What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-05-08 compared with 2024-11-12 · 28 added, 31 removed, 99 unchanged (37% of the section changed)

75 unchanged sentences

outstanding on that day.

Quarter Ended September 30, 2024

Trust’s NAV increased from $1,336,653,067 at June 30, 2024 to $1,453,261,073 at September 30, 2024, an 8.72% increase for

Quarter Ended March 31, 2025

Trust’s NAV increased from $1,421,124,141 at December 31, 2024 to $1,640,598,594 at March 31, 2025, an 15.44% increase for

The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 17.81% from

at June 30, 2024 to $31.08 at September 30, 2024 and an increase in outstanding Shares, which rose from 47,600,000 Shares at June

30, 2024 to 48,950,000 Shares at September 30, 2024 as a result of 2,400,000 Shares (48 Baskets) being created and 1,050,000 Shares

(21 Baskets) being redeemed during the quarter.

NAV per Share increased 5.73% from $28.08 at June 30, 2024 to $29.69 at September 30, 2024.

$28.91 at December 31, 2024 to $34.06 at March 31, 2025 and a decrease in outstanding Shares, which fell from 51,500,000 Shares

at December 31, 2024 to 50,500,000 Shares at March 31, 2025 as a result of 3,550,000 Shares (71 Baskets) being created and 4,550,000

Shares (91 Baskets) being redeemed during the quarter.

NAV per Share increased 17.76% from $27.59 at December 31, 2024 to $32.49 at March 31, 2025.

The Trust’s NAV per Share rose

1 unchanged sentence

$1,153,042 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $31.03 at September 26, 2024 was the highest during the quarter, compared with a low of $25.74 at August 8, 2024.

increase in net assets from operations for the quarter ended September 30, 2024 was $79,795,336, resulting from a realized gain

of $253,435 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of $8,462,558,

NAV per Share of $32.81 at March 28, 2025 was the highest during the quarter, compared with a low of $28.07 at January 2, 2025.

increase in net assets from operations for the quarter ended March 31, 2025 was $247,135,087, resulting from a realized gain of

$238,557 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of $29,039,831,

and a change in unrealized gain on investment in silver of $219,009,741, offset by the Sponsor’s Fee, net of waiver, of

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2024.

Nine Months Ended September 30, 2024

Trust’s NAV increased from $1,060,402,598 at December 31, 2023 to $1,453,261,073 at September 30, 2024, a 37.05% increase

for the period.

The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 30.64%

from $23.79 at December 31, 2023 to $31.08 at September 30, 2024 and an increase in outstanding Shares, which rose from 46,550,000

Shares at December 31, 2023 to 48,950,000 Shares at September 30, 2024, as a result of 4,250,000 Shares (85 Baskets) being created

and 1,850,000 Shares (37 Baskets) being redeemed during the period.

NAV per Share increased 30.33% from $22.78 at December 31, 2023 to $29.69 at September 30, 2024.

The Trust’s NAV per Share

rose slightly less than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which

was $2,789,553 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $31.03 on September 26, 2024 was the highest during the period, compared with a low of $21.14 at February 14, 2024.

increase in net assets from operations for the period ended September 30, 2024 was $327,905,860, resulting from a realized gain

of $482,967 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of

$10,337,698, and a change in unrealized gain on investment in silver of $319,874,748, offset by the Sponsor’s Fee, net of waiver,

of $2,789,553.

Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2024.

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2025.

Quarter Ended March 31, 2024

Trust’s NAV increased from $1,060,402,598 at December 31, 2023 to $1,095,363,927 at March 31, 2024, a 3.30% increase for

The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 3.15% from $23.79

at December 31, 2023 to $24.54 at March 31, 2024 and an increase in outstanding Shares, which rose from 46,550,000 Shares at December

31, 2023 to 46,650,000 Shares at March 31, 2024 as a result of 700,000 Shares (14 Baskets) being created and 600,000 Shares (12

Baskets) being redeemed during the quarter.

NAV per Share increased 3.07% from $22.78 at December 31, 2023 to $23.48 at March 31, 2024.

The Trust’s NAV per Share rose

slightly less than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was

$784,373 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $24.33 at March 21, 2024 was the highest during the quarter, compared with a low of $21.14 at February 14,2024.

increase in net assets from operations for the quarter ended March 31, 2024 was $32,464,284, resulting from a change in unrealized

gain on investment in silver of $32,638,269, a realized gain of $49,472 on the transfer of silver to pay expenses and a realized

gain on silver distributed for the redemption of Shares of $560,916, offset by the Sponsor’s Fee, net of waiver, of $784,373.

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2024.

& Capital Resources

8 unchanged sentences

Fee but will pay the Sponsor’s Fee through in-kind transfers of silver to the Sponsor.

At September 30, 2024,

the Trust did not have any cash balances.

At March 31, 2025, the

Trust did not have any cash balances.

Sheet Arrangements

Trust has no off-balance sheet arrangements.

Trust is not a party to any off-balance sheet arrangements.

Accounting Policies

5 unchanged sentences

Refer to Note 2 to the Financial Statements for further information on accounting policies.

Quantitative and Qualitative Disclosures About Market Risk

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis