SLV Q3 2025: 59.17% YTD NAV gain as silver rises
iShares Silver Trust (SLV) filed its Q3 2025 report, highlighting strong silver‑driven gains. Net assets rose to $23,214,100,171 at September 30, 2025, with NAV per share at $41.91, up from $26.33 at December 31, 2024. The trust held 502,925,981 ounces of silver at fair value of $23,222,607,159.
Performance tracked the metal: NAV per share increased 28.20% in the quarter (from $32.69 to $41.91) and 59.17% year‑to‑date, mirroring silver’s rise to $46.18 per ounce by quarter‑end. The trust recorded a quarterly net increase in net assets from operations of $4,972,651,417, driven by unrealized gains of $4,093,112,014 and realized gains tied to share redemptions, partly offset by Sponsor’s fees of $24,024,767. For the nine months, the net increase from operations was $8,162,197,125 and Sponsor’s fees totaled $60,734,311.
Shares outstanding were 553,900,000 at September 30, 2025, reflecting creations and redemptions typical of the trust’s basket mechanism. The trust remains a passive vehicle designed to reflect the price of silver before expenses.
Positive
- None.
Negative
- None.
Insights
SLV’s Q3 surge reflects silver’s rally; expenses modest.
SLV is a passive grantor trust; results primarily mirror spot silver. NAV per share rose from
Operating drag remained limited: Sponsor’s fees were
Key dependency is the LBMA Silver Price for valuation. Future outcomes hinge on silver price movements and activity by Authorized Participants; the filing lists no additional operating levers.
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
| | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
| For the quarterly period ended |
| 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:
iShares® Silver Trust
(Exact name of registrant as specified in its charter)
| | |
| (State or other jurisdiction of | (I.R.S. Employer |
c/o iShares Delaware Trust Sponsor LLC
(Address of principal executive offices) (Zip Code)
(
(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 |
| | | |
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.
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).
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.
| | 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
As of October 31, 2025, the Registrant had
Table of Contents
| Page | ||
| PART I – FINANCIAL INFORMATION |
|
|
| Item 1. | Financial Statements (Unaudited) |
1 |
| Statements of Assets and Liabilities at September 30, 2025 and December 31, 2024 |
1 | |
| Statements of Operations for the three and nine months ended September 30, 2025 and 2024 |
2 | |
| Statements of Changes in Net Assets for the three, six and nine months ended September 30, 2025 and 2024 |
3 | |
| Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 |
5 | |
| Schedules of Investments at September 30, 2025 and December 31, 2024 |
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 | |
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
iShares® Silver Trust
Statements of Assets and Liabilities (Unaudited)
At September 30, 2025 and December 31, 2024
| September 30, | December 31, | |||||||
| Assets | ||||||||
| Investment in silver bullion, at fair value(a) | $ | $ | ||||||
| Receivable for investments sold | ||||||||
| Total Assets | ||||||||
| Liabilities | ||||||||
| Sponsor’s fees payable | ||||||||
| Payable for capital shares redeemed | ||||||||
| Total Liabilities | ||||||||
| Commitments and contingent liabilities (Note 6) | — | — | ||||||
| Net Assets | $ | $ | ||||||
| Shares issued and outstanding(b) | ||||||||
| Net asset value per Share (Note 2C) | $ | $ | ||||||
| (a) |
Cost of investment in silver bullion: $15,058,637,016 and $11,628,353,352, respectively. |
| (b) |
No par value, unlimited amount authorized. |
See notes to financial statements.
iShares® Silver Trust
Statements of Operations (Unaudited)
For the three and nine months ended September 30, 2025 and 2024
| Three Months Ended | Nine Months Ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Expenses | ||||||||||||||||
| Sponsor’s fees | $ | $ | $ | $ | ||||||||||||
| Total expenses | ||||||||||||||||
| Net investment loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net Realized and Unrealized Gain (Loss) | ||||||||||||||||
| Net realized gain from: | ||||||||||||||||
| Litigation proceeds(a) | ||||||||||||||||
| Silver bullion sold to pay expenses | ||||||||||||||||
| Silver bullion distributed for the redemption of Shares | ||||||||||||||||
| Net realized gain | ||||||||||||||||
| Net change in unrealized appreciation/depreciation | ||||||||||||||||
| Net realized and unrealized gain | ||||||||||||||||
| Net increase in net assets resulting from operations | $ | $ | $ | $ | ||||||||||||
| Net increase in net assets per Share(b) | $ | $ | $ | $ | ||||||||||||
| (a) |
Represents a payment received from a class action settlement related to silver. |
| (b) |
Net increase in net assets per Share based on average shares outstanding during the period. |
See notes to financial statements.
