iShares Silver Trust (the Trust) is a grantor trust. The purpose of the Trust is to own silver transferred to the Trust in exchange for shares issued by the Trust. Each iShare represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of silver held by the custodian on behalf of the Trust. The objective of the Trust is for the value of the iShares to reflect, at any given time, the price of silver owned by the Trust at that time, less the Trust’s expenses and liabilities. An investment in physical silver requires the assay, transportation, warehousing and insurance of the metal.