Big changes are coming to the Direxion Shares ETF lineup. The company's Board of Trustees approved realignment to the names and investment strategies for 10 leveraged funds.
The funds' new investment objectives will seek daily results, before fees and expenses, of 300 percent or inverse 300 percent of the performance of the fund's target index. The funds previously sought daily results of 200 percent or inverse 200 percent.
The changes will be effective December 1, 2011 and apply to the following Direxion funds:
Each of the funds' ticker symbols and expense ratios will remain the same.
In related news, Direxion Shares closed the Direxion Airline Shares Fund (FLYX). Direxion cited the fund's low level of assets as the primary reason for FLYX's closing. Airline stocks have taken a beating this year, falling by around 30 percent in value.
The Boston, MA-based investment firm manages around $7 billion in ETF assets, which are linked to leverage and inverse products
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