iShares Silver Trust (NYSE Arca: SLV) is a grantor trust that holds physical silver on behalf of its shareholders. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust, with assets consisting primarily of silver held by JPMorgan Chase Bank N.A., London Branch, as custodian. The Trust does not engage in active management or trading. It was formed on April 21, 2006, under the laws of the State of New York, when an initial deposit of silver was made in exchange for three Baskets, each Basket consisting of 50,000 Shares. The Sponsor is iShares Delaware Trust Sponsor LLC, a consolidated subsidiary of BlackRock, Inc. The Trustee is The Bank of New York Mellon. The Trust's purpose is to give investors a means of holding silver exposure through an exchange-listed security rather than direct physical ownership. Shares are created when silver is deposited in exchange for new Baskets and redeemed when Baskets are surrendered.

Revenue model

The Trust itself does not generate revenue. It accrues a sponsor fee charged against the silver held in the Trust, which is the primary cost borne by shareholders. No operating income, dividends, or interest income is generated by the Trust in the ordinary course.

Products and services

Exchange-traded grantor trust shares (ticker: SLV) representing fractional undivided beneficial interests in physical silver held by the custodian. Baskets of 50,000 Shares are the creation and redemption unit.

Customers and end markets

Investors seeking exchange-listed exposure to physical silver prices. The Trust does not disclose individual shareholder composition in the excerpts provided.

Value-chain role

Passive physical silver holding vehicle. The Trust sits between silver bullion markets and exchange investors, holding allocated silver through its custodian and issuing tradeable shares in return.

Geographic exposure

Trust formed under New York State law. Silver custody arrangement governed by English law through JPMorgan Chase Bank N.A., London Branch.

Source: SEC 10-K, filed 2026-02-27

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