Two US ETF Under Radar – AGQ and CPXR

Overview

This week’s report covers Direxion ProShares Ultra Silver (NYSE: AGQ), USCF Daily Target 2X Copper Index ETF (NYSE: CPXR) which are ‘Directional Leveraged ETFs’ that use financial derivatives and debt to amplify the returns of an underlying index, typically by 2x or 3x.  These leveraged ETFs aim to provide magnified exposure to the price movements of a specific asset class, either in the direction of rising (bullish) or falling (bearish) prices.

Section 1: ProShares Ultra Silver (NYSE: AGQ)

The Fund seeks daily leveraged investment results of three times (200%) the daily percentage change in the share price of ProShares Ultra Silver (NYSE: AGQ). The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year.

Its performance over extended periods diverges from the expected 200% due to the compounding effect of daily returns, which is influenced by factors like holding duration and stock volatility. High volatility amplifies the impact of compounding, potentially leading to significant deviations from the underlying stock’s performance. Consequently, this ETF is designed for short-term trading rather than buy-and-hold strategies.

Section 2: Technical Analysis on ETF and Underlying Asset

NYSE: AGQ

AGQ is exhibiting early signs of technical stabilization following its sharp corrective phase, with price action consolidating above the recent swing lows near the USD 140 zone. While the ETF remains below its shorter-term moving averages, downside momentum appears to be moderating, and the RSI has rebounded from near-oversold territory toward the low-40s, indicating improving internal strength without overbought conditions. The current base-building structure suggests a potential accumulation phase, and a sustained move above the immediate resistance band around USD 155–160 could trigger short-covering and renewed upside momentum. Provided silver prices remain constructive and AGQ continues to defend recent support levels, the technical bias shifts to cautiously bullish with scope for a recovery toward the 50-day moving average.

Section 1: USCF Daily Target 2X Copper Index ETF (NYSE: CPXR)

The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of USCF Daily Target 2X Copper Index ETF (NYSE: CPXR). The Fund is an actively managed ETF that attempts to achieve two times the daily percentage change in the share price of the Underlying Security.

Its performance over extended periods diverges from the expected 200% due to the compounding effect of daily returns, which is influenced by factors like holding duration and stock volatility. High volatility amplifies the impact of compounding, potentially leading to significant deviations from the underlying stock’s performance. Consequently, this ETF is designed for short-term trading rather than buy-and-hold strategies.

Section 2: Technical Analysis on ETF and Underlying Asset

NYSE: CPXR

CPXR continues to exhibit a constructive medium-term technical structure, with price action holding above its rising intermediate-term moving averages despite recent consolidation around the USD 28 zone. The ETF remains positioned near the 0.618 Fibonacci retracement level (~USD 27.99), which is acting as a key support pivot, while the broader ascending trajectory from late-2025 lows remains intact. Momentum indicators are neutral-to-improving, with RSI stabilising near the 50 level, suggesting scope for renewed upside participation without immediate overbought pressure. Provided CPXR sustains support above the USD 27–28 band and maintains alignment above its short-to-medium-term averages, the technical bias remains cautiously bullish, with potential for a retest of the USD 31–34 resistance cluster in a strengthening copper backdrop.

Related Risk: Investing in the Fund carries inherent risks, including potential losses. The Fund's NAV and performance are influenced by various factors. Key risks include the effects of compounding, market volatility, and underlying stock risks, which can significantly impact returns and increase the likelihood of financial losses.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is February 10, 2026. The reference data in this report has been partly sourced from REFINITIV

Note 3: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.