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LONDON - iShares Physical Metals Plc has announced the issuance of 1,416,000 securities of its iShares Physical Silver ETC, representing Tranche 961 of the series. The securities will be issued on November 13, 2025, according to a final terms document released on Wednesday.
The new tranche will increase the total number of securities in the series from 61,899,428 to 63,315,428. The issue price is set at $48.82 per security with a metal entitlement of 0.95284 troy ounces of silver per security.
The securities are part of iShares' Secured Precious Metal Linked Securities Programme and will be admitted to trading on the London Stock Exchange. They may also be admitted to trading on the Frankfurt Stock Exchange and Borsa Italiana in the future.
The ETC securities track the performance of physical silver, with the metal held in allocated form by custodians on behalf of the issuer. The securities carry a total expense ratio of 0.20% per annum, which is applied to the metal entitlement on a daily basis.
JPMorgan Chase Bank, N.A., London Branch serves as the metal counterparty for the securities, while State Street Bank and Trust Company, London Branch handles currency hedging trades.
The securities are designed to provide investors with exposure to silver without requiring physical delivery of the metal. They are secured, limited recourse obligations of the issuer that rank equally among themselves.
Based on a press release statement, the securities will be available for trading following their admission to the official list of the UK Financial Conduct Authority and the regulated market of the London Stock Exchange.
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