"At the market opening, a customer purchases 200 shares of an S&P 500 Inverse ETF (-1x) at $50 per share. At the end of that day, the S&P 500 Index declines by 10%. The next day, the index partially recovers and closes up 5%. What will be the market value of the 200 share position?"

= 200 x $47.25

= $9,450

Explanation:

a) Data and Calculations:

Purchase of 200 shares of an S&P 500 Inverse ETF (-1x) at $50 per share

= $10,000 at beginning on purchase date.

Value at the end of the day = $9,000 ($10,000 x 0.90)

Value at the end of the next day = $9,450 ($9,000 x 1.05)

Another way to calculate the above is to concentrate on the unit price

Therefore, purchase price = $50 per share

Value on purchase date = 200 x $50 = $10,000

End of the purchase day price = $45 ($50 x 90%)

Value at the end of the day = 200 x $45 = $9,000

Next day price = $47.25 ($45 x 1.05)

Value next day = 200 x $47.25 = $9,450

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