Protection Purchased on Crude Oil (DIG)

Shares of the PROSHARES ULTRA OIL & GAS ETF

are trading flat on the session, currently at $31.11. The ETF is has rallied over the past two weeks, but is now butting its head up against the 50-day and 200-day moving averages. Options traders are buying protection today. The July $31 put was purchased 1,780 times, on the offer; open interest on the strike is only 180 contracts, signaling fresh, bearish positioning. Put volume is running at 2.07x the daily average. The PROSHARES ULTRA OIL & GAS ETF seeks daily investment results, before fees and expenses, which correspond to twice the daily performance of the Dow Jones U.S. Oil & Gas index. The fund invests in equity securities and derivatives that advisors believe, in combination, should have similar daily performance characteristics as twice (200%) the daily return of the index. It invests typically the rest of the assets in money market instruments. The fund is nondiversified.