SLV

iShares Silver Trust (SLV.P) Hits 52-Week High Amid Mixed Fund Flows

The iShares Silver Trust (SLV.P) is a commodity ETF designed to track the silver spot price through physical silver bullion holdings in London. With an expense ratio of 0.5% and a long-only investment direction, the fund offers direct exposure to silver prices net of expenses. On the most recent trading day, the ETF saw mixed fund flows: while retail orders added $891,480.63 in net inflows, large institutional blocks withdrew a combined $16.68 million in net outflows, suggesting potential profit-taking or hedging activity among major holders.

Technical analysis indicates a bearish signal for SLV.P, with a confirmed KDJ dead cross pattern emerging on December 12, 2025. This classic technical indicator typically signals oversold conditions and potential price weakness, raising concerns about near-term downward pressure despite the ETF’s 52-week high. Traders should monitor key support levels and volume patterns for confirmation of trend continuation.

Among similar leveraged ETFs, the sector shows significant AUM disparity. The largest product, AGG.P, manages $134 billion with a minimal 0.03% expense ratio, while smaller alternatives like AMUN.O and AGGS.P struggle with assets under $40 million despite higher management fees. This highlights the trade-off between cost efficiency and liquidity across leveraged commodity products.

Investors should weigh SLV.P’s physical silver exposure against its technical headwinds and mixed capital flows. While rising inflation or economic uncertainty could drive silver prices higher, the KDJ dead cross and large block outflows suggest caution. Position sizing should reflect both market sentiment toward precious metals and the ETF’s recent technical deterioration.