here is a 3 year chart on ZSL. Note that in 2006 it was at about 800 when silver was at about $10. Note that there was no real volume until about the 3rd quarter of 2010. Now even if silver goes back to $10 one might think that ZSL would go back to 800. Au contraire it may have to do more with how it gets there. This is my first ETF and first inverse ETF. What I did noticed was that when silver was dropping like a rock from mid 40's to 33 it did not seem like my ZSL went up enough. I figured instead of being at 23 it should of been at about 45. Then I read an article on line that said the leverage gets reset every day. I have not talked to a broker as I have a self directing etrade account and thought I would try to understand it better on myself and put some simulations into a speadsheet. I am not sure I am correct, but I will plan to post some of it and welcome any comments on if I am totally out to lunch on my understanding of the workings of the leverage or not. I am probably out to lunch, but does that mean I am wrong. If you know better than I please post after my next post.