ZSL, the ProShares UltraShort Silver ETF, provides inverse leveraged exposure to silver futures. While silver as a commodity is Shariah-permissible, the ETF's use of derivatives and leveraged structure raises significant compliance concerns related to gharar (uncertainty) and maysir (gambling). Financial ratios indicate no issues due to the fund's structure, but business activity screening disqualifies it. No inclusion in major Shariah indices confirms non-compliance. Investors should consider physical silver alternatives or compliant equity funds.