What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-06 · 49 added, 188 removed, 312 unchanged (43% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At September 30, 2025 and December 31, 2024

September 30,

At March 31, 2026 and December 31, 2025

Investment in silver bullion, at fair value (a)

1 unchanged sentence

Receivable for investments sold

Receivable for capital shares sold

35,746,759,616 38,060,491,397

Sponsor’s fees payable

Sponsor’s fee payable

16,773,048 14,200,889

Payable for investments purchased

Payable for capital shares redeemed

13 unchanged sentences

Statements of Operations (Unaudited)

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

For the three months ended March 31, 2026 and 2025

Three Months Ended

September 30,

Nine Months Ended

September 30,

Sponsor’s fees

$ 24,024,767 $ 16,928,398 $ 60,734,311 $ 44,720,517

Sponsor’s fee

Total expenses

24,024,767 16,928,398 60,734,311 44,720,517

Net investment loss

( 24,024,767 ) ( 16,928,398 ) ( 60,734,311 ) ( 44,720,517 )

Net Realized and Unrealized Gain (Loss)

Net realized gain from:

Litigation proceeds (a)

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

Silver bullion sold to pay expenses

5,713,033 2,926,466 12,431,608 6,118,434

Silver bullion distributed for the redemption of Shares

4 unchanged sentences

( 5,469,551,027

1,784,759,917

Net realized and unrealized gain

2 unchanged sentences

2,285,002,605

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 (a)

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, six and nine months ended September 30, 2025

Nine Months Ended

September 30, 2025

For the three months ended March 31, 2026

Three Months Ended

March 31, 2026

Net Assets at December 31, 2025

1 unchanged sentence

Net investment loss

( 17,518,363 )

Net realized gain

6,019,676,443

Net change in unrealized appreciation/depreciation

1 unchanged sentence

Net increase in net assets resulting from operations

2,285,002,605

Capital Share Transactions:

5 unchanged sentences

( 2,872,936,174

Increase in net assets

Decrease in net assets

( 2,375,535,828

1 unchanged sentence

35,670,754,680

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

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

2 unchanged sentences

( 143,850,000

Net increase in Shares issued and outstanding

Net decrease in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

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

Nine Months Ended

September 30, 2024

For the three months ended March 31, 2025

Three Months Ended

March 31, 2025

Net Assets at December 31, 2024

1 unchanged sentence

Net investment loss

( 12,537,998 )

Net realized gain

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

1,784,759,917

Distributions for Shares redeemed

( 1,432,431,212 )

Net decrease in net assets from capital share transactions

( 117,953,400 )

Increase in net assets

Net Assets at March 31, 2024

$ 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

5 unchanged sentences

( 2,585,212,588

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

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

Net decrease in net assets from capital share transactions

( 436,894,287

Net increase in net assets from capital share transactions

Increase in net assets

1,848,108,318

Net Assets at September 30, 2024

Net Assets at March 31, 2025

15,249,367,322

2 unchanged sentences

Shares redeemed

( 189,750,000 )

Net increase in Shares issued and outstanding

Net decrease in Shares issued and outstanding

See notes to financial statements.

1 unchanged sentence

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2025 and 2024

Nine Months Ended

September 30,

For the three months ended March 31, 2026 and 2025

Three Months Ended

Cash Flows from Operating Activities

Proceeds from silver bullion sold to pay expenses

$ 58,203,730 $ 43,469,363

Expenses – Sponsor’s fees paid

( 58,203,730 ) ( 43,469,363 )

Expenses – Sponsor’s fee paid

Net cash provided by operating activities

7 unchanged sentences

Proceeds from silver bullion sold to pay expenses

58,203,730 43,469,363

Litigation proceeds (a)

( 17,333 ) ( 138,783 )

Net realized (gain) loss

( 6,019,676,443

( 517,761,051

Net change in unrealized appreciation/depreciation

5,469,551,027

Change in operating assets and liabilities:

Sponsor’s fees payable

( 1,784,759,917

Change in operating assets and liabilities:

Sponsor’s fee payable

Receivable for investments sold

( 62,865,416 ) —

Receivable for capital shares sold

Payable for investments purchased

Payable for capital shares redeemed

3 unchanged sentences

8,338,923,243

2,148,318,301

Silver bullion distributed for Shares redeemed

( 11,211,859,417

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

( 2,585,212,588

See notes to financial statements.

