iShares Silver Trust filed its Form 10-Q with the SEC on November 6, 2026, covering the quarterly period ended September 30, 2026, reporting net assets of $29,961,825,258 and 546,300,000 shares outstanding.

Key Highlights

  • Net assets: $29,961,825,258 at September 30, 2026, down from $38,046,290,508 at December 31, 2025.
  • Net asset value per share: $54.85 at September 30, 2026, compared with $65.27 at December 31, 2025.
  • Silver bullion fair value: $29,975,014,779 at September 30, 2026, against a cost basis of $23,295,733,048.
  • Nine-month net decrease from operations: $(5,396,123,273), driven primarily by a net change in unrealized depreciation of $(12,852,496,737).
  • Shares outstanding: 546,300,000 at September 30, 2026, reflecting a net decrease of 36,650,000 shares over the nine-month period.
  • Sponsor's fee (nine months): $135,833,749, representing the trust's only expense category.
  • Shares outstanding as of October 31, 2026: 561,050,000, according to the filing.

iShares Silver Trust Third-Quarter 2026 Financial Position and Operating Results

According to the filing, iShares Silver Trust (NYSE Arca: SLV) held silver bullion with a fair value of $29,975,014,779 at September 30, 2026, against a cost of $23,295,733,048. Total liabilities consisted solely of the sponsor's fee payable of $13,189,521, leaving net assets of $29,961,825,258. This compares with net assets of $38,046,290,508 at December 31, 2025, a decline the filing attributes primarily to unrealized depreciation in the value of silver bullion and net share redemptions over the period.

For the nine months ended September 30, 2026, the trust reported a net investment loss of $(135,833,749), reflecting the sponsor's fee as the sole expense. Net realized gain from silver bullion distributed for the redemption of shares was $7,537,681,061, and net realized gain from silver bullion sold to pay expenses was $54,526,152. However, the net change in unrealized depreciation for the nine-month period was $(12,852,496,737), resulting in an overall net decrease in net assets from operations of $(5,396,123,273), or $(9.87) per share based on average shares outstanding.

For the three months ended September 30, 2026, the trust reported a net increase in net assets from operations of $859,266,416, or $1.59 per share, as net change in unrealized appreciation of $412,326,388 and net realized gain of $485,605,779 more than offset the sponsor's fee of $38,665,751. During the third quarter, capital share transactions produced a net increase of $908,370,453, with contributions for shares issued of $2,760,642,353 and distributions for shares redeemed of $1,852,271,900. The trust's shares are listed on NYSE Arca, Inc. under the trading symbol SLV.

What Was Disclosed

The filing disclosed the trust's unaudited financial statements for the period ended September 30, 2026, including statements of assets and liabilities, operations, changes in net assets, and cash flows, along with share activity and the net asset value per share.