iShares® Silver Trust
Statements of Changes in Net Assets (Unaudited)
For the three, six and nine months ended September 30, 2025
| Nine Months Ended | ||||
| Net Assets at December 31, 2024 | $ | |||
| Operations: | ||||
| Net investment loss | ( | ) | ||
| Net realized gain | ||||
| Net change in unrealized appreciation/depreciation | ||||
| Net increase in net assets resulting from operations | ||||
| Capital Share Transactions: | ||||
| Contributions for Shares issued | ||||
| Distributions for Shares redeemed | ( | ) | ||
| Net decrease in net assets from capital share transactions | ( | ) | ||
| Increase in net assets | ||||
| Net Assets at March 31, 2025 | $ | |||
| Operations: | ||||
| Net investment loss | ( | ) | ||
| Net realized gain | ||||
| Net change in unrealized appreciation/depreciation | ||||
| Net increase in net assets resulting from operations | ||||
| Capital Share Transactions: | ||||
| Contributions for Shares issued | ||||
| Distributions for Shares redeemed | ( | ) | ||
| Net increase in net assets from capital share transactions | ||||
| Increase in net assets | ||||
| Net Assets at June 30, 2025 | $ | |||
| Operations: | ||||
| Net investment loss | ( | ) | ||
| Net realized gain | ||||
| Net change in unrealized appreciation/depreciation | ||||
| Net increase in net assets resulting from operations | ||||
| Capital Share Transactions: | ||||
| Contributions for Shares issued | ||||
| Distributions for Shares redeemed | ( | ) | ||
| Net increase in net assets from capital share transactions | ||||
| Increase in net assets | ||||
| Net Assets at September 30, 2025 | $ | |||
| Shares issued and redeemed | ||||
| Shares issued | ||||
| Shares redeemed | ( | ) | ||
| Net increase in Shares issued and outstanding | ||||
See notes to financial statements.
iShares® Silver Trust
Statements of Changes in Net Assets (Unaudited)
For the three, six and nine months ended September 30, 2024
| Nine Months Ended | ||||
| Net Assets at December 31, 2023 | $ | |||
| Operations: | ||||
| Net investment loss | ( | ) | ||
| Net realized gain | ||||
| Net change in unrealized appreciation/depreciation | ||||
| Net increase in net assets resulting from operations | ||||
| Capital Share Transactions: | ||||
| Contributions for Shares issued | ||||
| Distributions for Shares redeemed | ( | ) | ||
| Net decrease in net assets from capital share transactions | ( | ) | ||
| Increase in net assets | ||||
| Net Assets at March 31, 2024 | $ | |||
| Operations: | ||||
| Net investment loss | ( | ) | ||
| Net realized gain | ||||
| Net change in unrealized appreciation/depreciation | ||||
| Net increase in net assets resulting from operations | ||||
| Capital Share Transactions: | ||||
| Contributions for Shares issued | ||||
| Distributions for Shares redeemed | ( | ) | ||
| Net increase in net assets from capital share transactions | ||||
| Increase in net assets | ||||
| Net Assets at June 30, 2024 | $ | |||
| Operations: | ||||
| Net investment loss | ( | ) | ||
| Net realized gain | ||||
| Net change in unrealized appreciation/depreciation | ||||
| Net increase in net assets resulting from operations | ||||
| Capital Share Transactions: | ||||
| Contributions for Shares issued | ||||
| Distributions for Shares redeemed | ( | ) | ||
| Net increase in net assets from capital share transactions | ||||
| Increase in net assets | ||||
| Net Assets at September 30, 2024 | $ | |||
| Shares issued and redeemed | ||||
| Shares issued | ||||
| Shares redeemed | ( | ) | ||
| Net increase in Shares issued and outstanding | ||||
See notes to financial statements.
