iShares Silver Trust

iShares Silver Trust (the Trust) is a grantor trust. The Trust seeks to reflect generally the performance of the price of silver. The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in silver. The sponsor of the Trust is iShares Delaware Trust Sponsor LLC (the Sponsor), trustee of the Trust is The Bank of New York Mellon (the Trustee) and the custodian of the Trust is JPMorgan Chase Bank N.A., London branch (the Custodian). The activities of the Trust are limited to issuing Baskets in exchange for the silver deposited with the Custodian as consideration, selling silver as necessary to cover the Sponsor’s fee, Trust expenses not assumed by the Sponsor and other liabilities, and delivering silver in exchange for Baskets surrendered for redemption. The assets of the Trust consist primarily of silver held by the Trust’s custodian on behalf of the Trust.