28 unchanged sentences
ownership of the Trust.
−Removed: The investment objective of the Trust is for the Shares to reflect the performance of the price of physical silver,
−Removed: less the Trust’s expenses.
−Removed: The Sponsor believes that, for many investors, the Shares will represent a cost effective
−Removed: investment relative to traditional means of investing in silver.
+Added: The investment objective of the Trust is for the Shares to reflect the performance of the price of physical
+Added: silver, less the Trust’s expenses.
+Added: The Sponsor believes that, for many investors, the Shares will represent a cost
+Added: effective investment relative to traditional means of investing in silver.
Trust issues and redeems Shares only with Authorized Participants in exchange for silver and only in aggregations of 50,000
41 unchanged sentences
outstanding on that day.
−Removed: Quarter Ended March 31, 2025
−Removed: 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
+Added: Quarter Ended June 30, 2025
+Added: Trust’s NAV increased from $1,640,598,594 at March 31, 2025 to $1,982,135,764 at June 30, 2025, a 20.82% increase for the
The change in the Trust's NAV resulted from an increase in the price per ounce of silver, which rose 5.64% from $34.06
−Removed: $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
−Removed: 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
−Removed: Shares (91 Baskets) being redeemed during the quarter.
−Removed: NAV per Share increased 17.76% from $27.59 at December 31, 2024 to $32.49 at March 31, 2025.
−Removed: The Trust’s NAV per Share rose
−Removed: slightly less than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was
+Added: at March 31, 2025 to $35.98 at June 30, 2025 and an increase in outstanding Shares, which rose from 50,500,000 Shares at March
+Added: 31, 2025 to 57,800,000 Shares at June 30, 2025 as a result of 7,300,000 Shares (146 Baskets) being created and no Shares redeemed
+Added: during the quarter.
+Added: NAV per Share increased 5.54% from $32.49 at March 31, 2025 to $34.29 at June 30, 2025.
+Added: The Trust’s NAV per Share rose slightly
+Added: less than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was $1,267,638
for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.
−Removed: 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.
−Removed: increase in net assets from operations for the quarter ended March 31, 2025 was $247,135,087, resulting from a realized gain of
−Removed: $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,
+Added: NAV per Share of $35.42 at June 18, 2025 was the highest during the quarter, compared with a low of $28.79 at April 9, 2025.
+Added: increase in net assets from operations for the quarter ended June 30, 2025 was $100,048,334, resulting from a realized gain of
+Added: $308,685 on the transfer of silver to pay expenses, no realized gain or loss on silver distributed for the redemption of Shares
and a change in unrealized gain on investment in silver of $101,007,287, offset by the Sponsor's Fee, net of waiver, of $1,267,638.
−Removed: Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2025.
−Removed: Quarter Ended March 31, 2024
−Removed: 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
−Removed: 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
−Removed: 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
−Removed: 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
−Removed: Baskets) being redeemed during the quarter.
−Removed: NAV per Share increased 3.07% from $22.78 at December 31, 2023 to $23.48 at March 31, 2024.
+Added: Other than the Sponsor's Fee, the Trust had no expenses during the quarter ended June 30, 2025.
+Added: Six Months Ended June 30, 2025
+Added: Trust’s NAV increased from $1,421,124,141 at December 31, 2024 to $1,982,135,764 at June 30, 2025, a 39.48% increase for
+Added: The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 24.46%
+Added: from $28.91 at December 31, 2024 to $35.98 at June 30, 2025 and an increase in outstanding Shares, which rose from 51,500,000
+Added: Shares at December 31, 2024 to 57,800,000 Shares at June 30, 2025, as a result of 10,850,000 Shares (217 Baskets) being created
+Added: and 4,550,000 Shares (91 Baskets) being redeemed during the period.
+Added: NAV per Share increased 24.28% from $27.59 at December 31, 2024 to $34.29 at June 30, 2025.
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
−Removed: $784,373 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.
−Removed: 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.
−Removed: increase in net assets from operations for the quarter ended March 31, 2024 was $32,464,284, resulting from a change in unrealized
−Removed: 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
−Removed: gain on silver distributed for the redemption of Shares of $560,916, offset by the Sponsor’s Fee, net of waiver, of $784,373.
−Removed: Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2024.
+Added: $2,420,680 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.
+Added: NAV per Share of $35.42 at June 18, 2025 was the highest during the period, compared with a low of $27.59 at January 1, 2025.
+Added: increase in net assets from operations for the period ended June 30, 2025 was $347,183,421, resulting from a realized gain of
+Added: $547,243 on the transfer of silver to pay expenses, a realized gain of $29,039,831 on silver distributed for the redemption of
+Added: Shares and a change in unrealized gain on investment in silver of $320,017,027, offset by the Sponsor's Fee, net of waiver, of
+Added: Other than the Sponsor's Fee, the Trust had no expenses during the period ended June 30, 2025.
& Capital Resources
8 unchanged sentences
Fee but will pay the Sponsor’s Fee through in-kind transfers of silver to the Sponsor.
−Removed: At March 31, 2025, the
−Removed: Trust did not have any cash balances.
+Added: At June 30, 2025, the Trust
+Added: did not have any cash balances.
Sheet Arrangements
8 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.