0001450922 2025-01-01 2025-12-31 0001450922 2025-06-30 0001450922 2026-02-26 0001450922 2025-12-31 0001450922 2024-12-31 0001450922 2024-01-01 2024-12-31 0001450922 sivr:SilverMember 2025-12-31 0001450922 sivr:SilverMember 2024-12-31 0001450922 2023-01-01 2023-12-31 0001450922 2023-12-31 0001450922 2022-12-31 0001450922 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001450922 us-gaap:FairValueInputsLevel1Member 2024-12-31 iso4217:USD shares iso4217:USD shares pure utr:oz true 2025 FY --12-31 0001450922 10-K/A true 2025-12-31 false 001-34412 abrdn Silver ETF Trust NY 26-4586763 1900 Market Street Suite 200 Philadelphia PA 19103 (844) 383-7289 abrdn Physical Silver Shares ETF SIVR NYSEArca Yes No Yes Yes Large Accelerated Filer false false false false false 1988898000 76550000 None This Annual Report on Form 10-K/A constitutes Amendment No. 1 (the “Amendment”) to the Annual Report of the abrdn Silver ETF Trust (the “Registrant”) on Form 10-K for the year ended December 31, 2025, which was originally filed with the Securities and Exchange Commission on March 2, 2026 (the “Original Filing”). This Amendment is being filed solely to include KPMG’s Report regarding its opinion on the Financial Statements, which was inadvertently omitted in the Original Filing. Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as a result of this Amendment, the Certifications, filed and furnished, respectively, as exhibits to the Original Filing, have been re-executed and re-filed as of the date of this Form 10-K/A and are included as Exhibits 31.1, 31.2, 32.1 and 32.2 hereto. Therefore, Part IV, Item 15 of the Original Filing has been amended to reflect the new Certifications described above. No other change is made to the Original Filing. This Amendment does not purport to provide an update or a discussion of any other developments subsequent to the Original Filing. Accordingly, this Amendment should be read in conjunction with the Original Filing. <p id="xdx_804_ecyd--CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_gL1CRMPFAIAMT-XOJTW_zxb19B30EKGc" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Cybersecurity The Trust, through its service providers, has processes in place to assess, identify and manage material risks from cybersecurity threats. The Trust’s business is dependent on the communications and information systems of the Trustee, the Sponsor, the Custodian and other third-party service providers. The Trustee is responsible for day-to-day administration of the Trust and has implemented a cybersecurity program that applies to the Trustee and its business, including the administration of the Trust. Cybersecurity Program Overview The Trustee has instituted a cybersecurity program designed to identify, assess and mitigate cyber risks applicable to the administration by the Trustee of the Trust. The cyber risk management program involves risk assessments, implementation of security measures and ongoing monitoring of systems and networks, including networks on which the Trust relies. The Trustee actively monitors the current threat landscape to seek to identify material risks arising from new and evolving cybersecurity threats, including material risks faced by the Trust. The Trust relies on the Trustee, the Sponsor and the Custodian to engage external experts, including cybersecurity assessors, risk management and information technology professionals, attorneys, consultants and auditors to evaluate cybersecurity measures and risk management processes, including those applicable to the Trust. Assessment of Cybersecurity Risk The potential impact of risks from cybersecurity threats to the Trust are assessed by the Trustee, the Sponsor, the Custodian and third-party service providers on an ongoing basis, and how such risks could materially affect the Trust’s objective, operational results and financial condition are regularly evaluated. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_903_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_c20250101__20251231_zfhlTfrjtzCg">During the reporting period, the Trustee has <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_907_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbF_c20250101__20251231_ztHP7whug4uc">not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Trustee believes have materially affected, or are reasonably likely to materially affect, the Trust, including its objective, operational results and financial condition. Board Oversight of Cybersecurity Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90C_ecyd--CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_c20250101__20251231_zYBbFq1h4EF3">The Trust has no board of trustees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust relies on the Trustee, the Sponsor and the Custodian for oversight of cybersecurity risks applicable to the Trust. Management’s Role in Cybersecurity Risk Management <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_906_ecyd--CybersecurityRiskRoleOfManagementTextBlock_c20250101__20251231_zsCAPM6Ed4Qe">The Trust has no officers or employees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust relies on the Trustee, the Sponsor and the Custodian for management of cybersecurity risks applicable to the Trust. The Trust has no board of trustees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust relies on the Trustee, the Sponsor and the Custodian for oversight of cybersecurity risks applicable to the Trust. The Trust has no officers or employees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust relies on the Trustee, the Sponsor and the Custodian for management of cybersecurity risks applicable to the Trust. During the reporting period, the Trustee has <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_907_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbF_c20250101__20251231_ztHP7whug4uc">not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Trustee believes have materially affected, or are reasonably likely to materially affect, the Trust, including its objective, operational results and financial condition. false false false false false false KPMG LLP <div id="xdx_807_edei--AuditorOpinionTextBlock_ztEzREhvA0F8"></div> Auditor Opinion Opinion on the Financial Statements We have audited the accompanying statements of assets and liabilities of abrdn Silver ETF Trust (the Trust) including the schedules of investments, as of December 31, 2025 and December 31, 2024, the related statements of operations and changes in net assets and the financial highlights for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2025 and December 31, 2024, and the results of its operations, changes in its net assets and financial highlights for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Trust’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 27, 2026 expressed an unqualified opinion on the effectiveness of the Trust’s internal control over financial reporting. Philadelphia, Pennsylvania 185

