ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) Shares Gap Up – Here’s What Happened

Shares of ProShares UltraPro Short S&P 500 (NYSEARCA:SPXU) gapped up prior to trading on Thursday . The stock had previously closed at $55.06, but opened at $56.25. ProShares UltraPro Short S&P 500 shares last traded at $56.0970, with a volume of 2,617,309 shares.

ProShares UltraPro Short S&P 500 Trading Up 2.0%

The stock’s 50-day moving average is $49.42 and its two-hundred day moving average is $51.74.

Hedge Funds Weigh In On ProShares UltraPro Short S&P 500

Several hedge funds and other institutional investors have recently modified their holdings of SPXU. EverSource Wealth Advisors LLC grew its holdings in shares of ProShares UltraPro Short S&P 500 by 18.7% in the second quarter. EverSource Wealth Advisors LLC now owns 6,200 shares of the exchange traded fund’s stock worth $104,000 after acquiring an additional 975 shares during the period. TD Waterhouse Canada Inc. purchased a new position in ProShares UltraPro Short S&P 500 in the third quarter worth about $27,000. Optiver Holding B.V. purchased a new position in shares of ProShares UltraPro Short S&P 500 in the third quarter worth approximately $38,000. SBI Securities Co. Ltd. grew its position in ProShares UltraPro Short S&P 500 by 620.0% during the third quarter. SBI Securities Co. Ltd. now owns 4,795 shares of the exchange traded fund’s stock valued at $65,000 after buying an additional 4,129 shares during the period. Finally, Capstone Capital Management Ltd purchased a new stake in ProShares UltraPro Short S&P 500 during the fourth quarter valued at approximately $497,000.

About ProShares UltraPro Short S&P 500

The Fund seeks daily investment results that correspond to triple the inverse of the daily performance of the Index. The Fund invests in derivatives that it believes should have similar daily return characteristics as triple the inverse of the daily performance of the Index.