One rather unique feature of SLV is that the Trust’s shares are not redeemable except in large aggregate units called “baskets.” These baskets are created when silver is deposited into the trust, and SLV then will sell silver to cover the redemption price of these baskets. Only authorized brokers who have entered into a contract with the sponsor and trustee of the trust can purchase or redeem baskets, but shares of SLV can be bought or sold through any brokerage account.

SLV’s share price has traded in a wide arc over the last year, with its high and low points approximately matching the strong and weak times in the market. Year to date, SLV has risen close to 20% on the recent surge that has taken hold of precious metals and related sectors. The trust does not offer a dividend, but it has a modest expense ratio of 0.5% and about $5 billion in assets. SLV is one of the largest precious metals ETFs out there.