Six new leveraged funds will be rolled out by Direxion [profile], pending approval by the SEC. The plan for new offerings comes after the firm announced it was closing nine funds because of their failure to attract investors — a development detailed in the MFWire's Stork and Reaper.

Benzinga reports that the firm will roll out four Dow Jones Industrial Average ETFs: the Direxion Daily Dow 30 Bull 2X Shares, the Direxion Daily Dow 30 Bear 2X Shares, the Direxion Daily Dow 30 Bull 3X Shares and the Direxion Daily Dow 30 Bear 3X Shares. These new funds will charge 0.75 percent expense fee and will compete with ProShares UltraPro Short Dow30 and ProShares Ultra Dow 30.

The firm also plans to offer European funds to compete with ProShares Ultrashort MSCI Europe and ProShares Ultra MSCI Europe. The two new offerings are Direxion Daily European Equity Bull 3X Shares and the Direxion Daily European Equity Bear 3X Shares. 

Edited by: HFD


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