1 unchanged sentence

Schedules of Investments (Unaudited)

At September 30, 2025 and December 31, 2024

September 30, 2025

At March 31, 2026 and December 31, 2025

March 31, 2026

Silver bullion

18 unchanged sentences

Notes to Financial Statements (Unaudited)

September 30, 2025

March 31, 2026

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 September 30, 2025 and 2024:

Three Months Ended September 30, 2025

Beginning balance

478,049,763 $ 13,126,982,096 $ 17,197,840,225 $ —

Silver bullion contributed

107,117,608 4,273,186,510 4,273,186,510 —

Silver bullion distributed

( 81,647,390 ) ( 2,324,788,054 ) ( 3,222,621,857 ) 897,833,804

Silver bullion sold to pay expenses

( 594,000 ) ( 16,743,536 ) ( 22,473,903 ) 5,713,033

Net realized gain

— — 903,546,837 —

Litigation proceeds (a)

Net change in unrealized appreciation/depreciation

— — 4,093,112,014 —

Ending balance

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

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

Three Months Ended September 30, 2024

Beginning balance

437,447,866 $ 10,164,222,786 $ 12,847,843,825 $ —

Silver bullion contributed

77,719,368 2,280,397,964 2,280,397,964 —

Silver bullion distributed

( 45,404,182 ) ( 1,079,265,879 ) ( 1,349,047,223 ) 269,781,344

Silver bullion sold to pay expenses

( 564,621 ) ( 13,347,127 ) ( 16,412,376 ) 2,926,466

Net realized gain

— — 272,707,810 —

Litigation proceeds (a)

— — 138,783 —

Net change in unrealized appreciation/depreciation

— — 544,712,454 —

Ending balance

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

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

The following tables summarize activity in silver bullion for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026

Beginning balance

8 unchanged sentences

— — 6,019,676,443 —

Litigation proceeds (a)

Net change in unrealized appreciation/depreciation

2 unchanged sentences

490,988,894 $ 21,625,300,287 $ 35,687,527,728 $ 6,019,676,443

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

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Beginning balance

8 unchanged sentences

— — 517,761,051 —

Litigation proceeds (a)

— — 138,783 —

Net change in unrealized appreciation/depreciation

2 unchanged sentences

447,968,178 $ 11,691,914,328 $ 15,255,556,304 $ 517,761,051

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 September 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 March 31, 2026 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 nine months ended September 30, 2025 and 2024.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2026 and 2025.

Three Months Ended

September 30,

Nine Months Ended

September 30,

Net asset value per Share, beginning of period

$ 32.69 $ 26.82 $ 26.33 $ 21.78

Net investment loss (a)

( 0.04 ) ( 0.03 ) ( 0.12 ) ( 0.09 )

Net realized and unrealized gain (b)

9.26 1.55 15.70 6.65

Net increase in net assets from operations

9.22 1.52 15.58 6.56

Net asset value per Share, end of period

$ 41.91 $ 28.34 $ 41.91 $ 28.34

Total return, at net asset value (c)(d)

28.20 % 5.67 % 59.17 % 30.12 %

Ratio to average net assets:

Net investment loss (e)

( 0.50 )% ( 0.50 )% ( 0.50 )% ( 0.50 )%

0.50 % 0.50 % 0.50 % 0.50 %

Based on average Shares outstanding during the period.

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

At March 31, 2026 and December 31, 2025, 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.

15 unchanged sentences

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”).

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 transactions (such broker-dealers, the “Authorized Participants”).

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

24 unchanged sentences

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.

The Quarter Ended March 31, 2026

The Trust’s net asset value decreased from $38,046,290,508 at December 31, 2025 to $35,670,754,680 at March 31, 2026, a 6.24% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares, which fell from 582,950,000 Shares at December 31, 2025 to 542,000,000 Shares at March 31, 2026, a consequence of 102,900,000 Shares (2,058 Baskets) being created and 143,850,000 Shares (2,877 Baskets) being redeemed during the quarter.

The decrease in the Trust’s net asset value was partially offset by an increase in the price of silver, which rose 0.97% from $71.99 at December 31, 2025 to $72.69 at March 31, 2026.

The 0.83% increase in the NAV from $65.27 at December 31, 2025 to $65.81 at March 31, 2026 is directly related to the 0.97% 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 fee, which was $52,725,070 for the quarter, or 0.12% of the Trust’s average weighted assets of $42,770,619,621 during the quarter.

The NAV of $107.35 on January 29, 2026 was the highest during the quarter, compared with a low during the quarter of $60.88 on March 23, 2026.

The net increase in net assets resulting from operations for the quarter ended March 31, 2026 was $497,400,346, resulting from a net realized gain of $26,270,657 from investment in silver bullion sold to pay expenses and a net realized gain of $5,993,405,786 on silver bullion distributed for the redemption of Shares, partially offset by an unrealized loss on investment in silver bullion of $5,469,551,027 and a net investment loss of $52,725,070.

Other than the Sponsor’s fee of $52,725,070, the Trust had no expenses during the quarter.

Quantitative and Qualitative Disclosures About Market Risk.

1 unchanged sentence

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