SIVR 10-K & 10-Q changes, risk factors and insider trading

The Trust COVID-19may pandemicbe hasnegatively adverselyimpacted affectedby the economies effects of many nations and the entirespread globalof economyillnesses as well as individual issuers, assets and capital markets and could continue to, andor other future public health emergencies could,on the global economy and the markets and service providers relevant to the performance of the Trust Public health emergencies, such as the COVID-19 pandemic, could have serious negative effects on social, economic and financial systems, including significant uncertainty and volatility in the financial markets. For instance, the suspension of operations of mines, refineries and vaults that extract, produce or store silver, restrictions on travel that delay or prevent the transportation of silver and an increase in demand for silver may disrupt supply chains for silver, which could cause secondary market spreads to widen and compromise the Trust’s ability to settle transactions on time. Any inability of the Trust to issue or redeem Shares or the Custodian or any sub-custodian to receive or deliver silver as a result of an infectious disease outbreak or public health emergency will negatively affect the Trust’s operations. Future infectious illness outbreaks or other public health emergencies could have similar or other unforeseen impacts and may exacerbate pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the value of the Shares.

A significant resurgence of the COVID-19 pandemic or other future publicPublic health emergencies could increase the Trust’s costs and affect liquidity in the market for silver, as well as the correlation between the price of the Shares and the net asset value of the Trust, any of which could adversely affect the value of your Shares. In addition, the COVID-19 pandemic or other future public health emergencies could impair the information technology and other operational systems upon which the Trust’s service providers, including the Sponsor, the Trustee and the Custodian, rely, and could otherwise disrupt the ability of employees of the Trust’s service providers to perform essential tasks on behalf of the Trust. Governmental and quasi-governmental authorities and regulators throughout the world have at times responded to major economic disruptions with a variety of fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies and other issuers, new monetary tools and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, is likely to increase volatility in the market for silver, which could adversely affect the price of the Shares.

Further, the COVID-19 pandemic or other future public health emergencies could interfere with or prevent the operation of the electronic auction hosted by IBA to determine the LBMA Silver Price, which the Trustee uses to value the silver held by the Trust and calculate the net asset value of the Trust. The COVID-19 pandemic or other future publicPublic health emergencies could also cause the closure of futures exchanges, which could eliminate the ability of Authorized Participants to hedge purchases of Baskets, increasing trading costs of Shares and resulting in a sustained premium or discount in the Shares. Each of these outcomes would negatively impact the Trust.

NAV per Share vs. Silver Price from July 20, 2009 (the Date of Inception) to December 31, 2025 The divergence of the NAV per Share from the silver price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception.

The Sponsor has exercised its right to visit the Custodian in order to examine the silver and the records maintained by them. Inspections Inspections were conducted by Bureau Veritas Commodities UK Ltd, a leading commodity inspection and testing company retained by the Sponsor, as of JulyAugust 26,4, 20242025 and January 4,5, 2025.2026.

The Quarter Ended MarchJune 31,30, 2026

The Trust’s NAV decreased from $5,430,232,445 at December 31, 2025 to $4,970,486,736 at March 31, 2026 to $3,950,569,678 at June 30, 2026, ana 8.47%20.52% decrease for the the quarter. The change in the Trust’sTrust's NAV resulted from ana increasedecrease in the price per ounce of silver, which rosefell 0.97%19.12% from $71.99$72.69 at December 31, 2025 to $72.69 at March 31, 2026 to $58.80 at June 30, 2026, and a decrease in outstanding Shares, which fell from 79,250,000 Shares at December 31, 2025 to 71,900,000 Shares at March 31, 31,2026 to 70,700,000 Shares at June 30, 2026 as a result of 6,000,0003,200,000 Shares (12064 Baskets) being created and 13,350,0004,400,000 Shares (26788 Baskets) being redeemed during the quarter.

The NAV per Share increaseddecreased 0.89%19.17% from $68.52 at December 31, 2025 to $69.13 at March 31, 2026 to $55.88 at June 30, 2026. The Trust’s NAV per Share rosefell slightly lessmore than the price per ounce of silver on a percentage basis due to the Sponsor’s Fee, net of waiver, which was $4,308,963$3,738,176 for the quarter, or 0.30% of the Trust’s ANAV on an annualized basis.

The NAV per Share of $112.71$82.51 at JanuaryMay 29,14, 2026 was the highest during the quarter, compared with a low of $63.95$54.52 at MarchJune 23,25, 2026.

The increasedecrease in net assets from operations for the quarter ended MarchJune 31,30, 20252026 was $247,135,087,$946,623,466, resulting from a change in unrealized loss on investment in silver of $1,084,420,973 and the Sponsor's Fee, net of waiver, of $3,738,176, offset by a realized gain of of $238,557$2,053,538 on the transfer of silver to pay expenses,expenses and a realized gain of $139,482,145 on silver distributed for the redemption of Shares of $29,039,831, and a change in unrealized gain on investment in silver of $219,009,741, offset by the Sponsor’s Fee, net of waiver, of $1,153,042.Shares. Other than the Sponsor’sSponsor's Fee, the Trust had no expenses during the quarter ended MarchJune 31,30, 2025.2026.

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s 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 transfers and sales of silver.

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s silver as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell silver to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of silver to the Sponsor. At MarchJune 31,30, 2026, the Trust Trust did not have any cash balances.