Significant Outflow Reported for Direxion Daily S&P 500 Bull 3X ETF
Analyzing the week-over-week changes in shares outstanding for various ETFs, the Direxion Daily S&P 500 Bull 3X (Symbol: SPXL) revealed notable activity. This ETF experienced an approximate $423.1 million outflow, reflecting an 8.2% decrease in shares outstanding, dropping from 34,150,001 to 31,350,001.
SPXL Component Performance
Among the primary holdings within SPXL, Berkshire Hathaway Inc. (Symbol: BRK.B) increased by about 0.5%, while Eli Lilly (Symbol: LLY) saw a rise of approximately 0.3%. In contrast, Exxon Mobil Corp (Symbol: XOM) experienced a decline of about 0.3%. For a complete list of SPXL holdings, please visit the SPXL Holdings page.
Price Performance Insights
The chart below illustrates SPXL’s one-year price performance in relation to its 200-day moving average:
According to the chart, SPXL’s lowest point in its 52-week range is $87.08, with a high of $190.34. The most recent trade price stands at $150.38. Comparing this share price to the 200-day moving average can provide insight for technical analysis.
Understanding ETF Unit Trading
Exchange-traded funds (ETFs) function similarly to stocks; however, investors buy and sell “units” instead of “shares.” These units can be traded back and forth, and can also be created or destroyed based on investor demand. Monitoring week-over-week changes in shares outstanding is crucial for identifying ETFs with significant inflows (creation of new units) or outflows (destruction of old units). Notably, the creation of new units leads to purchasing the ETF’s underlying holdings, while the destruction involves selling those holdings. Thus, significant inflows or outflows can impact individual components held within ETFs.
Click here to discover which other ETFs experienced notable outflows.
Additional Information:
- Top Stocks Held By Barry Rosenstein
- UTEK Insider Buying
- TDS Insider Buying
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
