Silver slump cuts iShares Silver Trust (NYSE Arca: SLV) NAV 18.54%

Rhea-AI Filing Summary

iShares Silver Trust holds physical silver bullion and issues shares representing fractional undivided interests in its net assets. At June 30, 2026, net assets were $28,194,188,389 with 530,300,000 Shares outstanding, giving a net asset value (NAV) of $53.17 per Share.

Over the six months ended June 30, 2026, NAV per Share declined 18.54% as the silver price fell 18.32% from $71.99 to $58.80. The net decrease in net assets resulting from operations was $6,255,389,689, driven by $13,264,823,125 of unrealized losses on silver, partly offset by $7,106,601,434 of realized gains, largely from silver distributed on Share redemptions.

The Trust held 479,760,527 ounces of silver bullion at June 30, 2026, valued using the LBMA Silver Price. The only ordinary expense is the Sponsor’s fee, accrued at an annualized 0.50% of NAV, which totaled $97,167,998 for the six‑month period.

Filing Explained

As of July 31, 2026, shares outstanding had risen to 538.2 million from 530.3 million at June 30 after in-kind creations and redemptions.

This unaudited Form 10-Q reports the quarter ended June 30, 2026; the Trust’s share base changed through in-kind creations and redemptions rather than cash transactions with individual investors.

Shares are issued and redeemed continuously in aggregations of 50,000, exchanged for silver bullion rather than cash, and transacted with registered broker-dealers called Authorized Participants; individual investors cannot purchase or redeem Shares directly from the Trust.

During the quarter, 32,000,000 Shares were created and 43,700,000 were redeemed, reducing outstanding Shares from 542,000,000 at March 31 to 530,300,000 at June 30; the filing reports 538,200,000 Shares outstanding as of July 31, 2026.

Key Figures

Net assets: $28,194,188,389 Net asset value per share: $53.17 Shares outstanding: 530,300,000 Shares +5 more

8 metrics

Net assets $28,194,188,389 Net assets at June 30, 2026

Net asset value per share $53.17 NAV per Share at June 30, 2026

Shares outstanding 530,300,000 Shares Shares issued and outstanding at June 30, 2026

Silver bullion held 479,760,527 ounces Ounces of silver bullion at June 30, 2026

Unrealized loss on silver $13,264,823,125 Net change in unrealized appreciation/depreciation for six months ended June 30, 2026

Net decrease from operations $(6,255,389,689) Net decrease in net assets resulting from operations for six months ended June 30, 2026

Sponsor’s fee $97,167,998 Sponsor’s fee expense for six months ended June 30, 2026

Silver price change 18.32% Decrease in silver price from $71.99 to $58.80 for six months ended June 30, 2026

Key Terms

grantor trust, Authorized Participants, LBMA Silver Price, Basket, +1 more

5 terms

grantor trust regulatory

"The Trust is treated as a grantor trust for federal income tax purposes"

A grantor trust is a legal arrangement where the person who puts assets into the trust keeps enough control or rights that, for tax and legal purposes, those assets are treated as still belonging to that person. For investors, that matters because income, gains and losses generated by the trust typically flow through to the grantor (or directly to investors) for tax reporting and distributions, affecting after-tax returns and cash flow predictability — think of it like a mailbox that forwards all the mail back to the sender rather than holding it inside.

Authorized Participants financial

"only in aggregations of 50,000 Shares (a “Basket”) with Authorized Participants"

Authorized participants are a small group of large financial firms that have a formal arrangement with an exchange-traded fund (ETF) or similar product to create and redeem shares directly with the issuer. They act like wholesalers for the fund, supplying or removing shares to keep the market price in line with the value of the underlying assets; their activity affects an ETF’s liquidity, trading costs and how closely it tracks its target holdings.

LBMA Silver Price financial

"based on the price per ounce of silver determined as the LBMA Silver Price"

The LBMA silver price is the internationally recognized benchmark rate for one troy ounce of silver set by the London bullion market. Think of it as the daily “official” price tag that buyers, sellers and funds use to settle trades and value holdings, much like a headline exchange rate for a currency; changes in this number directly affect the market value of silver investments, mining stocks, and bullion-backed funds.

Basket financial

"only in aggregations of 50,000 Shares (a “Basket”) or integral multiples"

A basket is a collection of securities or assets grouped and traded together as a single unit—like buying a mixed fruit basket instead of one apple. Investors use baskets to spread risk across many holdings, gain broad exposure to a sector, index or investment idea, or execute large trades more efficiently; the basket’s performance shows how that group behaves and affects portfolio diversification, costs and risk.

