# iShares Silver Trust

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/iShares Silver Trust).

## Overview

iShares Silver Trust is a U.S.-based grantor trust that holds physical silver bullion and issues shares representing fractional interests in that silver. Its shares trade on NYSE Arca under the ticker SLV, giving investors exchange-traded exposure to the price of silver through the securities market.

## Products & services

• Physical silver-backed exchange-traded shares
• Creation and redemption of 50,000-share baskets
• Silver custody and bullion storage structure
• NAV-linked exposure to the LBMA Silver Price

- **Silver-backed exchange-traded shares** (100%) — Shares that represent fractional beneficial interests in silver bullion held by the Trust.
- **Basket creation and redemption** (0%) — Primary market issuance and redemption of Shares in 50,000-share baskets through authorized participants.
- **Custody and bullion administration** (0%) — Holding, safekeeping, valuation, and administration of the Trust's silver assets.

- Physical silver-backed exchange-traded shares
- Creation and redemption of 50,000-share baskets
- Silver custody and bullion storage structure
- NAV-linked exposure to the LBMA Silver Price

## Customers

The Trust is used by investors seeking direct market exposure to silver without buying, storing, or insuring physical metal themselves. Its primary users are brokerage clients and market participants who trade SLV on NYSE Arca, while the creation/redemption process is limited to authorized participants and registered broker-dealers. The product is designed for investors who want a liquid, exchange-traded silver instrument rather than a physical bullion holding.

- **Retail investors** (primary) — Buy SLV through brokerage accounts to gain simple, liquid exposure to silver prices.
- **Institutional investors** (primary) — Use the Trust for tactical commodity allocation, hedging, or portfolio diversification.
- **Authorized participants** (primary) — Registered broker-dealers that create and redeem baskets by delivering or receiving silver.
- **Commodity traders** (secondary) — Trade the shares for short-term exposure to silver price movements and market liquidity.

- Retail and institutional investors seeking silver price exposure
- Brokerage clients trading SLV on NYSE Arca
- Authorized participants creating or redeeming baskets
- Investors preferring exchange-traded access over physical bullion
- Market participants using silver as a portfolio hedge or commodity exposure

## Geography

The Trust is organized in the United States, formed under New York law, and its shares trade on NYSE Arca. Its silver is held by a custodian in London, New York, and other authorized locations, so the business has a U.S. legal base with international bullion storage and market touchpoints.

- United States is the legal domicile and listing market
- Shares trade on NYSE Arca under ticker SLV
- Silver is held in London, New York, and other authorized locations
- Custody and benchmark pricing connect the Trust to global silver markets

## Strategy

The Trust's core strategy is to provide a simple, exchange-traded vehicle that closely tracks the price of silver before expenses and liabilities. It relies on physical bullion custody, daily NAV calculation, and the creation/redemption mechanism to keep share price aligned with underlying silver value. Its structure is designed to make silver exposure accessible without the operational burden of storing and insuring metal.

- **Maintain tight linkage to silver spot prices** (short-term) — The product's value proposition depends on tracking the underlying metal as closely as possible.
- **Preserve efficient market liquidity** (short-term) — Liquidity and arbitrage help keep trading prices near NAV for investors.
- **Maintain secure bullion custody and verification** (medium-term) — Investor confidence depends on the integrity and traceability of the silver holdings.

- Track silver prices through physical bullion ownership
- Use daily NAV calculation to reflect underlying metal value
- Maintain liquidity through basket creation and redemption
- Offer exchange-traded access instead of physical ownership
- Rely on authorized participants to support market efficiency

## Risks

The Trust's main risks come from dependence on silver prices, benchmark integrity, and the operational reliability of its service providers and market infrastructure. Because it is a passive vehicle, disruptions in custody, trading, or the LBMA Silver Price can directly affect NAV tracking and share performance. Investors also face market-price discounts or premiums to NAV, especially when silver markets and NYSE Arca trading hours do not fully overlap.

- **Silver price volatility** [high] — The Trust's value is intended to mirror silver, so commodity moves flow directly into share value.
- **Benchmark disruption or loss of confidence in LBMA Silver Price** [high] — NAV is based on the benchmark, so benchmark failures can distort valuation and investor returns.
- **Premium/discount to NAV** [medium] — Trading hours, market supply and demand, and silver market liquidity can cause shares to diverge from underlying value.
- **Operational and cybersecurity risk** [medium] — The Trust depends on the sponsor, trustee, custodian, and electronic systems for recordkeeping and trading support.
- **Service provider concentration** [medium] — A small number of counterparties handle custody, administration, and market access, increasing dependency risk.

- Silver price volatility directly drives share value
- LBMA Silver Price disruptions can impair benchmark tracking
- Shares may trade at a premium or discount to NAV
- Operational failures at service providers can affect performance
- Cybersecurity or trading interruptions could disrupt administration

## Accounting

The most important accounting judgment is fair value measurement of silver bullion, which is marked using the LBMA Silver Price each business day. Because the Trust is a grantor trust with minimal operating activity, reported results are driven mainly by changes in silver value, share issuance/redemption activity, and the treatment of any cash or other incidental assets. Investors should also watch NAV computation and any estimates related to custody, expenses, or unusual claims settled in cash.

- **Fair value of silver bullion** — Largest driver of balance sheet and per-share value
- **Net asset value computation** — Affects trading premium/discount analysis
- **Share creation and redemption accounting** — Affects share count and asset base
- **Incidental cash balances** — Minor but can affect period-end balances

- Daily fair value of silver bullion drives NAV and reported assets
- LBMA Silver Price is the key valuation input
- Share issuance and redemption affect outstanding shares and NAV per share
- Unexpected cash or claims can create temporary non-silver assets
- Minimal operating structure limits traditional revenue recognition issues

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*Last updated: 2026-04-29T05:12:30.171904+00:00*