At a glance
Over the past year it returned +13.1% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +25.9% a year. At its worst it fell 37.9% in the 2020 crash (S&P 500: 33.7%) and 28.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 19 months after the lows.
The short version
UBS AG ETRACS Silver Shares Covered Call ETNs (SLVO) are exchange-traded notes: unsecured UBS debt, due April 21, 2033, paying a return linked to a covered-call strategy on silver. The strategy sells call options, giving up gains above a set price for varying monthly payments; the trailing 12-month yield was 81.65% as of October 27, 2026. Unlike physical silver funds, it holds nothing on investors' behalf, and payments depend on UBS's ability to pay.
Price history
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SLVO +13.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SLVO price data to Oct 27, 2026 | -6.2% | +13.1% | +25.9% | +13.2% | +8.1% | +3.8% |
- Over the year to Oct 27, 2026, SLVO returned +13.1%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +13.2% and its 10-year +8.1%.
- In the 2020 COVID crash it fell 37.9% and regained its old high 3.9 months after the low.
- Its worst full calendar year was 2014 (-16.6%); its best was 2025 (+71.2%).
- The deepest fall in its price history was 54.1% (May 6, 2013 to Mar 18, 2020), recovered by Jun 20, 2024.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -6.2% |
| 2025 | +71.2% |
| 2024 | +19.1% |
| 2023 | -2.4% |
| 2022 | +2.7% |
| 2021 | -4.5% |
| 2020 | +21.2% |
| 2019 | +10.5% |
| 2018 | -7.3% |
| 2017 | +4.9% |
| 2016 | +1.9% |
| 2015 | -5.1% |
| 2014 | -16.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.5% over that stretch · deepest drop along the way 37.9%, back to its old high 3.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.3% over that stretch · deepest drop along the way 28.1%, back to its old high 19.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $41.2090 | |
| 2025 | $19.3400 | +30.1% |
| 2024 | $14.8600 | +21.9% |
| 2023 | $12.1900 | -19.1% |
| 2022 | $15.0600 | -42.1% |
| 2021 | $26.0000 | -22.2% |
| 2020 | $33.4000 | +187.9% |
| 2019 | $11.6000 | +34.9% |
| 2018 | $8.6000 | -39.4% |
| 2017 | $14.2000 | -52.3% |
| 2016 | $29.8000 | +4.2% |
| 2015 | $28.6000 | -27.5% |
| 2014 | $39.4280 |
How it works
SLVO is not a fund. It is an exchange-traded note (ETN): unsecured debt issued by UBS AG that trades on an exchange like a stock. It launched on April 16, 2013, and is scheduled to mature on April 21, 2033. The note owns no silver or options on investors' behalf. UBS instead promises to pay the return of the note's underlying index, minus fees, so there are no holdings to look through.
As its name says, that return is tied to a covered-call strategy on silver shares. A covered call means holding an asset while selling call options on it. A call option gives its buyer the right to buy at a set price, called the strike. The seller collects an upfront payment, called the premium, and in covered-call strategies those premiums fund the income. The catch: gains above the strike go to the option buyer, while losses when silver falls are cushioned only by the premium.
Holders get monthly payments that rise and fall with option prices. Every payment, and the note's value, depends on UBS's ability to pay. If the bank failed, holders could lose money even if silver rose. UBS can also redeem the notes early, which could end the investment at an awkward time.
What it really costs
Structure and tax notes
- An exchange-traded note: unsecured debt of the issuing bank, not a fund. It owns no assets on investors’ behalf; it pays the index return minus fees only as long as the issuer can pay, so the bank’s credit matters, and the issuer can redeem the notes early.
In a retirement portfolio
A volatile, silver-linked UBS note with capped upside, bank credit risk and an early-redemption feature fits a small side position better than a central role.
SLVO could add silver exposure and monthly income to a small slice of a portfolio. Its trailing 12-month yield was 81.65% as of October 27, 2026, but covered-call payments swing with option prices, so that level may not last. Its fee is deducted from returns; similar silver and gold funds averaged 0.29% a year.
