iShares Silver Trust

Previous wording

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward‑looking statements can be identified by terminology such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy. Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Current wording

This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward‑looking statements can be identified by terminology such as“may,”* “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor*’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy. Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Previous wording

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

Current wording

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.

Previous 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.

Current wording

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.

Previous 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.

Current wording

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.

Previous 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.

Current wording

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.

Previous 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.

Current wording

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.