SLV ETF guide. Cost, metal held and tax treatment in one place.
SLV holds allocated silver bullion and aims to track the LBMA Silver Price, less its fee. See what it costs to hold each year, what it pays, what sits inside and how it has returned.
One ticker.
What SLV is, in plain words.
SLV holds allocated silver bullion and aims to track the LBMA Silver Price, less its fee. The fund is managed by iShares, trades on NYSE Arca in U.S. dollars and launched on Apr 21, 2006. On Nov 9, 2026 it held $26.55B in net assets and its expense ratio was 0.50%. SLV is the largest silver ETF in the United States.
Investors search for SLV ETF because they want a clear answer to four practical questions. What does it cost to hold each year, what does it pay, what is actually inside, and how does it fit in a Roth IRA, a traditional IRA or 401(k), or a taxable account. This guide answers each one with dated figures from the issuer, and marks anything the issuer page does not publish as Not captured.
Key takeaways
- What it is. SLV holds allocated silver bullion and aims to track the LBMA Silver Price, less its fee.
- Cost. Expense ratio 0.50%, about $50 a year on $10,000.
- Income. The trust holds silver and pays no distributions, so there is no yield.
- Risk. The price of silver can fall sharply in a weak year.
It suits you if
- You want to own gold or silver as a diversifier next to stocks and bonds.
- You accept price swings and no income.
- You want a simple way to hold metal without storing it yourself.
Look elsewhere if
- You want regular income from your holdings.
- You cannot accept large swings in value.
- You want a growth fund built on company earnings, since metal earns nothing.
What SLV holds.
The 1 largest positions inside SLV, as of Nov 9, 2026. Pick a number to see how much of the fund they make up.
The trust holds one asset, silver bullion, so there are no companies or sectors to list. The facts section gives the ounces of metal behind each share.
SLV income and distributions.
SLV holds silver and does not pay distributions. The issuer page shows no yield, because the trust earns no interest or dividends on the metal. Your return comes only from the change in the price of silver, less the fund fee.
The sponsor fee is paid by selling small amounts of metal from the trust, which is why each share stands for slightly less metal over time.
No payments to list, and why.
SLV has made no distributions, so there is no payment log or yearly payout record to show. The only cash event for an investor is selling shares.
What SLV costs to hold each year.
The expense ratio of 0.50% means the fund keeps about $50 a year for every $10,000 you hold. That cost is taken out of the fund price in small daily amounts, so you never see a bill, but it lowers your return every year. Over ten years on a flat $10,000 the expense ratio adds up to roughly $500, before any growth.
Two other costs sit outside the expense ratio. Trading commissions depend on your brokerage, and most large U.S. brokerages now charge nothing to buy ETFs. The bid and ask spread is a small cost you pay each time you trade, and for the largest funds it is usually tiny.
Expense ratio cost at common amounts
| Amount held | Per month | Per year | Over 10 years, flat | Hypothetical 2.00% fund, per year |
|---|---|---|---|---|
| $1,000 | $0.42 | $5.00 | $50 | $20 |
| $5,000 | $2.08 | $25.00 | $250 | $100 |
| $10,000 | $4.17 | $50.00 | $500 | $200 |
| $25,000 | $10.42 | $125.00 | $1,250 | $500 |
| $50,000 | $20.83 | $250.00 | $2,500 | $1,000 |
| $100,000 | $41.67 | $500.00 | $5,000 | $2,000 |
| $250,000 | $104.17 | $1,250.00 | $12,500 | $5,000 |
Flat estimates at the current expense ratio with no growth and no change in fee. Trading commissions depend on your brokerage and are not included. The 2.00% fund is a hypothetical used for scale.
Where the cost shows up
- Not as a bill. The share price and returns are already lower by the expense ratio.
- Trading cost shows up as the bid and ask spread each time you buy or sell, and as a commission if your broker charges one.
- In a taxable account, the trust pays no dividends, so tax comes when you sell shares and is reported on Form 1099-B.
Expense ratio cost calculator
Flat estimate at an expense ratio of 0.50% with no growth and no change in fee. It shows scale only, not a forecast.
How SLV has returned.
Calendar year returns were Not captured from the issuer page for this fund, so this guide shows the period returns the issuer publishes. Returns include fees. Past performance does not guarantee future results, and a single period tells you little about the next one.
Annualised NAV returns from the issuer, as of Sep 30, 2026. They include fees.
Past performance does not guarantee future results. Gaps are shown as Not captured because the issuer page did not publish that period.
What $10,000 became over 5 years
Using the annualised NAV return from the issuer, with distributions reinvested.
An illustration of past figures, not a forecast. It ignores taxes and trading costs.
What $10,000 became, by starting point
Each row starts a different number of years before Sep 30, 2026 and uses the issuer annualised NAV return for that period.
SLV fund facts in one place.
Every figure comes from the issuer for the date shown. A line reads Not captured when it is not published on the pages we use.
What the trust holds.
Sector exposure
What the ride can look like.
SLV can lose value, and the period returns from the issuer show the range so far.
- Metal price risk. The fund falls when the price of the metal falls, and the price can swing sharply.
- No income. The trust pays nothing, so a loss is not cushioned by payouts.
- Fee drag. The sponsor fee is paid from the metal in the trust, so each share stands for slightly less metal over time.
- Tax rate. In a taxable account, gains are taxed as collectibles, at up to 28%.
- Custody. The metal is held by a custodian, and the trust documents describe what happens if bars are lost or damaged.
How investors use SLV.
SLV is most often used as a small diversifying holding next to stocks and bonds. An investor who owns it is choosing exposure to the price of the metal, which can move differently from shares and bonds.
