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

Shares of ProShares UltraShort Silver (NYSEARCA:ZSL) gapped down prior to trading on Wednesday . The stock had previously closed at $2.74, but opened at $2.47. ProShares UltraShort Silver shares last traded at $2.3950, with a volume of 36,338,358 shares trading hands.

ProShares UltraShort Silver Stock Down 12.9%

The stock has a 50 day moving average of $4.01 and a 200 day moving average of $11.83.

ProShares UltraShort Silver shares are going to reverse split before the market opens 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.

Hedge Funds Weigh In On ProShares UltraShort Silver

Several hedge funds and other institutional investors have recently bought and sold shares of ZSL. Bank of America Corp DE grew its holdings in ProShares UltraShort Silver by 10,161.9% during the 2nd quarter. Bank of America Corp DE now owns 4,310 shares of the exchange traded fund’s stock worth $111,000 after acquiring an additional 4,268 shares during the period. Aprio Wealth Management LLC acquired a new position in shares of ProShares UltraShort Silver in the 4th quarter valued at about $53,000. LPL Financial LLC bought a new stake in shares of ProShares UltraShort Silver during the 4th quarter valued at about $53,000. Foundations Investment Advisors LLC acquired a new stake in ProShares UltraShort Silver during the fourth quarter worth approximately $60,000. Finally, Mission Wealth Management LP acquired a new stake in ProShares UltraShort Silver during the fourth quarter worth approximately $107,000.

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.