3X Comm Services ETFs Filed

With the Global Industry Classification Standard set to add a new sector on Sept. 21, and a new Select Sector SPDR based on that sector debuted earlier in the summer, Direxion has jumped on the change with its latest filing.

The Direxion Daily Communication Services Index Bull 3X Shares and the Direxion Daily Communication Services Index Bear 3X Shares will both be tied to the same index as the Communication Services Select Sector SPDR Fund (XLC), the Communication Services Select Sector Index.

The Bull fund will offer 300% exposure to its underlying benchmark, while the Bear fund will offer the inverse, -300% exposure.

The filing does not include tickers or expense ratios, but does indicate the funds will list on the NYSE Arca exchange.

The communication services sector includes what was originally the telecommunication services sector, and pulls in a variety of consumer discretionary companies. GICS is used by S&P Dow Jones Indices and MSCI.

Contact Heather Bell at [email protected]