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Ishares® Silver Trust

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Ishares® Silver Trust 746,850,000 Shares iShares® Silver Trust The iShares Silver Trust (the “Trust”) issues shares (“Shares”) representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist primarily of silver held by a custodian on behalf of the Trust. 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 Shares are listed and trade on NYSE Arca, Inc. (“NYSE Arca”) under the ticker symbol SLV. Market prices for the Shares may be different from the net asset value per Share. iShares Delaware Trust Sponsor LLC (the “Sponsor”) is the sponsor of the Trust, The Bank of New York Mellon (the “Trustee”) is the trustee of the Trust, and JPMorgan Chase Bank N.A., London branch (the “Custodian”), is the custodian of the Trust. The Trust is not an investment company registered under the United States Investment Company Act of 1940, as amended (the “Investment Company Act”). The Trust is not a commodity pool for purposes of the United States Commodity Exchange Act of 1936, as amended (the “Commodity Exchange Act” or “CEA”). The Trust intends to issue Shares on a continuous basis. The Trust issues and redeems Shares only in blocks of 50,000 or integral multiples thereof. A block of 50,000 Shares is called a “Basket.” These transactions take place in exchange for silver. Only registered broker-dealers that become authorized participants by entering into a contract with the Sponsor and the Trustee (“Authorized Participants”) may purchase or redeem Baskets. Shares will be offered to the public from time to time at prices that will reflect the price of silver and the trading price of the Shares on NYSE Arca at the time of the offer. On February 4, 2021, the Shares closed on NYSE Arca at $24.48 and the LBMA Silver Price was $26.400 per ounce. Except when aggregated in Baskets, Shares are not redeemable securities. Investing in the Shares involves significant risks. See “Risk Factors” starting on page 6. Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the securities offered in this prospectus, or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. The Shares are not interests in nor obligations of either the Sponsor or the Trustee. “iShares” is a registered trademark of BlackRock, Inc. or its affiliates. The date of this prospectus is February 8, 2021. TABLE OF CONTENTS Page PROSPECTUS SUMMARY ......................................................................................................................................... 1 Trust Structure, the Sponsor, the Trustee and the Custodian ............................................................................. 1 Trust Objective .................................................................................................................................................... 2 Principal Offices .................................................................................................................................................. 2 THE OFFERING ........................................................................................................................................................... 3 SUMMARY FINANCIAL CONDITION .......................................................................................................................... 5 RISK FACTORS ........................................................................................................................................................... 6 STATEMENT REGARDING FORWARD-LOOKING STATEMENTS ........................................................................... 14 USE OF PROCEEDS ................................................................................................................................................... 15 THE SILVER INDUSTRY ............................................................................................................................................. 15 Introduction ......................................................................................................................................................... 15 Market Participants ............................................................................................................................................. 15 World Silver Supply and Demand (2011-2020) ................................................................................................... 16 Historical Chart of the Price of Silver .................................................................................................................. 16 OPERATION OF THE SILVER MARKET ..................................................................................................................... 17 Over-the-Counter Market .................................................................................................................................... 17 Futures Exchanges ............................................................................................................................................. 18 Exchange Regulation .......................................................................................................................................... 18 London Good Delivery Bar .................................................................................................................................. 18 Settlement and Delivery ...................................................................................................................................... 18 Allocated Accounts ............................................................................................................................................. 18 Unallocated Accounts ......................................................................................................................................... 19 London Market Regulation .................................................................................................................................. 19 Not a Regulated Commodity Pool ....................................................................................................................... 19 Other Methods of Investing in Silver ................................................................................................................... 19 BUSINESS OF THE TRUST ........................................................................................................................................ 19 Trust Objective .................................................................................................................................................... 19 Secondary Market Trading .................................................................................................................................. 20 Valuation of Silver; Computation of Net Asset Value .......................................................................................... 20 Trust Expenses ................................................................................................................................................... 21 Impact of Trust Expenses on the Trust’s Net Asset Value .................................................................................. 21 DESCRIPTION OF THE SHARES AND THE TRUST AGREEMENT .......................................................................... 22 Deposit of Silver; Issuance of Baskets ................................................................................................................ 23 Redemption of Baskets; Withdrawal of Silver ..................................................................................................... 24 Certificates Evidencing the Shares ..................................................................................................................... 24 Cash and Other Distributions .............................................................................................................................. 24 Voting Rights ...................................................................................................................................................... 25 Share Splits ........................................................................................................................................................ 25 Management of the Trust .................................................................................................................................... 25 Fees and Expenses of the Trustee ..................................................................................................................... 25 Trust Expenses and Silver Sales ........................................................................................................................ 25 i TABLE OF CONTENTS (continued) Page Payment of Taxes ............................................................................................................................................... 26 Evaluation of Silver and the Trust Assets ........................................................................................................... 26 Amendment and Termination .............................................................................................................................. 26 Limitations on Obligations and
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