Level 1 financial

"At June 30, 2026 ... the value of the silver bullion held is categorized as Level 1"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did iShares Silver Trust (SLV) perform in the six months ended June 30, 2026?

SLV’s NAV per Share fell 18.54% from $65.27 to $53.17 in the six months ended June 30, 2026. This move closely tracked an 18.32% decline in the silver price from $71.99 to $58.80 over the same period.

What were iShares Silver Trust (SLV) net assets and shares outstanding at June 30, 2026?

At June 30, 2026, SLV reported net assets of $28,194,188,389 and 530,300,000 Shares issued and outstanding. This compared with $38,046,290,508 of net assets and 582,950,000 Shares outstanding at December 31, 2025.

How much silver does iShares Silver Trust (SLV) hold and how is it valued?

At June 30, 2026, SLV held 479,760,527 ounces of silver bullion with a fair value of $28,207,520,164. Silver is valued using the LBMA Silver Price, an electronic auction benchmark administered by ICE Benchmark Administration.

What drove iShares Silver Trust (SLV) results of operations for the first half of 2026?

SLV recorded a net decrease in net assets from operations of $6,255,389,689, mainly from $13,264,823,125 of unrealized losses on silver. This was partly offset by $7,106,601,434 of realized gains, largely from silver distributed on Share redemptions.

What expenses does iShares Silver Trust (SLV) incur and what was the Sponsor’s fee?

The Trust’s only ordinary expense is the Sponsor’s fee, accrued daily at an annualized rate of 0.50% of NAV. For the six months ended June 30, 2026, the Sponsor’s fee totaled $97,167,998; other routine administrative costs are borne by the Sponsor.

0001330568 iShares Silver Trust false --12-31 Q2 2026 100.05 0.05 100.00 100.04 0.04 100.00 false false false false Based on the change in net asset value of a Share during the period. Percentage is annualized. Net increase (decrease) in net assets per Share based on average shares outstanding during the period. Cost of investment in silver bullion: $21,940,564,821 and $18,528,712,929, respectively. Based on average Shares outstanding during the period. The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment. Percentage is not annualized. No par value, unlimited amount authorized. 21,940,564,821 18,528,712,929 0 0 530,300,000 582,950,000 00013305682026-01-012026-06-30 xbrli:shares 00013305682026-07-31 thunderdome:item iso4217:USD 00013305682026-06-30 00013305682025-12-31 iso4217:USDxbrli:shares 00013305682026-04-012026-06-30 00013305682025-04-012025-06-30 00013305682025-01-012025-06-30 00013305682026-01-012026-03-31 00013305682026-03-31 00013305682024-12-31 00013305682025-01-012025-03-31 00013305682025-03-31 00013305682025-06-30 utr:oz xbrli:pure 0001330568srt:MaximumMember2026-01-012026-06-30

Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from         to         

Commission File Number: 001-32863

iShares® Silver Trust

(Exact name of registrant as specified in its charter)

New York 13-7474456

(State or other jurisdiction of
incorporation or organization) (I.R.S. Employer
Identification No.)

c/o iShares Delaware Trust Sponsor LLC
400 Howard Street
San Francisco, California 94105

(Address of principal executive offices) (Zip Code)

(415) 670-2000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Shares	SLV	NYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2026, the Registrant had 538,200,000 Shares outstanding.

Table of Contents

Table of Contents

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	Statements of Assets and Liabilities at June 30, 2026 and December 31, 2025	1
	Statements of Operations for the three and six months ended June 30, 2026 and 2025	2
	Statements of Changes in Net Assets for the three and six months ended June 30, 2026 and 2025	3
	Statements of Cash Flows for the six months ended June 30, 2026 and 2025	5
	Schedules of Investments at June 30, 2026 and December 31, 2025	6
	Notes to Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	12
Item 4.	Controls and Procedures	12
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	13
Item 1A.	Risk Factors	13
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	13
Item 3.	Defaults Upon Senior Securities	13
Item 4.	Mine Safety Disclosures	13
Item 5.	Other Information	13
Item 6.	Exhibits	14
SIGNATURES		15

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

iShares® Silver Trust

Statements of Assets and Liabilities (Unaudited)

