A SIP is constructed of OSB laminated to an expanded polystyrene (EPS) foam core, which comes in various thicknesses to provide the desired R-value. It's cut and shaped to fit the exact application.
SIPs contain all of the elements of a complete wall -- framing, sheathing, insulation and air barrier -- in a single component. They eliminate the need for wood framing in walls, and in most roof applications there's no requirement for trusses.
Dimensional lumber may be used for additional support at some point loads, but in many cases SIPs are all the structure needed for a high-performance wall or roof.