iShares Silver Trust

What they do

The Trust's sole purpose is to own silver transferred to it in exchange for Shares, with each Share representing a fractional undivided beneficial interest in the net assets. It issues and redeems Shares only in Baskets (50,000 Shares) with Authorized Participants, and sells silver only to cover Sponsor's fees and other liabilities. The Trust is not actively managed and does not lend its silver. It has no officers, directors, or employees; the Sponsor is iShares Delaware Trust Sponsor LLC, a BlackRock subsidiary, with The Bank of New York Mellon as Trustee and JPMorgan Chase Bank N.A., London Branch as Custodian.

Revenue drivers

• Silver bullion holdings — The Trust's assets consist primarily of silver bullion; its NAV and Share value track the LBMA Silver Price. As of June 30, 2026, silver bullion was valued at $28.21 billion on a cost basis of $21.94 billion.
• Share issuance and redemption activity — The Trust issues Shares in Baskets in exchange for silver deposits and redeems Shares for silver, with no cash revenue; changes in outstanding Shares reflect investor demand. Outstanding Shares fell from 582.95 million at December 31, 2025 to 530.3 million at June 30, 2026.
• Sponsor's fee — The Sponsor's fee is the Trust's only ordinary expense; it is accrued based on the Trust's net asset value and paid in silver. Sponsor's fee payable was $13.33 million at June 30, 2026 and $14.20 million at December 31, 2025.

Recent performance

For the fiscal year ended December 31, 2025, the Trust reported net income of $21.31 billion, compared to $2.17 billion in 2024. Net asset value increased from $13.40 billion at December 31, 2024 to $38.05 billion at December 31, 2025, with outstanding Shares rising from 508.95 million to 582.95 million. In the first half of 2026, total assets declined to $28.21 billion from $38.06 billion at year-end 2025, and NAV per Share fell from $65.27 to $53.17. The Trust had no operating cash flow in any recent period, consistent with its in-kind operations.

Strategy

The Trust is a passive vehicle that does not engage in profit-seeking activities; it simply holds silver and reflects its price performance. Management does not describe a growth or investment strategy; operations are limited to issuing and redeeming Baskets, selling silver to cover fees, and delivering silver upon redemptions. The Trust does not lend its silver, and the Custodian has no right to lend it.

Risks

• LBMA Silver Price disruption — Any failure, delay, or perceived manipulation in the LBMA Silver Price auction could distort the Trust's valuation, Sponsor's fee computation, and proceeds from silver sales.
• Silver price volatility — Because the Trust's assets are solely silver bullion, fluctuations in the silver price directly affect NAV and Share value.
• No active management — The Trust does not hedge or take actions to mitigate losses from silver price declines, so investors bear the full downside.
• Dependence on third parties — The Trust relies on the Trustee, Custodian, and Sponsor for administration and custody; failures or disruptions in these entities could impact operations.

Outlook

Management does not provide forward-looking guidance or a specific outlook. The Trust's liquidity is solely sourced from silver sales, and it expects no material changes in liquidity needs. The recent decline in Shares outstanding suggests net redemptions in the first half of 2026.