Direxion to Shutter 9 ETFs

Direxion, the second-largest issuer of leveraged ETFs behind ProShares, announced that it will shutter nine of its triple-leveraged products next month. Rafferty Asset Management, the advisor to Direxion Shares ETF Trust, cited the funds' "inability to attract sufficient investment assets," as a reason for the closures. "Rafferty believes they cannot continue to conduct their business and operations in an economically efficient manner," said the company in a statement. The nine affected funds are: The Direxion Daily Agribusiness Bull 3X Shares
, Direxion Daily Agribusiness Bear 3X Shares
, Direxion Daily Basic Materials Bear 3X Shares
, Direxion Daily BRIC Bull 3X Shares
, Direxion Daily BRIC Bear 3X Shares
, Direxion Daily Healthcare Bear 3X Shares
, Direxion Daily India Bear 3X Shares
, Direxion Daily Latin America Bear 3X Shares
and Direxion Daily Retail Bear 3X Shares
. Investors will no longer be able to purchase shares in the aforementioned products on September 5. On September 12, the funds will liquidate their assets and distribute cash pro rata to shareholders who have not previously redeemed or exchanged their shares. These payments are taxable and will include any accrued capital gains and dividends, according to the statement. Direxion had 56 ETFs with almost $6.1 billion in assets under management at the end of July, accordig to data from the ETF Industry Association. For more on leveraged ETFs, click

Posted In: direxionNewsSector ETFsSpecialty ETFsEmerging Market ETFsAfter-Hours CenterMarketsETFs

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.