# UBS ETRACS Silver Shares Covered Call ETN (SLVO): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/slvo for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: ETRACS · Asset class: Commodities - Strategy: Options Income · Inception: 2013-04-16 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... ## Key Facts | Metric | Value | |---|---| | Price | $56.86 | | Expense Ratio | 0.65% | | Assets Under Management | $360.3M | | NAV | $57.70 | | Holdings Count | 0 | | Distribution Yield (TTM) | 82.33% | | Annual Distribution (TTM) | $46.81 /share | | Distribution Frequency | Monthly | | 52-Week Range | $56.00 – $107.41 | | Beta | 0.48 | ## Latest Distribution - Amount: $1.7009 /share - Ex-date: 2026-10-21 - Pay date: 2026-10-26 ## Frequently Asked Questions ### What does SLVO invest in? 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. Prior to May 31, 2024 the Issuer and counterparty credit risk of this ETN was Credit Suisse AG. ### What is the expense ratio of SLVO? UBS ETRACS Silver Shares Covered Call ETN (SLVO) charges an expense ratio of 0.65%. This is the annual fee deducted from fund assets to cover management and operations. ### What is SLVO's distribution yield? SLVO's trailing-twelve-month yield is 82.33%, calculated from the sum of distributions over the past year divided by the current price. A rate this high reflects large option-premium distributions against a NAV that has declined over the same period. Part of each payout may be return of capital rather than earned income. ### How does SLVO's covered-call strategy work? SLVO sells call options against the stocks (or index) it holds, collecting premium income that gets passed through to shareholders as distributions. The strategy generates above-market income in flat or rising markets but caps upside. When the underlying rallies past the strike, the gains above the strike go to the option buyer, not the fund. ### How big is SLVO? UBS ETRACS Silver Shares Covered Call ETN (SLVO) manages $360.3M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is SLVO actively managed or an index fund? SLVO's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy. ### Does SLVO pay a distribution? Yes, UBS ETRACS Silver Shares Covered Call ETN (SLVO) distributes distributions to shareholders. The trailing-twelve-month yield is 82.33%. A rate this high reflects large option-premium distributions against a NAV that has declined over the same period. Part of each payout may be return of capital rather than earned income. Full distribution history is on this page. ### How often does SLVO pay distributions? UBS ETRACS Silver Shares Covered Call ETN pays distributions Monthly. Each ex-dividend date, record date, and payment date is listed in the distribution history table on this page. ### When is SLVO's next ex-distribution date? The most recently announced ex-distribution date for SLVO was 2026-10-21. The next ex-date typically follows Monthly; once announced it appears at the top of the distribution history table on this page. ### Is SLVO's distribution sustainable? Covered-call ETFs like SLVO fund their distributions from option premium income. Sustainability depends on (1) whether option premiums stay high enough to cover the announced rate, and (2) whether NAV holds up over time. The NAV Erosion section on this page contrasts total return with price change since inception. If distributions consistently exceed total return, the fund is paying out capital rather than income. ### How much will SLVO's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.65% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does SLVO charge its expense ratio? The expense ratio is deducted in tiny daily slices from SLVO's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does SLVO cost more than a fund like VOO? SLVO is an options-income fund (current expense ratio 0.65%). Covered-call and 0DTE strategies require active option-writing, daily rebalancing, and dedicated risk management. They cost more than passive equity funds. The Cost Verdict card compares SLVO against the options-income cohort, not VOO. ### Are SLVO's distributions taxed at ordinary income or qualified-dividend rates? SLVO's option-premium distributions are typically classified as ordinary income (NOT the qualified-dividend rate), so they're taxed at your marginal federal rate plus state. For a 24% bracket investor that's roughly 2x the 15% long-term capital gains rate most dividend investors are used to. The Fee Compounding Forecast card above lets you layer in this tax drag alongside the fund fee. Consult a tax advisor. This is not tax advice. ### Are there cheaper alternatives to SLVO? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as SLVO (0.65%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/slvo - Distribution history: https://www.dividenddata.com/funds/slvo/dividend - Holdings & diversification: https://www.dividenddata.com/funds/slvo/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/slvo/expenses - Peer comparison: https://www.dividenddata.com/funds/slvo/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.