ProShares Ultra Basic Materials (NYSEARCA:UYM) Trading Up 2.4%

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ProShares Ultra Basic Materials (NYSEARCA:UYM) shares were up 2.4% during mid-day trading on Wednesday . The stock traded as high as $58.63 and last traded at $58.63, approximately 120 shares were traded during trading. A decline of 98% from the average daily volume of 6,855 shares. The stock had previously closed at $57.24.

The firm has a 50 day moving average price of $57.64 and a 200-day moving average price of $55.71.

A hedge fund recently bought a new stake in ProShares Ultra Basic Materials stock. Envestnet Asset Management Inc. purchased a new position in shares of ProShares Ultra Basic Materials (NYSEARCA:UYM) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 7,843 shares of the company’s stock, valued at approximately $468,000. Envestnet Asset Management Inc. owned 1.05% of ProShares Ultra Basic Materials at the end of the most recent reporting period.

ProShares Ultra Basic Materials Company Profile (NYSEARCA:UYM)

ProShares Ultra Basic Materials ETF (the Fund) seeks daily investment results that correspond to twice (200%) the 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.

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