Share-split context: This ETF has both forward- and reverse-split history. The most recent recorded event was on Jan 24, 2014 with coefficient 0.25. Current price-return figures are already split-adjusted. Forward splits receive no automatic performance penalty; reverse-split history remains a separate structural warning.

What this ETF is trying to do

The ProShares Ultra Silver 2x Shares (AGQ) is a leveraged ETF. This means it uses financial tools to try and multiply the daily movement of the price of silver. Specifically, it is a "2x" fund, which aims to provide twice the daily return of its target.

What the numbers show

The current price of AGQ is $65.14 as of October 7, 2026. Because this ETF has a history of share splits, we look at split-adjusted returns to see how it has performed.

• Year-to-Date (YTD): The price return and total return are both approximately -58.01%.

• One Year: The price return and total return are both approximately -16.98%.

• Three Year: The price return and total return are both approximately 182.60%.

• Five Year: The total return is approximately 95.67%.

In this case, the price return (the change in share price) and the total return (which includes distributions) are the same because no distributions were paid.

Income and distribution explanation

This ETF does not currently provide a way to earn regular cash income. The distribution yield is 0%, and there have been no payouts in the last 12 months. For investors who rely on ETFs for monthly or quarterly cash, this fund does not provide that feature.

NAV erosion explanation

"NAV erosion" happens when the value of an ETF's underlying assets declines over time, often making it harder for the share price to recover. AGQ has an erosion-risk score of 55, which is labeled as "Moderate price erosion." This is a measurement of the risk that the fund's value is wearing away.

Pros

• High Potential for Growth: The three-year total return of 182.60% shows that the fund can grow significantly when silver prices move upward.

• Leverage: It allows investors to get more exposure to silver than they would by owning the metal directly.

Cons

• High Volatility: The YTD price return of -58.01% shows that the share price can drop very quickly.

• No Income: There are no distributions or dividends for investors.

• Moderate Erosion Risk: The moderate erosion score suggests a risk to the long-term stability of the share price.

• Split History: This fund has a "mixed" split history, meaning it has had both forward splits (where one share becomes many) and reverse splits (where many shares become one).

Beginner takeaway

AGQ is a high-risk tool used to bet on the price of silver. While it can offer huge gains over several years, it can also lose more than half its value in a single year. It does not pay any income, and it carries a moderate risk of NAV erosion.