The investment seeks to provide daily investment results (before fees and expenses) that correspond to twice (200%) the daily performance of silver bullion as measured by the U.S. Dollar fixing price for delivery in London. The fund invests in any one of or combinations of the financial instruments (swap agreement, futures contracts, forward contracts, option contracts) with respect to the applicable fund’s benchmark to the extent determined appropriate by the Sponsor. Commodity ETFs may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity. Commodity ETFs may be subject to greater volatility than traditional ETFs and may not be suitable for all investors. Unique risk factors of a commodity fund may include, but are not limited to the fund's use of aggressive investment techniques such as derivatives, options, forward contracts, correlation or inverse correlation, market price variance risk and leverage.
Not good enough to make attorney grade explanation. Explanation should explain, that because of a quirk of math, a ten percent decline from 100 to 90 must be followed by an ELEVEN POINT ONE increase to break even, resulting in decay of nearly one percent every day it declines followed by increases, and vice versa.
That's why except in these ballistic increases day after day, which are unusual to say the least, the momentum doubles as the ETF commodity double, as rise after rise compounds itself.
That's why AGQ skyrockets, and why ZSL is nickels and dimes. ZSL will never recover.