What is SLVO?

SLVO offers the returns of a covered-call strategy comprising long shares of a physical silver ETF (SLV) and short 1-month call options with a strike price of 106% of SLV.

PERFORMANCE [as of 01/20/23] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
SLVO 1.98% 24.64% 1.63% 0.59% 5.67% 3.72% --
SLVO (NAV) 1.82% 21.05% 1.65% 0.75% 6.27% 3.96% --
LBMA Silver Price 0.55% 27.07% -0.31% -1.47% 9.72% 6.97% -2.83%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

SLVO Factset Analytics Insight

SLVO is neither the choice for those looking for exposure to physical silver nor does it provide pure exposure to silver futures. SLVO is structured as an ETN so it promises to track silver (and options on silver), not to hold it. Furthermore, its index has a notional short call position against the notional long position in the physically backed silver ETF, SLV. The calls are set to about 106% of the SLV’s price level. The covered call strategy gives investors indirect exposure to silver, but with limited upside as the nominal long position will get called away in periods of sharply rising prices or in volatile market environments. The tradeoff is yield as premiums from writing calls on an otherwise yield-less asset. SLVO aims to distribute the yield monthly, atypical for an ETN.

SLVO Summary Data

04/17/13
0.65%
$156.82M
LBMA Silver Price
Exchange-Traded Note

Peers

LBMA Silver Price

Fund Flows

+$0.00B 5 Days
+$0.01B 30 Days
-$0.01B 90 Days

SLVO Portfolio Data

Physically Held
Physically Held
N/A
--

SLVO Index Data

Fixed
Fixed
LBMA Silver Price

SLVO Portfolio Management

0.65%
-0.52%
-0.48%
-0.56%

SLVO Tax Exposures

20.00% / 39.60%
--
No

SLVO Fund Structure

Exchange-Traded Note
No
N/A
Credit Suisse Group AG
High
Medium
None

Factset Analytics Block Liquidity

As of 01/23/23

This measurement shows how easy it is to trade a $1 million USD block of SLVO. SLVO is rated a 5 out of 5.

SLVO Tradability

13,526
$1.19M
12,285
$1.06M
0.20%
$0.17
-0.07%
0.79% / -2.90%
None
100.00%
50,000
0.25
0.05%
--
0
$87.63
5

SLVO Performance Statistics

0.12
0.25
0.12
0.67
0.02%

SLVO Tenor Strategy

SLVO holds physical bullion. Prices will reflect the current spot market values.

SLVO Rolling Strategy

Since SLVO holds physical bullion rather than futures contracts, it does not have a roll strategy.