Direxion Debuts Pharma ETF Revamp

Direxion Debuts Pharma ETF Revamp

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

ETF.com
|
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]

etf.com is the single source for ETF intelligence. We provide real-time ETF news and analysis to educate investors and drive financial knowledge in the space. Our personalized and accurate information, alongside industry-leading financial tools, are depended upon to develop winning investment and financial decisions. At etf.com, we strive to serve both the individual investor as well as the professional financial advisor to educate and grow the ETF community.