Direxion Names NYSE ETF Head Douglas Yones as CEO
Former Vanguard vet brings exchange and issuer experience to the leveraged ETF provider.
Direxion, the leveraged and inverse ETF provider, has appointed Douglas Yones as chief executive officer, according to a company announcement.
The appointment brings an experienced ETF industry veteran to lead the $47.2 billion asset manager. Yones most recently served as head of exchange-traded products at the New York Stock Exchange, where he oversaw listings and operations for ETPs, closed-end funds, and special purpose acquisition companies, the announcement stated.
Michael Rafferty, CEO of Rafferty Holdings, Direxion’s parent company, cited Yones’ experience in capital markets as a key factor in the appointment.
Prior to his role at NYSE, Yones spent 17 years at Vanguard Group leading domestic equity indexing and ETF product management, while contributing to ETF development across multiple international markets including the U.S., U.K., Canada, and Asia, according to the announcement.
Navigating Complex Products
The appointment comes as Direxion continues expanding its lineup of leveraged and inverse ETFs. The firm recently launched four single-stock ETFs tracking Broadcom and Micron Technologies: Direxion Daily AVGO Bull 2X Shares (AVL), Direxion Daily AVGO Bear 1X Shares (AVS), Direxion Daily MU Bull 2X Shares (MUU), and Direxion Daily MU Bear 1X Shares (MUD).
The ETF industry is experiencing unprecedented growth in new product launches. According to Bloomberg Intelligence data shared by Bloomberg senior ETF analyst Eric Balchunas, 70 new ETFs launched in October alone, a monthly record, bringing the year-to-date total to 602 new funds.
According to Balchunas, this pace of roughly three launches per day puts 2024 about 18% ahead of the previous record year for ETF debuts, with more than a month remaining in the year.
Direxion’s largest fund is the $10.2 billion Direxion Daily Semiconductor Bull 3X Shares (SOXL), which provides triple-leveraged exposure to semiconductor stocks.
“Direxion has always set the bar high for progressive ETF ideas—especially in the nontraditional, leveraged, and inverse space,” Yones said in the announcement.
Yones will be based in Direxion’s New York office.
