| Investment Objective: |
The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in the economic equivalents of silver by investing in one or more Reference ETPs that invest directly in silver and financial instruments that provide 200% daily exposure to the Reference ETPs. The financial instruments in which the Fund normally invests will include uncleared, cash-settled swap agreements, which are intended to produce economically leveraged investment results. The Fund intends to utilize the iShares Silver Trust as the initial Reference ETP, although the Fund may use other Reference ETPs. The Fund will invest up to 25% of its total assets in a wholly owned and controlled subsidiary (the "Subsidiary"). In addition to investing in the Subsidiary, the Fund will invest directly and indirectly (through the Subsidiary) in commodity futures and swap contracts, as well as certain short-term fixed-income investments certain of which are intended to serve as margin or collateral for the Subsidiary's commodity futures positions. |
