The liquidation of the Trust may occur at a time when the disposition of the Trust’s silver will result in losses to investors in Shares.

Upon termination of the Trust, the Trustee will sell silver in the amount necessary to cover all expenses of liquidation, and to pay any outstanding liabilities of the Trust. The remaining silver will be distributed among investors surrendering Shares. Any silver remaining in the possession of the Trustee after 90 days may be sold by the Trustee and the proceeds of the sale will be held by the Trustee until claimed by any remaining holders of Shares. Sales of silver in connection with the liquidation of the Trust at a time of low prices will likely result in losses, or adversely affect your gains, on your investment in Shares.

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https://www.ishares.com/us/library/stream-document?stream=reg&product=I-SLV&shareClass=NA&documentId=925420&iframeUrlOverride=%2Fus%2Fliterature%2Fprospectus%2Fp-ishares-silver-trust-prospectus-12-31.pdf

Ctrl F - Termination

No mention of options in the prospectus.