iShares Silver Trust
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
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-K
Period ended 2024-12-31; filed 2025-02-19.
0001437749-25-004259
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-27.
0001437749-26-006059
Item 7. 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 32 previous paragraphs and 34 current paragraphs.
22 unchanged; 7 reworded; 5 added; 3 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.
Added paragraphs (5)
Current report
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Current report
Results of Operations
Current report
The Trust’s net asset value increased from $13,401,259,004 at December 31, 2024 to $38,046,290,508 at December 31, 2025, a 183.90% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which rose 149.01% from $28.91 at December 31, 2024 to $71.99 at December 31, 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 582,950,000 Shares at December 31, 2025, a consequence of 411,600,000 Shares (8,232 Baskets) being created and 337,600,000 Shares (6,752 Baskets) being redeemed during the year.
Current report
The 147.89% increase in the NAV from $26.33 at December 31, 2024 to $65.27 at December 31, 2025 is directly related to the 149.01% increase in the price of silver.
Current report
Net increase in net assets resulting from operations for the year ended December 31, 2025 was $21,306,921,615, resulting from a net realized gain of $17,333 from litigation proceeds, a net realized gain of $23,564,605 from investment in silver bullion sold to pay expenses, a net realized gain of $3,625,989,545 on silver bullion distributed for the redemption of Shares and an unrealized gain on investment in silver bullion of $17,752,896,409, partially offset by a net investment loss of $95,546,277. Other than the Sponsor’s fee of $95,546,277, the Trust had no expenses during the year.
Removed paragraphs (3)
Previous report
The Trust’s net asset value decreased from $12,249,234,223 at December 31, 2021 to $11,160,084,971 at December 31, 2022, an 8.89% decrease for the year. The decrease in the Trust’s net asset value resulted primarily from a decrease in the number of outstanding Shares which fell from 573,800,000 Shares at December 31, 2021 to 506,550,000 Shares at December 31, 2022, a consequence of 175,900,000 Shares (3,518 Baskets) being created and 243,150,000 Shares (4,863 Baskets) being redeemed during the year. The decrease in the Trust’s net asset value was partially offset by an increase in the price of silver, which rose 3.72% from $23.09 at December 31, 2021 to $23.95 at December 31, 2022.
Previous report
The 3.19% increase in the NAV from $21.35 at December 31, 2021 to $22.03 at December 31, 2022 was directly related to the 3.72% increase in the price of silver.
Previous report
Net decrease in net assets resulting from operations for the year ended December 31, 2022 was $18,017,230, resulting from an unrealized gain on investment in silver bullion of $215,447,290, a net realized loss of $176,990,635 on silver bullion distributed for the redemption of Shares, a net realized loss of $38,589 from investment in silver bullion sold to pay expenses, and a net investment loss of $56,435,296. Other than the Sponsor’s fees of $56,435,296, the Trust had no expenses during the year ended December 31, 2022.
Reworded paragraphs (7)
Previous wording
Shares of the Trust trade on NYSE Arca under the ticker symbol SLV.
Current wording
Shares of the Trust trade on NYSE Arca, Inc. under the ticker symbol SLV.
Previous wording
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.
Current wording
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 fees. The Trust’s only source of liquidity is its sales 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 $56,435,296 for the year, or 0.50% of the Trust’s average weighted assets of $11,283,899,960 during the year. The NAV of $24.18 on March 9, 2022 was the highest during the year, compared with a low during the year of $16.38 on September 1, 2022.
Current wording
The NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fee, which were $95,546,277 for the year, or 0.50% of the Trust’s average weighted assets of $19,104,695,389 during the year. The NAV of $67.85 on December 30, 2025 was the highest during the year, compared with a low during the year of $26.79 on January 2, 2025.
Previous wording
The Trust’s net asset value increased from $10,389,177,775 at December 31, 2023 to $13,401,259,004 at December 31, 2024, a 28.99% increase for the year. The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which grew 21.48% from $23.79 at December 31, 2023 to $28.90 at December 31, 2024 and an increase in the number of outstanding Shares, which rose from 477,000,000 Shares at December 31, 2023 to 508,950,000 Shares at December 31, 2024, a consequence of 293,550,000 Shares (5,871 Baskets) being created and 261,600,000 Shares (5,232 Baskets) being redeemed during the year.
Current wording
The Trust’s net asset value increased from $10,389,177,775 at December 31, 2023 to $13,401,259,004 at December 31, 2024, a 28.99% increase for the year. The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which grew 21.52% from $23.79 at December 31, 2023 to $28.91 at December 31, 2024 and an increase in the number of outstanding Shares, which rose from 477,000,000 Shares at December 31, 2023 to 508,950,000 Shares at December 31, 2024, a consequence of 293,550,000 Shares (5,871 Baskets) being created and 261,600,000 Shares (5,232 Baskets) being redeemed during the year.
Previous wording
The 20.89% increase in the NAV from $21.78 at December 31, 2023 to $26.33 at December 31, 2024 is directly related to the 21.48% increase in the price of silver.
Current wording
The 20.89% increase in the NAV from $21.78 at December 31, 2023 to $26.33 at December 31, 2024 is directly related to the 21.52% increase in the price of silver.
Previous wording
Net increase in net assets resulting from operations for the year ended December 31, 2024 was $2,165,540,895, resulting from an unrealized gain on investment in silver bullion of $1,001,643,726, a net realized gain of $1,216,849,453 on silver bullion distributed for the redemption of Shares, a net realized gain of $10,181,575 from silver bullion sold to pay expenses and a net realized gain of $138,783 from litigation proceeds during the year, partially offset by a net investment loss of $63,272,642. Other than the Sponsor’s fees of $63,272,642, the Trust had no expenses during the year.
Current wording
Net increase in net assets resulting from operations for the year ended December 31, 2024 was $2,165,540,895, resulting from a net realized gain of $138,783 from litigation proceeds, a net realized gain of $10,181,575 from investment in silver bullion sold to pay expenses, a net realized gain of $1,216,849,453 on silver bullion distributed for the redemption of Shares and an unrealized gain on investment in silver bullion of $1,001,643,726, partially offset by a net investment loss of $63,272,642. Other than the Sponsor’s fees of $63,272,642, the Trust had no expenses during the year.
Previous wording
Net decrease in net assets resulting from operations for the year ended December 31, 2023 was $128,982,872, resulting from an unrealized loss on investment in silver bullion of $361,918,369, and a net investment loss of $53,561,823, partially offset by a net realized gain of $282,624,263 on silver bullion distributed for the redemption of Shares and a net realized gain of $3,873,057 from investment in silver bullion sold to pay expenses. Other than the Sponsor’s fees of $53,561,823, the Trust had no expenses during the year ended December 31, 2023.
Current wording
Net decrease in net assets resulting from operations for the year ended December 31, 2023 was $128,982,872, resulting from a net investment loss of $53,561,823, and an unrealized loss on investment in silver bullion of $361,918,369, partially offset by a net realized gain of $3,873,057 from investment in silver bullion sold to pay expenses and a net realized gain of $282,624,263 on silver bullion distributed for the redemption of Shares. Other than the Sponsor’s fees of $53,561,823, the Trust had no expenses during the year.