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<p id="xdx_806_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zLJLcKK2er6l" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">1. Organization The abrdn Silver ETF Trust (the “Trust”) is a common law trust formed on July 20, 2009 (the “Date of Inception”) under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by abrdn ETFs Sponsor LLC (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”). The Trust holds silver and issues abrdn Physical Silver Shares ETF (“Shares”) in minimum blocks of 50,000 Shares (also referred to as “Baskets”) in exchange for deposits of silver and distributes silver in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of abrdn Inc., which is a wholly-owned indirect subsidiary of Aberdeen Group plc. The Trust is governed by the Trust Agreement. The investment objective of the Trust is for the Shares to reflect the performance of the price of physical silver, less the Trust’s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”) an opportunity to participate in the silver market through an investment in securities.

50000

2. Significant Accounting Policies The preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust. <p id="xdx_846_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zqmgry8ymJZk" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">2.1. Basis of Accounting The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. <p id="xdx_844_ecustom--ValuationOfBullionPolicyTextBlock_zakVmoCsQF05" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">2.2. Valuation of Silver The Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s silver is recorded at fair value. The cost of silver is determined according to the average cost method and the fair value is based on the London Bullion Market Association (“LBMA”) Silver Price. Realized gains and losses on transfers of silver, or silver distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of silver transferred. The ICE Benchmark Administration (“IBA”) conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the LBMA-authorized bullion banks and market makers participating in the auction. Once the value of silver has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the silver and all other assets held by the Trust. The Trust recognizes changes in fair value of the investment in silver as changes in unrealized gains or losses on investment in silver through the Statement of Operations. The per Share amount of silver exchanged for a purchase or redemption is calculated daily by the Trustee using the LBMA Silver Price to calculate the silver amount in respect of any liabilities for which covering silver sales have not yet been made, and represents the per Share amount of silver held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred. Fair Value Hierarchy ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 52.45pt"></td><td style="width: 7.45pt; text-align: left">–</td><td style="text-align: left">Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 52.45pt; text-align: left"></td><td style="width: 7.45pt; text-align: left">–</td><td style="text-align: left">Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 52.45pt; text-align: left"></td><td style="width: 7.45pt; text-align: left">–</td><td style="text-align: left">Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.</td> </tr></table> To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Trust’s investment in silver is classified as a level 1 asset, as its value is calculated using unadjusted quoted prices from primary market sources. The categorization of the Trust’s assets is as shown below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>(Amounts in 000’s of US$)</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zaEg4gojyPEj" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20241231_zvSdAhbXcdca" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Level 1</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zyOVu2g8vB23" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Investment in silver</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,431,606</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,414,591</td><td style="width: 1%; text-align: left"> </td></tr> </table> There were no transfers between levels during the years ended December 31, 2025 and 2024. <p id="xdx_846_ecustom--ReceivableAndPayablePolicyTextBlock_z7FNMFYncPve" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">2.3. Silver Receivable and Payable Silver receivable or payable represents the quantity of silver covered by contractually binding orders for the creation or redemption of Shares respectively, where the silver has not yet been transferred to or from the Trust’s account. Generally, ownership of silver is transferred within one business day of the trade date. At December 31, 2025, the Trust has no receivable or payable for the creation or redemption of Shares. At December 31, 2024, the Trust had $6,898,661 of silver receivable for the creation of Shares and no silver payable for the redemption of Shares. <p id="xdx_840_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zDUmsSucv7c8" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">2.4. Creations and Redemptions of Shares The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other silver bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the silver required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated silver account established with the Custodian or a silver bullion clearing bank by an Authorized Participant. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of silver represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. Effective May 28, 2024, the settlement period for Shares is one business day. Prior to May 28, 2024, the standard settlement period for Shares was two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When silver is exchanged in settlement of a redemption, it is considered a sale of silver for financial statement purposes. The amount of silver represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of silver to be delivered or distributed by the Trust. In order to ensure that the correct amount of silver is available at all times to back the Shares, the Sponsor accepts an adjustment to its Sponsor Fee in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of silver. As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets. <p id="xdx_846_eus-gaap--IncomeTaxPolicyTextBlock_z9LzHcrq3PV" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">2.5. Income Taxes The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of December 31, 2025 or December 31, 2024. <p id="xdx_849_eus-gaap--InvestmentPolicyTextBlock_zy77x1QTqDIk" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">2.6. Investment in Silver Changes in ounces of silver and their respective values for the years ended December 31, 2025 and 2024 are set out below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-style: italic; text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_z4x826tjvn0i" style="border-bottom: Black 1pt solid; text-align: center">Year Ended December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zrgnk1y0gk3i" style="border-bottom: Black 1pt solid; text-align: center">Year Ended December 31, 2024</td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic">(Amounts in 000’s of US$, except for ounces data)</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Ounces of silver</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_z1ljmMExWiSb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">48,939,346.4</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">44,584,861.