iShares Silver Trust reported net assets of $35.67B at March 31, 2026, down from $38.05B as share redemptions exceeded creations. Shares outstanding fell from 582.95 million to 542.0 million, while the trust held 490.99 million ounces of silver bullion.
Net asset value per share rose from $65.27 to $65.81, a 0.83% total return, closely tracking a 0.97% increase in the silver price from $71.99 to $72.69 per ounce. Operating activity remains simple: the only ordinary expense was the Sponsor’s fee of $52.73M, equal to 0.50% annualized of average net assets.
iShares Silver Trust reported leadership changes at its sponsor entity. On March 27, 2026, Jay Jacobs was appointed to the Board of Directors of iShares Delaware Trust Sponsor LLC and became its President and Chief Executive Officer. This sponsor manages key responsibilities for the Trust.
On the same date, Shannon Ghia resigned as a Director and as President and Chief Executive Officer of the Sponsor. The filing states that her resignation was not due to any dispute or disagreement with the Sponsor or the Trust on operations, policies, or practices.
iShares Silver Trust reports that its net asset value grew from $13,401,259,004 at December 31, 2024 to $38,046,290,508 at December 31, 2025, driven by changes in silver holdings and prices. Shares outstanding rose from 508,950,000 to 582,950,000 over the same period.
The Trust is a passive grantor trust that holds physical silver, issuing and redeeming only in 50,000‑share Baskets through Authorized Participants. It sells small amounts of silver to pay a 0.50% annual Sponsor fee and other expenses, which gradually reduces the silver backing each Share.
The filing explains how silver is stored with JPMorgan’s London branch and sub‑custodians, valued daily using the LBMA Silver Price, and subject to operational, custody, cybersecurity, regulatory, and market risks, including potential premiums/discounts of the Share price versus NAV.
iShares Silver Trust (SLV) filed its Q3 2025 report, highlighting strong silver‑driven gains. Net assets rose to $23,214,100,171 at September 30, 2025, with NAV per share at $41.91, up from $26.33 at December 31, 2024. The trust held 502,925,981 ounces of silver at fair value of $23,222,607,159.
Performance tracked the metal: NAV per share increased 28.20% in the quarter (from $32.69 to $41.91) and 59.17% year‑to‑date, mirroring silver’s rise to $46.18 per ounce by quarter‑end. The trust recorded a quarterly net increase in net assets from operations of $4,972,651,417, driven by unrealized gains of $4,093,112,014 and realized gains tied to share redemptions, partly offset by Sponsor’s fees of $24,024,767. For the nine months, the net increase from operations was $8,162,197,125 and Sponsor’s fees totaled $60,734,311.
Shares outstanding were 553,900,000 at September 30, 2025, reflecting creations and redemptions typical of the trust’s basket mechanism. The trust remains a passive vehicle designed to reflect the price of silver before expenses.