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Rating:Direxion Heads in the NYSE's Direction Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, November 05, 2008

Direxion Heads in the NYSE's Direction

News summary by MFWire's editors

Direxion has taken the wraps off four ETFs that seek to provide three times the performance, or three times the inverse, of the indexes they are tied to. The Large Cap Bull 3x Shares, Small Cap Bull 3x Shares, Large Cap Bear 3x Shares and Small Cap Bear 3x Shares are the first ETFs Direxion listed on the NYSE Arca.
Company Press Release

NEW YORK, Nov 05, 2008 (BUSINESS WIRE) -- -- ETFs to provide 300% exposure to corresponding indexes -- NYSE Euronext (NYX) today announced the listing of four Direxion Shares ETFs on NYSE Arca. The ETFs, which seek to provide three times the performance (or three times the inverse) of the daily performance of the indexes they are tied to, are the first Direxion Shares ETFs to list on NYSE Arca.

The Direxion Shares ETF Trust ("Trust") is a registered investment company offering a number of separate exchange-traded funds ("Funds"). The Funds seek to provide daily investment results, before fees and expenses, that correspond to the performance of a particular index or benchmark. The Funds with the word "Bull" in their name (collectively, the "Bull Funds") attempt to provide investment results that correlate positively to the return of an index or benchmark, meaning the Bull Funds attempt to move in the same direction as the target index or benchmark. The Funds with the word "Bear" in their name (collectively, the "Bear Funds") attempt to provide investment results that correlate negatively to the return of an index or benchmark, meaning that the Bear Funds attempt to move in the opposite or inverse direction of the target index or benchmark. The correlations sought by the Bull Funds and the Bear Funds are generally a multiple of the returns of the target index or benchmark.

"We are thrilled to list the first Direxion Shares ETFs on NYSE Arca," said Lisa M. Dallmer, SVP, Global Index and Exchange Traded Products, NYSE Euronext. "Today's listing demonstrates NYSE Euronext's growing breadth of issuer relationships and commitment to bringing some of the most uniquely designed funds to market".
 

Edited by: Armie Margaret Lee


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