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SLVOUBS ETRACS Silver Shares Covered Call ETN

Get income13y track recordRanked #608 of 1,650 in this goal

Provides exposure to a monthly covered call strategy on iShares Silver Trust (SLV) shares, paying variable monthly cash coupons from notional call option premiums.

By UBS AG · Launched 2013

Annual Cost

0.65%

#3,427 of 5,854 · average

Fund Size

$405M

#1,768 of 5,854 · large

Dividend YieldGoal

69.25%

Track Record

13 years

#1,054 of 5,854 · established

Performance

Total-return NAV · USD
Growth of $10,000
$12,007+20.1%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

Index tracked

Credit Suisse NASDAQ Silver FLOWS 106 Index

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
33.5%High

Year-on-year price swings

Max drawdown
-44.7%Severe

Worst peak-to-trough loss

Sharpe (3Y)
0.85Decent risk-adjusted returns
Sortino (3Y)
1.13Good downside protection

Listing

Exchange
NASDAQ Global Select Market

Full fund details

Objective
Provides exposure to a monthly covered call strategy on iShares Silver Trust (SLV) shares, paying variable monthly cash coupons from notional call option premiums.
Strategy
Tracks the Credit Suisse NASDAQ Silver FLOWS 106 Index, which reflects a covered call strategy on iShares Silver Trust (SLV) shares — combining changes in the SLV share price with notional premiums received from the monthly sale of call options on SLV, less notional transaction costs. Pays variable monthly cash coupons funded by those notional option premiums.
Inception date
April 16, 2013
Fund family
UBS AG

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

The big yield isn't extra money

The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.

Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-03