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_zV1fAlPdJfz1" style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,207,139.9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,798,793.7</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_zkaVITJhxke3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,531,087.0</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,307,064.1</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1d_uOZ_zrmGZjMlZYH4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of silver to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(165,942.6</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(137,244.2</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_zcN6P48qsEgi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="color: Red; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: Red; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; color: Red; text-align: right">75,449,456.7</td><td style="color: Red; text-align: left; padding-bottom: 2.5pt"> </td><td style="color: Red; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: Red; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; color: Red; text-align: right">48,939,346.4</td><td style="color: Red; text-align: left; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="color: Red"> </td> <td style="color: Red; text-align: left"> </td><td style="color: Red; text-align: right"> </td><td style="color: Red; text-align: left"> </td><td style="color: Red"> </td> <td style="color: Red; text-align: left"> </td><td style="color: Red; text-align: right"> </td><td style="color: Red; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Investment in silver</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zLf9vzo2NNc1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,414,591</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,060,674</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--CreationsValueOfBullion_pn3n3_z0dgAohh6Wfj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,642,502</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">357,817</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_zero3UUrgiv9" style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(463,169</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(219,235</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_zdWZy3jicx4g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain on silver distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194,527</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,350</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_z8IwdAwB4zna" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of silver to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,290</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,828</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_zDsaoESvCjy6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain on silver transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,961</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">812</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_zqVn9Z6pxyL4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized (loss) on investment in silver</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,647,484</td><td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">168,001</td><td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_z1XO5qgNmDth" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,431,606</td><td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,414,591</td><td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table> 2.7. Expenses / Realized Gains / Losses The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of silver to the Sponsor. The Trust will transfer silver to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.45% of the adjusted daily net asset value (“ANAV”) of the Trust, paid monthly in arrears. Presently, the Sponsor is continuing to voluntarily waive a portion of its fee and reduce the Sponsor’s Fee to 0.30% (which it has done since the Date of Inception). The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. For the years ended December 31, 2025, 2024 and 2023, the Sponsor’s Fee, net of fees waived by the Sponsor, was $7,297,886, $3,923,620, and $3,247,514, respectively. At December 31, 2025 and at December 31, 2024, the fees payable to the Sponsor were $1,373,945 and $366,328, respectively. As a result of the waiver, the Sponsor’s Fee waived for the years ended December 31, 2025, 2024 and 2023 was $3,648,943, $1,961,810 and $1,623,757, respectively. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s silver as necessary to pay these expenses. When selling silver to pay expenses, the Trustee will endeavor to sell the smallest amounts of silver needed to pay these expenses in order to minimize the Trust’s holdings of assets other than silver. Other than the Sponsor’s Fee, the Trust had no expenses during the years ended December 31, 2025, 2024, and 2023. Unless otherwise directed by the Sponsor, when selling silver the Trustee will endeavor to sell at the price established by the LBMA. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such silver only if the sale transaction is made at the next LBMA Silver Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of silver. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. Realized gains and losses result from the transfer of silver for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average cost of silver transferred. 2.8 Segment Reporting Adoption of the new standard impacted disclosures only and did not affect the Trust’s financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity’s chief operating decision maker (“CODM”) when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Sponsor acts as the Trust’s CODM. The CODM monitors the operating results of the Trust as a whole, and the Trust’s asset allocation is managed in accordance with its Prospectus. The Trust operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Trust’s prospectus describes the Trust’s fees, investment objective, principal investment strategy and principal risks, among other items. The Trust’s portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Trust’s financial statements. The accompanying financial statements detail the Trust’s segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the Trust’s Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations. 2.9. Subsequent Events In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

