AGQ: A High-Risk Tool for Short-Term Silver Traders

The ProShares Ultra Silver ETF (AGQ) is designed to deliver twice the daily return of silver futures, making it an attractive option for bullish investors seeking amplified exposure. However, this comes with equally amplified downside risk and a unique feature that many investors overlook: its daily leverage reset.

Investors should consider AGQ's key metrics before adding it to their portfolio. The fund has an expense ratio of 0.95% and a max drawdown of -98.16%, making it more suitable for short-term tactical traders with high-risk tolerance. In contrast, the iShares Silver Trust ETF (SLV) offers one-to-one exposure with a lower expense ratio of 0.50%, making it a better option for passive investors seeking portfolio diversification and capital preservation.

J.P. Morgan Global Research expects silver to find a solid cyclical base near $81 per ounce, despite its recent 52% pullback from the $122 all-time high in January 2026. AGQ is not suited for long-term buyers trying to ride out the metal's broader 2026 macro cycle, as volatility decay can systematically eat away at their capital.