10-Q: iShares Silver Trust Reports Strong Q3 2025 Growth

iShares Silver Trust saw its net asset value surge 35.04% in Q3 2025, driven by a significant increase in silver prices and outstanding shares.

Summary

• Net asset value increased by 35.04% to $23,214,100,171 at September 30, 2025, from $17,190,884,101 at June 30, 2025.
• The price of silver rose 28.35% from $35.98 at June 30, 2025, to $46.18 at September 30, 2025.
• Shares outstanding increased from 525,850,000 at June 30, 2025, to 553,900,000 at September 30, 2025, a net increase of 28,050,000 shares.
• Net increase in net assets resulting from operations for the three months ended September 30, 2025, was $4,972,651,417.
• For the nine months ended September 30, 2025, net asset value increased 73.22% to $23,214,100,171 from $13,401,259,004 at December 31, 2024.
• The silver price for the nine-month period rose 59.74% from $28.91 at December 31, 2024, to $46.18 at September 30, 2025.
• Net increase in net assets resulting from operations for the nine months ended September 30, 2025, was $8,162,197,125.
• The Trust received $17,333 from a class action settlement related to silver during both the three and nine months ended September 30, 2025.

Sentiment

Score: 8

Explanation: The Trust reported very strong financial performance driven by a significant increase in silver prices and investor interest, leading to substantial growth in net assets and share value. The only minor detractor is the inherent expense ratio, which is typical for an ETF, slightly reducing the direct correlation to silver price movements.

Positives

• Significant increase in Net Asset Value (NAV) by 35.04% in Q3 2025 and 73.22% for the nine months ended September 30, 2025.
• Strong performance of silver price, rising 28.35% in Q3 2025 and 59.74% for the nine months ended September 30, 2025.
• Increase in Shares outstanding, indicating investor interest and capital inflow (44,950,000 net increase for nine months, 28,050,000 net increase for Q3).
• Substantial net realized and unrealized gains on silver bullion ($4,996,676,184 for Q3 2025 and $8,222,931,436 for nine months ended September 30, 2025).
• Net asset value per Share increased to $41.91 at September 30, 2025, from $26.33 at December 31, 2024.
• Total return at net asset value was 28.20% for Q3 2025 and 59.17% for the nine months ended September 30, 2025.

Negatives

• Net investment loss due to Sponsor's fees ($24,024,767 for Q3 2025 and $60,734,311 for nine months ended September 30, 2025).
• NAV increase was slightly less than the silver price increase on a percentage basis due to Sponsor's fees (e.g., 28.20% NAV increase vs. 28.35% silver price increase in Q3).

Risks

• Concentration risk: Substantially all of the Trust's assets are holdings of silver bullion, making it highly susceptible to fluctuations in the price of silver.
• Factors that may cause a decline in silver price include changes in economic conditions (such as a recession), a significant increase in hedging activities of silver producers, significant changes in the attitude of speculators/investors, global silver supply and demand, global or regional political/economic/financial events, investors' expectations with respect to inflation, interest rates, investment/trading activities of hedge funds and commodity funds, and other economic variables.
• The Trust's maximum exposure under indemnification arrangements with service providers is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.

Future Outlook

The filing contains general forward-looking statements regarding potential future events or performance, but does not provide specific guidance, forecasts, or predictions for the Trust's future financial results or operational targets. It notes that actual events or results may differ materially due to various risks and uncertainties, including general economic, market, and business conditions, changes in laws or regulations, and other world economic and political developments.

Management Comments

• "Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report."
• "Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report."
• "The duly authorized officers of the Sponsor... have evaluated the effectiveness of the Trusts disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed... is recorded, processed, summarized and reported, within the time periods specified..."
• "There were no changes in the Trusts internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trusts internal control over financial reporting."

Industry Context

The iShares Silver Trust's performance is directly tied to the price of silver, a precious metal commodity. The significant increase in the Trust's net asset value and share price reflects a strong bull market for silver during the reported periods. This trend aligns with broader investor interest in precious metals, often driven by inflation concerns, economic uncertainty, or speculative demand, positioning silver as a hedge or a growth asset within the commodities market.

Comparison to Industry Standards

• The Trust's performance is directly benchmarked against the LBMA Silver Price, which is commonly used by the U.S. silver market as an indicator of value.
• For Q3 2025, the Net Asset Value (NAV) increased by 28.20% compared to a 28.35% increase in the price of silver, indicating a tight tracking performance.
• The slight difference between NAV increase and silver price increase is primarily attributable to the Sponsor's fees, which were 0.13% of the Trust's average weighted assets during Q3 2025.
• For the nine months ended September 30, 2025, the NAV increased by 59.17% compared to a 59.74% increase in the price of silver, with the difference attributable to the 0.37% Sponsor's fees relative to average weighted assets.
• This close tracking demonstrates the effectiveness of the Trust as a passive investment vehicle for silver exposure, consistent with the performance expectations of commodity-backed ETFs.

Related Party Transactions

• The Sponsor (iShares Delaware Trust Sponsor LLC) and the Trustee (The Bank of New York Mellon) are considered related parties to the Trust.
• The Sponsor accrues a daily fee at an annualized rate equal to 0.50% of the net asset value of the Trust, paid monthly in arrears.
• The Sponsor assumes various administrative and marketing expenses incurred by the Trust, including the Trustee's fee, Custodian's fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and up to $500,000 per annum in legal fees and expenses.

Stakeholder Impact

• Shareholders: Benefited significantly from the increase in silver prices, leading to a substantial rise in Net Asset Value per Share and total return.
• Sponsor: Received increased fees due to the higher net asset value of the Trust.
• Authorized Participants: Engaged in significant creation and redemption activity, facilitating liquidity for the Trust.

Key Dates

Recommendation

The iShares Silver Trust demonstrated exceptional performance, with its Net Asset Value per Share increasing by 59.17% over the nine months ended September 30, 2025, directly reflecting a robust 59.74% surge in silver prices. This strong correlation confirms the Trust's effectiveness as a direct exposure vehicle to silver. The significant increase in outstanding shares also indicates strong investor demand and confidence. Given the current market conditions, which appear highly favorable for precious metals, and the Trust's efficient tracking of silver prices, a seasoned investor would likely view this as a strong buy opportunity for those seeking direct exposure to silver. The inherent concentration risk in silver is well-understood for this type of investment vehicle and is the primary risk for this investment.

Keywords

iShares Silver Trust, SLV, silver, bullion, ETF, precious metals, commodity, investment, net asset value, financial results, Q3 2025, SEC filing, 10-Q, market risk, investment performance