At a glance
SLV charges 0.5% a year, above the 0.21% average of the 7 funds most like it (the most expensive of 7). It has $28.21B in assets, the 3rd largest of that group. Over the past year it returned +3.5% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +29.7% a year. At its worst it fell 35.6% in the 2020 crash (S&P 500: 33.7%) and 33.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 19 months after the lows.
The short version
iShares Silver Trust (SLV), sponsored by a BlackRock subsidiary, is a trust holding physical silver bars, offering a way to track the silver price, minus expenses, without storing metal. Its 0.50% annual fee is the highest in its comparison group of physically backed gold trusts, which average 0.21%, and it pays no income. Silver swings hard: SLV gained 144.7% in 2025 but fell 76.3% from April 2011 to March 2020.
Price history
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SLV +3.5% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SLV price data to Nov 2, 2026 | -29.3% | +3.5% | +29.7% | +15.9% | +10.1% | +6.0% |
- Over the year to Nov 2, 2026, SLV returned +3.5%, 1st of 8 among similar funds.
- Its 5-year annualized return was +15.9% and its 10-year +10.1%.
- In the 2020 COVID crash it fell 35.6% and regained its old high 3.7 months after the low.
- Its worst full calendar year was 2013 (-36.3%); its best was 2025 (+144.7%).
- The deepest fall in its price history was 76.3% (Apr 28, 2011 to Mar 18, 2020), recovered by Oct 13, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -29.3% |
| 2025 | +144.7% |
| 2024 | +20.9% |
| 2023 | -1.1% |
| 2022 | +2.4% |
| 2021 | -12.3% |
| 2020 | +48.1% |
| 2019 | +14.9% |
| 2018 | -9.2% |
| 2017 | +5.8% |
| 2016 | +14.6% |
| 2015 | -12.4% |
| 2014 | -19.5% |
| 2013 | -36.3% |
| 2012 | +9.0% |
| 2011 | -10.7% |
| 2010 | +82.5% |
| 2009 | +47.7% |
| 2008 | -23.8% |
| 2007 | +14.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 4.7% over that stretch · deepest drop along the way 57.1%, back to its old high 22.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.6% over that stretch · deepest drop along the way 35.6%, back to its old high 3.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.9% over that stretch · deepest drop along the way 33%, back to its old high 19.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2021 | $0.0424 | -57.5% |
| 2020 | $0.0998 |
What's inside
The trust holds physical silver directly, worth $28.21B as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
SLV holds physical silver, kept by JPMorgan Chase Bank N.A., London Branch, in vaults in London and New York. No manager picks investments. The trust passively aims to reflect the silver price, before expenses, and it neither uses futures nor lends its silver. After 4:00 p.m. New York time each business day, the trustee, The Bank of New York Mellon, values the silver at the LBMA Silver Price, a daily London benchmark. That sets the net asset value (NAV): the value of the silver behind each share, after expenses.
Shares are created in Baskets of 50,000 in exchange for silver deposited with the custodian, and Baskets can also be redeemed for silver. This lets traders profit from gaps between the share price and NAV, which may help narrow them. Gaps can widen late in the US trading day, after the London, Zurich and COMEX silver markets close. The trust covers its 0.50% sponsor fee by disposing of silver, so the metal behind each share slowly shrinks.
SLV is a grantor trust: shareholders are treated as owning a slice of its silver directly. Unlike mutual funds and most ETFs, it is not registered under the Investment Company Act of 1940. It is also not a commodity pool, so holders lack some investor protections. The custodian's insurance covers the custodian, not the trust.
What it really costs
- SLV charges 0.5% a year, versus an average of 0.21% for the similar funds below (7th of 7, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Physically backed precious-metal trusts are taxed like the metal itself: in the US, long-term gains can be taxed at the collectibles rate of up to 28% rather than the usual capital-gains rates.
In a retirement portfolio
SLV holds a single metal, pays no income and fell at least 33% in each of the 2008, 2020 and 2022 slumps, making it a higher-risk add-on rather than a foundation.
