Direxion Daily S&P 500 Bear 3X Shares (NYSEARCA:SPXS) Hits New 12-Month Low at $9.47

Direxion Daily S&P 500 Bear 3X Shares NYSEARCASPXS is a type of exchange-traded fund (ETF) that tracks the performance of the S&P 500 index, which represents the stock market in the United States. The "bear" in the name of the ETF indicates that it seeks to provide investors with a leveraged return that is opposite to the performance of the S&P 500 index, meaning that it will perform poorly when the S&P 500 is performing well and vice versa.

On Friday, the stock price of Direxion Daily S&P 500 Bear 3X Shares NYSEARCASPXS reached a new 52-week low during trading, indicating that it had not traded at a lower price in the past year. The stock traded as low as $9.47 and last traded at $9.50, with a volume of 12517887 shares trading hands. This means that there were a large number of shares changing hands on Friday.

It's worth noting that the stock had previously closed at $9.65, indicating that it had been trading in a range between $9.47 and $9.65 on Friday. The fact that the stock reached a new 52-week low during trading on Friday suggests that there was significant selling pressure among investors.

It's also worth noting that ETFs are designed to be highly liquid, meaning that they can be bought and sold quickly and easily on an exchange. This makes them popular among investors who want to take advantage of short-term market movements or who have a relatively small amount of money to invest.