10-Q: iShares Silver Trust Q1 2026 Report

iShares Silver Trust reports a decrease in net assets for Q1 2026, primarily due to share redemptions, despite a slight increase in silver prices.

Summary

• The iShares Silver Trust (SLV) reported a net asset value of $35,670,754,680 as of March 31, 2026, a decrease from $38,046,290,508 as of December 31, 2025.
• This decrease was driven by a reduction in outstanding shares from 582,950,000 to 542,000,000, with 102,900,000 shares created and 143,850,000 shares redeemed during the quarter.
• The net asset value per share increased slightly from $65.27 to $65.81, reflecting a 0.97% rise in silver prices from $71.99 to $72.69 during the period.
• The net increase in net assets from operations for the quarter was $497,400,346, attributed to realized gains from silver bullion sales and redemptions, partially offset by unrealized losses and investment expenses.
• The Trust's primary asset is silver bullion, valued at $35,687,527,728 as of March 31, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as the decrease in total assets is offset by a slight increase in NAV per share, and the performance is largely dictated by the underlying silver price movements and investor flows.

Positives

• The net asset value per share saw a slight increase from $65.27 to $65.81.
• The price of silver increased by 0.97% during the quarter, from $71.99 to $72.69.
• The Trust generated a net realized gain of $6,019,676,443 from silver bullion sales and redemptions.
• The Sponsor continues to assume most of the Trust's expenses, with the Sponsors fee being the primary ordinary expense.

Negatives

• The total net assets of the Trust decreased by 6.24% from $38,046,290,508 to $35,670,754,680.
• There was a significant net decrease in outstanding shares by 40,950,000.
• The Trust experienced an unrealized loss on its silver bullion investment of $5,469,551,027.
• The Sponsors fee for the quarter amounted to $52,725,070.

Risks

• Substantially all of the Trust's assets are holdings of silver bullion, creating a concentration risk associated with fluctuations in the price of silver.
• Factors that may cause a decline in the price of silver include changes in economic conditions, increased hedging activities by producers, shifts in market participant attitudes, global supply and demand, political/economic events, inflation expectations, interest rates, and investor confidence.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the general objective of reflecting the performance of the price of silver.

Management Comments

• The Trust is a passive investment vehicle and seeks to reflect generally the performance of the price of silver.
• 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 duly authorized officers of the Sponsor have evaluated the effectiveness of the Trusts disclosure controls and procedures and concluded they were effective as of March 31, 2026.

Industry Context

StockSavvy.ai notes that this filing reflects the typical performance of a physically-backed commodity ETF, where changes in net asset value are primarily driven by the underlying commodity price and investor flows (share creations/redemptions). The slight increase in NAV per share despite a larger decrease in total assets highlights the impact of share redemptions on per-share metrics.

Legal Proceedings

• None.

Related Party Transactions

• The Sponsor (iShares Delaware Trust Sponsor LLC) and the Trustee (The Bank of New York Mellon) are considered related parties. The Trustee's fee is paid by the Sponsor and is not a separate expense of the Trust.

Stakeholder Impact

• Shareholders: The value of their investment is directly tied to the price of silver. Share redemptions can impact liquidity and potentially the tracking of the silver price.
• Sponsor: Receives a fee based on the net asset value of the Trust and assumes certain expenses.
• Trustee: Administers the Trust and is responsible for calculating NAV and safekeeping of assets.

Next Steps

• Continue to reflect the performance of the price of silver.
• Administer the Trust according to the Third Amended and Restated Depositary Trust Agreement.

Key Dates

Keywords

iShares Silver Trust, SLV, silver bullion, ETF, Form 10-Q, quarterly report, net asset value, silver price, investment performance, SEC filing