ZSL

ZSL is an inverse product, which attempts to deliver -2x the daily return of silver prices. The fund's inverse exposure is benchmarked to the price performance of the Bloomberg Silver Subindex — an index tracking a rolling futures position on silver based on Bloomberg's fixed contract schedule. ZSL is a short-term product and not appropriate for buy-and-hold investors because daily compounding can cause the fund's performance to differ greatly from the headline -2x exposure over holding periods greater than one day. You must rebalance your positions to receive the -2x multiple over longer time horizons. As an ETF, ZSL is structured as a commodities pool — so investors will have to deal with a K-1 form for tax reporting.