ProShares UltraShort Silver (NYSEARCA:ZSL) Shares Gap Down – Here’s What Happened

Shares of ProShares UltraShort Silver (NYSEARCA:ZSL) gapped down prior to trading on Wednesday . The stock had previously closed at $1.88, but opened at $1.75. ProShares UltraShort Silver shares last traded at $1.7550, with a volume of 37,745,636 shares changing hands.

ProShares UltraShort Silver Stock Performance

The stock has a 50-day moving average of $3.46 and a 200 day moving average of $11.09.

Shares of ProShares UltraShort Silver are scheduled to reverse split on Thursday, February 26th. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, February 25th.

Institutional Investors Weigh In On ProShares UltraShort Silver

Hedge funds have recently modified their holdings of the company. Walser Wealth Management Company A Ltd Liability Co purchased a new position in ProShares UltraShort Silver during the fourth quarter worth about $60,000. XTX Topco Ltd purchased a new stake in shares of ProShares UltraShort Silver in the 4th quarter valued at approximately $129,000. Jump Financial LLC acquired a new stake in shares of ProShares UltraShort Silver during the 4th quarter worth approximately $998,000. Raffles Associates LP acquired a new stake in shares of ProShares UltraShort Silver during the 4th quarter worth approximately $267,000. Finally, Barclays PLC purchased a new stake in shares of ProShares UltraShort Silver during the 4th quarter valued at approximately $181,000.

About ProShares UltraShort Silver

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