BlackRock Investments Canada Inc. will be converting the closed-end fund, BlackRock Silver Bullion Trust, into an exchange-traded fund (ETF). The new ETF will be named the iShares Silver Bullion Fund (SVR).
Effective Nov. 5, 2012, SVR will become the first physical silver bullion ETF listed in Canada that offers both hedged and non-hedged units. It will provide investors with the option to invest according to their view of the U.S. to Canadian dollar exchange rate.
The fund seeks to replicate the performance of the price of silver bullion, less SVR’s fees and expenses. To achieve its investment objective, the fund invests in long-term holdings of unencumbered silver bullion in 1,000 troy ounces international bar sizes. The fund does not speculate with regard to short-term changes in silver bullion prices and is not actively managed.