iShares Silver Trust Quarterly Report Released - Here’s What You Should Know

iShares® Silver Trust – Investor Summary for the Quarter Ended June 30, 2025

Key Financial Metrics

• Net Asset Value (NAV):

  • June 30, 2025: $17,190,884,101
  • December 31, 2024: $13,401,259,004
  • Quarterly increase in NAV: $1.94 billion

• NAV per Share:

  • June 30, 2025: $32.69
  • December 31, 2024: $26.33

• Shares Outstanding:

  • June 30, 2025: 525,850,000
  • December 31, 2024: 508,950,000
  • Quarterly net increase: 16,900,000 shares

• Silver Bullion Holdings:

  • Ounces held at June 30, 2025: 478,049,763
  • Fair value at June 30, 2025: $17,197,840,225
  • Cost basis: $13,126,982,096

• Expenses:

  • Six months ended June 30, 2025: $36,709,544 (solely Sponsor’s fees at 0.50% per annum)
  • Three months ended June 30, 2025: $19,191,181

• Results from Operations:

  • Net increase in net assets from operations (Q2 2025): $904,543,103
  • Net increase in net assets from operations (six months): $3,189,545,708
  • Net investment loss for six months: $(36,709,544)

• Performance:

  • Total return (six months ended June 30, 2025): 24.15%
  • Net increase in net assets per share (six months): $6.42

Risks

• Concentration Risk: The Trust’s assets are almost entirely composed of physical silver bullion (478 million ounces as of June 30, 2025), exposing it to market risks specific to silver prices.

• No Legal Contingencies: As of the report, there are no legal proceedings affecting the Trust.

• Fee Risk: Sponsor fees, which are 0.50% per annum of net assets, reduce returns and cause NAV to rise more slowly than the price of silver. For the six months ended June 30, 2025, sponsor fees totaled $36.7 million.

• Liquidity Risk: Management reports no known liquidity constraints, but performance is entirely tied to the physical silver market—which can be volatile.

• Operational/Service Provider Risk: The Trust relies on third-party service providers for custodianship (JPMorgan Chase Bank N.A., London), and operational or contractual failures could have an adverse effect, although the Trust has not disclosed any specific issues in the period.

Management Discussion and Analysis

• Operational Performance: The 24.15% increase in NAV per share for the first half of 2025 reflects primarily an increase in global silver prices, as the Trust is a passive vehicle closely tracking physical silver. The NAV increase modestly trailed the silver price due to the ongoing deduction of Sponsor fees.

• Share Activity: Net contributions for shares issued in the six months ended June 30, 2025 were $5.17 billion worth of silver bullion, while redemptions totaled $4.57 billion. Net share creations over the six months added 16.9 million shares outstanding.

• Expenses: The only recurring expense is the Sponsor’s fee (0.50% annual rate, accrued daily and paid monthly), with no material change in other operating cost elements.

• Market Risk Disclosure: The Trust does not apply derivative hedging or leverage; thus, shareholders' returns are directly tied to spot and market price changes in silver.

Other Notable Items

• No Unregistered Security Sales: No unregistered equity sales occurred, and 65 million shares were redeemed in the quarter at an average of approximately 0.9093 ounces of silver paid per share.

• No Defaults or Mine Safety Disclosures: There were no events of default or mine safety incidents to report.

Conclusion

The iShares Silver Trust remains a straightforward, physically-backed silver investment vehicle, providing exposure to silver prices with transparent, low tracking error and minimal operational complexity. The primary risks for investors remain the volatility of the global silver market and the consistent deduction of Sponsor’s fees, which modestly reduce returns relative to spot price performance. Operations and controls remain stable, with no adverse legal, liquidity, or operational developments during the quarter.

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