A leveraged exchange traded fund (ETF) for silver has fallen nearly 40% from its record high last week amid the historic sell-off in the metal.
ProShares Ultra Silver ETF (NYSEArca: AGQ) was down about 10% on Wednesday and has fallen sharply this week with silver correcting hard.
The ETF aims for daily results that correspond to 200% of the performance of silver bullion and is a leveraged bullish bet on the metal. Its leveraged bearish counterpart is ProShares UltraShort Silver (NYSEArca: ZSL), which has soared this week.
ProShares Ultra Silver ETF topped out at roughly $382 a share last week, and was trading around $240 a share Wednesday afternoon, representing a 37% pullback.