ProShares UltraShort Gold Sees Unusually High Options Volume (NYSEARCA:GLL)

ProShares UltraShort Gold (NYSEARCA:GLL) was the target of some unusual options trading activity on Thursday. Stock investors bought 3,141 call options on the company. This represents an increase of 50% compared to the average volume of 2,090 call options.

ProShares UltraShort Gold Trading Up 9.1%

Shares of GLL stock traded up $1.75 during trading hours on Thursday, hitting $21.04. 4,265,307 shares of the company’s stock were exchanged, compared to its average volume of 9,846,254. ProShares UltraShort Gold has a 12-month low of $15.60 and a 12-month high of $56.96. The business’s 50 day simple moving average is $18.99 and its 200-day simple moving average is $26.25.

Hedge Funds Weigh In On ProShares UltraShort Gold

A number of large investors have recently added to or reduced their stakes in GLL. JPMorgan Chase & Co. purchased a new stake in ProShares UltraShort Gold during the second quarter valued at about $55,000. NewEdge Advisors LLC bought a new stake in shares of ProShares UltraShort Gold in the 4th quarter valued at about $77,000. Bank of America Corp DE boosted its holdings in ProShares UltraShort Gold by 55,280.0% during the 2nd quarter. Bank of America Corp DE now owns 8,307 shares of the exchange traded fund’s stock valued at $185,000 after acquiring an additional 8,292 shares during the period. Mission Wealth Management LP bought a new position in ProShares UltraShort Gold during the 4th quarter worth approximately $391,000. Finally, Two Sigma Securities LLC purchased a new position in ProShares UltraShort Gold in the 2nd quarter worth approximately $336,000.

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.