Daily ETF Watch: Financial Funds Planned

May 11, 2016

Direxion has filed for four leveraged and inverse funds, three of which will provide different types of exposure to Europe’s financial sector.

The three proposed financial ETFs and their expected expense ratios are as follows:

  • Direxion Daily European Financials Bear 1X Shares, 0.47%
  • Direxion Daily European Financials Bull 2X Shares, 0.94%
  • Direxion Daily European Financials Bear 2X Shares, 0.82%

Each will be tied to the MSCI Europe Financials Index. The $215 million iShares MSCI Europe Financials ETF (EUFN | B-90) tracks the same index and has declined roughly 35% over the past 12 months.

The Direxion Daily Gold Miners Index Bear 1X Shares, the fourth fund in the filing, will be tied to the NYSE Arca Gold Miners Index, the same index tracked by the $7 billion VanEck Vectors Gold Miners ETF (GDX | C-76) and two of Direxion’s most successful triple-exposure ETFs, the $1 billion Direxion Daily Gold Miners Index Bull 3x Shares (NUGT) and the nearly $400 million Direxion Daily Gold Miners Bear 3x Shares (DUST). ProShares also has 2x and -2x funds tracking the same index.

The proposed fund is expected to have an expense ratio of 0.47%.

Contact Heather Bell at [email protected].

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