width: 12%; font-family: Arial; font-size: 10pt; margin-left: 0pt; text-align: right;">0.50</td><td style="width: 1%; font-family: Arial; font-size: 10pt; margin-left: 0pt;">% </td></tr> </tbody></table>

21.35

24.61

-0.03 -0.03 1.60 -2.30 1.57 -2.33

22.92

22.28

0.0735 -0.0947 -0.0050 -0.0050 0.0050 0.0050

Cost of investment in silver bullion: $12,064,750,371 and $11,330,688,133, respectively. Based on the change in net asset value of a Share during the period. 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. Percentage is annualized. Net increase (decrease) in net assets per Share based on average shares outstanding during the period. Based on average Shares outstanding during the period. Percentage is not annualized. No par value, unlimited amount authorized.

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