What changed in this filing

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Item 1. Financial Statements

2026-08-06 compared with 2026-05-07 · 134 added, 46 removed, 315 unchanged (36% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At March 31, 2026 and December 31, 2025

At June 30, 2026 and December 31, 2025

Investment in silver bullion, at fair value (a)

$ 28,207,520,164 $ 38,060,491,397

Receivable for investments sold

Receivable for capital shares sold

28,207,520,164 38,060,491,397

1 unchanged sentence

13,331,775 14,200,889

Payable for investments purchased

Payable for capital shares redeemed

Total Liabilities

12 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

Three Months Ended

Six Months Ended

Sponsor’s fee

$ 44,442,928 $ 19,191,181 $ 97,167,998 $ 36,709,544

Total expenses

44,442,928 19,191,181 97,167,998 36,709,544

Net investment loss

( 44,442,928 ) ( 19,191,181 ) ( 97,167,998 ) ( 36,709,544 )

Net Realized and Unrealized Gain (Loss)

1 unchanged sentence

Silver bullion sold to pay expenses

19,200,025 3,667,310 45,470,682 6,718,575

Silver bullion distributed for the redemption of Shares

4 unchanged sentences

( 7,795,272,098 ) 507,216,153 ( 13,264,823,125 ) 2,291,976,070

Net realized and unrealized gain (loss)

( 6,708,347,107 ) 923,734,284 ( 6,158,221,691 ) 3,226,255,252

Net realized and unrealized gain

Net increase (decrease) in net assets resulting from operations

$ ( 6,752,790,035 ) $ 904,543,103 $ ( 6,255,389,689 ) $ 3,189,545,708

Net increase in net assets resulting from operations

Net increase (decrease) in net assets per Share (a)

$ ( 12.57 ) $ 1.79 $ ( 11.37 ) $ 6.42

Net increase in net assets per Share (a)

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

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

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2026

Three Months Ended

March 31, 2026

For the three and six months ended June 30, 2026

Six Months Ended

June 30, 2026

Net Assets at December 31, 2025

1 unchanged sentence

Net investment loss

( 52,725,070 )

Net realized gain

14 unchanged sentences

$ 35,670,754,680

Net investment loss

( 44,442,928 )

Net realized gain

1,086,924,991

Net change in unrealized appreciation/depreciation

( 7,795,272,098 )

Net decrease in net assets resulting from operations

( 6,752,790,035 )

Capital Share Transactions:

Contributions for Shares issued

2,124,891,981

Distributions for Shares redeemed

( 2,848,668,237 )

Net decrease in net assets from capital share transactions

( 723,776,256 )

Decrease in net assets

( 7,476,566,291 )

Net Assets at June 30, 2026

$ 28,194,188,389

Shares issued and redeemed

3 unchanged sentences

Net decrease in Shares issued and outstanding

( 52,650,000 )

See notes to financial statements.

1 unchanged sentence

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

1 unchanged sentence

Net investment loss

( 17,518,363 )

Net realized gain

14 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

1 unchanged sentence

Shares redeemed

Net decrease in Shares issued and outstanding

( 154,550,000 )

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, 2026 and 2025

Three Months Ended

For the six months ended June 30, 2026 and 2025

Six Months Ended

Cash Flows from Operating Activities

Proceeds from silver bullion sold to pay expenses

$ 98,037,112 $ 35,729,827

Expenses – Sponsor’s fee paid

( 98,037,112 ) ( 35,729,827 )

Net cash provided by operating activities

3 unchanged sentences

Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities

Net increase in net assets resulting from operations

Net increase (decrease) in net assets resulting from operations

$ ( 6,255,389,689 ) $ 3,189,545,708

1 unchanged sentence

Proceeds from silver bullion sold to pay expenses

Net realized (gain) loss

98,037,112 35,729,827

Net realized gain

( 7,106,601,434 ) ( 934,279,182 )

1 unchanged sentence

13,264,823,125 ( 2,291,976,070 )

( 1,784,759,917

Change in operating assets and liabilities:

Sponsor’s fee payable

Receivable for investments sold

( 869,114 ) 979,685

Receivable for capital shares sold

— ( 49,037,418 )

Payable for investments purchased

Payable for capital shares redeemed

Net cash provided by (used in) operating activities

2 unchanged sentences

$ 10,463,815,224 $ 5,174,112,110

2,148,318,301

Silver bullion distributed for Shares redeemed

$ ( 14,060,527,654 ) $ ( 4,574,032,721 )

( 2,585,212,588

See notes to financial statements.

