SLV Fund Description

The iShares Silver Trust tracks the silver spot price less expenses and liabilities using silver bullion held in England.

SLV ETF.com Insight

[As of 3/21/14] SLV gives investors direct exposure to silver by physically holding the metal in vaults in London. As such, investors get the price movement of silver (determined by theSLV is one of the most liquid funds on the market, making trading painless. London Silver Fix) less fund expenses. SLV charges 20 bps more than the segment’s other physically backed silver fund, SIVR, which would make it a much less appealing fund if not for its superior liquidity: SLV is one of the most liquid funds on the market, making trading painless. Note: SLV is classified as a collectible for tax purposes, subjecting investors to the collectibles tax rate. (Insight updated 01/01/1900)

1 Year

Performance [as of 03/21/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

SLV (Mkt)
-6.91% 4.83% 4.33% -30.73% -17.92% 7.48% --

SLV (NAV)

-5.51% 6.18% 5.27% -29.28% -17.59% 7.98% --

Physical Silver

-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

SLV Top 10 Contracts

SLV Summary Data

BlackRock

A company that produces and manages ETFs.

04/21/06

The first date of a fund's operations, as documented by the issuer.

Grantor Trust

The organizational structure of the fund or ETN.

0.50%

The net total annual fee a fund holder pays to the issuer.

$6.69 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$125.83 M

Average dollar value of shares traded over 60 calendar days.

0.05%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

SLV Portfolio Data

Physically Held

This details how the fund accesses its commodities, whether holdings are physically–held or futures based.

Physically Held

Rolling strategy is the process by which a fund deals with contract expiration.

N/A

How often a fund rebalances its holdings back to the stated target weights in the prospectus.

--

This is the weighted average decay of all contracts held by a fund, calculated from the current contract to the current front month contract.

--

This is the weighted average decay of all contracts held by a fund, calculated from the current contract to each holding's preceding contract.


1

The number of single commodities represented in the fund holdings.

SLV Index Data

Physical Silver

This is the benchmark an ETF is desigend to track or replicate.

Single Asset

A set of rules that the underlying index provider follows to weight its constituent securities.

Single Asset

A set of rules that the underlying index provider follows to select its constituent securities.

Silver Spot Price

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to SLV

SIVR, DBS, USV

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

SLV ETF.com Efficiency Insight

[As of 3/21/14] At 50 bps, SLV is the more expensive ETF of the two physically-backed silver ETFs. Still, the fund has unsurprisingly tracked the price of silver closely. SLV is the largest fund in the segment, holding around 94% of all assets, and stands at a low risk of fund closure. An important consideration: SLV is taxed as a collectible, with a 28% tax rate for long- and short-term capital gains. (Insight updated 01/01/1900)

Total Return

Performance [as of 03/21/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

SLV (Mkt)
-6.91% 4.83% 4.33% -30.73% -17.92% 7.48% --

SLV (NAV)
-5.51% 6.18% 5.27% -29.28% -17.59% 7.98% --

Physical Silver
-- -- -- -- -- -- --

Silver Spot Price
-5.47% 6.31% 5.38% 0.05% -17.17% 8.53% 10.7%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

SLV Portfolio Management

0.50%

The net total annual fee a fund holder pays to the issuer.

-0.37%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.29%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.47%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

SLV Tax Exposure

28.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

SLV Fund Structure

Grantor Trust

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

N/A

An indicator of whether or not a fund actively lends its portfolio holdings.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

N/A

The multiple of the underlying index which the fund aims to deliver. For funds that reset, the leverage factor holds true only for the reset period, often just 1 day.

N/A

The time period at which the fund “trues up” its leverage factor. For funds that reset, the reset period–often just 1 day–is the length of time over which the fund delivers its leverage factor.

SLV ETF.com Tradability Insight

[As of 3/21/14] SLV is the most liquid fund in the segment. Volume is the highest in the silver space and spreads are also the narrowest making it a solid choice. The large volume can accommodate trades of virtually every size, so both retail and institutions should have no problems trading. Similarly, creating new shares is cheap and poses no challenges. (Insight updated 01/01/1900)

Average Spread

Premium/Discount

Volume

SLV ETF.com/ Block LiquidityAs of 07/25/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of SLV. SLV is rated a 5 out of 5.

SLV Tradability

6,456,375

The average number of shares traded during a 60 day period.

$125.83 M

Average dollar value of shares traded over 60 calendar days.

5,570,040

Median number of shares traded over the past 45 trading days.

$110.7 M

Median dollar value of shares traded over the past 45 trading days.

0.05%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

$0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 60 days, in dollars.

0.04%

The middle value in the ranked set of all premium/discount values over a 12-month period.

7.80% / -4.50%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

109.54

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.00%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

3,451,238

The total number of net outstanding options contracts for an ETF.

N/A

Indicates whether there is an active futures market for the underlying index tracked by the fund, which can help market makers hedge their trading activity.

--

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

SLV ETF.com Fit Insight

[As of 3/21/14] SLV has a nearly perfect Fit to our benchmark, given that it physically holds the silver bars in a vault in London. Its only deviations from exposure to the silver price movements come from its management fees. Overall, investors get exactly what they’d expect from the fund. (Insight updated 01/01/1900)

SLV Sector Breakdown

SLV Segment Benchmark
100.00% 100.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%

SLV Top 10 Contracts

SLV Performance Statistics

1.00

The degree to which the fund and its segment benchmark move up and down in unison.

1.00

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.01%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

SLV Top 5 Collateral Investments

No data available

SLV Expected Decay

SLV Segment Benchmark
Commodity Weight Decay
to Front
Decay to
Preceding
Commodity Weight Decay
to Front
Decay to
Preceding
Silver 100.00% 0.00% 0.00% Silver 100.00% 0.00% 0.00%
Weighted Average
Expected Decay:



Weighted Average
Expected Decay:


Expected Decay: Decay-to-front measures the annualized price difference between the price of a futures contract and the current front-month futures price for the commodity. Decay-to-front shows the annualized expected cost (appreciation) should the front month price not change between now and contract expiration. We annualize this cost to make it uniform for all contract months. Decay-to-preceding similarly measures the annualized price difference between a futures contract and the contract before it on the curve and shows the annualized expected cost (appreciation) should the spot prices and the shape of the curve remain intact. The figures are presented as decay, so a negative number implies an expected gain and a positive number implies an expected loss. Front month positions are evaluated against the next available contract ahead of it on the curve.

Term Structure