Calls Purchased on Material Names (UYM)

Shares of the PROSHARES ULTRA BASIC MATERIALS ETF UYM are higher on the session by 4.72%, currently trading at $31.52. The ETF has been falling for the past three months, but has held historical support around the $26.00 handle. Options traders are buying calls on the name today. The July $28.00 strike was purchased, on the offer, 2,000 times earlier in the session. Open interest on the strike is only 131 contracts, suggesting new, bullish positioning. Call volume is now running at 2.73x the daily average. The PROSHARES ULTRA BASIC MATERIALS ETF 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 invests in equity securities and derivatives that advisors believes, 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.