Traders Purchase High Volume of ProShares UltraShort Gold Call Options (NYSEARCA:GLL)

ProShares UltraShort Gold (NYSEARCA:GLL) saw some unusual options trading activity on Thursday. Traders bought 8,444 call options on the company. This represents an increase of 330% compared to the average volume of 1,964 call options.

Hedge Funds Weigh In On ProShares UltraShort Gold

Several hedge funds have recently added to or reduced their stakes in GLL. Genesis Financial Group LLC acquired a new stake in shares of ProShares UltraShort Gold during the 4th quarter worth about $2,395,000. Two Sigma Securities LLC acquired a new position in shares of ProShares UltraShort Gold during the 2nd quarter valued at about $336,000. BNP Paribas Financial Markets purchased a new position in ProShares UltraShort Gold during the second quarter worth approximately $809,000. Bank of America Corp DE raised its position in shares of ProShares UltraShort Gold by 55,280.0% in the 2nd quarter. Bank of America Corp DE now owns 8,307 shares of the exchange traded fund’s stock worth $185,000 after buying an additional 8,292 shares during the period. Finally, JPMorgan Chase & Co. purchased a new position in shares of ProShares UltraShort Gold in the 2nd quarter worth about $55,000.

ProShares UltraShort Gold Trading Down 0.7%

NYSEARCA GLL opened at $16.58 on Friday. ProShares UltraShort Gold has a 12-month low of $15.60 and a 12-month high of $62.46. The business’s 50 day moving average is $24.69 and its two-hundred day moving average is $32.37.

About ProShares UltraShort Gold

ProShares UltraShort Gold (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of gold bullion as measured by the United States dollar p.m. fixing price for delivery in London. The Fund will not directly or physically hold the underlying gold, but instead, will seek exposure to gold through the use of financial instruments, whose value is based on the underlying price of gold to pursue their investment objective. The benchmark price of gold will be the United States dollar price of gold bullion as measured by the London afternoon fixing price per troy ounce of unallocated gold bullion for delivery in London through a member of the London Bullion Market Association (LBMA) authorized to effect such delivery.