What changed in this filing

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Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 110 added, 82 removed, 288 unchanged (40% of the section changed)

1 unchanged sentence

of Assets and Liabilities

March 31, 2025 (Unaudited) and December 31, 2024

March 31, 2025

June 30, 2025 (Unaudited) and December 31, 2024

June 30, 2025

December 31, 2024

1 unchanged sentence

Investment in silver (cost:

March 31, 2025:

June 30, 2025:

$ 1,400,822 ;

4 unchanged sentences

Total liabilities

NET ASSETS (1)

share capital is Unlimited with no par value per Share.

Shares issued and outstanding at March 31, 2025 were 50,500,000 and

Shares issued and outstanding at June 30, 2025 were 57,800,000 and

at December 31, 2024 were 51,500,000 .

Net asset values per Share at March 31, 2025 and December 31, 2024 were $ 32.49 and $ 27.59 ,

Net asset values per Share at June 30, 2025 and December 31, 2024 were $ 34.29 and $ 27.59 ,

respectively.

2 unchanged sentences

of Investments

March 31, 2025 (Unaudited) and December 31, 2024

March 31, 2025

June 30, 2025 (Unaudited) and December 31, 2024

June 30, 2025

% of Net Assets

Investment in silver (in

000’s of US$, except for oz and percentage data)

Investment in silver (in 000's of US$, except for oz and percentage data)

Total investment in silver

Other assets less liabilities

Less liabilities

December 31, 2024

% of Net Assets

Investment in silver (in

000’s of US$, except for oz and percentage data)

Investment in silver (in 000's of US$, except for oz and percentage data)

Total investment in silver

Less liabilities

Other assets less liabilities

Notes to the Financial Statements

1 unchanged sentence

of Operations (Unaudited)

the three months ended March 31, 2025 and 2024

the three and six months ended June 30, 2025 and 2024

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

(Amounts in 000's of US$, except for Share and per Share data)

13 unchanged sentences

of Changes in Net Assets (Unaudited)

the three months ended March 31, 2025 and 2024

Three Months Ended March 31,

the three and six months ended June 30, 2025 and 2024

Months Ended June 30, 2025

Months Ended June 30, 2024

(Amounts in 000's of US$, except for Share data)

Opening balance at January 1, 2025

Opening balance

Net investment loss

1 unchanged sentence

Change in unrealized gain on investment in silver

( 4,550,000 )

Closing balance at March 31, 2025

Three Months Ended March 31,

Closing balance

Months Ended June 30, 2025

Months Ended June 30, 2024

(Amounts in 000's of US$, except for Share data)

Opening balance at January 1, 2024

Opening balance

Net investment loss

1 unchanged sentence

Change in unrealized gain on investment in silver

Closing balance at March 31, 2024

( 4,550,000 )

Closing balance

Notes to the Financial Statements

1 unchanged sentence

Highlights (Unaudited)

the three months ended March 31, 2025 and 2024

Three Months Ended

the three and six months ended June 30, 2025 and 2024

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Per Share Performance (for a Share outstanding throughout the entire period)

2 unchanged sentences

Net investment loss

Total realized and unrealized gains or losses on investment

Total realized and unrealized gains or losses on investment in silver

Change in net assets from operations

1 unchanged sentence

Weighted average number of Shares

investment loss ratio (1)

return, net asset value (3)

Expense ratio (1)(2)

Net investment loss ratio (1)(2)

Total return, net asset value (3)

for periods less than one year.

20 unchanged sentences

“Shareholder”) an opportunity to participate in the silver market through an investment in securities.

year end for the Trust is December 31.

accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United

3 unchanged sentences

of the Trust's management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial

position and results of operations as of and for the three months ended March 31, 2025, and for all periods presented have been

position and results of operations as of and for the three and six months ended June 30, 2025, and for all periods presented have

financial statements should be read in conjunction with the Trust's Annual Report on Form 10-K for the fiscal year ended December

The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the operating

The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the operating

results for the full year.

21 unchanged sentences

no longer serves as a custodian of the Trust’s silver.

At March 31, 2025, all of the Trust’s

At June 30, 2025, all of the Trust’s

silver was held at ICBC or a sub-custodian selected by ICBC.

