2倍做多白银ETF-ProShares（AGQ）今日盘前股价大跌5.08%，引起了市场的广泛关注。
消息面上，国际清算银行（BIS）最新分析指出，散户投资者的狂热情绪及其对杠杆型ETF的高度依赖，是推动近期白银市场大幅波动的重要因素。杠杆ETF的每日再平衡机制以及保证金触发下的被动平仓，显著放大了价格波动，尤其在白银市场引发了剧烈的抛压。这种由高杠杆交易结构触发的连锁踩踏，导致了贵金属价格的急跌。
报告进一步强调，在价格快速下跌过程中，保证金追缴迫使高杠杆参与者被动去杠杆，形成了“下跌—平仓—再下跌”的自我强化循环。作为追踪白银价格且带有2倍杠杆的ETF，AGQ的走势直接受到底层资产价格剧烈波动的影响，因此盘中表现出了显著的下跌。
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