A few charts:
FWIW, this thing looks fully priced. Not a short either, because potential returns look thin (if at all). FVI is hitting the ceiling of organic growth with silver trading where it’s trading, so either it moves up because the metal does or it fiddles around these levels indefinitely. The thing is, if silver does decide to pop back up towards $25/oz, there are going to be better ways to play the move than this one.