Sprott Physical Silver Trust (NYSEArca: PSLV) was in negative territory Thursday while silver prices rose after its manager announced a follow-on offering to buy more bullion.

Sprott Physical Silver Trust was down 4% in afternoon trading Thursday.

The iShares Silver Trust (NYSEArca: SLV), an $8.5 billion ETF that invests in silver bullion, gained 0.7% in recent action.

Sprott Physical Silver Trust fell while silver prices rose because its premium to net asset value narrowed after the follow-on announcement late Wednesday.

Although it trades on NYSE Arca like most ETFs, the Sprott silver product has some unique wrinkles.

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