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]