What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-08 compared with 2025-11-07 · 63 added, 108 removed, 314 unchanged (35% of the section changed)

1 unchanged sentence

of Assets and Liabilities

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

September 30, 2025

March 31, 2026 (Unaudited) and December 31, 2025

March 31, 2026

December 31, 2025

1 unchanged sentence

Investment in silver (cost:

September 30, 2025:

March 31, 2026:

$ 2,553,620 ;

1 unchanged sentence

$ 2,522,357 )

Silver receivable

Fees payable to Sponsor

2 unchanged sentences

share capital is Unlimited with no par value per Share.

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.

Shares issued and outstanding at March 31, 2026 were 71,900,000 and

at December 31, 2025 were 79,250,000 .

Net asset values per Share at March 31, 2026 and December 31, 2025 were $ 69.13 and $ 68.52 ,

respectively.

Notes to the Financial Statements

1 unchanged sentence

of Investments

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

September 30, 2025

March 31, 2026 (Unaudited) and December 31, 2025

March 31, 2026

% of Net Assets

6 unchanged sentences

Total investment in silver

Other assets less liabilities

Less liabilities

Notes to the Financial Statements

1 unchanged sentence

of Operations (Unaudited)

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

the three months ended March 31, 2026 and 2025

Three Months Ended

September 30, 2025

March 31, 2026

Three Months Ended

September 30, 2024

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

March 31, 2025

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

5 unchanged sentences

Realized gain on silver distributed for the redemption of Shares

Change in unrealized gain on investment in silver

Change in unrealized (loss) / gain on investment in silver

Total gain on investment in silver

5 unchanged sentences

of Changes in Net Assets (Unaudited)

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

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

the three months ended March 31, 2026 and 2025

Three Months Ended March 31, 2026

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

Opening balance

Opening balance at January 1, 2026

Net investment loss

Realized gain on investment in silver

Change in unrealized gain on investment in silver

Change in unrealized (loss) on investment in silver

( 13,350,000 )

Closing balance

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

( 1,064,025 )

Closing balance at March 31, 2026

Three Months Ended March 31, 2025

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

Opening balance

Opening balance at January 1, 2025

Net investment loss

2 unchanged sentences

( 4,550,000 )

( 1,850,000 )

Closing balance

Closing balance at March 31, 2025

Notes to the Financial Statements

1 unchanged sentence

Highlights (Unaudited)

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

the three months ended March 31, 2026 and 2025

Three Months Ended

September 30, 2025

March 31, 2026

Three Months Ended

September 30, 2024

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

March 31, 2025

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 nine months ended September 30, 2025, and for all periods

presented have been made.

position and results of operations as of and for the three months ended March 31, 2026, and for all periods presented have

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 nine months ended September 30, 2025 are not necessarily indicative

of the operating results for the full year.

The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating

results for the full year.

Accounting Policies

19 unchanged sentences

Agreement with ICBC Standard Bank Plc (“ICBC”), providing for the custody of the Trust’s silver.

Effective August

8, 2024, JPMorgan Chase Bank N.A.

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

At September 30, 2025, all

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

31, 2026, 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

March 31, 2026

December 31, 2025

Investment in silver

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

There were no transfers between levels during the three months ended March 31, 2026 or the year ended December 31, 2025.

Receivable and Payable

3 unchanged sentences

Generally, ownership of

silver is transferred within two business days of the trade date.

At September 30, 2025, the Trust had no silver receivable

silver is transferred within one business day of the trade date.

At March 31, 2026, the Trust had no 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 December 31, 2025, the Trust had no receivable

or payable for the creation or redemption of Shares.

and Redemptions of Shares

50 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 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:

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

that no reserves for uncertain tax positions are required as of March 31, 2026 or December 31, 2025.

in ounces of silver and their respective values for the three months ended March 31, 2026 and 2025 are set

March 31, 2026

March 31, 2025

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

2 unchanged sentences

( 12,701,919.0 )

( 4,342,802.8 )

Transfers of silver to pay expenses

2 unchanged sentences

Opening balance

( 1,064,025 )

Realized gain on silver distributed for the redemption of Shares

1 unchanged sentence

Realized gain on silver transferred to pay expenses

Change in unrealized gain on investment in silver

Change in unrealized (loss) / gain on investment in silver

Closing balance

1 unchanged sentence

to the Financial Statements (Unaudited)

September 30, 2025

September 30, 2024

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

Ounces of silver

Opening balance

( 4,342,802.1 )

( 1,769,178.5 )

Transfers of silver to pay expenses

( 115,915.1 )

( 101,879.3 )

Closing balance

Investment in silver

Opening balance

Realized gain on silver distributed for the redemption of Shares

Transfers of silver to pay expenses

Realized gain on silver transferred to pay expenses

Change in unrealized gain on investment in silver

Closing balance

/ Realized Gains / Losses

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

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

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 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.

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

the three months ended March 31, 2026 and 2025, the Sponsor’s Fee, net of fees waived by the Sponsor, was $ 6,463,444

and $ 1,153,042 , 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 ,

March 31, 2026 and at December 31, 2025, the fees payable to the Sponsor were $ 1,305,507 and $ 1,373,945 , respectively.

a result of the waiver, the Sponsor’s Fee waived for the three months ended March 31, 2026 and 2025 was $ 2,154,481 and $ 576,521 ,

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 nine months ended September

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

31, 2026 and 2025.

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.

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

3 unchanged sentences

The Chief Financial Officer of the Sponsor acts

as the Fund’s CODM.

as the Trust’s CODM.

The CODM monitors the operating results of the Trust as a whole, and the Trust’s asset allocation

4 unchanged sentences

principal investment strategy and principal risks, among other items.

The Fund’s portfolio composition, total returns, expense

The Trust’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

The accompanying financial statements detail the Trust’s

segment assets, liabilities, revenues, and expenses.

Segment assets are reflected on the Fund’s Statement of Assets and

Segment assets are reflected on the Trust’s Statement of Assets and

Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

Silver ETF Trust

to the Financial Statements (Unaudited)

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

11 unchanged sentences

not separate expenses of the Trust.

Silver ETF Trust

to the Financial Statements (Unaudited)

Concentration

29 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