BlackRock Canada Announces Conversion of BlackRock Silver Bullion Trust to an Exchange Traded Fund
TORONTO, ONTARIO--(Marketwire - Nov. 5, 2012) - (TSX:SVR)(TSX:SVR.C)
BlackRock Investments Canada Inc. (BlackRock Canada), an indirect, wholly owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced that it will be converting the closed-end fund, BlackRock Silver Bullion Trust, into an exchange traded fund (ETF), renamed the iShares Silver Bullion Fund (SVR).
"We are excited to announce the conversion of our SVR fund to an ETF structure that will provide Canadian investors a more liquid and efficient option for accessing exposure to physical silver bullion," said Mary Anne Wiley, Managing Director and Head of iShares at BlackRock Canada. "This conversion further broadens and solidifies our iShares ETF commodity fund family providing investors yet another tool to diversify their portfolio".
Effective November 5, 2012, SVR will become the first and only physical silver bullion ETF listed in Canada offering both hedged and non-hedged units providing investors with the option to invest according to their view of the U.S. to Canadian dollar exchange rate. SVR seeks 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 ounces international bar sizes. SVR does not speculate with regard to short-term changes in silver bullion prices and is not actively managed.
The prospectus disclosure of SVR has been updated to reflect the conversion and certain other related changes. Effective today, November 5th, the ticker symbol for the hedged units will change to SVR (formerly SVR.UN) and the ticker for the non-hedged units will remain the same SVR.C.
BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2012, BlackRock's AUM was US$3.673 trillion. BlackRock offers products that span the risk spectrum to meet clients' needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares(R) (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions(R). Headquartered in New York City, as of September 30, 2012, the firm has approximately 10,400 employees in 29 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com.
About iShares(R) ETFs
The iShares business is the global product leader in exchange traded funds with over 600 funds globally across equities, fixed income and commodities, which trade on 20 exchanges worldwide. The iShares Funds are bought and sold like common stocks on securities exchanges. The iShares Funds are attractive to many individual and institutional investors and financial intermediaries because of their relative low cost, tax efficiency and trading flexibility. Investors can purchase and sell shares through any brokerage firm, financial advisor, or online broker, and hold the funds in any type of brokerage account. The iShares customer base consists of the institutional segment of pension plans and fund managers, as well as the retail segment of financial advisors and high net worth individuals.
iShares(R) Funds are managed by BlackRock Asset Management Canada Limited and BlackRock Investments Canada Inc. Commissions, management fees and expenses all may be associated with investing in iShares Funds. Please read the relevant prospectus before investing. The Funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.
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