iShares® Silver Trust
Statements of Cash Flows (Unaudited)
For the nine months ended September 30, 2025 and 2024
| Nine Months Ended | ||||||||
| 2025 | 2024 | |||||||
| Cash Flows from Operating Activities | ||||||||
| Proceeds from silver bullion sold to pay expenses | $ | $ | ||||||
| Expenses – Sponsor’s fees paid | ( | ) | ( | ) | ||||
| 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 in net assets resulting from operations | $ | $ | ||||||
| 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 | ||||||||
| Litigation proceeds(a) | ( | ) | ( | ) | ||||
| Net realized (gain) loss | ( | ) | ( | ) | ||||
| Net change in unrealized appreciation/depreciation | ( | ) | ( | ) | ||||
| Change in operating assets and liabilities: | ||||||||
| Sponsor’s fees payable | ||||||||
| Receivable for investments sold | ( | ) | ||||||
| Payable for capital shares redeemed | ||||||||
| Net cash provided by (used in) operating activities | $ | $ | ||||||
| Supplemental disclosure of non-cash information: | ||||||||
| Silver bullion contributed for Shares issued | $ | $ | ||||||
| Silver bullion distributed for Shares redeemed | $ | ( | ) | $ | ( | ) | ||
| (a) |
Represents a payment received from a class action settlement related to silver. |
See notes to financial statements.
iShares® Silver Trust
Schedules of Investments (Unaudited)
At September 30, 2025 and December 31, 2024
| September 30, 2025 |
| Description | Ounces | Cost | Fair Value | |||||||||
| Silver bullion | $ | $ | ||||||||||
| Total Investments – 100.04% | ||||||||||||
| Liabilities in Excess of Other Assets – (0.04)% | ( | ) | ||||||||||
| Net Assets – 100.00% | $ | |||||||||||
| December 31, 2024 |
| Description | Ounces | Cost | Fair Value | |||||||||
| Silver bullion | $ | $ | ||||||||||
| Total Investments – 100.04% | ||||||||||||
| Liabilities in Excess of Other Assets – (0.04)% | ( | ) | ||||||||||
| Net Assets – 100.00% | $ | |||||||||||
See notes to financial statements.
iShares® Silver Trust
Notes to Financial Statements (Unaudited)
September 30, 2025
| 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, 2024, as filed with the SEC on February 19, 2025.
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 September 30, 2025 and 2024:
| Three Months Ended September 30, 2025 | Ounces | Cost | Fair | Realized | ||||||||||||
| Beginning balance | $ | $ | $ | — | ||||||||||||
| Silver bullion contributed | — | |||||||||||||||
| Silver bullion distributed | ( | ) | ( | ) | ( | ) | ||||||||||
| Silver bullion sold to pay expenses | ( | ) | ( | ) | ( | ) | ||||||||||
| Net realized gain | — | — | — | |||||||||||||
| Litigation proceeds(a) | — | — | — | |||||||||||||
| Net change in unrealized appreciation/depreciation | — | — | — | |||||||||||||
| Ending balance | $ | $ | $ | |||||||||||||
| (a) | Includes a payment received from a class action settlement related to silver of $ |
| Three Months Ended September 30, 2024 | Ounces | Cost | Fair | Realized | ||||||||||||
| Beginning balance | $ | $ | $ | — | ||||||||||||
| Silver bullion contributed | — | |||||||||||||||
| Silver bullion distributed | ( | ) | ( | ) | ( | ) | ||||||||||
| Silver bullion sold to pay expenses | ( | ) | ( | ) | ( | ) | ||||||||||
| Net realized gain | — | — | — | |||||||||||||
| Litigation proceeds(a) | — | — | — | |||||||||||||
| Net change in unrealized appreciation/depreciation | — | — | — | |||||||||||||
| Ending balance | $ | $ | $ | |||||||||||||
| (a) | Includes a payment received from a class action settlement related to silver of $ |
The following tables summarize activity in silver bullion for the nine months ended September 30, 2025 and 2024:
| Nine Months Ended September 30, 2025 | Ounces | Cost | Fair | Realized | ||||||||||||
| Beginning balance | $ | $ | $ | — | ||||||||||||
| Silver bullion contributed | — | |||||||||||||||
| Silver bullion distributed | ( | ) | ( | ) | ( | ) | ||||||||||
| Silver bullion sold to pay expenses | ( | ) | ( | ) | ( | ) | ||||||||||
| Net realized gain | — | — | — | |||||||||||||
| Litigation proceeds(a) | — | — | — | |||||||||||||
| Net change in unrealized appreciation/depreciation | — | — | — | |||||||||||||
| Ending balance | $ | $ | $ | |||||||||||||
| (a) | Includes a payment received from a class action settlement related to silver of $ |
