2 The investment objective of the Swiss-domiciled collective investment scheme ('Fund') is to reflect the performance of silver once the commission and charges paid by it have been deducted. Investment in the Fund is an efficient alternative to a direct investment in physical silver. 2 The Fund invests at least 90% of its assets in physical silver in the form of standard bars (approx. 30 kilos or around 1000 ounces). The Fund is not actively managed. Losses incurred due to the silver price performance are not limited or offset. 2 The Fund also has the following characteristics of importance to investors: 1) The Fund is an exchange traded fund (ETF) listed on the SIX Swiss Exchange. Investors may therefore buy or sell shares in the Fund on a daily basis during the trading hours of the exchanges. 2) The physical precious metal holdings are held in Switzerland in unallocated accounts with specialist institutions and are constantly monitored by the custodian bank. 3) The Fund's assets are free from third-party claims that arise typically through lending and borrowing transactions and are the sole property of the fund management company.