Today, we observed significant changes in the shares outstanding for exchange-traded funds (ETFs), specifically within the Direxion Daily Small Cap Bull 3X Shares (Symbol: TNA). This fund experienced an outflow of approximately $76.3 million, reflecting a 3.3% decrease in its shares from 48,550,000 to 46,950,000.
The chart below illustrates TNA’s price performance over the past year compared to its 200-day moving average:
In examining the chart, it is noteworthy that TNA’s lowest point in the past 52 weeks was $27.60 per share, while the highest was $56.77. The most recent trade occurred at $47.29. Assessing current share prices against the 200-day moving average provides valuable insights for technical analysis.
ETFs function similarly to stocks; however, investors trade “units” instead of “shares.” These units can be continuously exchanged, and they can also be created or destroyed based on market demand. Each week, we track changes in shares outstanding to identify ETFs with significant inflows (new units created) or outflows (existing units destroyed). A creation of new units indicates purchasing of the ETF’s underlying assets, while the destruction of units leads to selling. Such movements can influence the individual securities that make up the ETFs.
Click here to find out which 9 other ETFs experienced notable outflows »
Additional Resources:
• JMF Historical Stock Prices
• Top Ten Hedge Funds Holding TKAI
• CIB Videos
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
