About CREDIT SUISSE AG (Nassau Branch)
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. Like most geared inverse products, DSLV is designed to be used as a tactical trading tool, not as a buy-and-hold investment. The note promises to provide -3x exposure to its reference indexthe S&P GSCI Silver Excess Return Indexfor a one-day holding period. The daily reset function means investors holding DSLV for periods of longer than one trading day will be exposed to the effects of compounding, and could see returns vary greatly from the desired -3x exposure. Since DSLV tracks an excess return version of the S&P GSCI Silver Index, returns will reflect both the changes in the price of silver and any returns from rolling futures contracts. Although its fee is extremely high, trading costs are of greater importance, since the fund is designed for intraday round-trip trades. The Tradability story here is mixed: DSLV trades with great volume but its spreads remain significant.