iShares Silver Trust
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
SLV$46.87-0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001437749-25-024885
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001437749-25-033436
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 23 previous paragraphs and 23 current paragraphs.
14 unchanged; 9 reworded; 0 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Reworded paragraphs (9)
Previous wording
The Trust’s net asset value increased from $15,249,367,322 at March 31, 2025 to $17,190,884,101 at June 30, 2025, a 12.73% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the number of outstanding Shares, which rose from 492,150,000 Shares at March 31, 2025 to 525,850,000 Shares at June 30, 2025, a consequence of 98,700,000 Shares (1,974 Baskets) being created and 65,000,000 Shares (1,300 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 5.64% from $34.06 at March 31, 2025 to $35.98 at June 30, 2025.
Current wording
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.
Previous wording
The 5.49% increase in the NAV from $30.99 at March 31, 2025 to $32.69 at June 30, 2025 is directly related to the 5.64% increase in the price of silver.
Current wording
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.
Previous wording
The NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $19,191,181 for the quarter, or 0.12% of the Trust’s average weighted assets of $15,395,106,465 during the quarter. The NAV of $33.77 on June 18, 2025 was the highest during the quarter, compared with a low during the quarter of $27.46 on April 9, 2025.
Current wording
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.
Previous wording
Net increase in net assets resulting from operations for the quarter ended June 30, 2025 was $904,543,103, resulting from a net realized gain of $3,667,310 from investment in silver bullion sold to pay expenses, a net realized gain of $412,850,821 on silver bullion distributed for the redemption of Shares and an unrealized gain on investment in silver bullion of $507,216,153, partially offset by a net investment loss of $19,191,181. Other than the Sponsor’s fees of $19,191,181, the Trust had no expenses during the quarter.
Current wording
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.
Previous wording
The Six-Month Period Ended June 30, 2025
Current wording
The Nine-Month Period Ended September 30, 2025
Previous wording
The Trust’s net asset value increased from $13,401,259,004 at December 31, 2024 to $17,190,884,101 at June 30, 2025, a 28.28% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which grew 24.46% from $28.91 at December 31, 2024 to $35.98 at June 30, 2025. The increase in the Trust’s net asset value also benefitted from an increase in the number of outstanding Shares, which rose from 508,950,000 Shares at December 31, 2024 to 525,850,000 Shares at June 30, 2025, a consequence of 171,450,000 Shares (3,429 Baskets) being created and 154,550,000 Shares (3,091 Baskets) being redeemed during the period.
Current wording
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.
Previous wording
The 24.15% increase in the NAV from $26.33 at December 31, 2024 to $32.69 at June 30, 2025 is directly related to the 24.46% increase in the price of silver.
Current wording
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.
Previous wording
The NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $36,709,544 for the period, or 0.25% of the Trust’s average weighted assets of $14,805,348,074 during the period. The NAV of $33.77 on June 18, 2025 was the highest during the period, compared with a low during the period of $26.79 on January 2, 2025.
Current wording
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.
Previous wording
Net increase in net assets resulting from operations for the six months ended June 30, 2025 was $3,189,545,708, resulting from a net realized gain of $6,718,575 from investment in silver bullion sold to pay expenses, a net realized gain of $927,560,607 on silver bullion distributed for the redemption of Shares and an unrealized gain on investment in silver bullion of $2,291,976,070, partially offset by a net investment loss of $36,709,544. Other than the Sponsor’s fees of $36,709,544, the Trust had no expenses during the period.
Current wording
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.