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Video: What is a Stock Split?
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Direxion Shares Exchange Traded Fund Trust - Direxion Daily 20+ Year Treasury Bear 3X Shares is an open-end management investment company. The Fund seeks daily investment results, before fees and expenses that correspond to the NYSE 20 Year Plus Treasury Bond Index. As of Oct 31 2015, the Fund's total assets were $270,563,554 and the Fund's investments portfolio was valued at $343,358,711. According to our TMV split history records, Direxion Shares ETF Trust - Daily 20+ Year Treasury Bear 3X Shares has had 3 splits. | |
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Direxion Shares ETF Trust - Daily 20+ Year Treasury Bear 3X Shares (TMV) has 3 splits in our TMV split history database. The first split for TMV took place on November 10, 2011. This was a 1 for 5 reverse split, meaning for each 5 shares of TMV owned pre-split, the shareholder now owned 1 share. For example, a 1000 share position pre-split, became a 200 share position following the split. TMV's second split took place on April 23, 2020. This was a 1 for 10 reverse split, meaning for each 10 shares of TMV owned pre-split, the shareholder now owned 1 share. For example, a 200 share position pre-split, became a 20 share position following the split. TMV's third split took place on August 28, 2023. This was a 4 for 1 split, meaning for each share of TMV owned pre-split, the shareholder now owned 4 shares. For example, a 20 share position pre-split, became a 80 share position following the split.
When a company such as Direxion Shares ETF Trust - Daily 20+ Year Treasury Bear 3X Shares splits its shares, the market capitalization before and after the split takes place remains stable, meaning the shareholder now owns more shares but each are valued at a lower price per share. Often, however, a lower priced stock on a per-share basis can attract a wider range of buyers. If that increased demand causes the share price to appreciate, then the total market capitalization rises post-split. This does not always happen, however, often depending on the underlying fundamentals of the business. When a company such as Direxion Shares ETF Trust - Daily 20+ Year Treasury Bear 3X Shares conducts a reverse share split, it is usually because shares have fallen to a lower per-share pricepoint than the company would like. This can be important because, for example, certain types of mutual funds might have a limit governing which stocks they may buy, based upon per-share price. The $5 and $10 pricepoints tend to be important in this regard. Stock exchanges also tend to look at per-share price, setting a lower limit for listing eligibility. So when a company does a reverse split, it is looking mathematically at the market capitalization before and after the reverse split takes place, and concluding that if the market capitilization remains stable, the reduced share count should result in a higher price per share.
Looking at the TMV split history from start to finish, an original position size of 1000 shares would have turned into 80 today. Below, we examine the compound annual growth rate — CAGR for short — of an investment into Direxion Shares ETF Trust - Daily 20+ Year Treasury Bear 3X Shares shares, starting with a $10,000 purchase of TMV, presented on a split-history-adjusted basis factoring in the complete TMV split history.
Growth of $10,000.00
With Dividends Reinvested
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Start date: |
04/29/2014 |
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End date: |
04/26/2024 |
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Start price/share: |
$134.40 |
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End price/share: |
$41.08 |
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Starting shares: |
74.40 |
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Ending shares: |
80.23 |
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Dividends reinvested/share: |
$2.44 |
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Total return: |
-67.04% |
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Average Annual Total Return: |
-10.50% |
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Starting investment: |
$10,000.00 |
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Ending investment: |
$3,297.85 |
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Years: |
10.00 |
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Growth of $10,000.00
Without Dividends Reinvested
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Start date: |
04/29/2014 |
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End date: |
04/26/2024 |
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Start price/share: |
$134.40 |
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End price/share: |
$41.08 |
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Dividends collected/share: |
$2.44 |
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Total return: |
-67.62% |
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Average Annual Total Return: |
-10.66% |
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Starting investment: |
$10,000.00 |
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Ending investment: |
$3,239.36 |
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Years: |
10.00 |
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Date |
Ratio |
11/10/2011 | 1 for 5 | 04/23/2020 | 1 for 10 | 08/28/2023 | 4 for 1 |
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