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Item 2. Management’s Discussion and Analysis

2026-08-07 compared with 2026-05-08 · 33 added, 33 removed, 95 unchanged (41% of the section changed)

40 unchanged sentences

New York time on such day

(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 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”

31 unchanged sentences

outstanding on that day.

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

Quarter Ended June 30, 2026

Trust’s NAV decreased from $4,970,486,736 at March 31, 2026 to $3,950,569,678 at June 30, 2026, a 20.52% decrease for the

The change in the Trust's NAV resulted from a decrease in the price per ounce of silver, which fell 19.12% from $72.69

at March 31, 2026 to $58.80 at June 30, 2026, and a decrease in outstanding Shares, which fell from 71,900,000 Shares at March

31, 2026 to 70,700,000 Shares at June 30, 2026 as a result of 3,200,000 Shares (64 Baskets) being created and 4,400,000 Shares

(88 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

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

$4,308,963 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.

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 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

NAV per Share decreased 19.17% from $69.13 at March 31, 2026 to $55.88 at June 30, 2026.

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

$3,738,176 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.

NAV per Share of $82.51 at May 14, 2026 was the highest during the quarter, compared with a low of $54.52 at June 25, 2026.

decrease in net assets from operations for the quarter ended June 30, 2026 was $946,623,466, resulting from a change in unrealized

loss on investment in silver of $1,084,420,973 and the Sponsor's Fee, net of waiver, of $3,738,176, offset by a realized gain

of $2,053,538 on the transfer of silver to pay expenses and a realized gain of $139,482,145 on silver distributed for the redemption

Other than the Sponsor's Fee, the Trust had no expenses during the quarter ended June 30, 2026.

Six Months Ended June 30, 2026

Trust’s NAV decreased from $5,430,232,445 at December 31, 2025 to $3,950,569,678 at June 30, 2026, a 27.25% decrease for

The change in the Trust’s NAV resulted from a decrease in the price per ounce of silver, which fell 18.32% from

$71.99 at December 31, 2025 to $58.80 at June 30, 2026 and a decrease in outstanding Shares, which fell from 79,250,000 Shares

at December 31, 2025 to 70,700,000 Shares at June 30, 2026 as a result of 9,200,000 Shares (184 Baskets) being created and 17,750,000

Shares (355 Baskets) being redeemed during the period.

NAV per Share decreased 18.45% from $68.52 at December 31, 2025 to $55.88 at June 30, 2026.

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

$8,047,139 for the period, or 0.30% of the Trust’s ANAV on an annualized basis.

NAV per Share of $112.71 at January 29, 2026 was the highest during the period, compared with a low of $54.52 at June 25, 2026.

decrease in net assets from operations for the period ended June 30, 2026 was $834,766,376, resulting from a change in unrealized

loss on investment in silver of $1,575,497,323 and the Sponsor's Fee, net of waiver, of $8,047,139, offset by a realized gain

of $4,483,544 on the transfer of silver to pay expenses and a realized gain of $744,294,542 on silver distributed for the redemption

Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2026.

& 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

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

2 unchanged sentences

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.

At June 30, 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