ZSL is the inverse of AGQ, targeting -200% of silver's daily move. It rises when silver falls, and is used both as a directional bet and as a hedge against precious-metals exposure.
ProShares UltraShort Silver (ZSL) is currently trading at $21.74. Over the past 52 weeks, ZSL has traded between a low of $14.40 and a high of $228.90. Recent daily volume is around 3.2M. These figures update live as the market moves.
Short futures exposure to silver, reset daily. Being short a futures curve in contango can work in the fund's favour on the roll — the opposite of the drag AGQ faces — but that advantage is small next to the decay from daily rebalancing in a choppy market.
Silver has a documented history of violent short squeezes, from the Hunt brothers in 1980 to the retail episode of early 2021. The physical market is small relative to the paper market, so concentrated buying can move price far and fast. A -2x fund on the wrong side of that is a genuinely dangerous position to hold overnight.
Rising real yields, dollar strength, and weak industrial demand data. Also watch it after parabolic moves in silver, which historically mean-revert sharply — though timing that reversal is exactly where inverse leveraged funds punish the impatient.