Barclays Global Investors, the largest provider of exchange-traded funds (ETFs), said in a recent regulatory filing with the Securities and Exchange Commission that it seeks approval for a new ETF tracking silver, The Wall Street Journal reports
The move comes just a few months after two ETFs tracking gold began trading. The latest offering, the iShares Silver Trust, would hold the physical silver with investors owning an interest in those assets, with each share representing 10 ounces of silver.
The price will be set by the London fix, which is the daily price for an ounce of silver set by three market making members of the London Bullion Market Association. The shares, which would be listed on the American Stock Exchange, would carry a sponsor fee of 0.5% of assets.
The Bank of New York would serve as the trustee, overseeing its day-to-day operations, while the London branch of J.P. Morgan Chase Bank NA will serve as the custodian providing vaulting and clearing services.
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