What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-03-02 compared with 2025-02-28 · 66 added, 68 removed, 100 unchanged (57% of the section changed)

58 unchanged sentences

price for an ounce of silver once each trading day (the “LBMA Silver Price”).

As of the date of filing,

the LBMA Silver Price is established by the 12 LBMA-authorized bullion banks and market makers participating in the auction and

disseminated by major market vendors.

As of the date of filing, the LBMA Silver

Price is established by the 12 LBMA-authorized bullion banks and market makers participating in the auction and disseminated by

major market vendors.

The LBMA Silver Price was initially operated by CME Group, Inc.

until October 2, 2017, at

which time the ICE Benchmark Administration (“IBA”) commenced administration of the LBMA Silver Price.

“London Metal Price” for silver held by the Trust is the LBMA Silver Price.

Realized gains and losses on transfers

of silver, or silver distributed for the redemption of Shares, are calculated as the difference between the fair value and cost

of silver transferred.

December 31, 2024

December 31, 2023

December 31, 2022

until October 2, 2017, at which time the

ICE Benchmark Administration (“IBA”) commenced administration of the LBMA Silver Price.

The “London Metal Price”

for silver held by the Trust is the LBMA Silver Price.

Realized gains and losses on transfers of silver, or silver distributed

for the redemption of Shares, are calculated as the difference between the fair value and cost of silver transferred.

(Amounts in 000’s of US$)

Investment in silver - cost

Unrealized gain on investment in silver

Investment in silver - fair value

in silver - cost

gain on investment in silver

in silver - fair value

the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors and inspectors may, only up to twice a year, visit

the premises of the Custodian for the purpose of examining the Trust’s silver and certain related records maintained

by the Custodian.

the premises of the Custodian for the purpose of examining the Trust’s silver and certain related records maintained by

the Custodian.

In addition, under the Custody Agreements, the Custodian shall procure that any sub-custodian that it appoints

allows access to its premises during normal business hours to examine the Trust’s silver held there and such records as the Trustee,

the Sponsor or the Trust’s auditors and inspectors may reasonably require to perform their respective duties to Shareholders.

allows access to its premises during normal business hours to examine the Trust’s silver held there and such records as

the Trustee, the Sponsor or the Trust’s auditors and inspectors may reasonably require to perform their respective duties

to Shareholders.

Sponsor has exercised its right to visit the Custodian in order to examine the silver and the records maintained by them.

Inspections were conducted by Bureau Veritas Commodities UK Ltd, a leading commodity inspection and testing company retained by

the Sponsor, as of July 26, 2024 and January 4, 2025.

were conducted by Bureau Veritas Commodities UK Ltd, a leading commodity inspection and testing company retained by the Sponsor,

as of August 4, 2025 and January 5, 2026.

can be no guarantee that the Sponsor or the Trust’s auditors and inspectors will be able to perform physical inspections

3 unchanged sentences

Trust’s auditors and inspectors, from performing a physical inspection of the Trust’s silver on a desired date.

In those situations, the Sponsor or the Trust’s auditors and inspectors may seek to verify the silver held by

the Trust by alternate means, including through virtual inspections of the Trust’s silver and/or a review of pertinent

those situations, the Sponsor or the Trust’s auditors and inspectors may seek to verify the silver held by the Trust by

alternate means, including through virtual inspections of the Trust’s silver and/or a review of pertinent records.

Trust is not aware of any trends, demands, conditions, events or uncertainties that are reasonably likely to result in material

4 unchanged sentences

The Trust’s only source of liquidity is its transfers and sales of silver.

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 December 31, 2024 and

2023, the Trust did not have any cash balances.

Results of Operations

December 31, 2024

December 31, 2023

December 31, 2022

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 December 31, 2024 and 2023, the Trust

did not have any cash balances.

of Operations

(Amounts in 000’s of US$)

7 unchanged sentences

year ended December 31, 2025

Trust’s NAV increased from $1,421,124,141 at December 31, 2024 to $5,430,232,445, a 282.11% increase for the year.

in the Trust’s NAV resulted from an increase in outstanding Shares, which rose from 51,500,000 Shares at December 31, 2024

to 79,250,000 at December 31, 2025, a result of 37,750,000 Shares (755 Baskets) being created and 10,000,000 Shares (200 Baskets)

being redeemed during the year and an increase in the price per ounce of silver, which rose 149.01% from $28.91 at December 31,

2024 to $71.99 at December 31, 2025.

per Share increased 148.35% from $27.59 at December 31, 2024 to $68.52.

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 $7,297,886 for the

year, or 0.30% of the Trust’s ANAV.

NAV per Share of $71.23 at December 30, 2025 was the highest during the year, compared with a low of $27.59 at January 2, 2025.

increase in net assets from operations for the year ended December 31, 2025 was $2,836,673,963, resulting from a realized gain

of $1,960,662 on the transfer of silver to pay expenses, a realized

gain on silver distributed for the redemption of Shares $194,526,844 and a change in unrealized gain on investment in silver of

$2,647,484,343, offset by the Sponsor’s Fee, net of waiver, of $7,297,886.

