has his team at Direxion betting big on sector ETFs. The four new ETFs are pegged to S&P sector indices covering the biotech and oil and gas industries.
Jacobs, president of Direxion Funds
, explained that investors and traders have been giving a great deal of interest to these sectors during the past 12 months.
"We believe that interest in these sectors will continue, with traders eager to seek profit or hedge depending on market movements," stated Jacobs.
The four ETFs cover two indices -- S&P Biotech and S&P Oil & Gas Exploration & Production. Each index is covered with a "Bull" and a "Bear" ETF that aims to return three times the index performance (or its inverse in the bear case.
Jacobs joined Rafferty Asset Management in March of last year and serves as president of the advisors' Direxion Funds.
Sean Hanna, Editor in Chief
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