Direxion Files Plans For Inverse Tech ETF (XLK, TYH, TYP)
Direxion, which has been looking to add to its lineup of non-leveraged offerings, filed plans with the SEC for the Direxion Daily Technology 1X Bear Shares. The new fund will seek returns that are 100% inverse to the daily performance of the Technology Select Sector Index, the same index tracked by the Technology Select Sector SPDR (NYSE: XLK).
The new Direxion fund will feature an expense ratio of 0.65%. Direxion has also filed plans for a new 1x inverse fund tracking bank stocks.
When it comes to plays on the technology sector, Direxion currently sponsors the Direxion Daily Technology Bear 3X Shares (NYSE: TYP) and the Direxion Daily Technology Bull 3X Shares (NYSE: TYH). The firm announced yesterday that those funds will begin tracking the Technology Select Sector Index later this month and change their tickers to "TECS" and "TECL," respectively. Those funds charge 0.95%.
Direxion, the second-largest sponsor of inverse and leveraged funds, has been looking to expand its non-leveraged offerings. The firm has introduced the the NASDAQ-100 Equal Weighted Index ETF (NYSE: QQQE) and the Direxion All Cap Insider Sentiment Shares (NYSE: KNOW), among others in the past year.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.