At June 30, 2026 and December 31, 2025

		June 30, 2026				December 31, 2025
Assets
Investment in silver bullion, at fair value(a)		$	28,207,520,164			$	38,060,491,397
Total Assets			28,207,520,164				38,060,491,397
Liabilities
Sponsor’s fee payable			13,331,775				14,200,889
Total Liabilities			13,331,775				14,200,889
Commitments and contingent liabilities (Note 6)			—				—
Net Assets		$	28,194,188,389			$	38,046,290,508
Shares issued and outstanding(b)			530,300,000				582,950,000
Net asset value per Share (Note 2C)		$	53.17			$	65.27

(a)	Cost of investment in silver bullion: $21,940,564,821 and $18,528,712,929, respectively.
(b)	No par value, unlimited amount authorized.

See notes to financial statements.

1

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iShares® Silver Trust

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2026 and 2025

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Expenses
Sponsor’s fee		$	44,442,928			$	19,191,181			$	97,167,998			$	36,709,544
Total expenses			44,442,928				19,191,181				97,167,998				36,709,544
Net investment loss			(44,442,928	)			(19,191,181	)			(97,167,998	)			(36,709,544	)
Net Realized and Unrealized Gain (Loss)
Net realized gain from:
Silver bullion sold to pay expenses			19,200,025				3,667,310				45,470,682				6,718,575
Silver bullion distributed for the redemption of Shares			1,067,724,966				412,850,821				7,061,130,752				927,560,607
Net realized gain			1,086,924,991				416,518,131				7,106,601,434				934,279,182
Net change in unrealized appreciation/depreciation			(7,795,272,098	)			507,216,153				(13,264,823,125	)			2,291,976,070
Net realized and unrealized gain (loss)			(6,708,347,107	)			923,734,284				(6,158,221,691	)			3,226,255,252
Net increase (decrease) in net assets resulting from operations		$	(6,752,790,035	)		$	904,543,103			$	(6,255,389,689	)		$	3,189,545,708
Net increase (decrease) in net assets per Share(a)		$	(12.57	)		$	1.79			$	(11.37	)		$	6.42

(a) Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

See notes to financial statements.

2

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iShares® Silver Trust

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2026

		Six Months Ended June 30, 2026
Net Assets at December 31, 2025		$	38,046,290,508
Operations:
Net investment loss			(52,725,070	)
Net realized gain			6,019,676,443
Net change in unrealized appreciation/depreciation			(5,469,551,027	)
Net increase in net assets resulting from operations			497,400,346
Capital Share Transactions:
Contributions for Shares issued			8,338,923,243
Distributions for Shares redeemed			(11,211,859,417	)
Net decrease in net assets from capital share transactions			(2,872,936,174	)
Decrease in net assets			(2,375,535,828	)
Net Assets at March 31, 2026		$	35,670,754,680
Operations:
Net investment loss			(44,442,928	)
Net realized gain			1,086,924,991
Net change in unrealized appreciation/depreciation			(7,795,272,098	)
Net decrease in net assets resulting from operations			(6,752,790,035	)
Capital Share Transactions:
Contributions for Shares issued			2,124,891,981
Distributions for Shares redeemed			(2,848,668,237	)
Net decrease in net assets from capital share transactions			(723,776,256	)
Decrease in net assets			(7,476,566,291	)
Net Assets at June 30, 2026		$	28,194,188,389
Shares issued and redeemed
Shares issued			134,900,000
Shares redeemed			(187,550,000	)
Net decrease in Shares issued and outstanding			(52,650,000	)

See notes to financial statements.

3

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iShares® Silver Trust

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2025

		Six Months Ended June 30, 2025
Net Assets at December 31, 2024		$	13,401,259,004
Operations:
Net investment loss			(17,518,363	)
Net realized gain			517,761,051
Net change in unrealized appreciation/depreciation			1,784,759,917
Net increase in net assets resulting from operations			2,285,002,605
Capital Share Transactions:
Contributions for Shares issued			2,148,318,301
Distributions for Shares redeemed			(2,585,212,588	)
Net decrease in net assets from capital share transactions			(436,894,287	)
Increase in net assets			1,848,108,318
Net Assets at March 31, 2025		$	15,249,367,322
Operations:
Net investment loss			(19,191,181	)
Net realized gain			416,518,131
Net change in unrealized appreciation/depreciation			507,216,153
Net increase in net assets resulting from operations			904,543,103
Capital Share Transactions:
Contributions for Shares issued			3,025,793,809
Distributions for Shares redeemed			(1,988,820,133	)
Net increase in net assets from capital share transactions			1,036,973,676
Increase in net assets			1,941,516,779
Net Assets at June 30, 2025		$	17,190,884,101
Shares issued and redeemed
Shares issued			171,450,000
Shares redeemed			(154,550,000	)
Net increase in Shares issued and outstanding			16,900,000

See notes to financial statements.

