This ETN was delisted effective July 12, 2020, and now trades over-the-counter on the pink sheets. As a result, shareholders should anticipate ultra-wide spreads, minimal trading volumes, and prices well above or below NAVs. USLV is a 3x leveraged product intended for single-day bets on the silver market, not for long-term allocation. Its linked index is an excess return silver index, meaning USLV's returns reflect both the price changes on its futures contracts as well as any gain or loss from rolling those futures contracts. Investors should be aware that daily compounding can, over time, cause USLV's performance to vary significantly from the 3x exposure to its index. USLV's expense ratio is steep, yet holding costs matter less for this tactical product. Trading volume has been very healthy and spreads are tight given its 3x silver exposure. Asset levels are strong too.
