The manager of the largest exchange traded fund for silver has issued a rebuttal of speculation the ETF doesn’t actually hold physical bullion.

The iShares Silver Trust (NYSEArca: SLV) rose more than 2% in early trading Monday as metal prices rallied again.

Kevin Feldman, a managing director in the iShares unit of BlackRock, in a recent blog post refuted talk the ETF holds leased silver or derivatives.

“I recognize we live in a skeptical time, especially following the events of 2008, and it’s smart to question whether your investments are doing what you think they should be doing.  One of our key tenets here at iShares is transparency, which means we make every effort to educate potential investors on how each ETF works and what it holds,” Feldman wrote.

“In the case of SLV, it’s a very straightforward answer: silver,” he said.

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