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iShares® Silver Trust

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2026 and 2025

		Six Months Ended June 30,
		2026				2025
Cash Flows from Operating Activities
Proceeds from silver bullion sold to pay expenses		$	98,037,112			$	35,729,827
Expenses – Sponsor’s fee paid			(98,037,112	)			(35,729,827	)
Net cash provided by operating activities			—				—
Increase (decrease) in cash			—				—
Cash, beginning of period			—				—
Cash, end of period		$	—			$	—
Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities
Net increase (decrease) in net assets resulting from operations		$	(6,255,389,689	)		$	3,189,545,708
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Proceeds from silver bullion sold to pay expenses			98,037,112				35,729,827
Net realized gain			(7,106,601,434	)			(934,279,182	)
Net change in unrealized appreciation/depreciation			13,264,823,125				(2,291,976,070	)
Change in operating assets and liabilities:
Sponsor’s fee payable			(869,114	)			979,685
Receivable for capital shares sold			—				(49,037,418	)
Payable for investments purchased			—				49,037,450
Net cash provided by (used in) operating activities		$	—			$	—
Supplemental disclosure of non-cash information:
Silver bullion contributed for Shares issued		$	10,463,815,224			$	5,174,112,110
Silver bullion distributed for Shares redeemed		$	(14,060,527,654	)		$	(4,574,032,721	)

See notes to financial statements.

5

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iShares® Silver Trust

Schedules of Investments (Unaudited)

At June 30, 2026 and December 31, 2025

June 30, 2026

Description		Ounces				Cost				Fair Value
Silver bullion			479,760,527			$	21,940,564,821			$	28,207,520,164
Total Investments – 100.05%											28,207,520,164
Liabilities in Excess of Other Assets – (0.05)%											(13,331,775	)
Net Assets – 100.00%										$	28,194,188,389

December 31, 2025

Description		Ounces				Cost				Fair Value
Silver bullion			528,691,365			$	18,528,712,929			$	38,060,491,397
Total Investments – 100.04%											38,060,491,397
Liabilities in Excess of Other Assets – (0.04)%											(14,200,889	)
Net Assets – 100.00%										$	38,046,290,508

See notes to financial statements.

6

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iShares® Silver Trust

Notes to Financial Statements (Unaudited)

June 30, 2026

1 - Organization

The iShares Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day-to-day administration of the Trust. The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Trust is governed by the provisions of the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of January 31, 2022. The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.

The Trust seeks to reflect generally the performance of the price of silver. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in silver.

The accompanying unaudited financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements, have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 27, 2026.

The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

2 - Significant Accounting Policies

A. Basis of Accounting

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

B. Silver Bullion

JPMorgan Chase Bank N.A., London Branch (the “Custodian”), is responsible for the safekeeping of silver bullion owned by the Trust.

Fair value of the silver bullion held by the Trust is based on the price per ounce of silver determined in an electronic auction consisting of one or more 30‑second rounds hosted by ICE Benchmark Administration (“IBA”) that begins at 12:00 p.m. (London time) and published shortly thereafter on each day that the London silver market is open for business (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.

Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.

The following tables summarize activity in silver bullion for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30, 2026		Ounces				Cost				Fair Value				Realized Gain (Loss)
Beginning balance			490,988,894			$	21,625,300,287			$	35,687,527,728			$	—
Silver bullion contributed			28,955,750				2,124,891,981				2,124,891,981				—
Silver bullion distributed			(39,541,786	)			(1,780,943,271	)			(2,848,668,237	)			1,067,724,966
Silver bullion sold to pay expenses			(642,331	)			(28,684,176	)			(47,884,201	)			19,200,025
Net realized gain			—				—				1,086,924,991				—
Net change in unrealized appreciation/depreciation			—				—				(7,795,272,098	)			—
Ending balance			479,760,527			$	21,940,564,821			$	28,207,520,164			$	1,086,924,991

