Direxion Investments [profile] and Value Line celebrated NYSE-style yesterday.

The New York City-based mutual fund shop, known for its leveraged and inverse index mutual funds, teamed up with the investment research firm to create three "strategic beta" (others call it "smart beta") ETFs. Direxion president Brian Jacobs and Value Line CEO Howard Brecher brought their teams to the NYSE yesterday to celebrate the recent launch by ringing the opening bell. About 40 people, including key clients as well as Direxion, NYSE, and Value Line folk came down to the exchange for a pre-bell continental breakfast and photo op.

The three new ETFs, which are offered by Direxion and powered by new indexes from Value Line, use both companies' brands. The indexes use Value Line's "performance, timeliness and safety" ranks to identify high-dividend and low volatility stocks.

Jacobs tells MFWire that the two companies have been working together for about six or seven months. This is Direxion and Value Line's first partnership together, and Jacobs says that it's also their first time launching three ETFs like this at once.

In speaking to the assembled clients and team members yesterday morning before the bell ringing, Brecher took a cue from Casablanca:

"We're looking forward to a beautiful friendship," Brecher said.

The new funds are the Direxion Value Line Small- and Mid-Cap High Dividend ETF (VLSM), the Direxion Value Line Mid- and Large-Cap High Dividend ETF (VLML), and the Direxion Value Line Conservative Equity ETF (VLLV). 

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