NewWave Exchange Traded Notes (ETNs) constitute unconditional, unsecured and unsubordinated obligations of Absa Bank Limited, listed on the JSE Limited.
The NewWave Silver ETN is designed to provide investors with cost-effective exposure to the spot price of silver in a listed instrument trading in South African rand. Each NewWave Silver ETN is equivalent to approximately 1/100th of an ounce of silver (less investor fees of 0.40% p.a.).
Silver is a well known precious metal traded in US dollar per fine ounce.