12 unchanged sentences

in the auction.

the value of silver has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting

all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s

the value of silver has been determined, the net asset value (the “NAV”) is computed by the Trustee by

deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s

Fee”), from the fair value of the silver and all other assets held by the Trust.

32 unchanged sentences

Investment in silver

There were no transfers

between levels during the three months ended March 31, 2025 or the year ended December 31, 2024.

There were no transfers between levels during the six months ended June 30, 2025 or the year ended December 31, 2024.

Receivable and Payable

4 unchanged sentences

silver is transferred within two business days of the trade date.

At March 31, 2025, the Trust had $ 9,746,130 of silver receivable

for the creation of shares and no silver payable for the redemption of Shares.

At December 31, 2024, the Trust had $ 6,898,661

of silver receivable for the creation of Shares and no silver payable for the redemption of Shares.

At June 30, 2025, the Trust had no silver receivable or payable

for the creation or redemption of Shares.

At December 31, 2024, the Trust had $ 6,898,661 of silver receivable for the creation

of Shares and no silver payable for the redemption of Shares.

and Redemptions of Shares

36 unchanged sentences

In order to ensure that the correct amount of silver is available at all times to

back the Shares, the Sponsor accepts an adjustment to its Sponsor’s Fee in the event of any shortfall or excess

on each transaction.

back the Shares, the Sponsor accepts an adjustment to its Sponsor's Fee in the event of any shortfall or excess on each

For each transaction, this amount is not more than 1/1000th of an ounce of silver.

11 unchanged sentences

Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined

that no reserves for uncertain tax positions are required as of March 31, 2025 or December 31, 2024.

in ounces of silver and their respective values for the three months ended March 31, 2025 and 2024 are set

that no reserves for uncertain tax positions are required as of June 30, 2025 or December 31, 2024.

in ounces of silver and their respective values for the three and six months ended June 30, 2025 and 2024

are set out below:

June 30, 2025

June 30, 2024

(Amounts in 000’s of US$, except for ounces data)

2 unchanged sentences

( 191,302.0 )

( 574,303.6 )

Transfers of silver to pay expenses

9 unchanged sentences

to the Financial Statements (Unaudited)

(Amounts in 000’s of US$, except for ounces data)

Ounces of silver

Opening balance

( 4,342,802.1 )

( 765,605.6 )

Transfers of silver to pay expenses

Closing balance

Investment in silver

Opening balance

Realized gain on silver distributed for the redemption of Shares

Transfers of silver to pay expenses

Realized gain on silver transferred to pay expenses

Change in unrealized gain on investment in silver

Closing balance

/ Realized Gains / Losses

The primary expense of the Trust is the Sponsor’s

Fee, which is paid by the Trust through in-kind transfers of silver to the Sponsor.

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of silver to

Trust will transfer silver to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to

7 unchanged sentences

audit fees and up to $ 100,000 per annum in legal expenses.

the three months ended March 31, 2025 and 2024, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 1,153,042 and

the three months ended June 30, 2025 and 2024, the Sponsor's Fee, net of fees waived by the Sponsor, was $ 1,267,638 and $ 964,425 ,

respectively.

March 31, 2025 and at December 31, 2024, the fees payable to the Sponsor were $ 416,945 and $ 366,328 , respectively.

a result of the waiver, the Sponsor’s Fee waived for the three months ended March 31, 2025 and 2024 was $ 576,521 and $ 392,187 ,

For the six months ended June 30, 2025 and 2024, the Sponsor's Fee, net of fees waived by the Sponsor, was $ 2,420,680

and $ 1,748,795 , respectively.

June 30, 2025 and at December 31, 2024, the fees payable to the Sponsor were $ 468,028 and $ 366,328 , respectively.

a result of the waiver, the Sponsor's Fee waived for the three months ended June 30, 2025 and 2024 was $ 633,819 and $ 482,213 ,

respectively.

The Sponsor's Fee waived for the six months ended June 30, 2025 and 2024, was $ 1,210,340 and $ 874,399 , respectively.

respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,

sell the Trust’s silver as necessary to pay these expenses.

