SLVO is an income-focused covered call ETF (technically, an ETN). Yield is high at 33.08% but will vary widely. Fees are 0.65%, assets approaching $200M. It is up 14.5% this year, with a three-year all-in annualized return of 12.10%. There is some net asset value decay as the high distribution is paid out. We would consider it OK, but it will lag in a silver rally. EDR is down 7% YTD, now trading at 19X earnings. It has about $50M net cash. It lost money last year but is expected to make 18c a share this year and 41c next year. It recently closed an acquisition and begun commissioning at its Mexican silver project. Insiders do not own much. We do not find it overly interesting. There was a silver takevoer today (MAG) and even that did not spark much interest in the stock. We would be OK letting this go.
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