On September 28, ProShares Ultra Silver declined 8.03% overnight, trading at $70.25/share, with turnover of approximately $12.75 million. As a 2x leveraged long silver ETF, the fund amplified the underlying metal's losses amid a broad precious metals selloff.

Spot silver fell to around $63.31/oz, weighed down by multiple headwinds. U.S. September S&P Global Manufacturing PMI surged to 57, well above the 53.7 consensus, while Services PMI hit 58.7, the highest since 2021, signaling robust demand and mounting inflation pressure. The 10-year U.S. Treasury yield climbed above 5.1%, reaching levels unseen since 2007, while the U.S. dollar index rose above 101. Market pricing now reflects approximately 70% probability of a Fed rate hike in October, with officials reiterating that the tightening cycle is not over. Additionally, reports of potential U.S.-Iran negotiations reduced geopolitical risk premiums that had previously supported precious metals.

The fund seeks to meet its investment objective by investing in financial instruments including swap agreements, futures contracts, forward contracts, and option contracts based on its silver benchmark, and does not invest directly in any commodity.

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