| Nine Months Ended September 30, 2024 | Ounces | Cost | Fair | Realized | ||||||||||||
| Beginning balance | $ | $ | $ | — | ||||||||||||
| Silver bullion contributed | — | |||||||||||||||
| Silver bullion distributed | ( | ) | ( | ) | ( | ) | ||||||||||
| Silver bullion sold to pay expenses | ( | ) | ( | ) | ( | ) | ||||||||||
| Net realized gain | — | — | — | |||||||||||||
| Litigation proceeds(a) | — | — | — | |||||||||||||
| Net change in unrealized appreciation/depreciation | — | — | — | |||||||||||||
| Ending balance | $ | $ | $ | |||||||||||||
| (a) | Includes a payment received from a class action settlement related to silver of $ |
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
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.
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 September 30, 2025 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
| 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.
The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties.
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.
| 8 - | Financial Highlights |
The following financial highlights relate to investment performance and operations for a Share outstanding for the three and nine months ended September 30, 2025 and 2024.
| Three Months Ended | Nine Months Ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net asset value per Share, beginning of period | $ | $ | $ | $ | ||||||||||||
| Net investment loss(a) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net realized and unrealized gain(b) | ||||||||||||||||
| Net increase in net assets from operations | ||||||||||||||||
| Net asset value per Share, end of period | $ | $ | $ | $ | ||||||||||||
| Total return, at net asset value(c)(d) | % | % | % | % | ||||||||||||
| Ratio to average net assets: | ||||||||||||||||
| Net investment loss(e) | ( | )% | ( | )% | ( | )% | ( | )% | ||||||||
| Expenses(e) | % | % | % | % | ||||||||||||
| (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 September 30, 2025 and December 31, 2024, the value of the silver bullion held by the Trust is categorized as Level 1.
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 issuance (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.
Results of Operations
The Quarter Ended September 30, 2025
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.
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.
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.
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.
The Nine-Month Period Ended September 30, 2025
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.
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.
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.
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.
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 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.
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, 2024, filed with the Securities and Exchange Commission on February 19, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
a) None.
b) Not applicable.
c) 89,900,000 Shares (1,798 Baskets) were redeemed during the quarter ended September 30, 2025.
| Period |
Total Number of Shares |
Average Ounces of |
||||||
| 07/01/25 to 07/31/25 |
39,350,000 | $ | 0.9085 | |||||
| 08/01/25 to 08/31/25 |
12,300,000 | 0.9082 | ||||||
| 09/01/25 to 09/30/25 |
38,250,000 | 0.9079 | ||||||
| Total |
89,900,000 | $ | 0.9083 | |||||
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Not applicable.
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
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/ Shannon Ghia |
Shannon Ghia
Director, President and Chief Executive Officer
(Principal executive officer)
| Date: | November 5, 2025 |
| /s/ Bryan Bowers |
Bryan Bowers
Director and Chief Financial Officer
(Principal financial and accounting officer)
| Date: | November 5, 2025 |
* 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.
FAQ
How did iShares Silver Trust (SLV) perform in Q3 2025?
What are SLV’s total net assets and silver holdings as of September 30, 2025?
What was SLV’s year-to-date return through Q3 2025?
How much did SLV pay in fees?
How many SLV shares were outstanding at quarter-end?
What drove SLV’s increase in net assets from operations?
How does SLV value its silver?
