ProShares Ultra Silver

AGQ

Market cap $1.86B

Silver has had a monster run, and traders who wanted to amplify the move reached for the ProShares Ultra Silver (NYSEARCA:AGQ).

Silver extended its decline for a third consecutive session on Monday, with XAG/USD trading around $74.20 per troy ounce during Asian hours. Investors reacted to India's surprise restrictions on silver imports, rising expectations of another Federal Reserve rate hike and weaker investment demand projections from UBS.

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.

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 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 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 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.

Shares of ProShares Ultra Silver (NYSEARCA:AGQ) dropped 20% over the past month, coinciding with a catastrophic collapse in retail investor sentiment on Reddit.

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.

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.