SLV adds direct silver exposure but has swung sharply in market slumps. Across the 2007–09 stock market decline it ended down 4.7%, yet it plunged 57.1% along the way and took nearly 23 months to recover. It fell 35.6% in the 2020 COVID crash and 33% in 2022, needing about four and 19 months to recover. Its worst calendar year was 2013 (down 36.3%). Its deepest drop, 76.3% from April 2011 to March 2020, was not recovered until October 2025. Needing cash in a slump could mean locking in steep losses.
SLV paid no income in the year to October 27, 2026. Its 0.50% fee is more than double the 0.21% average of gold trusts compared here, and US long-term gains may be taxed at the collectibles rate of up to 28%. Past results don't predict the future; a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want silver price exposure through a brokerage account, backed by physical bars rather than futures, without arranging storage or insurance themselves.
- Investors wanting a small, higher-risk silver stake who can handle swings such as a 53.9% drop within the year to October 27, 2026.
- Those who want a large trust whose silver is not lent out, with about $28.2 billion in net assets as of June 30, 2026.
Look elsewhere if
- Income seekers: SLV made no distributions in the year to October 27, 2026, and silver itself produces no interest or dividends.
- Cost- and tax-conscious investors: the 0.50% fee is over double the 0.21% gold-trust average, and long-term gains can face collectibles tax up to 28%.
- Anyone who may need this money within a few years: SLV lost 36.3% in 2013 and 23.7% in 2026 through October 27.
Close alternatives
Matched by other funds that hold gold directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SLV this fund | 0.5% | $28.21B | +3.5% | +29.7% |
| GLD SPDR Gold Shares | 0.4% | $130.10B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $60.11B | -1.6% | +25.4% |
| GLDM SPDR Gold MiniShares Trust | 0.1% | $27.30B | -1.5% | +25.6% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| SGOL abrdn Physical Gold Shares ETF | 0.17% | $6.74B | +1.7% | +26.3% |
| IAUM iShares Gold Trust Micro ETF of Benef Inter… | 0.09% | $6.31B | +1.8% | +26.4% |
| OUNZ VanEck Merk Gold ETF | 0.25% | $2.54B | +1.6% | +26.2% |
Questions investors ask
Is SLV backed by physical silver?
Yes. SLV holds physical silver bars, kept for the trust by JPMorgan Chase Bank N.A., London Branch, in vaults in London and New York. It does not use futures contracts or lend its silver. At the end of each business day, no more than 1,100 ounces may be held in unallocated form, meaning silver not tied to specific bars. Inspectors from Bureau Veritas reported on the vaults on May 12, 2025, and the sponsor posts that report and a list of the trust's bars online.
Does SLV pay dividends?
No. SLV made no distributions in the year to October 27, 2026. The trust exists to hold silver, and silver bars produce no interest or dividends. It covers its 0.50% annual sponsor fee by disposing of silver, so the metal behind each share slowly shrinks over time. Returns come only from changes in the silver price, minus that fee, so anyone wanting cash from SLV has to part with shares.
What's the difference between SLV and GLD?
They hold different metals: SLV owns physical silver, while SPDR Gold Shares (GLD) owns physical gold, so they are not substitutes. Both hold their metal directly. SLV charges 0.50% a year, compared with 0.40% for GLD. As of October 27, 2026, SLV returned 15.9% over one year and 32.4% a year over three years, compared with 1.4% and 26% for GLD. GLD is much larger: it had about $130.1 billion in net assets, compared with about $28.2 billion for SLV, both as of June 30, 2026.
How is SLV taxed?
SLV is taxed like the silver it holds. It is a grantor trust, a structure in which shareholders are treated as owning a slice of the trust's assets directly. For US investors, long-term gains can be taxed at the collectibles rate of up to 28%, rather than the usual capital-gains rates. In a taxable account, that can make it less tax-efficient than a stock ETF. A tax adviser can explain how the rules apply to a specific situation.
Is SLV good for retirement?
It may suit only a small, higher-risk slice of a retirement portfolio, not the core. SLV pays no income and charges 0.50% a year. It has also suffered deep drops: 57.1% in 2008, 35.6% in the 2020 COVID crash, and 76.3% from its April 2011 peak to its March 2020 low, a loss not fully recovered until October 2025. Over the 10 years to October 27, 2026, it returned 11.5% a year. Past results don't predict future returns.