ProShares Ultra Silver (NYSE Arca: AGQ) is an exchange-traded fund that seeks to deliver twice (2x) the daily performance of silver prices. The fund generates revenue through management fees charged on assets under management, collected from investors who hold fund units. AGQ is one of several leveraged and inverse commodity ETFs managed by ProShares, a firm that also operates funds tracking crude oil, natural gas, gold, euro, and volatility indices, as disclosed in the 10-K filed 2026-02-26 (accession 000119312526077441). As of June 30, 2025, the aggregate market value of AGQ units held by non-affiliates is referenced in the filing, though the specific dollar amount was not legible in the excerpts provided. The fund competes with other silver-linked ETPs and leveraged commodity products in the exchange-traded product market.

Revenue model

Management fees charged as a percentage of assets under management, collected from ETF unit holders on an ongoing basis.

Products and services

ProShares Ultra Silver (AGQ), a 2x leveraged exchange-traded fund tracking daily silver price performance. ProShares also operates related funds including ProShares Ultra Gold, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Euro, ProShares Short VIX Short-Term Futures ETF, and ProShares Ultra VIX Short-Term Futures ETF, as listed in the 10-K filed 2026-02-26.

Customers and end markets

Retail and institutional investors seeking leveraged exposure to silver prices on a short-term or tactical basis.

Value-chain role

Exchange-traded product issuer and asset manager providing packaged leveraged commodity exposure to investors.

Source: SEC 10-K, filed 2026-02-26

Industry: Commodity Contracts Brokers & Dealers