The largest institutional unit holders of the GTU and the SBT believe that investors deserve the opportunity to hold professionally-managed and investor-friendly products like the Sprott products, which have better liquidity. In addition, of course, the exchange offers are being made on a NAV to NAV basis which would provide GTU and SBT investors with a significant premium to the prices that the units are currently trading at. It's worth noting that GTU and the SBT have persistently traded at enormous discounts to NAV while Sprott products have traded at, near, or above NAV during the same period of time.