What changed in this filing

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Item 1. Financial Statements

2025-11-07 compared with 2025-08-07 · 126 added, 102 removed, 296 unchanged (44% of the section changed)

1 unchanged sentence

of Assets and Liabilities

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

June 30, 2025

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

September 30, 2025

December 31, 2024

1 unchanged sentence

Investment in silver (cost:

June 30, 2025:

September 30, 2025:

$ 1,797,947 ;

6 unchanged sentences

share capital is Unlimited with no par value per Share.

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 June 30, 2025 and December 31, 2024 were $ 34.29 and $ 27.59 ,

respectively.

Shares issued and outstanding at September 30, 2025 were 68,300,000

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

Net asset values per Share at September 30, 2025 and December 31, 2024 were $ 43.98

and $ 27.59 , respectively.

Notes to the Financial Statements

1 unchanged sentence

of Investments

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

June 30, 2025

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

September 30, 2025

% of Net Assets

10 unchanged sentences

of Operations (Unaudited)

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

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

the three and nine months ended September 30, 2025 and 2024

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Nine Months Ended

September 30, 2025

Nine Months Ended

September 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 and six months ended June 30, 2025 and 2024

Months Ended June 30, 2025

Months Ended June 30, 2024

the three and nine months ended September 30, 2025 and 2024

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

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

3 unchanged sentences

Change in unrealized gain on investment in silver

( 1,050,000 )

Closing balance

Months Ended June 30, 2025

Months Ended June 30, 2024

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

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

4 unchanged sentences

( 4,550,000 )

( 1,850,000 )

Closing balance

2 unchanged sentences

Highlights (Unaudited)

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

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

the three and nine months ended September 30, 2025 and 2024

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

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

37 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 and six months ended June 30, 2025, and for all periods presented have

position and results of operations as of and for the three and nine months ended September 30, 2025, and for all periods

presented have been made.

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 and six months ended June 30, 2025 are not necessarily indicative of the operating

results for the full year.

The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative

of the operating results for the full year.

Accounting Policies

15 unchanged sentences

between market participants at the measurement date.

Silver ETF Trust

to the Financial Statements (Unaudited)

May 23, 2024, the Trustee, at the direction of the Sponsor, entered into an Allocated Account Agreement and Unallocated Account

3 unchanged sentences

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

At June 30, 2025, all of the Trust’s

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

Silver ETF Trust

to the Financial Statements (Unaudited)

At September 30, 2025, all

of the Trust’s silver was held at ICBC or a sub-custodian selected by ICBC.

Trust's silver is recorded at fair value.

9 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.

21 unchanged sentences

instruments categorized in level 3.

Silver ETF Trust

to the Financial Statements (Unaudited)

inputs used to measure fair value may fall into different levels of the fair value hierarchy.

2 unchanged sentences

lowest level input that is significant to the fair value measurement in its entirety.

Silver ETF Trust

to the Financial Statements (Unaudited)

Trust’s investment in silver is classified as a level 1 asset, as its value is calculated using unadjusted

2 unchanged sentences

(Amounts in 000’s of US$)

September 30, 2025

December 31, 2024

Investment in silver

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

There were no transfers between levels during the nine months ended September 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 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.

At September 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

Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000

Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares).

The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis.

Individual investors cannot

purchase or redeem Shares in direct transactions with the Trust.

An Authorized Participant is a person who (1) is a registered

broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register

as a broker-dealer to engage in securities transactions;

Individual investors cannot purchase or redeem

Shares in direct transactions with the Trust.

An Authorized Participant is a person who (1) is a registered broker-dealer or other

securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer

to engage in securities transactions;

(2) is a participant in The Depository Trust Company;

(3) has entered

into an Authorized Participant Agreement with the Trustee and the Sponsor;

and (4) has established an Authorized Participant Unallocated

Account with the Trust’s Custodian or other silver bullion clearing bank.

An Authorized Participant Agreement is an

agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation

and redemption of Baskets and for the delivery of the silver required for such creations and redemptions.

An Authorized

Participant Unallocated Account is an unallocated silver account established with the Custodian or a silver bullion

clearing bank by an Authorized Participant.

(3) has entered into an Authorized

Participant Agreement with the Trustee and the Sponsor;

and (4) has established an Authorized Participant Unallocated Account

with the Trust’s Custodian or other silver bullion clearing bank.

An Authorized Participant Agreement is an agreement

entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption

of Baskets and for the delivery of the silver required for such creations and redemptions.

An Authorized Participant

Unallocated Account is an unallocated silver account established with the Custodian or a silver bullion clearing bank

by an Authorized Participant.

creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of

31 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 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

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

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

are set out below:

June 30, 2025

June 30, 2024

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

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

13 unchanged sentences

to the Financial Statements (Unaudited)

September 30, 2025

September 30, 2024

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

4 unchanged sentences

Transfers of silver to pay expenses

( 115,915.1 )

( 101,879.3 )

Closing balance

7 unchanged sentences

/ 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

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

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

respectively.

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

the three months ended September 30, 2025 and 2024, the Sponsor’s Fee, net of fees waived by the Sponsor, was

$ 1,830,490 and $ 1,040,755 , 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 ,

For the nine months ended September 30, 2025 and 2024, the Sponsor’s Fee was

$ 4,251,170 and $ 2,789,522 , respectively.

September 30, 2025 and at December 31, 2024, the fees payable to the Sponsor were $ 718,169 and $ 366,328 , respectively.

Silver ETF Trust

to the Financial Statements (Unaudited)

a result of the waiver, the Sponsor's Fee waived for the three months ended September 30, 2025 and 2024 was $ 915,245 and $ 520,378 ,

respectively.

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

The Sponsor's Fee waived for the nine months ended September 30, 2025 and 2024, was $ 2,125,585 and $ 1,394,776 , respectively.

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

3 unchanged sentences

of assets other than silver.

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

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

30, 2025 and 2024.

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.

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.

2 unchanged sentences

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.

The CODM monitors the operating results

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

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

Segment Reporting

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 Chief Financial Officer of the Sponsor acts

as the Fund’s CODM.

The CODM monitors the operating results 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.

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 Operations.

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

27 unchanged sentences

commodity funds;

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

assurance that silver will maintain its long-term value in terms of purchasing power in the future.

In the event that the

price of silver declines, the Sponsor expects the value of an investment in the Shares to decline proportionately.

these events could have a material effect on the Trust’s financial position and results of operations.

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 assurance that silver will maintain its long-term value in terms

of purchasing power in the future.

In the event that the price of silver declines, the Sponsor expects the value of an investment

in the Shares to decline proportionately.

Each of these events could have a material effect on the Trust’s financial position

and results of operations.

Indemnification

7 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