Precious Metals & Miners Portfolio Series 3

Under normal circumstances, the Trust will invest at least 80% of the value of its assets in common stocks of global mining companies that derive at least 50% of their revenues from precious metals mining, and shares of ETFs that invest substantially all of their assets in physical precious metals such as gold, silver and platinum. The Trust will invest in both domestic and foreign listed securities. Certain of the common stocks included in the Trust are issued by companies headquartered or incorporated in countries considered to be emerging markets. Please see “Principal Risks” and “Investment Risks” for additional information concerning the risks associated with investing in foreign securities and emerging markets.

Certain of the common stocks included in the Trust are issued by small-capitalization and midcapitalization companies. Please see “Principal Risks” and “Investment Risks” for information concerning the risks associated with investing in small and mid-cap companies.

See “Investment Policies” in Part B of the prospectus for additional information.

The sponsor has selected securities for the portfolio that it believes have the best potential to achieve the trust’s investment objective. To select the portfolio, the sponsor indentifies a universe of approximately 100 companies that derive at least 50% of their revenue from the mining of precious metals. The final portfolio is fundamentally selected based on, but not limited to, the following factors:

• positive and growing earnings per share,

• positive and growing revenues,

• positive and growing operating margin,

• attractive valuations,

• positive and growing return on equity,

• positive security price trends, and

• competitive advantages and company/industry news, including corporate actions.

To select the ETFs for the final portfolio, the sponsor considers a number of factors including the particular precious metal that is tracked by the ETF, as well as the overall size and liquidity of the ETF.

The final portfolio will consist of approximately 50% precious metal ETFs and 50% common stocks of precious metal mining companies.

As with all investments, you may lose some or all of your investment in the Trust. No assurance can be given that the Trust’s investment objective will be achieved. The Trust also might not perform as well as you expect. This can happen for reasons such as these:

• Securities prices can be volatile. The value of your investment may fall over time. Market value fluctuates in response to various factors. These can include stock market movements, purchases or sales of securities by the Trust, government policies, litigation, and changes in interest rates, inflation, the financial condition of the securities’ issuer or even perceptions of the issuer. Units of the Trust are not deposits of any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

• Due to the current state of the economy, the value of the securities held by the Trust may be subject to steep declines or increased volatility due to changes in performance or perception of the issuers. Starting in December 2007, economic activity declined across all sectors of the economy, and the United States experienced increased unemployment. The economic crisis affected the global economy with European and Asian markets also suffering historic losses. Standard & Poor’s Rating Services lowered its longterm sovereign credit rating on the United States to “AA+” from “AAA,” which could lead to increased interest rates and volatility. Extraordinary steps have been taken by the governments of several leading countries to combat the economic crisis; however, the impact of these measures is not yet fully known and cannot be predicted.

• The Trust includes securities of companies in the basic materials sector. The Trust is concentrated in the basic materials sector. As a result, the factors that impact the basic materials sector will likely have a greater affect on this Trust than a more broadly diversified Trust. Some of the risks associated with the basic materials sector are listed below. General risks of companies in the basic materials sector include the general state of the economy, consolidation, domestic and international politics and excess capacity. In addition, basic materials companies may also be significantly affected by volatility of commodity prices, import controls, worldwide competition, liability for environmental damage, depletion of resources and mandated expenditures for safety and pollution control devices.

• The Trust includes securities issued by companies involved in the precious metals business. Precious metals companies are subject to risks associated with the exploration, development and production of precious metals including competition for land and difficulties in obtaining required governmental approval to mine land. In addition, the price of gold and other precious metals is subject to wide fluctuations and may be influenced by limited markets, expected inflation, central bank demand and availability of substitutes.

• The Trust includes securities issued by companies involved in the metals and mining business. Risks of investing in metals and mining company stocks include inaccurate estimates of mineral reserves and future production levels, varying expectations of mine production costs, technological and operational hazards in mining and mine development activities and mandated expenditures for safety and pollution control devices.

• The Trust invests in shares of ETFs. ETFs are investment pools that hold other securities. ETFs are subject to various risks, including management’s ability to meet the fund’s investment objective. You will bear not only your share of your Trust’s expenses, but also the expenses of the underlying ETFs. By investing in ETFs, the Trust incurs greater expenses than you would incur if you invested directly in the ETFs.

• The ETFs are subject to annual fees and expenses, including a management fee. Unitholders of the Trust will bear these fees in addition to the fees and expenses of the Trust. See “Fees and Expenses” for additional information.

• An ETF or an issuer of securities held by an ETF may be unwilling or unable to declare dividends in the future or may reduce the level of dividends declared. This may result in a reduction in the value of your units.

• The financial condition of an ETF or an issuer of securities held by an ETF may worsen, resulting in a reduction in the value of your units. This may occur at any point in time, including during the primary offering period.

• The Trust includes securities issued by companies involved with the production of certain commodities. Commodity companies include those companies involved in the production of building materials, aluminum, nonferrous metals, precious metals and steel and other commodities, as well as companies that explore for, produce, refine, distribute or sell petroleum, gas products and other commodities. General risks of commodity companies include price and supply fluctuations, excess capacity, economic recession, government regulations and overall capital spending rates. Exposure to commodities markets may subject the Trust to greater volatility than other investments. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers.

• The Trust invests in foreign securities. The Trust’s investment in foreign securities presents additional risk. Securities of foreign issuers present risks beyond those of domestic securities. More specifically, foreign risk is the risk that foreign securities will be more volatile than U.S. securities due to such factors as adverse economic, currency, political, social or regulatory developments in a country, including government seizure of assets, excessive taxation, limitations on the use or transfer of assets, the lack of liquidity or regulatory controls with respect to certain industries or differing legal and/or accounting standards.

• The Trust includes securities issued by companies headquartered or incorporated in countries considered to be emerging markets. The performance of the securities included in the Trust may be dependent, in part, on the growth or decline of emerging market countries. Emerging markets are generally defined as countries with low per capita income in the initial stages of their industrialization cycles. Risks of investing in developing or emerging countries include the possibility of investment and trading limitations, liquidity concerns, delays and disruptions in settlement transactions, political uncertainties and dependence on international trade and development assistance. Companies headquartered in emerging market countries may be exposed to greater volatility and market risk. In addition, the economies of emerging market countries may be extremely volatile and subject to increased risks.

• The Trust includes securities whose value may be dependent on currency exchange rates. The U.S. dollar value of these securities may vary with fluctuations in foreign exchange rates. Most foreign currencies have fluctuated widely in value against the U.S. dollar for various economic and political reasons such as the activity level of large international commercial banks, various central banks, speculators, hedge funds and other buyers and sellers of foreign currencies.

• The Trust invests in securities issued by small-capitalization and midcapitalization companies. These securities customarily involve more investment risk than securities of largecapitalization companies. Smallcapitalization and mid-capitalization companies may have limited product lines, markets or financial resources and may be more vulnerable to adverse general market or economic developments.

• Share prices or dividend rates on the securities in the Trust may decline during the life of the Trust. There is no guarantee that the issuers of the securities will declare dividends in the future and, if declared, whether they will remain at current levels or increase over time.

• The Sponsor does not actively manage the portfolio. The Trust will generally hold, and may, when creating additional units, continue to buy, the same securities even though a security’s outlook, market value or yield may have changed.

• Inflation may lead to a decrease in the value of assets or income from investments.

See “Investment Risks” in Part A of the prospectus and “Risk Factors” in Part B of the prospectus for additional information.