Recent news highlights include alerts on ETF inflows and outflows, the start of options trading for AGQ, and market commentary on silver and leveraged ETFs.

• AGQ experienced notable ETF outflows as of late February 2026 [N1].
• Options for AGQ with April 10th expiration began trading in February 2026 [N2].
• The ETF saw inflows earlier in February 2026 [N3].
• Zacks Investment Ideas featured AGQ among highlighted ETFs in early February 2026 [N4].
• Market commentary in January 2026 discussed lessons from silver's price volatility and potential market pauses [N5][N6].
• Put and call options for AGQ were noted as interesting for March 13th, 2026 [N7].
• Notable ETF outflows were detected for AGQ in late January 2026 [N8].

The Fund offers investors leveraged exposure to silver prices, which can amplify returns during favorable market conditions. Its active management of futures and swap positions and access to major counterparties support its ability to maintain targeted leverage. Recent inflows and options activity indicate investor interest and liquidity in the product.

The Fund's leveraged exposure entails amplified losses during adverse silver price movements, as reflected in the reported net loss for the nine months ended September 30, 2026. Counterparty risk, while limited to unrealized gains, poses potential delays and costs in collateral recovery. Market volatility and the complexity of leveraged instruments may lead to performance deviations from the underlying index, especially over periods longer than a single day.

The Fund's moat derives from its specialized leveraged exposure to silver prices through sophisticated use of futures and swap contracts, managed by ProShares Trust II. Its relationships with major financial institutions as counterparties and its daily adjustment of positions to maintain leverage provide operational expertise and market access that may be difficult for individual investors to replicate. However, as an ETF, it faces competition from other leveraged commodity funds and market volatility risks.

• Commodity Price Risk: The Fund's performance is highly sensitive to fluctuations in silver prices through its futures and swap contracts, which can lead to amplified gains or losses due to leverage.
• Counterparty Risk: The Fund relies on swap agreements with major financial institutions; counterparty bankruptcy could cause delays and costs in recovering collateral.
• Leverage Risk: The Fund targets approximately double exposure to the underlying index, which can magnify losses and complicate performance over periods longer than a single day.
• Market Volatility Risk: Volatility in commodity and equity markets can affect the Fund's futures and swap valuations and its ability to maintain targeted exposure.

• ProShares Trust II operates exchange-traded funds (ETFs), including the ProShares Ultra Silver Fund (AGQ), which provides leveraged exposure to silver prices through futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM [S1].
• The Fund holds significant positions in silver futures contracts and swap agreements with major counterparties such as Citibank, Goldman Sachs International, Morgan Stanley, and UBS AG, with notional amounts in the billions as of December 31, 2025 [S1].
• The Fund attempts to maintain approximately $2.00 of exposure to the Bloomberg Silver Subindex for every $1.00 of net assets, adjusting positions daily [S1].
• Counterparty risk is generally limited to unrealized gains, but bankruptcy of counterparties could cause delays and costs in recovering collateral held in segregated tri-party accounts [S1].
• The Fund's financial snapshot as of September 30, 2026, shows cash and equivalents of approximately $812 million USD and reported revenues of about $41.2 million USD for the nine months ended September 30, 2026, with a net loss of approximately $418.6 million USD for the same period [S2].
• The Fund's business involves exposure to commodity price risk through futures and swap contracts, which are sensitive to price fluctuations in silver and other commodities [S1][S2].
• The Fund's risk disclosures emphasize that future returns cannot be estimated simply by multiplying the return of the underlying index by the leverage factor, especially for periods longer than a single day [S1][S2].
• Recent news coverage highlights inflows and outflows in the AGQ ETF, options trading activity, and market commentary related to silver and leveraged ETFs [N1][N2][N3][N4][N5][N6][N7][N8].
• The Fund's liquidity snapshot as of September 30, 2026, includes cash and equivalents of $811,969,786 USD, with no disclosed short-term investments or current liabilities [S2].