PILS

Direxion Daily Pharmaceutical & Medical Bear 2x Shares

PILS Fund Description

The Direxion Daily Pharmaceutical & Medical Bear 2x Shares ETF provides 2x inverse daily exposure to a multi-factor constructed index of pharmaceutical companies in the US.

PILS Factset Analytics Insight

Note: This fund is closed. Its last day of trading was 3/31/17.

PILS seeks to deliver -200% of the daily performance of the Dynamic Pharmaceutical Intellidex Index – the same index underlying PJP. The index is built using a quant-driven methodology to select and weight pharmaceutical companies based on fundamental and risk factors. PILS uses both exchange-traded and over-the-counter derivative contracts to achieve its goal.
As with all inverse funds PILS should not be expected to deliver 2 times the inverse performance of its index for periods longer than 1 day - compounding and path-dependency can cause significant deviations over longer time frames.
Because of that, PILS is only appropriate as a tool for placing tactical bets and not as a permanent holding in a portfolio. Hence the cost of getting in and out of the fund - spreads and any premium/discount - is more important than the fund’s relatively high expense ratio.
In this regard, it remains to be seen if PILS achieves enough liquidity to become a viable option for placing short term bets on the direction of the pharmaceutical industry. It’s worth noting, though, that the fund is not really a pure play on the sector, as some biotech companies also find their way into the underlying index.

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
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Daily Spread
Premium/Discount
Volume

PILS Factset Analytics Block Liquidity

As of 12/13/17
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of PILS. PILS is rated a N/A out of 5.

PILS Summary Data

Direxion
09/16/15
Open-Ended Fund
0.91%
$2.15M
0.43%

PILS Portfolio Data

0.00%
N/A

PILS Index Data

Dynamic Pharmaceutical Intellidex Index
Tiered
Multi-Factor
N/A

PILS Fund Structure

Yes
No
No Policy
N/A
N/A
Closing
-2
Daily

PILS Tax Exposures

20.00% / 39.60%
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No

PILS Tradability

699
$34.91K
100
$4.79K
0.43%
-0.11%
15.62% / -14.00%
None
50,000
0.00
0.00%
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$44.09
N/A