The iShares Silver Trust (SLV) is a passive exchange-traded investment vehicle that holds physical silver on behalf of its shareholders. Each share represents a fractional beneficial interest in the silver held by the Trust, giving retail and institutional investors straightforward exposure to silver prices without needing to buy, store, or transport physical silver themselves. Shares trade on NYSE Arca through ordinary brokerage accounts. The Trust is sponsored by iShares Delaware Trust Sponsor LLC, a BlackRock subsidiary, with JPMorgan Chase Bank acting as custodian for the physical silver, which is held in allocated form in vaults in London and New York. The Trust's only fee is an annual sponsor fee of 0.50% of net asset value, accrued daily and paid monthly. To cover this fee, the Trust periodically sells small amounts of silver, meaning each share represents a slightly declining quantity of silver over time. The Trust does not trade silver, lend silver, or seek to profit from price movements — it simply holds silver and passes price exposure through to shareholders, with NAV tracking the LBMA Silver Price less accrued fees. New shares are created or redeemed only in large blocks of 50,000 shares by Authorized Participants — major broker-dealers including Goldman Sachs, JPMorgan, and Morgan Stanley — who deposit or withdraw physical silver in exchange, keeping share prices closely aligned with the underlying NAV. SLV is structured as a New York grantor trust and is not a registered investment company.