Trading volume in an exchange traded fund (ETF) that bets against silver surged to a record on Monday amid volatile action in the metal’s price.
More than 14 million shares of ProShares UltraShort Silver (NYSEArca: ZSL) traded Monday morning as the ETF was poised to break its volume record set last week.
ProShares UltraShort Silver is designed to produce daily returns that correspond to 200% of the inverse performance of silver bullion.
The so-called leveraged inverse ETF was up more than 2% in recent trading Monday as silver saw earlier gains disappear.
The iShares Silver Trust (NYSEArca: SLV) was fractionally lower.
Full disclosure: Tom Lydon’s clients own SLV.
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