Direxion has entered the European market by listing six leveraged ETFs on NYSE Euronext Amsterdam.
The Bull and Bear Direxion Shares Daily ETFs are designed to return three times the daily performance, or the inverse of the daily performance, of the MSCI Emerging Markets, Russell 1000 and Russell 1000 Financial Services indices.
The firm says these funds are intended for use by sophisticated investors who understand the risks embedded with seeking daily leveraged investment results, and who can actively monitor their positions.
Direxion Shares president Dan O'Neill says: "We see a significant growth opportunity in the European market as demand from hedge funds and active traders increases for sophisticated products that enable tactical, short-term strategies in various market segments."
O'Neill adds: "Our listing on NYSE's European market reflects our desire to grow as a significant player in the global ETF market."
The underlying MSCI Emerging Markets benchmark measures the equity market performance of global emerging markets.
The Russell 1000 index measures the performance of the large-cap segment of the US equity universe, comprising around 1,000 of the largest securities based on market cap and current index membership.
The Russell 1000 Financial Services index comprises US companies providing financial services. The constituents have an average market cap of over $11bn and a median market cap of $4.4bn.
INDUSTRY VOICE: How can the financial services sector create good outcomes for women as both employees and customers? This was the question posed by Quilter's corporate affairs director Jane Goodland to four panellists at TISA's annual conference this...
Interest rates held
'Transfer volumes to decrease'
‘Call to action for mortgage advisers’