Item 5. Market for Registrant’s Common Equity
Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The
Trust was formed on July 20, 2009 (the “Date of Inception”) following an initial deposit of silver. The Trust’s
Shares have been listed on the NYSE Arca under the symbol SIVR since its initial public offering on July 24, 2009. The following
tables set out the range of high and low closing prices for the Shares as reported for NYSE Arca transactions for each of the
quarters during the years ended December 31, 2025 and 2024.
Fiscal Year Ended December 31, 2025:
Quarter Ended
High
Low
March 31, 2025
$ 32.95
$ 28.00
June 30, 2025
$ 35.51
$ 27.86
September 30, 2025
$ 44.85
$ 34.32
December 31, 2025
$ 74.75
$ 43.73
Fiscal Year Ended December 31, 2024:
Quarter Ended
High
Low
March 31, 2024
$ 24.53
$ 21.00
June 30, 2024
$ 30.92
$ 23.68
September 30, 2024
$ 30.83
$ 25.41
December 31, 2024
$ 33.30
$ 27.46
The number of outstanding
Shares of the Trust as of February 26, 2026 was 76,550,000.
28
Monthly
Share Price
The
following table sets forth, for each of the most recent six months, the high and low closing prices of the Shares, as reported
for NYSE Arca transactions.
Month
High
Low
August 2025
$ 38.08
$ 35.06
September 2025
$ 44.85
$ 38.27
October 2025
$ 51.62
$ 43.73
November 2025
$ 53.80
$ 44.65
December 2025
$ 74.75
$ 53.75
January 2026
$ 115.26
$ 67.95
Issuer
Purchase of Equity Securities
The
Trust issues and redeems Shares only with Authorized Participants in exchange for silver, 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 and is included
in Item 7 of this report. Although the Trust does not purchase Shares directly from its Shareholders, in connection with the redemption
of Baskets, the Trust redeemed as follows during the years ended December 31, 2025 and 2024:
Month
Total
number of Shares redeemed
Average
ounces of
silver
per Share
January
2025 4,100,000 0.954
February
2025 200,000
0.954
March 2025 250,000 0.954
April 2025
— —
May
2025 — —
June
2025 — —
July
2025 — —
August
2025 —
—
September 2025 — —
October 2025
700,000 0.952
November
2025 1,750,000 0.952
December
2025 3,000,000
0.952
Total 10,000,000
0.953
Month
Total
number of Shares redeemed
Average
ounces
of silver
per Share
January
2024
200,000
0.956
February
2024
—
—
March
2024
400,000
0.956
April
2024
—
—
May
2024
200,000
0.956
June
2024
—
—
July
2024
500,000
0.956
August
2024
150,000
0.956
September
2024
400,000
0.956
October
2024
—
—
November
2024
—
—
December
2024
5,800,000
0.956
Total
7,650,000
0.956
Item 6. [Reserved]
29
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.