UBS ETF (CH) Silver (USD) A-dis is an exchange-traded fund that invests directly in physical silver, held as standard bars conforming to London Bullion Market Association (LBMA) specifications. The silver is physically segregated and securely stored in a high-security vault in Switzerland, ensuring full replication of the LBMA Silver Price benchmark through passive management. Launched on November 25, 2010, and domiciled in Switzerland, this USD-denominated distributing share class aims to mirror silver's spot price performance after deducting costs, with an annual total expense ratio of 0.45% and annual distributions typically in September. Managed by UBS Fund Management (Switzerland) AG, it provides investors flexible access to silver via a single transaction on exchanges, featuring a unique right to redeem physical silver. As a commodity-focused ETF, it plays a key role in precious metals exposure within global portfolios, offering transparency and cost efficiency while tracking the daily LBMA Silver Price fix, established through an electronic auction by major banks. Total fund assets stand at approximately 285.87 million USD, underscoring its established presence in the silver investment market.