Established in 2006, the iShares Silver Trust (SLV) holds physical silver bullion to provide investors exposed to silver price movements without direct ownership hurdles. The Trust’s net assets surged from roughly $13.4 billion in 2024 to over $38 billion in 2025, propelled by a strong silver market that influenced both share creation and mark-to-market gains. However, SLV’s operating model reveals persistent operating losses due to fees funded by silver sales, contrasting with significant net income driven by asset revaluation. Recent months have seen notable ETF share outflows tied closely to silver price volatility, challenging liquidity and pricing alignment. Ongoing dependency on the LBMA Silver Price benchmark introduces regulatory and operational risks that could affect valuation fidelity and investor confidence in the near term.