Direxion, the second-largest issuer of inverse and leveraged ETFs, will shutter three of its non-leveraged products that failed to attract adequate assets under management totals. Prior to the Direxion announcement, nearly 100 exchange-traded products had been closed this year, an industry record.
Direxion will close the Direxion Large Cap Insider Sentiment Shares (NYSE: INSD), Direxion S&P 1500 DRRC Index Volatility Response Shares (NYSE: VSPR) and Direxion S&P Latin America 40 DRRC Index Volatility Response Shares (NYSE: VLAT), according to ETF Trends. Those ETFs will liquidate next month.
In September, Direxion closed nine of its leveraged ETFs inlcuding the Direxion Daily Basic Materials Bear 3X Shares, Direxion Daily BRIC Bull 3X Shares, Direxion Daily Latin America Bear 3X Shares Direxion Daily Retail Bull 3X Shares.Direxion's other non-leveraged ETFs include the Direxion All Cap Insider Sentiment Shares (NYSE: KNOW) and the Direxion NASDAQ-100 Equal Weighted Index Shares (NYSE: QQQE).
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This article was originally published on Benzinga, and is republished here with permission.
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