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.

The largest ETF for silver, iShares Silver Trust (NYSEArca: SLV), lost about 5% as daily trading volume again topped 100 million shares.

ProShares Ultra Silver ETF

Full disclosure: Tom Lydon’s clients own SLV.

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