Daily ETF Watch: Inverse China Fund Debuts

Direxion has rolled out an ETF that offers inverse exposure to China’s A-shares market. Unlike many of the firm’s ETFs though, the fund does not double or triple the performance of the underlying index, and simply provides the investor with -100 percent of the benchmark’s daily returns.

The Direxion Daily CSI 300 China A Share Bear 1X Shares (CHAD) is tied to the same index as the $1.6 billion Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR | D-57), which is the leading China A-shares fund. Essentially, investors can now get the exact opposite of ASHR’s performance. This is the first fund to offer inverse exposure to China’s A-shares market.

CHAD comes with an expense ratio of 0.80 percent.

Credit Suisse Rebrands ETNs

Credit Suisse has rebranded nine of its exchange-traded notes with the “X-Links” name. The nine products all together have nearly $812 million in assets under management (AUM). The affected ETNs are listed below under their new names:

• Credit Suisse X-Links Long/Short Equity ETN (CSLS | D-64)
• Credit Suisse X-Links Cushing MLP Infrastructure ETN (MLPN)
• Credit Suisse X-Links Merger Arbitrage ETN (CSMA | F-48)
• Credit Suisse X-Links 2xLeveraged Merger Arbitrage ETN (CSMB)
• Credit Suisse X-Links HOLT Market Neutral Global Equity ETN (CSMN | D-45)
• Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI | D-44)
• Credit Suisse X-Links Silver Shares Covered Call ETN (SLVO | D-41)
• Credit Suisse X-Links Commodity Rotation ETN (CSCR | F)
• Credit Suisse X-Links Commodity Benchmark ETN (CSCB | D-68)

Four additional ETNs were unaffected by the change. Three of those are bespoke products created for Fisher Investments with a total of $930.3 million in AUM. The largest of the Fisher Investments ETNs is the Credit Suisse FI Large Cap Growth Enhanced ETN (FLGE), which has $614 million in AUM.

The fourth ETN to forgo the X-Links name change is the Credit Suisse MLP ETN (MLPO), which has $108 million in AUM.