ProShares Ultra Silver (AGQ) plummeted 12.30% during intraday trading on Tuesday, mirroring a sharp decline in the price of its underlying asset, silver.

The drop in silver prices and related ETFs occurred amid holiday-thinned trading in multiple markets, which reduced liquidity and may have amplified price moves. Market activity was subdued due to a lack of new positive catalysts, while heightened geopolitical tensions between the U.S. and Iran dampened risk appetite. Recent Iranian military exercises and ongoing nuclear talks contributed to market uncertainty.

Analysts noted that the psychological impact from a late-January crash in precious metals continues to linger, prompting caution among active investors during the thin trading session.