Direxion to up Leverage For 10 ETFs
Despite all the controversy and scrutiny surrounding leveraged ETFs, Direxion, the second-largest U.S. issuer of leveraged ETFs behind ProShares, will up the leverage on 10 of its ETFs. Those 10 ETFs will go from double-leveraged to triple-leveraged next week.
The affected group includes various emerging markets, materials and energy plays. The tickers of the ETFs will not change and the only change to their respective names will be the move to “3X” from “2X.”
The Direxion offerings making the move to triple-leveraged are as follows with current names: The Direxion Daily India Bear 2X Shares (NYSE: INDZ), Direxion Daily India Bull 2X Shares (NYSE: INDL), Direxion Daily BRIC Bull 2X Shares (NYSE: BRIL), Direxion Daily BRIC Bear 2X Shares (NYSE: BRIS), Direxion Daily Gold Miners Bull 2X Shares (NYSE: NUGT), Direxion Daily Gold Miners Bear 2X Shares (NYSE: DUST), Direxion Daily Natural Gas Related Bull 2X Shares (NYSE: GASL), Direxion Daily Natural Gas Related Bear 2X Shares (NYSE: GASX), Direxion Daily Retail Bull 2X Shares (NYSE: RETL) and the Direxion Daily Retail Bear 2X Shares (NYSE: RETS).
Following the transition, Direxion's suite of triple-leveraged products will expand beyond 40. At the end of October, Direxion was the tenth-largest U.S. ETF issuer with 50 funds on the market and $7.5 billion in assets under management.
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