UltraShort Ether ETF (NYSEARCA:ETHD) Sees Significant Drop in Short Interest

UltraShort Ether ETF (NYSEARCA:ETHD) was the target of a significant drop in short interest during the month of August. As of August 14th, there was short interest totaling 55,783 shares, a drop of 38.6% from the July 30th total of 90,872 shares. Based on an average daily volume of 183,316 shares, the days-to-cover ratio is presently 0.3 days. Approximately 5.7% of the company’s shares are short sold.

Institutional Investors Weigh In On UltraShort Ether ETF

Several large investors have recently added to or reduced their stakes in the stock. MYDA Advisors LLC bought a new stake in shares of UltraShort Ether ETF during the fourth quarter valued at approximately $1,188,000. Renaissance Technologies LLC bought a new position in UltraShort Ether ETF in the first quarter worth approximately $1,453,000. IMC Chicago LLC purchased a new position in UltraShort Ether ETF during the 1st quarter worth $1,675,000. Jane Street Group LLC increased its holdings in UltraShort Ether ETF by 184.2% during the 2nd quarter. Jane Street Group LLC now owns 79,137 shares of the company’s stock worth $1,183,000 after purchasing an additional 51,295 shares during the period. Finally, Group One Trading LLC bought a new stake in UltraShort Ether ETF during the 3rd quarter valued at $172,000.

UltraShort Ether ETF Price Performance

Shares of ETHD opened at $32.95 on Wednesday. UltraShort Ether ETF has a 12-month low of $27.60 and a 12-month high of $106.80. The firm has a fifty day moving average price of $60.15 and a 200-day moving average price of $64.14.

UltraShort Ether ETF Company Profile

The ProShares UltraShort Ether ETF (ETHD) is an exchange-traded fund that is based on the Bloomberg Ethereum index. The fund tracks -2x the daily price movements of an index that measures the price of Ether. It uses futures contracts to provide inverse exposure without directly investing in Ether ETHD was launched on Jun 7, 2024 and is issued by ProShares.