ProShares UltraShort Materials (NYSEARCA:SMN) Sees Significant Drop in Short Interest

ProShares UltraShort Materials (NYSEARCA:SMN) was the target of a significant decline in short interest in the month of October. As of October 15th, there was short interest totaling 1,034 shares, a decline of 47.9% from the September 30th total of 1,986 shares. Based on an average daily trading volume, of 2,339 shares, the short-interest ratio is presently 0.4 days. Currently, 0.5% of the shares of the company are sold short.

ProShares UltraShort Materials Price Performance

Shares of SMN traded down $0.14 during trading hours on Friday, reaching $18.74. 1,692 shares of the company traded hands, compared to its average volume of 6,029. ProShares UltraShort Materials has a 12-month low of $17.93 and a 12-month high of $31.02. The business has a fifty day moving average price of $20.07 and a 200-day moving average price of $20.34.

ProShares UltraShort Materials Company Profile

ProShares UltraShort Basic Materials (the Fund) seeks daily investment results that correspond to twice the inverse daily performance of the Dow Jones U.S. Basic Materials Index (the Index). The Index measures the performance of the basic materials industry of the United States equity market. Component companies are involved in the production of aluminum, steel, non-ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal.