Daily ETF Watch: 3 Direxion Funds Close

Direxion shuts down three of its 'bull' funds; Guggenheim to close two BulletShares ETFs.

Reviewed by: Heather Bell
Edited by: Heather Bell

Over the last few days, there have been two announced closures, as well as three effective fund shutdowns.

Yesterday was the last day of trading for three of Direxion’s leveraged funds. The three ETFs, their tickers and their assets under management as of Sept. 30 are as follows:

  • Direxion Daily 7-10 Year Treasury Bull 2X Shares (SYTL), $4.5 million
  • Direxion Daily Mid Cap Bull 2X Shares (MDLL), $1.4 million
  • Direxion Daily Basic Materials Bull 3X Shares (MATL), $1.6 million

And on Monday, two new upcoming fund closures were announced, though they weren’t exactly unexpected. The Guggenheim BulletShares 2015 Corporate Bond ETF (BSCF | B) and the Guggenheim BulletShares 2015 High Yield Corporate Bond ETF (BSJF | B) are both set to see their last day of trading on Dec. 30, 2015.

Given that the funds are designed to mature at the end of their target year and only invest in bonds maturing in their target year, this is something that shareholders generally know when they invest in them.

The total number of ETF shutdowns for the year so far is at least 90, with more than two months left to go in 2015. That’s roughly the same number of funds that closed during all of 2014. Year-to-date ETF launches have already outpaced the total for 2014 by a significant margin, as well.

Contact Heather Bell at [email protected].

Heather Bell is a former managing editor of etf.com. She has also held editorial positions at Dow Jones Indexes and Lehman Brothers. Bell is a graduate of Dartmouth college and resides in the Denver area with her two dogs.