ETFS Silver Trust (the Trust) is an investment trust. The Trust holds silver bullion and issues shares in exchange for deposits of silver and distributes silver in connection with the redemption of Baskets. The Trust is governed by the Trust Agreement. The investment objective of the Trust is for the Shares to reflect the performance of the price of silver, less the Trust�s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a Shareholder) an opportunity to participate in the silver market through an investment in securities.