] is about to leave a product niche behind.
Last month the mutual fund and ETF shop revealed
plans to shut down nine ETFs [see the release
], and now Invest With An Edge
editor Ron Rowland reports
that the closures, slated for Friday, mean that "Guggenheim is now completely ceding the [leveraged and inverse ETF] space to ProShares
." Guggenheim first entered the leveraged and inverse mutual fund and ETF space by buying Security Benefit, the parent of Direxion and ProShares rival Rydex
The nine ETFs in question — the Guggenheim ABC High Dividend ETF
, the Guggenheim MSCI EAFE Equal Weight ETF
, the Guggenheim S&P MidCap 400 Equal Weight ETF
, the Guggenheim S&P SmallCap 600 Equal Weight ETF
, the Guggenheim Airline ETF
, the Guggenheim 2x S&P 500 ETF
, the Guggenheim Inverse 2x S&P 500 ETF
, the Wilshire 5000 Total Market ETF
and the Wilshire 4500 Completion ETF
— held a mere $148 million, one percent of Guggenheim's $13.7 billion in ETF assets as of January 31.
Meanwhile, Guggenheim continues to offer Rydex-branded leveraged and index traditional (i.e. non-ETF) mutual funds.
Neil Anderson, Managing Editor
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