Calls Sold of The Short DOW 30 ETF (DOG)

Shares of The Powershares Short DOW 30 ETF

are lower in the session by 0.12%, trading at $46.60. The ETF has been moving largely lower over the past six months, as the overall market has staged a road based rally. Options traders believe that any pullback in the market should be bought; this can be seen in the DOG today, where 2,000 November $47.00 calls were sold, on the bid, for $0.70. Selling calls on an inverse ETF is the equivalent of selling puts on a long ETF; therefore this is a bullish position in terms of the overall movement of the DJIA. Call volume is running at 7.96x the daily average, 0% on the offer. The Powershares Short DOW 30 ETF seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Dow Jones Industrial Average Index. The fund invests in derivatives that Proshare Advisors believes should have similar daily performance characteristics as the inverse of the daily return of the Index. It invests typically the rest of the assets in money market instruments. The fund is non-diversified.