Other than the Sponsor’s Fee, the Trust

had no expenses during the year ended December 31, 2025.

year ended December 31, 2024

Trust’s NAV increased from $1,060,402,598 at December 31, 2023 to $1,421,124,141 at December 31, 2024, a 34.02% increase

10 unchanged sentences

increase in net assets from operations for the year ended December 31, 2024 was $215,239,576, resulting from a realized gain of

$812,072 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares $50,349,812

and a change in unrealized gain on investment in silver of $168,001,312, offset by the Sponsor’s Fee, net of waiver, of

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

year ended December 31, 2023

Trust’s NAV decreased from $1,118,817,327 at December 31, 2022 to $1,060,402,598 at December 31, 2023, a 5.22% decrease

for the year.

The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which fell from

48,650,000 Shares at December 31, 2022 to 46,550,000 Shares at December 31, 2023, a result of 4,900,000 Shares (49 Baskets) being

created and 7,000,000 Shares (140 Baskets) being redeemed during the year.

$812,072 on the transfer of silver to pay expenses, a realized

gain on silver distributed for the redemption of Shares $50,349,812 and a change in unrealized gain on investment in silver of

$168,001,312, offset by the Sponsor’s Fee, net of waiver, of $3,923,620.

Other than the Sponsor’s Fee, the Trust had

no expenses during the year ended December 31, 2024.

The year ended December 31, 2023

The Trust’s NAV decreased from $1,118,817,327 at December 31, 2022 to $1,060,402,598 at December

31, 2023, a 5.22% decrease for the year.

The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares,

which fell from 48,650,000 Shares at December 31, 2022 to 46,550,000 Shares at December 31, 2023, a result of 4,900,000 Shares (49 Baskets)

being created and 7,000,000 Shares (140 Baskets) being redeemed during the year.

There was an increase in the price per ounce of silver,

which fell 0.67% from $23.95 at December 31, 2022 to $23.79 at December 31, 2023.

per Share decreased 0.96% from $23.00 at December 31, 2022 to $22.78 at December 31, 2023.

The Trust’s NAV per Share fell

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

$3,247,514 for the year, or 0.30% of the Trust’s ANAV.

NAV per Share of $24.97 at April 16, 2023 was the highest during the year, compared with a low of $19.28 at March 10, 2023.

decrease in net assets from operations for the year ended December 31, 2023 was $13,383,307, resulting from a realized gain of

$251,586 on the transfer of silver to pay expenses and a realized gain of 10,650,576 on silver distributed for the redemption of

shares, offset by a change in unrealized gain and loss on investment in silver of $21,037,955, and the Sponsor’s Fee, net of

waiver, of $3,247,514.

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31,

year ended December 31, 2022

Trust’s NAV increased from $995,151,629 at December 31, 2021 to $1,118,817,327 at December 31, 2022, a 12.43% increase for

The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 44,750,000

Shares at December 31, 2021 to 48,650,000 Shares at December 31, 2022, a result of 15,150,000 Shares (152 Baskets) being created

and 11,250,000 Shares (113 Baskets) being redeemed during the year.

There was an increase in the price per ounce of silver, which

rose 3.73% from $23.09 at December 31, 2021 to $23.95 at December 31, 2022.

per Share increased 13.09% from $22.24 at December 31, 2021 to $23.00 at December 31, 2022.

The Trust’s NAV per Share rose

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

$3,061,148 for the year, or 0.30% of the Trust’s ANAV.

NAV per Share of $25.20 at March 9, 2022 was the highest during the year, compared with a low of $17.08 at September 1, 2022.

increase in net assets from operations for the year ended December 31, 2022 was $6,279,132, resulting from a realized gain of

$50,262 on the transfer of silver to pay expenses and a change in unrealized gain on investment in silver of $14,959,321 offset by a

realized loss of $5,669,303 on silver distributed for the redemption of Shares, and the Sponsor’s Fee, net of waiver, of

Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2022.

NAV per Share decreased 0.96% from $23.00 at December

31, 2022 to $22.78 at December 31, 2023.

The Trust’s NAV per Share fell slightly more than the price per ounce of silver on a percentage

basis due to the Sponsor’s Fee, net of waiver, which was $3,247,514 for the year, or 0.30% of the Trust’s ANAV.

Share of $24.97 at April 16, 2023 was the highest during the year, compared with a low of $19.28 at March 10, 2023.

The decrease in net

assets from operations for the year ended December 31, 2023 was $13,383,307, resulting from a realized gain of $251,586 on the transfer

of silver to pay expenses and a realized gain of 10,650,576 on silver distributed for the redemption of shares, offset by a change in

unrealized gain and loss on investment in silver of $21,037,955, and the Sponsor’s Fee, net of waiver, of $3,247,514.

the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2023.

Sheet Arrangements

1 unchanged sentence

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-K

Item 7. Management’s Discussion and Analysis