CREDIT SUISSE AG

SLVO is an exchange-traded product that tracks the Credit Suisse Silver Covered Call Index. Rather than representing an operating company, SLVO functions as a structured investment vehicle designed to provide exposure to silver prices combined with a covered call strategy. The product reflects changes in the price of shares of the iShares Silver Trust (SLV) while capturing notional premiums generated from the systematic sale of monthly call options on those shares, net of associated transaction costs.

The fund's strategy involves a mechanistic approach: it holds or gains exposure to silver through SLV shares and simultaneously maintains a position in short call options on the same underlying shares. This covered call structure is intended to generate income from option premiums while capping upside potential. The notional transaction costs related to implementing and adjusting this strategy are deducted from returns, affecting the index's performance relative to the underlying silver price movements.

As an exchange-traded product listed on Nasdaq, SLVO operates within the securities and financial services classification. The vehicle provides investors with an alternative approach to silver exposure that differs from direct physical silver ownership or traditional SLV holdings by incorporating systematic options-based income generation. Like other exchange-traded products, SLVO's scale and operational structure are distinct from traditional operating companies, with its performance derived entirely from the underlying index methodology and the SLV shares it references.