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Thursday, June 8, 2006
Movement in the New Direxion
The new product bonanza at Direxion Funds has begun, with the launch this week of an inverse leveraged index tracking the dollar.
The Dollar Bear 2.5x Fund seeks 250 percent of the inverse price performance of the U.S. Dollar Index (USDX).
The firm formerly known as Potomac Funds underwent a name change and partial management transition in April of this year, at which time executives talked about plans for about 30 new funds by year's end. These will build on Direxion's specialty of leveraged index and alternative-class mutual fund products, expanding its product range to more than fifty funds.
"We think future dollar weakness is likely in response to concerns about the U.S. trade and budget deficits," said president and CIO Dan O'Neill, who was not part of the management change.
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