Though double-leveraged, BIS is a straight forward product. It attempts to deliver twice the daily inverse performance of the NASDAQ Biotechnology Index, IBB’s underlying index. As we just noted, IBB is down 5.7% in the past month, which has helped BIS rise almost 10.5% over the same time frame. [Study Your Biotech ETFs]
Flows data with ETFs does not always tell the entire story, but recent action in BIS is, at the very least interesting. The ETF had $7.76 million in assets under management at the end of last year, according to ProShares data. Since Feb. 14, BIS has taken in nearly $16.6 million.
So on a percentage basis, asset growth experienced by BIS has been phenomenal. Then again, $16.6 million in wagers against IBB, which has almost $5.8 billion in assets, is not a significant amount. Add to that, BIS has a bullish cousin, the ProShares Ultra Nasdaq Biotechnology (NasdaqGM: BIB), which has pulled in over $70 million since Feb. 14.
ProShares UltraShort NASDAQ Biotechnology
