What changed in this filing

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Item 1. Financial Statements

2025-08-05 compared with 2025-05-07 · 95 added, 83 removed, 286 unchanged (38% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At March 31, 2025 and December 31, 2024

At June 30, 2025 and December 31, 2024

Investment in silver bullion, at fair value (a)

$ 17,197,840,225 $ 13,407,235,411

Receivable for investments sold

Receivable for capital shares sold

17,246,877,643 13,407,235,411

1 unchanged sentence

6,956,092 5,976,407

Payable for capital shares redeemed

Payable for investments purchased

Total Liabilities

12 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2025 and 2024

For the three and six months ended June 30, 2025 and 2024

Three Months Ended

Six Months Ended

Sponsor’s fees

24 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2025

Three Months Ended

March 31, 2025

For the three and six months ended June 30, 2025

Six Months Ended

June 30, 2025

Net Assets at December 31, 2024

18 unchanged sentences

$ 15,249,367,322

Net investment loss

( 19,191,181 )

Net realized gain

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

3,025,793,809

Distributions for Shares redeemed

( 1,988,820,133 )

Net increase in net assets from capital share transactions

1,036,973,676

Increase in net assets

1,941,516,779

Net Assets at June 30, 2025

$ 17,190,884,101

Shares issued and redeemed

2 unchanged sentences

( 154,550,000 )

Net decrease in Shares issued and outstanding

( 16,800,000 )

Net increase in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2024

Three Months Ended

March 31, 2024

For the three and six months ended June 30, 2024

Six Months Ended

June 30, 2024

Net Assets at December 31, 2023

15 unchanged sentences

$ 10,567,645,206

Net investment loss

( 15,254,121 )

Net realized gain

Net change in unrealized appreciation/depreciation

1,680,168,086

Net increase in net assets resulting from operations

2,081,140,405

Capital Share Transactions:

Contributions for Shares issued

2,115,572,235

Distributions for Shares redeemed

( 1,921,737,558 )

Net increase in net assets from capital share transactions

Increase in net assets

2,274,975,082

Net Assets at June 30, 2024

$ 12,842,620,288

Shares issued and redeemed

2 unchanged sentences

( 140,000,000 )

Net decrease in Shares issued and outstanding

( 6,050,000 )

Net increase in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2025 and 2024

Three Months Ended

For the six months ended June 30, 2025 and 2024

Six Months Ended

Cash Flows from Operating Activities

20 unchanged sentences

979,685 735,132

Receivable for investments sold

Receivable for capital shares sold

( 49,037,418 ) —

Payable for capital shares redeemed

Payable for investments purchased

Net cash provided by (used in) operating activities

7 unchanged sentences

Schedules of Investments (Unaudited)

At March 31, 2025 and December 31, 2024

March 31, 2025

At June 30, 2025 and December 31, 2024

June 30, 2025

Silver bullion

2 unchanged sentences

17,197,840,225

Other Assets Less Liabilities – (0.04) %

Liabilities in Excess of Other Assets — (0.04) %

( 6,956,124 )

6 unchanged sentences

13,407,235,411

Less Liabilities – (0.04) %

Liabilities in Excess of Other Assets — (0.04) %

( 5,976,407 )

4 unchanged sentences

Notes to Financial Statements (Unaudited)

March 31, 2025

June 30, 2025

The iShares Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust.

25 unchanged sentences

Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.

The following tables summarize activity in silver bullion for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025

The following tables summarize activity in silver bullion for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30, 2025

Beginning balance

12 unchanged sentences

478,049,763 $ 13,126,982,096 $ 17,197,840,225 $ 416,518,131

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Beginning balance

12 unchanged sentences

437,447,866 $ 10,164,222,786 $ 12,847,843,825 $ 416,226,440

The following tables summarize activity in silver bullion for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30, 2025

Beginning balance

463,837,932 $ 11,628,353,352 $ 13,407,235,411 $ —

Silver bullion contributed

155,969,814 5,174,112,110 5,174,112,110 —

Silver bullion distributed

( 140,637,478 ) ( 3,646,472,113 ) ( 4,574,032,721 ) 927,560,607

Silver bullion sold to pay expenses

( 1,120,505 ) ( 29,011,253 ) ( 35,729,827 ) 6,718,575

Net realized gain

— — 934,279,182 —

Net change in unrealized appreciation/depreciation

— — 2,291,976,070 —

Ending balance

478,049,763 $ 13,126,982,096 $ 17,197,840,225 $ 934,279,182

Six Months Ended June 30, 2024

Beginning balance

436,892,231 $ 9,616,427,847 $ 10,393,666,180 $ —

Silver bullion contributed

129,646,899 3,430,050,047 3,430,050,047 —

Silver bullion distributed

( 128,019,703 ) ( 2,858,390,089 ) ( 3,354,168,770 ) 495,778,681

Silver bullion sold to pay expenses

( 1,071,561 ) ( 23,865,019 ) ( 27,056,987 ) 3,191,968

Net realized gain

— — 498,970,649 —

Net change in unrealized appreciation/depreciation

— — 1,906,382,706 —

Ending balance

437,447,866 $ 10,164,222,786 $ 12,847,843,825 $ 498,970,649

Calculation of Net Asset Value

13 unchanged sentences

Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of June 30, 2025 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Segment Reporting

33 unchanged sentences

Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2025 and 2024.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2025 and 2024.

