The Trust's Net Asset Value (NAV) increased by 282.11% to $5,430,232,445 at December 31, 2025, from $1,421,124,141 at December 31, 2024. The spot price of silver surged by 149.01% to $71.99 per ounce at December 31, 2025, from $28.91 per ounce at December 31, 2024. Outstanding Shares increased from 51,500,000 at December 31, 2024, to 79,250,000 at December 31, 2025, with 37,750,000 Shares created and 10,000,000 Shares redeemed during the year. NAV per Share increased by 148.35% to $68.52 at December 31, 2025, from $27.59 at December 31, 2024. The increase in net assets from operations for the year was $2,836,673,963, primarily due to a $2,647,484,343 change in unrealized gain on investment in silver. The Sponsor's Fee, net of waiver, was $7,297,886 for the year, representing an annualized rate of 0.30% of the Trust's Adjusted Net Asset Value (ANAV). Inspections of the Trust's silver were conducted by Bureau Veritas Commodities UK Ltd on August 4, 2025, and January 5, 2026.