The ETC securities provide you with exposure to silver, with a foreign exchange (FX) hedge to the Euro, without requiring you to possess silver in the physical form. Each ETC security relates to a specific amount of silver, known as the metal entitlement per ETC security. The issuer (we) will seek to hold a sufficient amount of silver to cover its obligations under the ETC securities. On redemption, the metal agent JPMorgan Chase Bank N.A.) will sell the silver and proceeds will be used to pay amounts due to you. The metal entitlement is reduced on a daily basis to reflect (i) the base fee; and (ii) the FX hedging fee percentage (together the fees).