What does 2x leverage mean when comparing AGQ and ZSL?

2x leverage means the fund's daily return aims to be twice that of its underlying benchmark. AGQ provides 2x leveraged exposure, seeking to mirror double the daily performance of silver. Conversely, ZSL offers inverse 2x exposure, aiming for twice the opposite of the daily silver performance. These mechanisms are designed for short-term tactical trading rather than long-term holding.

What is the primary difference between inverse and long leveraged ETFs?

The core difference lies in the market direction they target. AGQ is a long leveraged ETF, designed to increase in value when silver prices rise. ZSL is an inverse leveraged ETF, designed to increase in value when silver prices fall. Both aim for 2x magnitude, meaning AGQ benefits from upward trends while ZSL benefits from downward trends in the silver market.

Why are the index tracked and sector weights not available for these funds?

According to the provided data, the index tracked and sector weights for both AGQ and ZSL are not available. Leveraged and inverse commodity ETFs often use complex derivatives, such as futures or swaps, rather than holding physical assets or straightforward stocks. Consequently, standard sector weightings and specific index holdings are typically not disclosed in the same way as traditional equity ETFs.

How do the expense ratios of AGQ and ZSL compare?

Both AGQ and ZSL share an identical expense ratio of 0.95%. Since there is no percentage point difference between them, fees alone should not be the deciding factor in comparison. Investors looking at these funds need to understand that while the direct annual cost is the same, the operational structures and liquidity levels differ significantly, as noted by their varying net assets and trading volumes.

How do net assets affect the liquidity of AGQ versus ZSL?

Net assets significantly influence liquidity and fund stability. AGQ holds $1.5 billion in net assets, offering substantial liquidity and a longer established history of trading volume. In contrast, ZSL has net assets of just $61 million. This lower asset base may limit liquidity and increase potential bid-ask spreads, making ZSL potentially more difficult to trade in large sizes compared to AGQ.

What role does the dividend yield play for these silver ETFs?

Both AGQ and ZSL report a dividend yield of 0.00%. These funds are structured around commodity exposure, specifically silver, and do not generate income through dividends. Consequently, investors will not receive regular income distributions from holding either fund. Returns are derived entirely from price appreciation of the ETF shares, which reflects the leveraged or inverse movement of the silver market.

Do AGQ and ZSL share any top holdings?

The data indicates that there are no shared top-10 holdings between AGQ and ZSL. AGQ lists IQMM as a top holding at 19.51%, whereas the specific top holdings for ZSL are not available. This lack of overlap is expected given their opposing market exposures. The absence of shared holdings highlights the distinct operational mechanisms each fund uses to achieve its target daily exposure to silver.

Which investing goals are these funds typically associated with?

AGQ is typically associated with investors seeking to capitalize on rising silver prices through 2x daily gains. ZSL is associated with those seeking to profit from falling silver prices via inverse 2x daily returns. Due to the complexities of leverage and daily rebalancing, both funds are generally utilised for short-term tactical strategies rather than long-term buy-and-hold investment goals in a silver market context.

How does the market volatility impact leveraged and inverse ETFs?

Market volatility has a profound impact on leveraged and inverse ETFs like AGQ and ZSL. Because these funds reset their leverage daily, their long-term performance can deviate significantly from the simple multiple of the underlying index's cumulative return. High volatility can erode value for both the long (AGQ) and inverse (ZSL) funds over time, regardless of the eventual market direction.

What are the risks of holding an inverse commodity ETF like ZSL?

Holding ZSL involves the risk of betting against the silver market with a 2x multiplier. If silver prices rise, ZSL will decline at roughly twice the rate on a daily basis. Additionally, the fund's low net assets of $61 million present liquidity risks. Investors must also account for the 0.95% expense ratio and the decay effects of daily rebalancing in volatile or sideways markets.

Why is the transparency of holdings important for ETF investors?

Transparency allows investors to understand exactly what they own. For AGQ and ZSL, the data shows that specific top holdings are either partially available (IQMM 19.51% for AGQ) or not available at all (ZSL). This limits the ability to perform a deep fundamental analysis of specific underlying positions. Investors relying on these funds must accept the opacity regarding the precise derivative or cash instruments being utilised.

