Loading ...Funds’ Exposure will be reduced from 300% to 200%
NEW YORK, March 20, 2020 /PRNewswire/ — Recent and near unprecedented volatility across global markets, driven by the impact of the COVID-19 pandemic and oil price war, has dramatically increased the explicit and implicit cost of trading in the energy and commodities markets. While volatility will subside at some point, the ability to cost-effectively and efficiently access these markets may remain challenged for some time.
In consideration of the best interests of shareholders, the Board of Trustees of the Direxion Shares ETF Trust has approved changes to the names, investment objectives, and investment strategies of 10 leveraged ETFs (each, a “Fund” and collectively, the “Funds”), based on the recommendation of the Funds’ adviser, Rafferty Asset Management, LLC.
Effective May 19, 2020, each of the Funds’ names will be changed as follows:
Currently, each of the Fund’s investment objectives is to seek daily leveraged, or daily inverse leveraged, investment results, before fees and expenses, of 300% (for the Funds with Bull in their names) or -300% (for the Funds with Bear in their names) of the performance of the Fund’s respective underlying index. Effective May 19, 2020, each of the Fund’s investment objectives will be changed to seek daily leveraged, or daily inverse leveraged, investment results, before fees and expenses, of 200% or -200% of the performance of the Fund’s respective underlying index, as shown below: