What changed in this filing

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Item 1. Financial Statements

2025-11-06 compared with 2025-08-05 · 148 added, 29 removed, 352 unchanged (33% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At June 30, 2025 and December 31, 2024

At September 30, 2025 and December 31, 2024

September 30,

Investment in silver bullion, at fair value (a)

$ 23,222,607,159 $ 13,407,235,411

Receivable for capital shares sold

Receivable for investments sold

23,285,472,575 13,407,235,411

1 unchanged sentence

8,506,995 5,976,407

Payable for investments purchased

Payable for capital shares redeemed

Total Liabilities

12 unchanged sentences

Statements of Operations (Unaudited)

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

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

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Sponsor’s fees

6 unchanged sentences

Net realized gain from:

Litigation proceeds (a)

17,333 138,783 17,333 138,783

Silver bullion sold to pay expenses

10 unchanged sentences

$ 4,972,651,417 $ 800,630,649 $ 8,162,197,125 $ 3,178,191,885

Net increase in net assets per Share (a)

Net increase in net assets per Share (b)

$ 9.29 $ 1.59 $ 16.00 $ 6.61

Represents a payment received from a class action settlement related to silver.

Net increase in net assets per Share based on average shares outstanding during the period.

2 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2025

Six Months Ended

June 30, 2025

For the three, six and nine months ended September 30, 2025

Nine Months Ended

September 30, 2025

Net Assets at December 31, 2024

34 unchanged sentences

$ 17,190,884,101

Net investment loss

( 24,024,767 )

Net realized gain

Net change in unrealized appreciation/depreciation

4,093,112,014

Net increase in net assets resulting from operations

4,972,651,417

Capital Share Transactions:

Contributions for Shares issued

4,273,186,510

Distributions for Shares redeemed

( 3,222,621,857 )

Net increase in net assets from capital share transactions

1,050,564,653

Increase in net assets

6,023,216,070

Net Assets at September 30, 2025

$ 23,214,100,171

Shares issued and redeemed

6 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2024

Six Months Ended

June 30, 2024

For the three, six and nine months ended September 30, 2024

Nine Months Ended

September 30, 2024

Net Assets at December 31, 2023

32 unchanged sentences

$ 12,842,620,288

Net investment loss

( 16,928,398 )

Net realized gain

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

2,280,397,964

Distributions for Shares redeemed

( 1,349,047,223 )

Net increase in net assets from capital share transactions

Increase in net assets

1,731,981,390

Net Assets at September 30, 2024

$ 14,574,601,678

Shares issued and redeemed

6 unchanged sentences

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2025 and 2024

Six Months Ended

For the nine months ended September 30, 2025 and 2024

Nine Months Ended

September 30,

Cash Flows from Operating Activities

13 unchanged sentences

58,203,730 43,469,363

Litigation proceeds (a)

( 17,333 ) ( 138,783 )

Net realized (gain) loss

5 unchanged sentences

2,530,588 1,251,154

Receivable for capital shares sold

Receivable for investments sold

( 62,865,416 ) —

Payable for investments purchased

Payable for capital shares redeemed

Net cash provided by (used in) operating activities

4 unchanged sentences

$ ( 7,796,654,578 ) $ ( 4,703,215,993 )

Represents a payment received from a class action settlement related to silver.

See notes to financial statements.

1 unchanged sentence

Schedules of Investments (Unaudited)

At June 30, 2025 and December 31, 2024

June 30, 2025

At September 30, 2025 and December 31, 2024

September 30, 2025

Silver bullion

18 unchanged sentences

Notes to Financial Statements (Unaudited)

June 30, 2025

September 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 June 30, 2025 and 2024:

Three Months Ended June 30, 2025

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

Three Months Ended September 30, 2025

Beginning balance

8 unchanged sentences

— — 903,546,837 —

Litigation proceeds (a)

Net change in unrealized appreciation/depreciation

2 unchanged sentences

502,925,981 $ 15,058,637,016 $ 23,222,607,159 $ 903,546,837

Three Months Ended June 30, 2024

Includes a payment received from a class action settlement related to silver of $ 17,333 .

