ProShares Ultra SilverAGQ

AGQ is a ProShares ETF that promises to deliver twice the inverse daily return of its benchmark silver futures index -a mandate that sounds like a dare from a commodities trader with a spreadsheet and a grudge. The fund’s official literature describes a high-octane play on silver’s mood swings, but the evidence shows a daily reset mechanism that turns leverage into a financial version of a game of Twister, where the only thing guaranteed to stay grounded is the expense ratio. The issuer’s marketing may promise a theme, but the filings prove it’s a wrapper around a rolling futures contract, with fees extracted every day, rain or shine. (source: ProShares official ETF centre, https://www.proshares.com/)

What AGQ actually holds is a rapidly changing set of silver futures contracts, not physical silver, and its benchmark is not the metal itself but the daily performance of a futures-based index. The fund’s 10-K spells out the daily target: “two times (2x) the daily performance of its corresponding benchmark,” which, for an inverse fund, means the ETF is designed to move twice as fast as silver’s shadow in the opposite direction. The fund’s top holdings are futures positions that reset daily, disclosed in quarterly filings that read like a futures exchange’s internal memo written in accounting code. (source: AGQ SEC EDGAR 10-K, https://www.sec.gov/Archives/edgar/data/1415311/000119312526077441/d785470d10k.htm)

The fund’s expense ratio is 0.95% , a figure that appears in the prospectus and is the one number in the entire structure that never inverts, no matter how brutal the contango or how sharp the silver selloff. The fund’s AUM and liquidity are tracked on Nasdaq, where AGQ trades under a ticker that looks like a typo but isn’t. The fund’s average daily volume is a figure that, like silver’s price, is best described as “volatile and rarely cheerful.” The fund’s issuer warns in its filings that the product “entails certain risks, which may include risk associated with the use of derivatives,” a line that could just as easily read “this fund is not for the faint of heart or the mathematically disinclined.” (source: ProShares official ETF centre, https://www.proshares.com/; AGQ SEC EDGAR 10-Q, https://www.sec.gov/Archives/edgar/data/1415311/000119312526214433/d150907d10q.htm)

The fund’s tracking method is a daily reset of its futures exposure , which means the ETF’s performance is a function of the benchmark’s daily move, not a static allocation. The fund’s prospectus warns that “imperfect benchmark correlation” is a risk, a phrase that in practice means the fund can drift from its stated aim like a compass in a magnetic storm. The fund’s filings also note that it is “non-diversified,” which is a polite way of saying its fate is tied to a single commodity’s mood swings and the roll costs that come with it. (source: AGQ SEC EDGAR 10-K, https://www.sec.gov/Archives/edgar/data/1415311/000119312526077441/d785470d10k.htm)

Where to watch AGQ : the fund trades on Nasdaq under the ticker AGQ, where its price and volume are updated in real time. The fund’s filings and market data are the only reliable sources for its composition and performance; the issuer’s marketing is best treated as a claim to be checked against the rules and the holdings. The fund’s 10-Q and 10-K are the primary sources for its holdings, fees, and risks, and they should be read before any decision is made. (source: Nasdaq AGQ market activity, https://www.nasdaq.com/market-activity/etf/agq; SEC EDGAR fund search, https://www.sec.gov/edgar/search/#/q=AGQ)

The fund’s liquidity is a function of its average daily volume and the willingness of market makers to quote tight spreads. The fund’s filings do not disclose a minimum liquidity threshold, but the Nasdaq data shows that AGQ’s turnover is modest compared to broader ETFs, meaning the fund’s price can gap or slide without much fanfare-good news for day traders, less so for anyone hoping to exit at exactly the “fair value.” The fund’s expense ratio is the one figure that never gaps, however, and it is deducted daily, whether the fund is up, down, or sideways. (source: Nasdaq AGQ market activity, https://www.nasdaq.com/market-activity/etf/agq; FINRA Fund Analyzer, https://tools.finra.org/fund_analyzer/)

What changed this week : the fund’s latest 10-Q, filed on 8 May 2026, lists its holdings as of 31 March 2026 and confirms the fund’s continuing exposure to silver futures contracts that roll monthly. The filing does not disclose any material change to the fund’s mandate, fees, or structure, but it does reiterate the risks of leverage, imperfect correlation, and the daily reset mechanism that turns the fund into a high-wire act without a net. The fund’s press release dated 11 May 2026 reiterates the same risks and warns investors to “carefully consider the investment objectives, risks, charges and expenses” before buying. (source: AGQ SEC EDGAR 10-Q, https://www.sec.gov/Archives/edgar/data/1415311/000119312526214433/d150907d10q.htm; Press Release Dated May 11, 2026, https://www.sec.gov/Archives/edgar/data/1415311/000119312526219236/d36754dex991.htm)