Three Months Ended

Six Months Ended

Net asset value per Share, beginning of period

3 unchanged sentences

Net realized and unrealized gain (b)

1.74 4.41 6.43 5.10

Net increase in net assets from operations

1.70 4.38 6.36 5.04

Net asset value per Share, end of period

22 unchanged sentences

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At March 31, 2025 and December 31, 2024, the value of the silver bullion held by the Trust is categorized as Level 1.

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations.

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q.

The discussion and analysis that follows may contain statements that relate to future events or future performance.

In some cases, such forward‑looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology.

These statements are only predictions.

Actual events or results may differ materially.

These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances.

Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.

Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy.

Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

The iShares Silver Trust (the “Trust”) is a grantor trust formed under the laws of the State of New York.

The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee pursuant to the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and iShares Delaware Trust Sponsor LLC, the sponsor of the Trust (the “Sponsor”).

The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

The assets of the Trust consist primarily of silver bullion held by a custodian as an agent of the Trust responsible only to the Trustee.

The Trust is a passive investment vehicle and seeks to reflect generally the performance of the price of silver.

The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities.

The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of silver.

The Trust issues and redeems Shares only in exchange for silver, only in aggregations of 50,000 Shares (a “Basket”) or integral multiples thereof, and only in transactions with registered broker-dealers that have previously entered into an agreement with the Sponsor and the Trustee governing the terms and conditions of such issuance (such broker-dealers, the “Authorized Participants”).

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

Shares of the Trust trade on NYSE Arca, Inc.

under the ticker symbol SLV.

Valuation of Silver Bullion ; Computation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m.

(New York time), the Trustee evaluates the silver held by the Trust and determines the net asset value of the Trust and the net asset value per Share (“NAV”).

The Trustee values the silver held by the Trust using the price per ounce of silver determined in an electronic auction hosted by ICE Benchmark Administration (“IBA”) that begins at 12:00 p.m.

(London time) and published shortly thereafter, on the day the valuation takes place (such price, the “LBMA Silver Price”).

If there is no announced LBMA Silver Price on any day, the Trustee is authorized to use the most recently announced LBMA Silver Price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.

The LBMA Silver Price is used by the Trust because it is commonly used by the U.S.

silver market as an indicator of the value of silver and is permitted to be used under the Trust Agreement.

The use of an indicator of the value of silver bullion other than the LBMA Silver Price could result in materially different fair value pricing of the silver held by the Trust, and as such, could result in different cost or market adjustments or in different redemption value adjustments of the outstanding redeemable capital Shares.

Having valued the silver held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the silver and other assets held by the Trust.

The result is the net asset value of the Trust.

The Trustee computes NAV by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.

In exchange for a fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust.

As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s fee.

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

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States of America.

The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations.

These estimates and assumptions affect the Trust’s application of accounting policies.

A description of the valuation of silver bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Silver Bullion; Computation of Net Asset Value” above.

In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

Results of Operations

The Quarter Ended March 31, 2025

The Trust’s net asset value increased from $13,401,259,004 at December 31, 2024 to $15,249,367,322 at March 31, 2025, a 13.79% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which grew 17.85% from $28.90 at December 31, 2024 to $34.06 at March 31, 2025, partially offset by a decrease in the number of outstanding Shares, which fell from 508,950,000 Shares at December 31, 2024 to 492,150,000 Shares at March 31, 2025, a consequence of 72,750,000 Shares (1,455 Baskets) being created and 89,550,000 Shares (1,791 Baskets) being redeemed during the quarter.

The 17.70% increase in the NAV from $26.33 at December 31, 2024 to $30.99 at March 31, 2025 is directly related to the 17.85% increase in the price of silver.

The NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $17,518,363 for the quarter, or 0.12% of the Trust’s average weighted assets of $14,209,036,812 during the quarter.

The NAV of $31.30 on March 28, 2025 was the highest during the quarter, compared with a low during the quarter of $26.79 on January 2, 2025.

Net increase in net assets resulting from operations for the quarter ended March 31, 2025 was $2,285,002,605, resulting from an unrealized gain on investment in silver bullion of $1,784,759,917, a net realized gain of $514,709,786 on silver bullion distributed for the redemption of Shares, a net realized gain of $3,051,265 from investment in silver bullion sold to pay expenses, partially offset by a net investment loss of $17,518,363.

Other than the Sponsor’s fees of $17,518,363, the Trust had no expenses during the quarter.

Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

At June 30, 2025 and December 31, 2024, the value of the silver bullion held by the Trust is categorized as Level 1.

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