A $27.5-billion-AUM (as of March 31), 26-year-old fund firm's team is preparing to shutter a $47.64-million-AUM octet of funds. The affected funds range are all less than 16 months old.

Yesterday, the team at Rafferty Asset Management, LLC's Direxion [profile] unveiled plans to liquidate eight funds later this month. The affected funds will close to new investors on April 21 and then liquidate on April 27.

The liquidating funds are:

-the Direxion Daily Oil Services Bull 2X Shares ETF (ONG), $11.36 million in AUM, launched on January 20, 2022;

-the Direxion Daily Metal Miners Bull 2X Shares ETF (MNM), $9.38 million in AUM, launched on December 16, 2021;

-the Direxion Daily TIPS Bear ETF (TIPD), $6.85 million in AUM, launched April 7, 2022;

-the Direxion Breakfast Commodities Strategy ETF (BRKY), $5.36 million in AUM, launched June 1, 2022;

-the Direxion Daily TIPS Bull ETF (TIPL), $4.9 million in AUM, launched April 7, 2022;

-the Direxion Daily Software Bull 2X Shares ETF (SWAR), $3.95 million in AUM, launched December 16, 2021;

-the Direxion Daily S&P 500 Equal Weight Bull 2X Shares ETF (EVEN), $3.03 million in AUM, launched January 20, 2022; and

-the Direxion mRNA ETF (MSGR), $2.81 million in AUM, launched December 9, 2021.

Per the Direxion team, the eight funds are being liquidated "due to their inability to attract sufficient investment assets." 

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