Direxion Debuts Pharma ETF Revamp
New 3X fund offers leveraged smart-beta exposure to the pharma space.
Today Direxion is rolling out an ETF that recycles the ticker on one of its funds that closed earlier this year.
The Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) offers 300% exposure to the smart-beta Dynamic Pharmaceutical Intellidex Index, which was also the underlying for PILL’s previous incarnation, and currently serves as the basis for the $656.4 million PowerShares Dynamic Pharmaceuticals Portfolio (PJP).
The Direxion Daily Pharmaceutical & Medical Bull 2x Shares ETF, which also traded under the ticker “PILL,” shut down at the end of March after nearly two years of trading and little more than $1 million in assets under management.
The new PILL has not only upped the leverage, but also its expense ratio. The new version charges 1.12% versus the original’s 0.94%.
With its latest launch, Direxion has 76 ETFs currently trading and assets under management above $12 billion.
Contact Heather Bell at [email protected]