Its downturns have been deep. Launched in 2013, it has no 2008 record. It fell 37.9% in the 2020 COVID crash and recovered in about four months, then dropped 28.1% in 2022 and took 19.1 months to recover. Its worst calendar year was 2014, down 16.6%. Its deepest drop, 54.1% from May 2013 to March 2020, wasn't recovered until June 2024. Anyone who must sell shares in a slump could lock in steep losses. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking monthly income linked to silver who accept that the call options sold give up gains when silver rallies hard.
- Investors keeping it small, given 36% one-year volatility (price swings) and a 54.1% drop that took until June 2024 to recover.
- Investors comfortable with UBS credit risk and the chance UBS redeems the notes before their April 21, 2033 due date.
Look elsewhere if
- Investors wanting plain silver exposure without bank credit risk; physical silver funds such as SIVR charge 0.30% a year.
- Retirees who may need to sell in slumps; SLVO fell 28.1% in 2022 and took 19.1 months to recover.
- Anyone wanting steady income: payments change with option prices, and the 81.65% trailing yield as of October 27, 2026, may not repeat.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SLVO this fund | — | — | +13.1% | +25.9% |
| GLD SPDR Gold Shares | 0.4% | $93.50B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $41.90B | -1.6% | +25.4% |
| SLV iShares Silver Trust | 0.5% | $15.40B | +3.5% | +29.7% |
| GLDM SPDR Gold MiniShares Trust | 0.1% | $13.20B | -1.5% | +25.6% |
| PSLV The Sprott Physical Silver Trust | — | $6.20B | +13.7% | +30.7% |
| SGOL abrdn Physical Gold Shares ETF | 0.17% | $4.80B | +1.7% | +26.3% |
| SIVR abrdn Physical Silver Shares ETF | 0.3% | $1.60B | +16.1% | +32.7% |
Questions investors ask
Is SLVO an ETF or an ETN?
SLVO is an ETN, or exchange-traded note, not an ETF. It is unsecured debt of UBS AG that trades on an exchange. It owns no assets on investors' behalf. UBS instead pays the return of an index tied to a covered-call strategy on silver, minus fees, for as long as it can pay. That makes UBS's credit a real risk. UBS can also redeem the notes early, and they are due April 21, 2033.
Does SLVO pay monthly?
Yes, SLVO pays monthly. Its trailing 12-month yield, meaning payments over the past year divided by the price, was 81.65% as of October 27, 2026. That is far above most income investments and may not repeat. Covered-call income comes from selling options, and option prices rise when markets swing more. SLVO's one-year volatility was 36%, versus 26% over three years. Calmer silver prices could mean smaller payments.
What's the difference between SLVO and SIVR?
The main difference is structure and strategy. SIVR, the abrdn Physical Silver Shares ETF, is a fund tied to physical silver and charges 0.30% a year. SLVO is a UBS debt note linked to a covered-call strategy on silver, so it pays monthly income but gives up some gains in rallies and carries UBS credit risk. As of October 27, 2026, SIVR returned 16.1% over one year and 32.7% a year over three years, versus 13.1% and 25.9% for SLVO.
Is SLVO good for retirement income?
It can supply monthly income, but it is a high-risk source. SLVO fell 37.9% in the 2020 COVID crash and 28.1% in 2022. Its deepest drop, 54.1% from May 2013 to March 2020, wasn't recovered until June 2024. Payments vary with option prices and depend on UBS's ability to pay. It may suit a small part of an income portfolio for investors who accept those risks, rather than serving as the main source of income.
What is SLVO's 10-year return?
SLVO returned 8.1% a year over the 10 years to October 27, 2026, based on market prices. Over five years it returned 13.2% a year, and over three years 25.9% a year. Results swung widely, from a 71.2% gain in 2025 to a 16.6% loss in 2014. Through October 27, 2026, it was down 6.2% for the year. Since its April 2013 launch, the annual return was 3.8%, dragged down by a 54.1% drop from 2013 to 2020.