<p id="xdx_846_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zqmgry8ymJZk" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">2.1. Basis of Accounting The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.

<p id="xdx_844_ecustom--ValuationOfBullionPolicyTextBlock_zakVmoCsQF05" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">2.2. Valuation of Silver The Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s silver is recorded at fair value. The cost of silver is determined according to the average cost method and the fair value is based on the London Bullion Market Association (“LBMA”) Silver Price. Realized gains and losses on transfers of silver, or silver distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of silver transferred. The ICE Benchmark Administration (“IBA”) conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the LBMA-authorized bullion banks and market makers participating in the auction. Once the value of silver has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the silver and all other assets held by the Trust. The Trust recognizes changes in fair value of the investment in silver as changes in unrealized gains or losses on investment in silver through the Statement of Operations. The per Share amount of silver exchanged for a purchase or redemption is calculated daily by the Trustee using the LBMA Silver Price to calculate the silver amount in respect of any liabilities for which covering silver sales have not yet been made, and represents the per Share amount of silver held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred. Fair Value Hierarchy ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 52.45pt"></td><td style="width: 7.45pt; text-align: left">–</td><td style="text-align: left">Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 52.45pt; text-align: left"></td><td style="width: 7.45pt; text-align: left">–</td><td style="text-align: left">Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 52.45pt; text-align: left"></td><td style="width: 7.45pt; text-align: left">–</td><td style="text-align: left">Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.</td> </tr></table> To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Trust’s investment in silver is classified as a level 1 asset, as its value is calculated using unadjusted quoted prices from primary market sources. The categorization of the Trust’s assets is as shown below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>(Amounts in 000’s of US$)</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zaEg4gojyPEj" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20241231_zvSdAhbXcdca" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Level 1</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zyOVu2g8vB23" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Investment in silver</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,431,606</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,414,591</td><td style="width: 1%; text-align: left"> </td></tr> </table> There were no transfers between levels during the years ended December 31, 2025 and 2024.

The categorization of the Trust’s assets is as shown below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>(Amounts in 000’s of US$)</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zaEg4gojyPEj" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20241231_zvSdAhbXcdca" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Level 1</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_hus-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zyOVu2g8vB23" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Investment in silver</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,431,606</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,414,591</td><td style="width: 1%; text-align: left"> </td></tr> </table>

5431606000

1414591000

<p id="xdx_846_ecustom--ReceivableAndPayablePolicyTextBlock_z7FNMFYncPve" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">2.3. Silver Receivable and Payable Silver receivable or payable represents the quantity of silver covered by contractually binding orders for the creation or redemption of Shares respectively, where the silver has not yet been transferred to or from the Trust’s account. Generally, ownership of silver is transferred within one business day of the trade date. At December 31, 2025, the Trust has no receivable or payable for the creation or redemption of Shares. At December 31, 2024, the Trust had $6,898,661 of silver receivable for the creation of Shares and no silver payable for the redemption of Shares. 0 0 6898661 0 <p id="xdx_840_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zDUmsSucv7c8" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">2.4. Creations and Redemptions of Shares The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other silver bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the silver required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated silver account established with the Custodian or a silver bullion clearing bank by an Authorized Participant. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of silver represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. Effective May 28, 2024, the settlement period for Shares is one business day. Prior to May 28, 2024, the standard settlement period for Shares was two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When silver is exchanged in settlement of a redemption, it is considered a sale of silver for financial statement purposes. The amount of silver represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of silver to be delivered or distributed by the Trust. In order to ensure that the correct amount of silver is available at all times to back the Shares, the Sponsor accepts an adjustment to its Sponsor Fee in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of silver. As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets. 50000

<p id="xdx_846_eus-gaap--IncomeTaxPolicyTextBlock_z9LzHcrq3PV" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">2.5. Income Taxes The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of December 31, 2025 or December 31, 2024.