When selling silver to pay expenses, the Trustee will endeavor

to sell the smallest amounts of silver needed to pay these expenses in order to minimize the Trust’s holdings of assets

other than silver.

Other than the Sponsor’s Fee, the Trust had no expenses during the three months ended March 31,

When selling silver to pay expenses, the Trustee will

endeavor to sell the smallest amounts of silver needed to pay these expenses in order to minimize the Trust’s holdings

of assets other than silver.

Other than the Sponsor’s Fee, the Trust had no expenses during the three and six months ended June

30, 2025 and 2024.

otherwise directed by the Sponsor, when selling silver the Trustee will endeavor to sell at the price established by the LBMA.

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the

most favorable price and execution of orders.

The Custodian may be the purchaser of such silver only if the sale transaction is

made at the next LBMA Silver Price or such other publicly available price that the Sponsor deems fair, in each case as set following

the sale order.

Silver ETF Trust

to the Financial Statements (Unaudited)

otherwise directed by the Sponsor, when selling silver the Trustee will endeavor to sell at the price established by the

The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive

the most favorable price and execution of orders.

The Custodian may be the purchaser of such silver only if the sale transaction

is made at the next LBMA Silver Price or such other publicly available price that the Sponsor deems fair, in each case as

set following the sale order.

gain or loss is recognized based on the difference between the selling price and the average cost of the silver.

Neither the Trustee

nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

gains and losses result from the transfer of silver for Share redemptions and/or to pay expenses and are recognized on a trade

date basis as the difference between the fair value and average cost of silver transferred.

Effective December 31, 2024, the Trust adopted FASB Accounting Standards Update 2023-07,

Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

Adoption of the new

standard impacted disclosures only and did not affect the Trust’s financial position nor the results of its operations.

Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and

incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public

entity’s chief operating decision maker (“CODM”) when assessing segment performance and making decisions about

segment resources.

the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

gains and losses result from the transfer of silver for Share redemptions and/or to pay expenses and are recognized on a

trade date basis as the difference between the fair value and average cost of silver transferred.

December 31, 2024, the Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements

to Reportable Segment Disclosures (“ASU 2023-07”).

Adoption of the new standard impacted disclosures only and did

not affect the Trust’s financial position nor the results of its operations.

Operating segments are components of a

public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete

financial information available, and have their operating results regularly reviewed by the public entity’s chief

operating decision maker (“CODM”) when assessing segment performance and making decisions about segment

The Chief Financial Officer of the Sponsor acts as the Fund’s CODM.

1 unchanged sentence

of the Trust as a whole, and the Trust’s asset allocation is managed in accordance with its Prospectus.

The Trust operates as

a single operating and reporting segment pursuant to its investment objective and principal investment strategy.

prospectus describes the Trust’s fees, investment objective, principal investment strategy and principal risks, among other

The Fund’s portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess

segment performance and make resource allocations are consistent with the information presented within the Trust’s financial

The accompanying financial statements detail the Fund’s segment assets, liabilities, revenues, and expenses.

Segment assets are reflected on the Fund’s Statement of Assets and Liabilities as “Total Assets” and significant

segment expenses are listed on the Statement of Operations.

Silver ETF Trust

to the Financial Statements (Unaudited)

operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy.

The Trust’s prospectus describes the Trust’s fees, investment objective, principal investment strategy and

principal risks, among other items.

The Fund’s portfolio composition, total returns, expense ratios and changes in net

assets used by the CODM to assess segment performance and make resource allocations are consistent with the information

presented within the Trust’s financial statements.

The accompanying financial statements detail the

Fund’s segment assets, liabilities, revenues, and expenses.

Segment assets are reflected on the Fund’s Statement

of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of

accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events , the Trust’s management has evaluated

11 unchanged sentences

not separate expenses of the Trust.

Silver ETF Trust

to the Financial Statements (Unaudited)

Concentration

12 unchanged sentences

commodity funds;

and (vi) global or regional political, economic or financial events and situations.

and (vi) global or regional political, economic or financial events and situations, including tariffs, sanctions, and other restrictions on trade.

In addition, there is no

12 unchanged sentences

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 1. Financial Statements