MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, June 10, 2021 A $24B-AUM Shop Adds Two Thematic Funds A $24.3-billion-AUM (as of March 31) fund firm's recently is launching a pair of leveraged index thematic ETFs. Watch for them to launch the two funds' opposites down the line.
TENG is intended to double the daily returns of the BlueStar 5G Communications Index, while the bear version of the fund will aim to double the inverse of the daily returns of that index. OOTO is designed to double the daily returns of the BlueStar Travel and Vacation Index, while the bear version of the fund will aim to double the inverse of the daily returns of that index. (2X and 3X bull and bear funds are a specialty of the folks at Direxion.) Both indexes are provided by MV Index Solutions GmbH. All four funds have net expense ratios of 107 basis points (including a 2bps fee waiver through September 1, 2022). All four are advised by Raffery Asset Management, LLC, with Paul Brigandi and Tony Ng as PMs. The other service providers include: Foreside Fund Services, LLC as distributor; U.S. Bancorp Fund Services, LLC as administrator; Bank of New York Mellon as custodian, fund accountant, index receipt agent, and transfer agent; K&L Gates LLP as legal counsel; and Ernst & Young LLP as the independent accounting firm. All four funds are (or, in the case of the bear funds, will be) part of the Direxion Shares ETF Trust. Mazza puts the launch of the two bull funds in the context of 2021 offering "opportunities for traders to take advantage of emerging trends, including the economic reopening boosting demand for travel and vacation, along with the growth of 5G networks." Printed from: MFWire.com/story.asp?s=62993 Copyright 2021, InvestmentWires, Inc. All Rights Reserved |
