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

ProShares UltraShort Materials (NYSEARCA:SMN) was the target of a significant decline in short interest in the month of September. As of September 15th, there was short interest totaling 769 shares, a decline of 57.7% from the August 31st total of 1,820 shares. Currently, 0.4% of the company’s shares are short sold. Based on an average daily trading volume, of 1,257 shares, the short-interest ratio is currently 0.6 days.

ProShares UltraShort Materials Stock Up 1.6%

Shares of SMN opened at $21.47 on Wednesday. The firm’s fifty day simple moving average is $19.59 and its two-hundred day simple moving average is $20.22. ProShares UltraShort Materials has a 12 month low of $17.93 and a 12 month high of $31.02.

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.