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Three Months Ended June 30, 2025		Ounces				Cost				Fair Value				Realized Gain (loss)
Beginning balance			447,968,178			$	11,691,914,328			$	15,255,556,304			$	—
Silver bullion contributed			89,745,308				3,025,793,809				3,025,793,809				—
Silver bullion distributed			(59,107,248	)			(1,575,969,311	)			(1,988,820,133	)			412,850,821
Silver bullion sold to pay expenses			(556,475	)			(14,756,730	)			(18,424,039	)			3,667,310
Net realized gain			—				—				416,518,131				—
Net change in unrealized appreciation/depreciation			—				—				507,216,153				—
Ending balance			478,049,763			$	13,126,982,096			$	17,197,840,225			$	416,518,131

The following tables summarize activity in silver bullion for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30, 2026		Ounces				Cost				Fair Value				Realized Gain (Loss)
Beginning balance			528,691,365			$	18,528,712,929			$	38,060,491,397			$	—
Silver bullion contributed			122,191,790				10,463,815,224				10,463,815,224				—
Silver bullion distributed			(169,877,050	)			(6,999,396,902	)			(14,060,527,654	)			7,061,130,752
Silver bullion sold to pay expenses			(1,245,578	)			(52,566,430	)			(98,037,112	)			45,470,682
Net realized gain			—				—				7,106,601,434				—
Net change in unrealized appreciation/depreciation			—				—				(13,264,823,125	)			—
Ending balance			479,760,527			$	21,940,564,821			$	28,207,520,164			$	7,106,601,434

Six Months Ended June 30, 2025		Ounces				Cost				Fair Value				Realized Gain (Loss)
Beginning balance			463,837,932			$	11,628,353,352			$	13,407,235,411			$	—
Silver bullion contributed			155,969,814				5,174,112,110				5,174,112,110				—
Silver bullion distributed			(140,637,478	)			(3,646,472,113	)			(4,574,032,721	)			927,560,607
Silver bullion sold to pay expenses			(1,120,505	)			(29,011,253	)			(35,729,827	)			6,718,575
Net realized gain			—				—				934,279,182				—
Net change in unrealized appreciation/depreciation			—				—				2,291,976,070				—
Ending balance			478,049,763			$	13,126,982,096			$	17,197,840,225			$	934,279,182

C. Calculation of Net Asset Value

On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the silver and other assets held by the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.

D. Offering of the Shares

Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for silver bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trustee and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided, that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of silver is not reasonably practicable.

The per-Share amount of silver exchanged for a purchase or redemption represents the per-Share amount of silver held by the Trust, after giving effect to its liabilities.

When silver bullion is exchanged in settlement of a redemption, it is considered a sale of silver bullion for accounting purposes.

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E. Federal Income Taxes

The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of  June 30, 2026 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

F. Segment Reporting

The Chief Financial Officer of the Sponsor acts as the Trust’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Trust. The CODM has concluded that the Trust operates as a single operating segment since the Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Trust’s financial statements.

3 - Trust Expenses

The Sponsor’s fee is accrued daily at an annualized rate equal to 0.50% of the net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee and reimbursement for its reasonable out‑of‑pocket expenses, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $500,000 per annum in legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the amount required under the Trust Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust.

4 - Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.

5 - Indemnification

The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor.

The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their (1) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or (2) reckless disregard of their obligations and duties under the Trust Agreement.

Under the custodian agreement between the Trustee and the Custodian (the “Custodian Agreement”), the Trustee has agreed to indemnify the Custodian for certain costs, expenses, damages, liabilities and losses incurred in connection with the Custodian Agreement, except to the extent resulting from the Custodian's negligence, willful default or fraud.

The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.

6 - Commitments and Contingent Liabilities

In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future potential claims that may be made against the Trust that have not yet occurred.

7 - Concentration Risk

Substantially all of the Trust’s assets are holdings of silver bullion, which creates a concentration risk associated with fluctuations in the price of silver. Accordingly, a decline in the price of silver will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of silver include a change in economic conditions (such as a recession); a significant increase in the hedging activities of silver producers; significant changes in the attitude of speculators, investors and other market participants towards silver; global silver supply and demand; global or regional political, economic or financial events and situations; investors’ expectations with respect to the rate of inflation; interest rates; investment and trading activities of hedge funds and commodity funds; other economic variables such as income growth, economic output, and monetary policies; and investor confidence.

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8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2026 and 2025.

