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When I sold half of my SLV I was expecting a profit of over 63% on it because of my average. As it turns out, however, because the earliest tranches which were the higher priced ones get sold first, my profit actually shows at $46.59% for them (down from the expected 63%). On the other hand, the remaining half, because it is comprised of the latter tranches I bought, now shows at 80% (up from 63%). So it looks like the transaction is not as straight forward as I imagined but it all averages down in the end. The % numbers look different, but the overall $ is consistent with the average.