What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-08 compared with 2025-11-07 · 52 added, 52 removed, 76 unchanged (58% 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

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 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.

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

4 unchanged sentences

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 determines 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”

11 unchanged sentences

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.

The resulting

figure is the ANAV of the Trust.

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

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 ANAV of the Trust.

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

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 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 $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.

Quarter Ended March 31, 2026

Trust’s NAV decreased from $5,430,232,445 at December 31, 2025 to $4,970,486,736 at March 31, 2026, an 8.47% decrease for

The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 0.97% from $71.99

at December 31, 2025 to $72.69 at March 31, 2026 and a decrease in outstanding Shares, which fell from 79,250,000 Shares at December

31, 2025 to 71,900,000 Shares at March 31, 2026 as a result of 6,000,000 Shares (120 Baskets) being created and 13,350,000 Shares

(267 Baskets) being redeemed during the quarter.

NAV per Share increased 0.89% from $68.52 at December 31, 2025 to $69.13 at March 31, 2026.

The Trust’s NAV per Share rose

1 unchanged sentence

$4,308,963 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,

NAV per Share of $112.71 at January 29, 2026 was the highest during the quarter, compared with a low of $63.95 at March 23, 2026.

increase in net assets from operations for the quarter ended March 31, 2026 was $111,857,092, resulting from a realized gain of

$2,430,007 on the transfer of silver to pay expenses, a realized gain of $604,812,398 on silver distributed for the redemption

of Shares, offset by a change in unrealized loss on investment in silver of $491,076,350 and the Sponsor’s Fee, net of waiver,

of $4,308,963.

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

Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2026.

Quarter Ended March 31, 2025

Trust’s NAV increased from $1,421,124,141 at December 31, 2024 to $1,640,598,594 at March 31, 2025, a 15.44% increase for

The change in the Trust’s NAV resulted from an increase in the price per ounce of silver, which rose 17.81%

from $28.91 at December 31, 2024 to $34.06 at March 31, 2025 and a decrease in outstanding Shares, which fell from 51,500,000

Shares at December31, 2024 to 50,500,000 Shares at March 31, 2025 as a result of 3,550,000 Shares (71 Baskets) being created and

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

NAV per Share increased 17.76% from $27.59 at December 31, 2024 to $32.49 at March 31, 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

$1,153,042 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $32.81 at March 28, 2025 was the highest during the quarter, compared with a low of $28.07 at January 2, 2025.

increase in net assets from operations for the quarter ended March 31, 2025 was $247,135,087, resulting from a realized gain of

$238,557 on the transfer of silver to pay expenses, a realized gain on silver distributed for the redemption of Shares of $29,039,831,

and a change in unrealized gain on investment in silver of $219,009,741, 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 March 31, 2025.

& Capital Resources

4 unchanged sentences

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 September 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 March 31, 2026, 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