1 unchanged sentence

Schedules of Investments (Unaudited)

At March 31, 2026 and December 31, 2025

March 31, 2026

At June 30, 2026 and December 31, 2025

June 30, 2026

Silver bullion

18 unchanged sentences

Notes to Financial Statements (Unaudited)

March 31, 2026

June 30, 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 March 31, 2026 and 2025:

Three Months Ended March 31, 2026

The following tables summarize activity in silver bullion for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30, 2026

Beginning balance

12 unchanged sentences

479,760,527 $ 21,940,564,821 $ 28,207,520,164 $ 1,086,924,991

Three Months Ended March 31, 2025

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

The following tables summarize activity in silver bullion for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30, 2026

Beginning balance

528,691,365 $ 18,528,712,929 $ 38,060,491,397 $ —

Silver bullion contributed

122,191,790 10,463,815,224 10,463,815,224 —

Silver bullion distributed

( 169,877,050 ) ( 6,999,396,902 ) ( 14,060,527,654 ) 7,061,130,752

Silver bullion sold to pay expenses

( 1,245,578 ) ( 52,566,430 ) ( 98,037,112 ) 45,470,682

Net realized gain

— — 7,106,601,434 —

Net change in unrealized appreciation/depreciation

— — ( 13,264,823,125 ) —

Ending balance

479,760,527 $ 21,940,564,821 $ 28,207,520,164 $ 7,106,601,434

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

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, 2026 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, 2026 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Segment Reporting

14 unchanged sentences

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their ( 1 ) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or ( 2 ) reckless disregard of their obligations and duties under the Trust Agreement.

The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties.

Under the custodian agreement between the Trustee and the Custodian (the “Custodian Agreement”), the Trustee has agreed to indemnify the Custodian for certain costs, expenses, damages, liabilities and losses incurred in connection with the Custodian Agreement, except to the extent resulting from the Custodian's negligence, willful default or fraud.

The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.

16 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, 2026 and 2025.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2026 and 2025.

Three Months Ended

June 30, Six Months Ended

Net asset value per Share, beginning of period

$ 65.81 $ 30.99 $ 65.27 $ 26.33

Net investment loss (a)

Net realized and unrealized gain (b)

Net increase in net assets from operations

( 0.08 ) ( 0.04 ) ( 0.18 ) ( 0.07 )

Net realized and unrealized gain (loss) (b)

( 12.56 ) 1.74 ( 11.92 ) 6.43

Net increase (decrease) in net assets from operations

( 12.64 ) 1.70 ( 12.10 ) 6.36

Net asset value per Share, end of period

$ 53.17 $ 32.69 $ 53.17 $ 32.69

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

( 19.21 )% 5.49 % ( 18.54 )% 24.15 %

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 March 31, 2026 and December 31, 2025, the value of the silver bullion held by the Trust is categorized as Level 1.

At June 30, 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.

42 unchanged sentences

Results of Operations

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.

The Quarter Ended June 30, 2026

The Trust’s net asset value decreased from $35,670,754,680 at March 31, 2026 to $28,194,188,389 at June 30, 2026, a 20.96% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of silver, which fell 19.11% from $72.69 at March 31, 2026 to $58.80 at June 30, 2026.

The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 542,000,000 Shares at March 31, 2026 to 530,300,000 Shares at June 30, 2026, a consequence of 32,000,000 Shares (640 Baskets) being created and 43,700,000 Shares (874 Baskets) being redeemed during the quarter.

The 19.21% decrease in the NAV from $65.81 at March 31, 2026 to $53.17 at June 30, 2026 is directly related to the 19.11% decrease in the price of silver.

The NAV decreased slightly more than the price of silver on a percentage basis due to the Sponsor’s fee, which was $44,442,928 for the quarter, or 0.12% of the Trust’s average weighted assets of $35,658,035,123 during the quarter.

The NAV of $78.53 on May 14, 2026 was the highest during the quarter, compared with a low during the quarter of $51.88 on June 25, 2026.

The net decrease in net assets resulting from operations for the quarter ended June 30, 2026 was $6,752,790,035, resulting from an unrealized loss on investment in silver bullion of $7,795,272,098 and a net investment loss of $44,442,928, partially offset by a net realized gain of $19,200,025 from investment in silver bullion sold to pay expenses and a net realized gain of $1,067,724,966 on silver bullion distributed for the redemption of Shares.

Other than the Sponsor’s fee of $44,442,928, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2026

The Trust’s net asset value decreased from $38,046,290,508 at December 31, 2025 to $28,194,188,389 at June 30, 2026, a 25.90% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of silver, which fell 18.32% from $71.99 at December 31, 2025 to $58.80 at June 30, 2026.

The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 582,950,000 Shares at December 31, 2025 to 530,300,000 Shares at June 30, 2026, a consequence of 134,900,000 Shares (2,698 Baskets) being created and 187,550,000 Shares (3,751 Baskets) being redeemed during the period.

The 18.54% decrease in the NAV from $65.27 at December 31, 2025 to $53.17 at June 30, 2026 is directly related to the 18.32% decrease in the price of silver.

The NAV decreased slightly more than the price of silver on a percentage basis due to the Sponsor’s fee, which was $97,167,998 for the period, or 0.25% of the Trust’s average weighted assets of $39,194,679,349 during the period.

The NAV of $107.35 on January 29, 2026 was the highest during the period, compared with a low during the period of $51.88 on June 25, 2026.

The net decrease in net assets resulting from operations for the six months ended June 30, 2026 was $6,255,389,689, resulting from an unrealized loss on investment in silver bullion of $13,264,823,125 and a net investment loss of $97,167,998, partially offset by a net realized gain of $45,470,682 from investment in silver bullion sold to pay expenses and a net realized gain of $7,061,130,752 on silver bullion distributed for the redemption of Shares.

Other than the Sponsor’s fee of $97,167,998, the Trust had no expenses during the period.

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