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Item 2. Management’s Discussion and Analysis

2025-11-07 compared with 2025-08-07 · 55 added, 54 removed, 73 unchanged (60% of the section changed)

16 unchanged sentences

Trust is a common law trust, formed under the laws of the state of New York on July 20, 2009.

The Trust is not managed like

a corporation or an active investment vehicle.

The Trust is not managed like a

corporation or an active investment vehicle.

It does not have any officers, directors, or employees and is administered by the

4 unchanged sentences

commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing

Trust holds silver and is expected to issue Baskets in exchange for deposits of silver and to distribute silver

in connection with redemptions of Baskets.

Shares issued by the Trust represent units of undivided beneficial interest in and

ownership of the Trust.

The investment objective of the Trust is for the Shares to reflect the performance of the price of physical

silver, less the Trust’s expenses.

The Sponsor believes that, for many investors, the Shares will represent a cost

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

Shares or integral multiples thereof.

Trust holds silver and is expected to issue Baskets in exchange for deposits of silver and to distribute silver in connection

with redemptions of Baskets.

Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the

The investment objective of the Trust is for the Shares to reflect the performance of the price of physical silver, less

the Trust’s expenses.

The Sponsor believes that, for many investors, the Shares will represent a cost 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 Shares

or integral multiples thereof.

A list of current Authorized Participants is available from the Sponsor or the Trustee.

of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “SIVR”.

of the Trust trade on the NYSE Arca, Inc.

(“NYSE Arca”) under the symbol “SIVR”.

of Silver and Computation of Net Asset Value

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New York time on such day

(the “Evaluation Time”), the Trustee evaluates the silver held by the Trust and determine both the ANAV and the

NAV of the Trust.

(the “Evaluation Time”), the Trustee evaluates the silver held by the Trust and determine both the ANAV and the NAV

of the Trust.

the Evaluation Time, the Trustee values the Trust’s silver on the basis of that day’s “LBMA Silver Price”

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such determination is made in good faith.

the value of the silver has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the

fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its

assets), expenses and other liabilities of the Trust from the total value of the silver and all other assets of the Trust.

resulting figure is the adjusted net asset value (the “ANAV”) of the Trust.

The ANAV of the Trust is used to compute

the Sponsor’s Fee.

the value of the silver has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees

accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets),

expenses and other liabilities of the Trust from the total value of the silver and all other assets of the Trust.

The resulting

figure is the ANAV of the Trust.

The ANAV of the Trust is used to compute the Sponsor’s

fees accruing for the day on which the valuation takes place that are computed by reference to the value of the Trust or its assets

13 unchanged sentences

outstanding on that day.

Quarter Ended June 30, 2025

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

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

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

during the quarter.

NAV per Share increased 5.54% from $32.49 at March 31, 2025 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 $1,267,638

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

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.

increase in net assets from operations for the quarter ended June 30, 2025 was $100,048,334, resulting from a realized gain of

$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.

Other than the Sponsor's Fee, the Trust had no expenses during the quarter ended June 30, 2025.

Six Months Ended June 30, 2025

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

Quarter Ended September 30, 2025

Trust’s NAV increased from $1,982,135,764 at June 30, 2025 to $3,004,024,528 at September 30, 2025, a 51.55% increase for

The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 28.35%

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

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

and 4,550,000 Shares (91 Baskets) being redeemed during the period.

NAV per Share increased 24.28% from $27.59 at December 31, 2024 to $34.29 at June 30, 2025.

from $35.98 at June 30, 2025 to $46.18 at September 30, 2025 and an increase in outstanding Shares, which rose from 57,800,000

Shares at June 30, 2025 to 68,300,000 Shares at September 30, 2025 as a result of 10,500,000 Shares (210 Baskets) being created

and no Shares redeemed during the quarter.

NAV per Share increased 28.26% from $34.29 at June 30, 2025 to $43.98 at September 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

$2,420,680 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.

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.

increase in net assets from operations for the period ended June 30, 2025 was $347,183,421, resulting from a realized gain of

$547,243 on the transfer of silver to pay expenses, a realized gain of $29,039,831 on silver distributed for the redemption of

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

Other than the Sponsor's Fee, the Trust had no expenses during the period ended June 30, 2025.

$1,830,490 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $44.72 at September 29, 2025 was the highest during the quarter, compared with a low of $34.52 at July 31, 2025.

increase in net assets from operations for the quarter ended September 30, 2025 was $623,655,725, resulting from a realized gain

of $472,923 on the transfer of silver to pay expenses, and a change in unrealized gain on investment in silver of $625,013,292, 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, 2025.

Nine Months Ended September 30, 2025

Trust’s NAV increased from $1,421,124,141 at December 31, 2024 to $3,004,024,528 at September 30, 2025, a 111.38% increase

for the period.

The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 59.74%

from $28.91 at December 31, 2024 to $46.18 at September 30, 2025 and an increase in outstanding Shares, which rose from 51,500,000

Shares at December 31, 2024 to 68,300,000 Shares at September 30, 2025, as a result of 21,350,000 Shares (427 Baskets) being created

and 4,550,000 Shares (91 Baskets) being redeemed during the period.

NAV per Share increased 59.41% from $27.59 at December 31, 2024 to $43.98 at September, 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 $4,251,170 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per of $44.72 at September 29, 2025 was the highest during the period, compared with a low of $27.59 at January 1, 2025.

increase in net assets from operations for the period ended September 30, 2025 was $970,839,146, resulting from a realized gain

of $1,020,166 on the transfer of silver to pay expenses, a realized gain of $29,039,831 on silver distributed for the redemption

of Shares and a change in unrealized gain on investment in silver of $945,030,319, offset by the Sponsor’s Fee, net of waiver,

of $4,251,170.

Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2025.

& Capital Resources

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As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s

Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s silver as necessary to

pay the Trust’s expenses not otherwise assumed by the Sponsor.

The Trustee will not sell silver to pay the Sponsor’s

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

At June 30, 2025, the Trust

did not have any cash balances.

Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s silver as necessary to pay the

Trust’s expenses not otherwise assumed by the Sponsor.

The Trustee will not sell silver to pay the Sponsor’s Fee but

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

At September 30, 2025, the Trust 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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis