The iShares Physical Silver ETC (ISLN) is an Ireland-domiciled exchange-traded commodity listed in U.S. dollars on the London Stock Exchange. It is issued by iShares Physical Metals plc, with BlackRock Advisors (UK) Limited overseeing the product structure.

The ETC seeks to track the spot price of silver, providing commodity exposure through an exchange-traded structure backed by physical metal.

ISLN uses physical replication, with its securities backed by silver held in custody. The product is designed to reflect movements in the spot price of silver, less the costs associated with operating the structure. Unlike a UCITS ETF, ISLN is structured as an ETC and is not a UCITS fund.

The product uses the Benchmark for Physical Silver as its reference benchmark. Rather than tracking a traditional equity or fixed-income index, ISLN provides targeted exposure to the international price of physical silver.

Composition / Exposure Profile

As an ETC backed by a single commodity, ISLN does not provide the sector diversification typically associated with equity ETFs.

Its exposure is concentrated in:

• Physical silver.

• The international precious metals market.

• Movements in the global price of silver.

The physical silver backing the securities is held in custody by JPMorgan Chase Bank N.A., London Branch. The amount of metal represented by each security is adjusted over time to account for the product's operating costs.

In addition to its role as a precious metal, silver has significant industrial demand, meaning its price can also be influenced by conditions across electronics, solar energy, and other industrial applications.

Structure and Costs

ISLN trades in U.S. dollars on the London Stock Exchange. The same product trades in British pounds on the London Stock Exchange under the SSLN ticker and also has other international listings. Its base currency is the U.S. dollar.

The ETC has a total expense ratio (TER) of 0.20% per year and uses a physical metal structure with physical replication. It is issued by Ireland-domiciled iShares Physical Metals plc.

ISLN does not generate or distribute dividends because its exposure is directly linked to physical silver. Its official documentation therefore classifies its use of income as “No Income.”

History and Evolution of the ETC

The iShares Physical Silver ETC (ISLN) was launched in 2011 as an exchange-traded structure designed to provide exposure to the spot price of silver through physical backing. Since its launch, the product has maintained a strategy focused exclusively on silver, with its securities backed by physical metal held in custody.

Throughout its history, ISLN's performance has reflected movements in the international price of silver, which can be influenced by factors such as supply and demand, industrial activity, currency movements, interest rates, and global economic conditions.

Additional Information

iShares Physical Silver ETC (Ireland) is an exchange-traded fund (ETF), with assets under management totaling $3.20 billion.

Over the past 12 months, iShares Physical Silver ETC recorded a return of 21.17%, with its price trading between $44.47 and $108.38 during the same period.

The ETF is traded under the ticker ISLN.