The investment objective of SVR is to replicate the performance of the price of silver bullion, less SVR’s fees and expenses. To achieve its investment objective, SVR invests in long-term holdings of unencumbered silver bullion in 1,000 troy ounce international bar sizes (“Silver Bullion”). In accordance with its investment objective, strategy, policies and restrictions, the assets of SVR consist of Silver Bullion that SVR purchases and holds, cash and, in relation to the Hedged Units, the forward contracts relating to the currency hedge.