What does an educational disclaimer mean in the context of ETF comparisons?

An educational disclaimer indicates that the provided information is for learning purposes only and does not constitute financial advice, investment recommendations, or calls to action. It reminds users that understanding fund metrics, such as the 0.95% expense ratios or net assets of AGQ and ZSL, is part of due diligence. Investors must consult their own risk tolerance and financial situation before trading leveraged commodities ETFs.

AGQ vs ZSL

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

Compare ProShares Ultra Silver ETF (AGQ) and ProShares UltraShort Silver (ZSL) across fees, holdings, dividends and how each tracks silver markets. Both share a 0.95% expense ratio, with holdings and index details not available. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

AGQ

Metric

ZSL

0.95%

Expense Ratio

0.95%

0.00%

Dividend Yield

0.00%

$1.49B

Net Assets

$61.45M

Holdings

Dec 1, 2008

Inception Date

Dec 1, 2008

–

Index Tracked

–

Trading--Leveraged Commodities

Fund Category

Trading--Inverse Commodities

Both funds charge the same annual fee.

Shared Top Holdings

These funds do not share any of their top holdings.

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AGQ vs SLV

Compare AGQ and SLV silver ETFs. Review 0.95% and 0.50% expense ratios, dividend yields, holdings and leverage differences for informed research decisions.

Investment Analysis

AGQ

Pros

Provides 2x leveraged silver exposure with $1.5 billion net assets
Established in 2008, offering a long trading history for the fund
Expense ratio of 0.95% is competitive for leveraged commodities ETFs

Considerations

Track record for index methodology is not available
No dividend yield, limiting income potential for investors
Top holdings are not available, obscuring specific position details

ZSL

Pros

Inverse 2x silver exposure supports short-term tactical trading strategies
Inception date of December 2008 ensures a long operational history
Expense ratio of 0.95% is competitive for leveraged commodities ETFs

Considerations

Net assets of $61 million limit liquidity and potential fund stability
Index tracked and sector weights are not available for comparison
No dividend yield and missing top holdings reduce transparency

About AGQ and ZSL

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.

ZSL (ZSL)

ProShares UltraShort Silver is an exchange-traded fund designed for experienced traders looking to profit from falling silver prices or to hedge against long silver exposure. It aims to deliver -2 times the daily percentage return of silver futures, meaning if silver prices drop by 1% on a given day, the fund targets a 2% gain. Conversely, if silver rises, losses are amplified. The fund holds a small number of instruments, primarily futures contracts, and does not distribute dividends. With an expense ratio of 0.95%, it is relatively costly, which is typical for leveraged products. Its short history, dating back to December 2008, reflects its niche role in speculative trading rather than long-term investing. Investors should understand the impact of daily rebalancing and compounding, which can significantly affect returns over longer holding periods.

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AGQ vs ZSL

Fund Snapshot

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Investment Analysis

AGQ

Pros

Considerations

ZSL

Pros

Considerations

About AGQ and ZSL

Buy AGQ or ZSL in Nemo

Zero Commission

Trusted & Regulated

6% Interest on Cash

Frequently asked questions

What does 2x leverage mean when comparing AGQ and ZSL?

What is the primary difference between inverse and long leveraged ETFs?

Why are the index tracked and sector weights not available for these funds?

How do the expense ratios of AGQ and ZSL compare?

How do net assets affect the liquidity of AGQ versus ZSL?

What role does the dividend yield play for these silver ETFs?

Do AGQ and ZSL share any top holdings?

Which investing goals are these funds typically associated with?

How does the market volatility impact leveraged and inverse ETFs?

What are the risks of holding an inverse commodity ETF like ZSL?

Why is the transparency of holdings important for ETF investors?

What does an educational disclaimer mean in the context of ETF comparisons?

Fund Snapshot

About AGQ and ZSL

Discover More Comparisons

AGQ vs GDXU

AGQ vs SLV