Direxion Debuts Pharma ETF Revamp

Direxion Debuts Pharma ETF Revamp

New 3X fund offers leveraged smart-beta exposure to the pharma space.

Reviewed by: etf.com Staff
Edited by: etf.com Staff

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]

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