Both 2x silver ETFs, ProShares Ultra Silver and UltraShort Silver, have sharply lost value in 2026 due to volatility decay.

ProShares Ultra Silver (AGQ) and ProShares UltraShort Silver (ZSL) are leveraged ETFs aiming for 2x long and 2x short daily exposure to silver, respectively. Despite their opposite strategies, both have lost significant value in 2026—AGQ down 58.74% and ZSL down 40.11% year-to-date—due to volatility decay from silver's choppy price movements. These funds reset leverage daily, causing losses over longer periods without smooth trends. AGQ is suited for short-term bullish bets on silver, while ZSL fits short-term bearish hedges. For longer holds, unleveraged silver funds are recommended to avoid compounding losses and tax complications. 2026's volatile silver market has made these leveraged ETFs risky for buy-and-hold investors.