Direxion SPXL Sees Notable Outflows Amid Mixed Performance
Recent data reveals a significant decline in Direxion Daily S&P 500 Bull 3X Shares (Symbol: SPXL), capturing attention in the ETF market.
Notable $108.7 Million Outflow from SPXL
This week, SPXL experienced an outflow of approximately $108.7 million, representing a 1.9% decrease in shares outstanding, dropping from 31,350,001 to 30,750,001. Among SPXL’s major holdings, 3M Co (Symbol: MMM) edged up by 0.8%, while Abbott Laboratories (Symbol: ABT) and Accenture plc (Symbol: ACN) fell by 0.3% and 0.4%, respectively. For a complete list of holdings, you can visit the SPXL Holdings page.
SPXL’s Price Performance
The chart below illustrates SPXL’s price performance over the past year compared to its 200-day moving average:
SPXL’s 52-week trading range has seen a low of $87.855 and a high of $183.96. The most recent trade value stands at $180.35, highlighting its current position in the market. Understanding how SPXL’s price compares to its 200-day moving average can facilitate effective technical analysis.
Understanding ETF Dynamics
Exchange-traded funds (ETFs) operate similarly to stocks. However, investors purchase “units” instead of shares. These units can be traded like stocks and are subject to creation or destruction based on investor demand. Each week, we examine changes in shares outstanding to track ETFs with significant inflows or outflows. When new units are created, it indicates a need to purchase the underlying holdings. Conversely, when units are destroyed, it results in selling those holdings, impacting the individual components within ETFs.
Click here to find out which 9 other ETFs experienced notable outflows »
Also see:
- UBSI Insider Buying
- Institutional Holders of AXAC
- JKL Historical Stock Prices
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