Because the metal pays no income, many investors cap it at a modest share of the portfolio and rebalance. That choice is worth checking against your own situation.
Before buying SLV, check four things on the issuer page. First, confirm the expense ratio matches the figure on this page, since fees can change when an issuer cuts costs. Second, confirm the fund is eligible for the account you plan to use. Third, read the latest tax breakdown if you hold it in a taxable account. Fourth, look at the bid and ask spread on the day you trade, since a wide spread is a cost that the expense ratio does not show.
Several comparable funds exist, with expense ratios of GLD at 0.40%, IAU at 0.25%, GLDM at 0.10%, SGOL at 0.17%, so weigh cost together with what each fund holds, how it pays and the account you use.
No single fund is right for everyone, and this guide describes the product rather than recommending it. The figures come from the issuer and are dated. Distribution amounts, yields and holdings change, and past returns do not predict future returns. For a decision with large amounts of money, read the prospectus and the shareholder reports, and consider speaking with a licensed adviser about your own situation.
SLV against similar funds.
The same fund type from other issuers. Open a comparison for holdings overlap and returns.
| Fund | Issuer | Expense ratio | Net assets | Distributions |
|---|---|---|---|---|
| SLV (this fund) | iShares | 0.50% | $26.55B | None |
| GLD | State Street | 0.40% | $137.93B | None |
| IAU | iShares | 0.25% | $60.99B | None |
| GLDM | State Street | 0.10% | $31.38B | None |
| SGOL | abrdn | 0.17% | $7.02B | None |
| SIVR | abrdn | 0.30% | $3.58B | None |
SLV is part of the Gold and Silver ETFs category on this site, grouped here with GLD, IAU, GLDM. Each comparison page lines up two funds on cost, holdings overlap, yield and returns, so you can see what separates them.
Where SLV fits.
Qualified withdrawals from a Roth IRA are tax free, so gains build without a yearly tax bill and the expense ratio is the main drag you carry. SLV is an ordinary exchange traded fund, so most brokerages let you hold it in a Roth IRA.
Tax is deferred until you withdraw, and withdrawals are taxed as ordinary income. A 401(k) offers only the funds on its menu, so check whether SLV or a similar fund is in your plan.
Shares of a trust that holds physical silver are generally taxed as collectibles. Gains on shares held more than a year face a maximum federal rate of 28%, and gains on shares held a year or less are taxed at ordinary rates. The trust pays no distributions, so there is no yearly dividend income, and your broker reports sales on Form 1099-B. Inside a Roth IRA or traditional IRA the collectibles rate does not apply, because the account shelters the gains.
General education, not tax advice. Rules change, so confirm with the issuer tax documents or an adviser.
Buying SLV in five steps.
- Pick the account. Roth IRA, traditional IRA, 401(k) or taxable. Most brokerages let IRAs hold ETFs like this one.
- Search the ticker. Type SLV in your brokerage and choose the U.S. listing, priced in U.S. dollars.
- Use a limit order. It sets the most you will pay and avoids surprises at the open.
- Check the cost. Most large U.S. brokerages charge no commission on ETFs, and some charge a small fee per trade.
- Set a routine. Add money on a schedule and decide whether to reinvest distributions.
Terms used on this page.
Where to go next from SLV.
Every SLV link in one place. Start with the category, then the head to head comparisons, then the guides for other funds and the tools.
CategoryGold and Silver ETFsEvery fund in this category, with a comparison page for every pair.Open the category →SLV comparison pages 5
Guides for similar funds
More U.S. fund guides
Calculators for SLV investors
Other ETF categories
Guides and research
Common questions about SLV.
What is SLV?
SLV holds allocated silver bullion and aims to track the LBMA Silver Price, less its fee. It is managed by iShares, trades on NYSE Arca in U.S. dollars and launched on Apr 21, 2006.
What is the expense ratio of SLV?
The expense ratio of SLV on the issuer page is 0.50%, or about $50 a year per $10,000 invested.
Does SLV pay a dividend or yield?
SLV does not pay a yield. The trust holds silver, which earns no interest or dividends, and it makes no distributions.
How often does SLV pay income?
SLV pays no income and has no payment schedule. Your return comes from the change in the price of silver, less the fund fee.
What does SLV hold?
SLV holds physical silver and nothing else, so there are no companies or sectors inside it.
Can I hold SLV in a Roth IRA or 401(k)?
Yes for IRAs. SLV is an ordinary exchange traded fund, so most brokerages let you hold it in a Roth IRA or a traditional IRA. Whether it is available in a 401(k) depends on the funds your plan offers.
How has SLV performed?
The issuer period returns are shown in the returns section. Returns include fees, and past performance does not guarantee future results.
SLV or GLD, what is the difference?
The two funds do a similar job and differ in cost, issuer and holdings. SLV has an expense ratio of 0.50% and GLD has an expense ratio of 0.40%. Open the GLD vs SLV comparison for holdings overlap, yield and returns side by side.
How is SLV taxed?
Shares of a trust that holds physical silver are generally taxed as collectibles. Gains on shares held more than a year face a maximum federal rate of 28%, and gains on shares held a year or less are taxed at ordinary rates. The trust pays no distributions, so there is no yearly dividend income, and your broker reports sales on Form 1099-B. Inside a Roth IRA or traditional IRA the collectibles rate does not apply, because the account shelters the gains. Use the Form 1099-B from your broker for your own return.
Source, iShares fund page. All figures are dated as shown. This guide is for education and is not personal advice or an offer to sell.