Direxion's toil to create a three times leverage fund is a hit that could prove trouble for ProShares double leverage ETFs.

Direxion's new leveraged and inverse ETFs -- including Large Cap Bull 3X Shares -- are a hit with the Internet crowd. The WSJ Fund Track interviews the proprietor of StockTwits.com (Soren MacBeth) on the bubbling interest in the toiling funds. That growth is providing competitive troubles to rivals ProShares and especially Rydex.

Macbeth tells the paper that Direxion's funds "have gotten extremely fast pick-up in terms of trading and people talking about them." The ETFs rank in the site's 10 most discussed stocks during recent days.

Direxion's fund takes the ProFunds leveraging idea one time further. Whereas ProFunds' has a two times leveraged fund the most popular Direxion offering leverages market returns by three times.

Still, despite the attention the funds remain niche products in relation to the largest mutual funds. With $20 billion in its ETF products, ProFunds remains the most succesful. Meanwhile, Direxion's new fund has just $237 million in assets (albeit over a period of 10 days) and Rydex has gathered only $281 million across its 14 ETFs that it launched more than a year ago. 

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