iShares Silver Trust
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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, 2026 · Filed Nov 6, 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-Q
Period ended 2026-06-30; filed 2026-08-06.
0001437749-26-026005
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001437749-26-035541
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 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.
Current wording
The Trust’s net asset value increased from $28,194,188,389 at June 30, 2026 to $29,961,825,258 at September 30, 2026, a 6.27% increase. The increase in the Trust’s net asset value resulted primarily from an increase in the price of silver, which rose 3.28% from $58.80 at June 30, 2026 to $60.73 at September 30, 2026. The increase in the Trust’s net asset value also benefited from an increase in the number of outstanding Shares, which rose from 530,300,000 Shares at June 30, 2026 to 546,300,000 Shares at September 30, 2026, a consequence of 48,750,000 Shares (975 Baskets) being created and 32,750,000 Shares (655 Baskets) being redeemed during the quarter.
Previous wording
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.
Current wording
The 3.16% increase in the NAV from $53.17 at June 30, 2026 to $54.85 at September 30, 2026 is directly related to the 3.28% increase in the price of silver.
Previous wording
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.
Current wording
The NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fee, which was $38,665,751 for the quarter, or 0.13% of the Trust’s average weighted assets of $30,679,472,928 during the quarter. The NAV of $63.48 on August 28, 2026 was the highest during the quarter, compared with a low during the quarter of $49.98 on July 17, 2026.
Previous wording
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.
Current wording
The net increase in net assets resulting from operations for the quarter ended September 30, 2026 was $859,266,416, resulting from a net realized gain of $9,055,470 from investment in silver bullion sold to pay expenses, a net realized gain of $476,550,309 on silver bullion distributed for the redemption of Shares and an unrealized gain on investment in silver bullion of $412,326,388, partially offset by a net investment loss of $38,665,751. Other than the Sponsor’s fee of $38,665,751, the Trust had no expenses during the quarter.
Previous wording
The Six-Month Period Ended June 30, 2026
Current wording
The Nine-Month Period Ended September 30, 2026
Previous wording
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.
Current wording
The Trust’s net asset value decreased from $38,046,290,508 at December 31, 2025 to $29,961,825,258 at September 30, 2026, a 21.25% decrease. The decrease in the Trust’s net asset value resulted primarily from a decrease in the price of silver, which fell 15.64% from $71.99 at December 31, 2025 to $60.73 at September 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 546,300,000 Shares at September 30, 2026, a consequence of 183,650,000 Shares (3,673 Baskets) being created and 220,300,000 Shares (4,406 Baskets) being redeemed during the period.
Previous wording
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.
Current wording
The 15.96% decrease in the NAV from $65.27 at December 31, 2025 to $54.85 at September 30, 2026 is directly related to the 15.64% decrease in the price of silver.
Previous wording
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.
Current wording
The NAV decreased slightly more than the price of silver on a percentage basis due to the Sponsor’s fee, which was $135,833,749 for the period, or 0.37% of the Trust’s average weighted assets of $36,325,085,976 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 $49.98 on July 17, 2026.
Previous wording
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.
Current wording
The net decrease in net assets resulting from operations for the nine months ended September 30, 2026 was $5,396,123,273, resulting from an unrealized loss on investment in silver bullion of $12,852,496,737 and a net investment loss of $135,833,749, partially offset by a net realized gain of $54,526,152 from investment in silver bullion sold to pay expenses and a net realized gain of $7,537,681,061 on silver bullion distributed for the redemption of Shares. Other than the Sponsor’s fee of $135,833,749, the Trust had no expenses during the period.