Direxion filed paperwork with the SEC for a “Direxion Daily Large Cap Bear 1X Shares ETF.” The Direxion Daily Large Cap Bear 1X Shares (“Fund”) seeks daily investment results. The pursuit of daily investment goals means that the return of the Fund for a period longer than a full trading day may bear no resemblance to -100% of the return of the Index for such longer period because the aggregate return of the Fund is the product of the series of daily returns for each trading day. The path of the benchmark during the longer period may be at least as important to the Fund’s return for the longer period as the cumulative return of the benchmark for the relevant longer period, especially in periods of market volatility. Further, the return for investors that invest for periods less than a full trading day or for a period different than a trading day will not be the product of the return of the Fund’s stated goal and the performance of the target index for the full trading day. Direxion did not specify a trading symbol in the initial filing.
Total Annual Fund Operating Expenses After Expense Waiver/Reimbursement: 0.65%
The Fund seeks daily investment results, before fees and expenses, of 100% of the inverse (or opposite) of the price performance of the Russell 1000® (“Index”). The Fund does not seek to achieve its stated investment objective over a period of time greater than one day. The Fund is different and riskier than most exchange-traded funds.
For the full prospectus click: HERE