The investment objective of the Sub-Fund is to track the price and the performance, before fees and expenses, of an index that provides exposure to the performance of companies which are active in the silver mining industry and physical silver. In order to seek to achieve its investment objective, the Sub-Fund will adopt a passive management investment strategy and will seek to employ a replication methodology, meaning as far as possible and practicable, it will invest in the equity securities of companies in proportion to the weightings comprising the Nasdaq Sprott Silver Miners & Physical Silver Index (the Index).