iShares Silver Trust

Previous wording

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 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.

Current wording

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.

Previous wording

The Trust’s net asset value increased from $12,842,620,288 at June 30, 2024 to $14,574,601,678 at September 30, 2024, a 13.49% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 478,800,000 Shares at June 30, 2024 to 514,200,000 Shares at September 30, 2024, a consequence of 85,150,000 Shares (1,703 Baskets) being created and 49,750,000 Shares (995 Baskets) being redeemed during the quarter. The increase in the Trust’s net asset value also benefitted from an increase in the price of silver, which grew 5.82% from $29.37 at June 30, 2024 to $31.08 at September 30, 2024.

Current wording

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.

Previous wording

The 5.67% increase in the NAV from $26.82 at June 30, 2024 to $28.34 at September 30, 2024 is directly related to the 5.82% increase in the price of silver.

Current wording

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.

Previous wording

The NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $16,928,398 for the quarter, or 0.13% of the Trust’s average weighted assets of $13,488,289,860 during the quarter. The NAV of $29.63 on September 26, 2024 was the highest during the quarter, compared with a low during the quarter of $24.58 on August 8, 2024.

Current wording

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.

Previous wording

Net increase in net assets resulting from operations for the quarter ended September 30, 2024 was $800,630,649, resulting from an unrealized gain on investment in silver bullion of $544,712,454, a net realized gain of $269,781,344 on silver bullion distributed for the redemption of Shares, a net realized gain of $2,926,466 from investment in silver bullion sold to pay expenses and a net realized gain of $138,783 from litigation proceeds during the quarter, partially offset by a net investment loss of $16,928,398. Other than the Sponsor’s fees of $16,928,398, the Trust had no expenses during the quarter.

Current wording

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.