based on NAV, not closing fund price last day of trading July 24. Conversion ratio based on NAV for BFD is 0.5512, while the ratio of the closing fund prices on July 24 was 0.5689. Told you the fundholders were going to get s_rewed. BWC fundholders reaped a windfall on the other hand, especially considering the after-hours trade for that fund near $10.00. BOE got a nice discount on its purchase (based on fund price not asset value) as well. GLTA, hopefully BOE will be better managed than BFD was.