Calls Sold on Basic Material Names (UYM)

Shares of the PROSHARES ULTRA BASIC MATERIALS (NYSE:

) are lower on the session by 1.16%, currently trading at $25.65. The stock has been falling for the past five weeks and is trading around the $25 support level. Calls are being bought on the ETF today. The June $25 calls was sold 2,200 times; open interest on the strike is 2,477 contracts, which suggests that a long call position has been traded out of. The PROSHARES ULTRA BASIC MATERIALS seeks daily investment results, before fees and expenses, which correspond to twice the daily performance of the Dow Jones U.S. Basic Materials index. The fund normally invests 80% of assets in financial instruments with economic characteristics that should be twice the return of the index.