Three Months Ended September 30, 2024

Beginning balance

8 unchanged sentences

— — 272,707,810 —

Litigation proceeds (a)

— — 138,783 —

Net change in unrealized appreciation/depreciation

2 unchanged sentences

469,198,431 $ 11,352,007,744 $ 14,580,341,237 $ 272,707,810

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

Six Months Ended June 30, 2025

Includes a payment received from a class action settlement related to silver of $ 138,783 .

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

Nine Months Ended September 30, 2025

Beginning balance

8 unchanged sentences

— — 1,837,826,019 —

Litigation proceeds (a)

Net change in unrealized appreciation/depreciation

2 unchanged sentences

502,925,981 $ 15,058,637,016 $ 23,222,607,159 $ 1,837,826,019

Six Months Ended June 30, 2024

Includes a payment received from a class action settlement related to silver of $ 17,333 .

Nine Months Ended September 30, 2024

Beginning balance

8 unchanged sentences

— — 771,678,459 —

Litigation proceeds (a)

— — 138,783 —

Net change in unrealized appreciation/depreciation

2 unchanged sentences

469,198,431 $ 11,352,007,744 $ 14,580,341,237 $ 771,678,459

Includes a payment received from a class action settlement related to silver of $ 138,783 .

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 June 30, 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 September 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 and six months ended June 30, 2025 and 2024.

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

Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

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

At September 30, 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 September 30, 2025

The Trust’s net asset value increased from $17,190,884,101 at June 30, 2025 to $23,214,100,171 at September 30, 2025, a 35.04% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which rose 28.35% from $35.98 at June 30, 2025 to $46.18 at September 30, 2025.

The increase in the Trust’s net asset value also benefited from an increase in the number of outstanding Shares, which rose from 525,850,000 Shares at June 30, 2025 to 553,900,000 Shares at September 30, 2025, a consequence of 117,950,000 Shares (2,359 Baskets) being created and 89,900,000 Shares (1,798 Baskets) being redeemed during the quarter.

The 28.20% increase in the NAV from $32.69 at June 30, 2025 to $41.91 at September 30, 2025 is directly related to the 28.35% 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 $24,024,767 for the quarter, or 0.13% of the Trust’s average weighted assets of $19,060,943,277 during the quarter.

The NAV of $42.61 on September 29, 2025 was the highest during the quarter, compared with a low during the quarter of $32.90 on July 31, 2025.

The net increase in net assets resulting from operations for the quarter ended September 30, 2025 was $4,972,651,417, resulting from a net realized gain of $17,333 from litigation proceeds, a net realized gain of $5,713,033 from investment in silver bullion sold to pay expenses, a net realized gain of $897,833,804 on silver bullion distributed for the redemption of Shares and an unrealized gain on investment in silver bullion of $4,093,112,014, partially offset by a net investment loss of $24,024,767.

Other than the Sponsor’s fees of $24,024,767, the Trust had no expenses during the quarter.

The Nine-Month Period Ended September 30, 2025

The Trust’s net asset value increased from $13,401,259,004 at December 31, 2024 to $23,214,100,171 at September 30, 2025, a 73.22% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which rose 59.74% from $28.91 at December 31, 2024 to $46.18 at September 30, 2025.

The increase in the Trust’s net asset value also benefited from an increase in the number of outstanding Shares, which rose from 508,950,000 Shares at December 31, 2024 to 553,900,000 Shares at September 30, 2025, a consequence of 289,400,000 Shares (5,788 Baskets) being created and 244,450,000 Shares (4,889 Baskets) being redeemed during the period.

The 59.17% increase in the NAV from $26.33 at December 31, 2024 to $41.91 at September 30, 2025 is directly related to the 59.74% 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 $60,734,311 for the period, or 0.37% of the Trust’s average weighted assets of $16,239,468,069 during the period.

The NAV of $42.61 on September 29, 2025 was the highest during the period, compared with a low during the period of $26.79 on January 2, 2025.

The net increase in net assets resulting from operations for the nine months ended September 30, 2025 was $8,162,197,125, resulting from a net realized gain of $17,333 from litigation proceeds, a net realized gain of $12,431,608 from investment in silver bullion sold to pay expenses, a net realized gain of $1,825,394,411 on silver bullion distributed for the redemption of Shares and an unrealized gain on investment in silver bullion of $6,385,088,084, partially offset by a net investment loss of $60,734,311.

Other than the Sponsor’s fees of $60,734,311, the Trust had no expenses during the period.

Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

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