How do the expense ratios of AGQ and SLV compare, and what does the difference mean?

AGQ has a 0.95% expense ratio, while SLV charges 0.50%. This 45-basis-point difference means AGQ is more expensive to hold annually. Over time, higher fees reduce net returns, particularly in sideways or bearish markets where gains are scarce. Investors should weigh this cost against the potential benefits of each fund’s structure. SLV’s lower fee makes it more cost-efficient for long-term exposure, whereas AGQ’s higher fee reflects its leveraged and tactical nature.

What type of silver exposure do AGQ and SLV provide?

AGQ offers 2x daily leveraged exposure to silver, aiming to double the daily percentage change in silver prices. In contrast, SLV provides straightforward physical silver exposure through an ETF that tracks silver bullion. While AGQ can amplify short-term gains, it also increases risk and suffers from volatility decay over time. SLV serves as a direct, unaltered reflection of silver’s price movements, making it suitable for long-term investment without the complexities of leverage.

Why might leveraged ETFs like AGQ experience volatility decay?

Leveraged ETFs reset daily, which can lead to compounded returns diverging from the underlying asset over time. For example, if silver drops 10% one day and rises 10% the next, SLV roughly recovers, but AGQ’s 2x structure results in a net loss despite flat silver prices. This phenomenon, called volatility decay, affects performance in sideways or choppy markets. It underscores why AGQ is better suited for short-term tactical trades rather than long-term holding.

Are AGQ and SLV suitable for long-term investors?

SLV is designed for long-term commodity investors seeking stable, direct silver exposure with lower costs. AGQ, with its 2x daily leverage and 0.95% expense ratio, is intended for short-term trading. Due to volatility decay and higher fees, AGQ may underperform even if silver rises steadily over months. Thus, SLV is generally more appropriate for buy-and-hold investors, while AGQ suits traders targeting specific daily price moves in silver.

How do the net assets of AGQ and SLV affect investor experience?

SLV manages $32.8 billion in assets, making it highly liquid and easy to trade with tight bid-ask spreads. AGQ, at $1.5 billion, is smaller but still active enough for most retail traders. Greater assets typically mean better liquidity and less slippage. While AGQ is usable for tactical trades, SLV’s scale supports broader participation and potentially more stable execution, especially for larger institutional or retail positions.

Do AGQ or SLV pay dividends to investors?

No, neither AGQ nor SLV pays dividends. Both have a 0.00% dividend yield because they are commodity-based ETFs that hold silver or derivatives, not income-producing assets. Returns depend entirely on fluctuations in silver prices. This absence of income makes them capital appreciation vehicles. Investors seeking regular payouts should look elsewhere, as these funds generate no cash flow unless sold during a price rise.

What happens to AGQ’s performance if silver moves sideways?

If silver’s price fluctuates up and down within a range without a clear trend, AGQ may lose value due to daily reset compounding effects, known as volatility decay. Even with flat silver prices, AGQ can underperform because gains and losses aren’t symmetric when leveraged. SLV, however, tracks silver directly and remains relatively neutral in such conditions. Hence, AGQ is riskier in choppy or non-directional markets.

How do inception dates impact the historical performance data?

SLV launched in April 2006, giving it nearly 20 years of track record, while AGQ began in December 2008, resulting in a shorter history. Longer data helps assess behavior across cycles, including crises like 2008 and 2020. AGQ’s limited history may make risk assessment harder. However, its design follows standard leveraged ETF mechanics, so expectations can be reasonably inferred despite less historical evidence.

What role does liquidity play when choosing between AGQ and SLV?

Liquidity affects ease of entry and exit. SLV’s $32.8 billion in assets ensures high trading volume and narrow spreads, minimising costs during execution. AGQ, with $1.5 billion, is still liquid enough for most investors but may see wider spreads during volatile periods. Lower liquidity increases transaction costs and slippage, making SLV more efficient for frequent or large trades, especially for those prioritising execution quality over leverage.

Are the top holdings of AGQ and SLV similar or different?

The funds have different structures. AGQ’s top holding is IQMM at 19.51%, which is a money market instrument used for collateral in its swap-based leverage strategy. SLV’s top holdings are not available in the provided data, but it primarily holds physical silver. This distinction shows AGQ uses derivatives for exposure, while SLV owns the metal. The difference impacts how each fund behaves and the risks involved.

What should beginners consider before investing in AGQ or SLV?

Beginners should understand that AGQ is a leveraged ETF subject to volatility decay, suitable only for short-term views. SLV offers direct silver exposure with lower fees, better suited for long-term investing. Assess risk tolerance, investment horizon, and cost sensitivity. Check real-time expense ratios and trading liquidity before acting. This content is for educational purposes and does not constitute financial advice. Always consult a qualified professional for personalised guidance.

AGQ vs SLV

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

This page compares ProShares Ultra Silver ETF and iShares Silver ETF. Review differences in expense ratios, top holdings, dividend yields and index focus to understand how each fund tracks silver. AGQ offers 2x leverage, while SLV is commodity-focused. Educational content, not financial advice.

This page compares ProShares Ultra Silver ETF and iShares Silver ETF. Review differences in expense ratios, top holdings, dividend yields and index focus to understand how each fund tracks silver. AGQ...

Fund Snapshot

Key Fund Metrics

AGQ

Metric

SLV

0.95%

Expense Ratio

0.50%

0.00%

Dividend Yield

0.00%

$1.49B

Net Assets

$32.81B

18

Holdings

1

Dec 1, 2008

Inception Date

Apr 21, 2006

–

Index Tracked

–

Trading--Leveraged Commodities

Fund Category

Commodities Focused

SLV costs about $45.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

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Investment Analysis

AGQ

Pros

AGQ provides daily leveraged exposure, potentially amplifying short-term gains during silver rallies.
It offers investors a targeted tool for tactical trading without needing direct commodity derivatives.
The fund maintains a long history since 2008, aiding liquidity in standard market conditions.

Considerations

The 0.95% expense ratio is significantly higher than most broad commodity ETFs.
Leveraged structures suffer from daily reset volatility decay, eroding returns in sideways markets.
Zero dividend yield means no income, relying entirely on fluctuating silver price movements.

SLV

Pros

With $32.8 billion in net assets, SLV is highly liquid and widely accessible to investors.
The 0.50% expense ratio is lower than many specialized or leveraged commodity funds.
Established in 2006, it offers a straightforward way to gain physical silver exposure.

Considerations

It lacks any dividend yield, providing no income stream to investors.
Specific index tracking details are not available for general verification.
Concentrated exposure to silver alone limits diversification within a broader portfolio.

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About AGQ and SLV

AGQ (AGQ)

The ProShares Ultra Silver ETF (AGQ) is a trading instrument designed to track the daily performance of silver prices, multiplied by two. This means if the price of silver goes up by 1%, AGQ aims to rise by approximately 2%. Conversely, if silver falls by 1%, AGQ will likely decline by about 2%. As an exchange-traded fund (ETF) focused on commodities, it holds derivatives like futures contracts and swap agreements to achieve this exposure, with a net asset value of around USD 1.49 billion. Investors often look at AGQ for short-term opportunities to leverage views on silver's price movements. However, due to its 2x leverage and daily reset mechanism, it may not be suitable for long-term buy-and-hold strategies, as compounding effects can cause returns to diverge from a simple multiple of silver's long-term performance.

SLV (SLV)

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AGQ vs SLV

Fund Snapshot