The cultivar that I have of this shrub is 'Silverberry' (ht 2-3 m; previously called Elaeagnus x ebbingei 'Silverberry') and it is an attractive specimen. Sometimes called oleaster, this most obliging shrub that will grow in heavy or part shade or full sun! It has attractive dusty green leaves (which have a delightful silvery sheen in spring) with a silvery underside, and has a dense, upright form. Inconspicuous perfumed flowers appear in late summer and autumn. It is drought tolerant once established.
Elaeagnus x submacrophylla 'Silverberry' grows quite rapidly and needs to be pruned to keep it compact. It will recover from savage pruning if necessary! It can be grown as a robust hedge. It grows naturally in an oval shape but I have trained mine to the shape of a small tree, with multiple trunks. I have underplanted it with silvery Plectranthus argentatus, to echo its tints.