Free Writing Prospectus
Filed Pursuant to Rule 433
Registration No. 333-177170
November 14, 2012
Data as of September 30, 2012
iShares Silver Trust
The iShares® Silver Trust (the Trust) is a grantor trust designed to provide investors with a simple and
cost-effective method to gain exposure to the price of silver in an investment portfolio. The Trust holds silver
bullion, and is designed to reflect, at any given time, the price of silver owned by the Trust at that time, less the
Trusts expenses and liabilities.
The iShares Silver Trust is not an investment company registered under the Investment Company
Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act. Shares of the Silver
Trust are not subject to the same regulatory requirements as mutual funds. Before making an
investment decision, you should carefully consider the risk factors and other information included in
Trust Performance History As of September 30, 2012
Quarter 1 Year 3 Year 5 Year 10 Years
Trust 27.84% 13.26% 27.57% 19.89% n/a 17.03%
Benchmark* 27.95% 13.79% 28.19% 20.48% 22.56% 17.61%
Market Price Returns 25.58% 15.81% 26.91% 19.64% n/a 16.97%
The performance quoted represents past performance and does not guarantee future results.
Investment return and principal value of an investment will fluctuate so that an investors shares,
when sold or redeemed, may be worth more or less than the original cost. Current performance
may be lower or higher than the performance quoted. Performance data current to the most recent
month end may be obtained by calling toll-free 1-800-iShares (1-800-474-2737) or by visiting
Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. eastern time (when NAV is
normally determined for most iShares products), and do not represent the returns you would receive if you
traded shares at other times.
*London Silver Fix Price. The iShares Silver Trusts silver and other assets are valued on the basis of each
days announced London Silver Fix, the price for an ounce of silver set by three market making members of
the London Bullion Market Association, minus all accrued fees, expenses and liabilities. The London Silver
Fix is the price per ounce of silver set by three market making members of the London Bullion Market
Association at approximately noon London time, on each working day. London Silver Fix prices are for
illustrative purposes only and do not represent actual Trust performance.
Inception Date 04/21/06
Sponsors Fee 0.50%
IOPV Ticker SLV.IV
IOPV, or Indicative Optimized Portfolio Value, is a
calculation disseminated by the stock exchange that
approximates the value of the securities held in the
portfolio every fifteen seconds throughout the trading
Stock Exchange NYSE Arca
Net Assets $11.05 Billion
Beta vs S&P 500 1.77
Beta is a measure of an investments volatility
relative to the market or an asset class. A beta
above 1 is more volatile than the market, while a
beta below 1 is less volatile. For stocks, the
market is usually taken to be the S&P 500 index.
Beta is sometimes referred to as systematic risk.
iShares Silver Trust (the Silver Trust) has filed a registration statement (including a prospectus) with the SEC for the offering to which this
communication relates. Before you invest, you should read the prospectus and other documents the Silver Trust has filed with the SEC for more
complete information about the issuer and this offering. You may get these documents for free by visiting www.iShares.com or EDGAR on the SEC
website at www.sec.gov. Alternatively, the Silver Trust will arrange to send you the prospectus if you request it by calling toll-free 1-800-474-2737.
Investing involves risk, including possible loss of principal. Because shares of the iShares Silver Trust are intended to reflect the price of the silver held
by the Silver Trust, the market price of the shares is subject to fluctuations similar to those affecting silver prices. Additionally, shares of the Silver Trust
are bought and sold at market price, not at net asset value (NAV). Brokerage commissions will reduce returns.
Shares of the Silver Trust are intended to reflect, at any given time, the market price of silver owned by the trust at that time less the trusts expenses and liabilities.
The price received upon the sale of shares of the Silver Trust, which trade at market price, may be more or less than the value of the silver represented by such
shares. If an investor sells the shares at a time when no active market for them exists, such lack of an active market will most likely adversely affect the price
received for the shares. For a more complete discussion of risk factors relative to the Silver Trust, carefully read the prospectus.
Following an investment in the iShares Silver Trust, several factors may have the effect of causing a decline in the prices of silver and a corresponding decline in the
price of the shares. Among them: (i) A change in economic conditions, such as a recession, can adversely affect the price of silver. Silver is used in a wide range of
industrial applications, and an economic downturn could have a negative impact on its demand and, consequently, its price and the price of the shares. (ii) 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. (iii) A significant increase in silver price hedging activity by silver producers. Traditionally,
silver producers have not hedged to the same extent as other producers of precious metals (gold, for example) do. 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.
The amount of silver represented by shares of the iShares Silver Trust will decrease over the life of the trust due to sales of silver necessary to pay the sponsors fee
and trust expenses. Without increase in the price of silver sufficient to compensate for that decrease, the price of the shares will also decline, and investors will lose
money on their investment. The Silver Trust will have limited duration. The liquidation of the trust may occur at a time when the disposition of the trusts silver will
result in losses to investors.
Although market makers will generally take advantage of differences between the NAV and the trading price of Silver Trust shares through arbitrage opportunities,
there is no guarantee that they will do so. There is no guarantee an active trading market for the shares, which may result in losses on your investment at the time of
disposition of your shares. The value of the shares of the Silver Trust will be adversely affected if silver owned by the trust is lost or damaged in circumstances in
which the Silver Trust is not in a position to recover the corresponding loss. The Silver Trust is a passive investment vehicle. This means that the value of your shares
may be adversely affected by trust losses that, if the trust had been actively managed, it might have been avoidable.
Shares of the iShares Silver Trust are not deposits or other obligations of or guaranteed by BlackRock, Inc., and its affiliates, and are not insured by the
Federal Deposit Insurance Corporation or any other governmental agency.
The sponsor of the trust is iShares Delaware Trust Sponsor LLC (the Sponsor). BlackRock Investments, LLC (BRIL), assists in the promotion of the Trust. The
Sponsor and BRIL are affiliates of BlackRock, Inc.
Although shares of the iShares Silver Trust may be bought or sold on the secondary market through any brokerage account, shares are not redeemable except in
large aggregated units called Baskets. Only registered broker-dealers that become authorized participants by entering into a contract with the sponsor and the
trustee of the Silver Trust may purchase or redeem Baskets.
When comparing commodities and the iShares Silver Trust, it should be remembered that the sponsors fee associated with the Trust is not borne by investors in
individual commodities. Buying and selling shares of the iShares Silver Trust will result in brokerage commissions. Because the expenses involved in an investment in
physical silver will be dispersed among all holders of shares of the Silver Trust, an investment in the Silver Trust may represent a cost-efficient alternative to
investments in silver for investors not otherwise able to participate directly in the market for physical silver.
©2012 BlackRock. All rights reserved. iShares® and BlackRock® are registered trademarks of BlackRock. All other trademarks, servicemarks or registered
trademarks are the property of their respective owners.
Not FDIC Insured No bank guarantee May lose value
FOR MORE INFORMATION, VISIT WWW.ISHARES.COM OR CALL 1-800 ISHARES (1-800-474-2737)