| Investment Objective: |
The Silver Fund seeks to exceed the price return of physical silver by primarily investing under normal circumstances in derivative instruments on silver and physical silver-related exchange traded products ("ETPs"), including physical silver-related exchange traded funds ("ETFs") and silver related exchange traded notes ("ETNs"), backed by a portfolio of Fixed Income Instruments of varying maturities, which may be represented by options and forwards, as well as Preferred Securities Instruments. The Fund may also invest in silver related ETFs directly as well as in physical silver and derivative instruments on silver. Physical silver-related ETFs are those that invest primarily in physical silver and/or over-the-counter or exchange-traded derivatives on physical silver such as forward contracts, futures contracts, and options contracts or swap contracts. Silver related ETNs are those with interest and/or principal payments linked to the price of silver. The Silver Fund normally uses option contracts on physical silver-related ETPs, including FLEX options, to gain exposure to physical silver. As part of its strategy, the Silver Fund may write (sell) call option contracts on silver and physical silver-related ETPs to generate income. |
