AGQ vs. ZSL: Betting on or Against Silver, Which 2x ETF Survives the Volatility?
ProShares Ultra Silver (NYSEARCA:AGQ) and ProShares UltraShort Silver (NYSEARCA:ZSL) look like mirror images: one bets 2x long on silver, the other 2x short.
AGQ Crashed 16% Before Anyone Realized What Was Happening
A $10,000 position in ProShares Ultra Silver (NYSEARCA:AGQ) at Friday's open was worth roughly $8,376 by the closing bell.
AGQ Promises 2x Silver, But Beta Slippage Has Eaten Most of Silver's Recent Surge
Silver has had a monster run, and traders who wanted to amplify the move reached for the ProShares Ultra Silver (NYSEARCA:AGQ).
Parabolic AI rally has bulls eyeing a comeback for this one-time meme metal trade
Silver prices surged 7% Monday to the highest since March.
AGQ's Backwardation Squeeze Could Trigger a Delivery Default That Whipsaws Silver
Silver bulls finally got their moonshot. ProShares Ultra Silver, the 2x daily leveraged silver futures ETF, returned roughly 184% over the past year as a COMEX physical-delivery squeeze reshaped the futures curve.
AGQ: More Risk Than Reward Going Into Summer (Rating Downgrade)
ProShares UltraPro Silver (AGQ) ETF did deliver a +311% price return since my last bullish article in August 2023, far outpacing the S&P 500. I am downgrading AGQ from Buy to Sell, projecting a significant silver price correction to continue over the next 3–6 months. I am thinking AGQ will potentially fall to $65–$80, well below its 200-day moving average, as silver's bull run pauses.
Top Performing Leveraged/Inverse ETFs: 04/05/2026
Top Performing Leveraged/Inverse ETFs Last Week These were last week's top performing leveraged and inverse ETFs. Note that because of leverage, these kinds of funds can move quickly.
Top Performing Leveraged/Inverse ETFs: 03/01/2026
Top Performing Leveraged/Inverse ETFs Last Week These were last week's top performing leveraged and inverse ETFs. Note that because of leverage, these kinds of funds can move quickly.
Top Performing Leveraged/Inverse ETFs: 02/22/2026
Top Performing Levered/Inverse ETFs Last Week These were last week's top performing leveraged and inverse ETFs. Note that because of leverage, these kinds of funds can move quickly.
I've Never Seen A More Hated Investment Than AGQ
Shares of ProShares Ultra Silver (NYSEARCA:AGQ) dropped 20% over the past month, coinciding with a catastrophic collapse in retail investor sentiment on Reddit.
ProShares Ultra Silver Crashes 14.7% After Fed Chair Nomination
The ProShares Ultra Silver attempts to deliver twice the daily performance of silver bullion, and that amplification just turned catastrophic for holders who rode the metal's historic rally into late January.
Silver ETFs: Not Always Second Place
Throughout most of 2025, silver has recently outperformed gold, proving (ironically) that it is not always second place. Strength in silver built gradually through last year, but the latest pullbacks are a reminder that near-term market reactions can outweigh fundamentals and long-term investor sentiment.