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Net asset value per Share, beginning of period		$	65.81			$	30.99			$	65.27			$	26.33
Net investment loss(a)			(0.08	)			(0.04	)			(0.18	)			(0.07	)
Net realized and unrealized gain (loss)(b)			(12.56	)			1.74				(11.92	)			6.43
Net increase (decrease) in net assets from operations			(12.64	)			1.70				(12.10	)			6.36
Net asset value per Share, end of period		$	53.17			$	32.69			$	53.17			$	32.69
Total return, at net asset value(c)(d)			(19.21	)%			5.49	%			(18.54	)%			24.15	%
Ratio to average net assets:
Net investment loss(e)			(0.50	)%			(0.50	)%			(0.50	)%			(0.50	)%
Expenses(e)			0.50	%			0.50	%			0.50	%			0.50	%

(a)	Based on average Shares outstanding during the period.
(b)	The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment.
(c)	Based on the change in net asset value of a Share during the period.
(d)	Percentage is not annualized.
(e)	Percentage is annualized.

9 - Investment Valuation

U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investment at fair value.

Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:

Level 1  −  Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2  −  Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

Level 3  −  Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At June 30, 2026 and December 31, 2025, the value of the silver bullion held by the Trust is categorized as Level 1.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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.

Introduction

The iShares Silver Trust (the “Trust”) is a grantor trust formed under the laws of the State of New York. The Trust does not have any officers, directors, or employees and is administered by The Bank of New York Mellon (the “Trustee”) acting as trustee, pursuant to the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and iShares Delaware Trust Sponsor LLC, the sponsor of the Trust (the “Sponsor”). The Trust issues units of beneficial interest (“Shares”), representing fractional undivided beneficial interests in its net assets. The assets of the Trust consist primarily of silver bullion held by a custodian as an agent of the Trust responsible only to the Trustee.

The Trust is a passive investment vehicle and seeks to reflect generally the performance of the price of silver. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust does not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the price of silver.

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.

Shares of the Trust trade on NYSE Arca, Inc. under the ticker symbol SLV.

Valuation of Silver Bullion; Computation of Net Asset Value

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.

Liquidity

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.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. A description of the valuation of silver bullion, a critical accounting policy that the Trust believes is important to understanding its results of operations and financial position, is provided in the section entitled “Valuation of Silver Bullion; Computation of Net Asset Value” above. In addition, please refer to Note 2 to the financial statements included in this report for further discussion of the Trust’s accounting policies.

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Results of Operations

The Quarter Ended June 30, 2026

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.

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.

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.

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.

The Six-Month Period Ended June 30, 2026

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.

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.

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.

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.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of June 30, 2026, the end of the period covered by this report, to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.

There were no changes in the Trust’s internal control over financial reporting that occurred during the six-month period ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors

There have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 27, 2026.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

a) None.

b) Not applicable.

c) 43,700,000 Shares (874 Baskets) were redeemed during the quarter ended June 30, 2026.

Period		Total Number of Shares Redeemed				Average Ounces of Silver Paid Per Share
04/01/26 to 04/30/26			18,450,000			$	0.9052
05/01/26 to 05/31/26			7,500,000				0.9048
06/01/26 to 06/30/26			17,750,000				0.9045
Total			43,700,000			$	0.9049

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

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Item 6. Exhibits

Exhibit No.		Description
4.1		Third Amended and Restated Depositary Trust Agreement is incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by the Registrant on January 31, 2022
4.2		Standard Terms for Authorized Participant Agreements is incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016
10.1		First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London Branch is incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016
10.2		Amendment Agreement to First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch is incorporated by reference to Exhibit 10.2 of Registration Statement No. 333-239613 filed by the Registrant on July 1, 2020
10.3		Sub-license Agreement is incorporated by reference to Exhibit 10.2 of Registration Statement No. 333-156506 filed by the Registrant on December 30, 2008
31.1*		Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002
32.2*		Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002
101.INS*		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)

* Filed herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.

iShares Delaware Trust Sponsor LLC,
Sponsor of iShares Silver Trust (registrant)

/s/ Jay Jacobs

Jay Jacobs
Director, President and Chief Executive Officer
(Principal executive officer)

Date: August 5, 2026

/s/ Bryan Bowers

Bryan Bowers
Director and Chief Financial Officer
(Principal financial and accounting officer)

Date: August 5, 2026

* The registrant is a trust and the persons are signing in their respective capacities as officers of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.

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