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Rating:A $24B-AUM Shop Adds Two Thematic Funds Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, June 10, 2021

A $24B-AUM Shop Adds Two Thematic Funds

Reported by Neil Anderson, Managing Editor

A $24.3-billion-AUM (as of March 31) fund firm's recently is launching a pair of leveraged index thematic ETFs. Watch for them to launch the two funds' opposites down the line.

David "Dave" Mazza
Direxion
Managing Director, Head of Product
Today Dave Mazza, managing director and head of product at Direxion [profile], unveils two new funds: the Direxion Daily Travel & Vacation Bull 2X Shares ETF (ticker: OOTO on the NYSE Arca) and the Direxion Daily 5G Communications Bull 2X Shares ETF (TENG on the NYSE Arca). The Direxion team has also filed to launch inverse versions of both funds: the Direxion Daily 5G Communications Bear 2X Shares ETF and the Direxion Daily Travel & Vacation Bear 2X Shares ETF. (Neither of the planned bear funds have tickers yet.)

TENG is intended to double the daily returns of the BlueStar 5G Communications Index, while the bear version of the fund will aim to double the inverse of the daily returns of that index. OOTO is designed to double the daily returns of the BlueStar Travel and Vacation Index, while the bear version of the fund will aim to double the inverse of the daily returns of that index. (2X and 3X bull and bear funds are a specialty of the folks at Direxion.) Both indexes are provided by MV Index Solutions GmbH.

All four funds have net expense ratios of 107 basis points (including a 2bps fee waiver through September 1, 2022). All four are advised by Raffery Asset Management, LLC, with Paul Brigandi and Tony Ng as PMs. The other service providers include: Foreside Fund Services, LLC as distributor; U.S. Bancorp Fund Services, LLC as administrator; Bank of New York Mellon as custodian, fund accountant, index receipt agent, and transfer agent; K&L Gates LLP as legal counsel; and Ernst & Young LLP as the independent accounting firm. All four funds are (or, in the case of the bear funds, will be) part of the Direxion Shares ETF Trust.

Mazza puts the launch of the two bull funds in the context of 2021 offering "opportunities for traders to take advantage of emerging trends, including the economic reopening boosting demand for travel and vacation, along with the growth of 5G networks." 

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