Silver exchange-traded products are
exchange-traded fund
An exchange-traded fund (ETF) is a type of investment fund and exchange-traded product, i.e. they are traded on stock exchanges. ETFs are similar in many ways to mutual funds, except that ETFs are bought and sold from other owners throughout the ...
s (ETFs),
exchange-traded notes (ETNs) and
closed-end fund
A closed-end fund (CEF) is a fund that raises capital by issuing a fixed number of shares which are not redeemable, and then invest that capital in financial assets such as stocks and bonds. Unlike open-end funds, new shares in a closed-end fund ...
s (CEFs) that aim to track
the price of silver. Silver
exchange-traded products are traded on the major
stock exchange
A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...
s including the
London and
New York Stock Exchanges. The
U.S Geological Survey cites the emergence of silver ETFs as a significant factor in the 2007-2011 price rise of silver. As of September 2011, the largest of these funds holds the equivalent of over one third of the world's total annual silver production.
Products
Physically backed funds
* Central Fund of Canada and Silver Bullion Trust are closed-end funds created by the same Canadian founders and mandated to keep the bulk of their net assets in precious metals, with a small percentage of cash. The Central Fund of Canada holds a mix of gold and silver, while the Silver Bullion Trust holds only silver. The Central Fund of Canada and Silver Bullion Trust
initial public offerings were completed in 1961 and 2009 respectively.
* iShares Silver Trust was launched by
iShares in April 2006. As of November 2010, iShares Silver Trust is the largest silver ETF on the market with over 335 million troy ounces of silver in storage.
* ETFS Physical Silver was launched by
ETF Securities in April 2007 and is backed by allocated silver bullion. ETF Securities have since launched physical silver ETFs on multiple exchanges around the world including Paris, Australia, New York and Tokyo. ETFS Physical Silver is backed by allocated bullion in the form of
LBMA
The London Bullion Market Association (now known simply as LBMA), established in 1987, is the international trade association representing the global Over The Counter (OTC) bullion market, and defines itself as "the global authority on precious ...
bars held with a custodian,
HSBC Bank USA, and audited twice a year by an independent third party, Inspectorate International Ltd.
* ZKB Silver ETF was launched by Zürcher Kantonalbank in May 2007 and invests exclusively in physical silver.
* Claymore Silver Bullion Trust is a closed-end fund created by Claymore Investments. The initial public offering was completed on July 15, 2009.
* Julius Baer Physical Silver Fund was launched by Swiss & Global Asset Management (formerly Julius Baer Asset Management) in January 2010.
* Sprott Physical Silver Trust is a closed-end fund created by Sprott Asset Management. The initial public offering was completed on November 3, 2010.
Other products
* db Physical Silver ETC was launched by
Deutsche Bank in July 2010.
See also
*
Gold exchange-traded product
*
Platinum as an investment
*
Silver as an investment
References
{{Reflist, 30em
Commodities used as an investment
Exchange-traded products