Barclays Global Investors launched its silver exchange-traded fund on the American Stock Exchange, a day after the the Securities and Exchange Commission approved the registration for the investment vehicle.

The iShares Silver Trust, which began trading Friday under the symbol "SLV," is the first ETF backed solely with silver. The investment objective is for the share value to mirror the performance of the price of silver, less the expenses of the trust's operations. Each share will be worth 10 ounces of silver.

The Bank of New York has been appointed trustee of the ETF and the London branch of J.P. Morgan Chase Bank has been tapped to serve as custodian.

Friday's launch comes ten months after Barclays filed a registration statement with the SEC for the fund. The Silver Users Association had expressed opposition to the ETF, arguing that it will cause a shortage of silver in the market and drive prices higher. 

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