Direxion Daily FTSE China Bear 3X ETF (NYSEARCA:YANG) Stock Falls 3.2% – Here’s Why

Direxion Daily FTSE China Bear 3X ETF (NYSEARCA:YANG) shares dropped 3.2% during mid-day trading on Thursday. The company traded as low as $31.23 and last traded at $31.30. Approximately 664,784 shares traded hands during trading, a decline of 34% from the average session volume of 1,000,521 shares. The stock had previously closed at $32.33.

Direxion Daily FTSE China Bear 3X ETF Stock Performance

The business has a 50-day moving average price of $30.37 and a 200-day moving average price of $30.39.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Direxion Daily FTSE China Bear 3X ETF stock. Renaissance Technologies LLC grew its holdings in Direxion Daily FTSE China Bear 3X ETF (NYSEARCA:YANG) by 181.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 54,400 shares of the company’s stock after purchasing an additional 35,100 shares during the quarter. Renaissance Technologies LLC owned approximately 1.34% of Direxion Daily FTSE China Bear 3X ETF worth $1,585,000 at the end of the most recent reporting period.

About Direxion Daily FTSE China Bear 3X ETF

Direxion Daily China Bear 3x Shares (the Fund) seeks daily investment results of 300% of the inverse (or opposite) of the price performance of the BNY China Select ADR Index (the China Index). The China Index is a free float-adjusted capitalization-weighted index designed by the Bank of New York to track the performance of a basket of companies who have their primary equity listing on a stock exchange in China and which also have depositary receipts that trade on a United States exchange or on the National Association of Securities and Dealers Automated Quotation.