The ProShares S&P Global Core Battery Metals ETF (NYSEARCA:ION) experienced a notable decrease in short interest during January 2023. As of January 30, the short interest had fallen to 25,581 shares, reflecting a substantial decline of 23.5% from the January 15 total of 33,452 shares. Currently, short positions account for approximately 10.2% of the ETF’s total shares. With an average daily trading volume of 21,689 shares, this results in a short-interest ratio of 1.2 days.
On January 30, the ETF’s stock price rose by $0.22, reaching $58.97. The trading volume for that day was 7,249 shares, which is lower than the average volume of 16,408 shares. The fund boasts a market capitalization of $14.74 million, a price-to-earnings ratio of 16.75, and a beta of 1.01. Over the past year, the stock has seen a low of $20.72 and a high of $66.00. The fifty-day moving average stands at $55.93, while the 200-day moving average is at $44.93.
Institutional Investment Activity
Jane Street Group LLC recently made a significant investment in the ProShares S&P Global Core Battery Metals ETF. The hedge fund acquired 9,341 shares during the second quarter, valued at approximately $271,000. Following this acquisition, Jane Street Group held about 11.68% of the ETF’s total shares by the end of the most recent reporting period.
The ProShares S&P Global Core Battery Metals ETF was launched on November 29, 2022. It is designed to track the S&P Global Core Battery Metals Index, which includes companies involved in the mining of essential metals used in battery production. The fund aims to provide investors with exposure to the growing demand for battery metals, driven by the increasing electrification of vehicles and renewable energy technologies.
This recent shift in short interest and the involvement of institutional investors may signal changing dynamics in the market for battery metals. As global demand for electric vehicles and energy storage solutions escalates, the ProShares S&P Global Core Battery Metals ETF positions itself to capitalize on these trends. Investors are advised to remain informed about market fluctuations and trends that could impact the performance of this ETF and the broader sector.
