ETF Securities, a leading provider of commodity-based exchange-traded products in Europe, is entering the U.S. market.

The London-based company has more than $6.5 billion in assets under management and more than 100 different products trading in Europe. It has resolutely stayed away from the U.S. market, however, until now: On December 19, the company filed papers with the Securities and Exchange Commission for the right to launch a silver bullion exchange-traded fund in the U.S.

The fund itself appears to be unremarkable. It will hold silver bullion as its sole asset, in much the same way as the iShares Silver Trust (NYSEArca: SLV). SLV currently has $2.2 billion in assets, and is well-established in the space. It's unclear how ETF Securities will position the new ETF against SLV. ETF Securities declined to comment, saying it was in the "quiet period" of registration.

It is odd for ETF Securities to come to the U.S. market with what appears to be a "me-too" silver ETF. In Europe, the company has built a reputation for being on the cutting edge of new product development. It offers a huge variety of funds, including leveraged, inverse and inverse-leveraged commodity products, as well as an unmatched variety of single commodity funds. More than likely, the silver fund is an opening salvo, laying the groundwork for more innovative launches in the future.

There is no word yet on how much the fund will charge in expenses or when the fund will list.