<p id="xdx_849_eus-gaap--InvestmentPolicyTextBlock_zy77x1QTqDIk" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">2.6. Investment in Silver Changes in ounces of silver and their respective values for the years ended December 31, 2025 and 2024 are set out below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-style: italic; text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_z4x826tjvn0i" style="border-bottom: Black 1pt solid; text-align: center">Year Ended December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zrgnk1y0gk3i" style="border-bottom: Black 1pt solid; text-align: center">Year Ended December 31, 2024</td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic">(Amounts in 000’s of US$, except for ounces data)</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Ounces of silver</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_z1ljmMExWiSb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">48,939,346.4</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">44,584,861.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_zV1fAlPdJfz1" style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,207,139.9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,798,793.7</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_zkaVITJhxke3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,531,087.0</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,307,064.1</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1d_uOZ_zrmGZjMlZYH4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of silver to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(165,942.6</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(137,244.2</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_zcN6P48qsEgi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="color: Red; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: Red; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; color: Red; text-align: right">75,449,456.7</td><td style="color: Red; text-align: left; padding-bottom: 2.5pt"> </td><td style="color: Red; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: Red; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; color: Red; text-align: right">48,939,346.4</td><td style="color: Red; text-align: left; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="color: Red"> </td> <td style="color: Red; text-align: left"> </td><td style="color: Red; text-align: right"> </td><td style="color: Red; text-align: left"> </td><td style="color: Red"> </td> <td style="color: Red; text-align: left"> </td><td style="color: Red; text-align: right"> </td><td style="color: Red; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Investment in silver</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zLf9vzo2NNc1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,414,591</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,060,674</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--CreationsValueOfBullion_pn3n3_z0dgAohh6Wfj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,642,502</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">357,817</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_zero3UUrgiv9" style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(463,169</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(219,235</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_zdWZy3jicx4g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain on silver distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194,527</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,350</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_z8IwdAwB4zna" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of silver to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,290</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,828</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_zDsaoESvCjy6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain on silver transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,961</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">812</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_zqVn9Z6pxyL4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized (loss) on investment in silver</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,647,484</td><td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">168,001</td><td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_z1XO5qgNmDth" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,431,606</td><td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,414,591</td><td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>

Changes in ounces of silver and their respective values for the years ended December 31, 2025 and 2024 are set out below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-style: italic; text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_z4x826tjvn0i" style="border-bottom: Black 1pt solid; text-align: center">Year Ended December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zrgnk1y0gk3i" style="border-bottom: Black 1pt solid; text-align: center">Year Ended December 31, 2024</td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic">(Amounts in 000’s of US$, except for ounces data)</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Ounces of silver</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_z1ljmMExWiSb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">48,939,346.4</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">44,584,861.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_zV1fAlPdJfz1" style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,207,139.9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,798,793.7</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_zkaVITJhxke3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,531,087.0</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,307,064.1</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1d_uOZ_zrmGZjMlZYH4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of silver to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(165,942.6</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(137,244.2</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr id="xdx_409_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_zcN6P48qsEgi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="color: Red; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: Red; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; color: Red; text-align: right">75,449,456.7</td><td style="color: Red; text-align: left; padding-bottom: 2.5pt"> </td><td style="color: Red; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; color: Red; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; color: Red; text-align: right">48,939,346.4</td><td style="color: Red; text-align: left; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="color: Red"> </td> <td style="color: Red; text-align: left"> </td><td style="color: Red; text-align: right"> </td><td style="color: Red; text-align: left"> </td><td style="color: Red"> </td> <td style="color: Red; text-align: left"> </td><td style="color: Red; text-align: right"> </td><td style="color: Red; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Investment in silver</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zLf9vzo2NNc1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,414,591</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,060,674</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--CreationsValueOfBullion_pn3n3_z0dgAohh6Wfj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,642,502</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">357,817</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_zero3UUrgiv9" style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(463,169</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(219,235</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_zdWZy3jicx4g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain on silver distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">194,527</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,350</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_z8IwdAwB4zna" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of silver to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,290</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,828</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_zDsaoESvCjy6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain on silver transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,961</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">812</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_zqVn9Z6pxyL4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized (loss) on investment in silver</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,647,484</td><td style="text-align: left; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">168,001</td><td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_uUSD_z1XO5qgNmDth" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,431,606</td><td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,414,591</td><td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>

