Just looked at $Pro Ultr Silver.US holdings breakdown and realized something interesting: 59% in Silver Future Mar 26 , 22% each in swaps with UBS and Citi . So when you buy AGQ, you're essentially buying a structured product with Wall Street's biggest names as counterparties. The 68% government securities collateral means if silver moons, the banks pay up . 0.95% expense ratio feels cheap for this kind of leverage wrapped in an ETF package.
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