48939346.4

44584861.0

36207139.9 11798793.7 -9531087.0 -7307064.1 -165942.6 -137244.2

75449456.7

48939346.4

1414591000

1060674000

1642502000 357817000 463169000 219235000 194527000 50350000 6290000 3828000

1961000

812000

2647484000 168001000

5431606000

1414591000

2.7. Expenses / Realized Gains / Losses The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of silver to the Sponsor. The Trust will transfer silver to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.45% of the adjusted daily net asset value (“ANAV”) of the Trust, paid monthly in arrears. Presently, the Sponsor is continuing to voluntarily waive a portion of its fee and reduce the Sponsor’s Fee to 0.30% (which it has done since the Date of Inception). The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. For the years ended December 31, 2025, 2024 and 2023, the Sponsor’s Fee, net of fees waived by the Sponsor, was $7,297,886, $3,923,620, and $3,247,514, respectively. At December 31, 2025 and at December 31, 2024, the fees payable to the Sponsor were $1,373,945 and $366,328, respectively. As a result of the waiver, the Sponsor’s Fee waived for the years ended December 31, 2025, 2024 and 2023 was $3,648,943, $1,961,810 and $1,623,757, respectively. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s silver as necessary to pay these expenses. When selling silver to pay expenses, the Trustee will endeavor to sell the smallest amounts of silver needed to pay these expenses in order to minimize the Trust’s holdings of assets other than silver. Other than the Sponsor’s Fee, the Trust had no expenses during the years ended December 31, 2025, 2024, and 2023. Unless otherwise directed by the Sponsor, when selling silver the Trustee will endeavor to sell at the price established by the LBMA. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such silver only if the sale transaction is made at the next LBMA Silver Price or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of silver. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. Realized gains and losses result from the transfer of silver for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average cost of silver transferred. 0.0045 0.0030 100000

7297886

3923620

3247514

1373945

366328

3648943 1961810 1623757

2.8 Segment Reporting Adoption of the new standard impacted disclosures only and did not affect the Trust’s financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity’s chief operating decision maker (“CODM”) when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Sponsor acts as the Trust’s CODM. The CODM monitors the operating results of the Trust as a whole, and the Trust’s asset allocation is managed in accordance with its Prospectus. The Trust operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Trust’s prospectus describes the Trust’s fees, investment objective, principal investment strategy and principal risks, among other items. The Trust’s portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Trust’s financial statements. The accompanying financial statements detail the Trust’s segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the Trust’s Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

2.9. Subsequent Events In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16.45pt">3.</td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 20.25pt">Related Parties</td></tr></table> The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates may from time to time purchase or sell silver directly, for their own account, as agent for their customers and for accounts over which they exercise investment discretion. The Trustee’s and Custodian’s fees are paid by the Sponsor and are not separate expenses of the Trust.

4. Concentration of Risk The Trust’s sole business activity is the investment in silver, and substantially all the Trust’s assets are holdings of silver, which creates a concentration of risk associated with fluctuations in the price of silver. Several factors could affect the price of silver, including: (i) global silver supply and demand, which is influenced by factors such as forward selling by silver producers, purchases made by silver producers to unwind silver hedge positions, central bank purchases and sales, and production and cost levels in major global silver-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that silver will maintain its long-term value in terms of purchasing power in the future. In the event that the price of silver declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

5. Indemnification Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

Authorized share capital is Unlimited with no par value per Share. Shares issued and outstanding at December 31, 2025 were 79,250,000 and at December 31, 2024 were 51,500,000. Net asset values per Share at December 31, 2025 and December 31, 2024 were $68.52 and $27.59, respectively.