The two new funds announced are:
- The Direxion Daily Silver Miners Index Bull 2X Shares (NYSE:SHNY) seeks to achieve 200% of the daily performance of the Solactive Global Silver Miners Index. SHNY has a net expense ratio of 0.80%.
- The Direxion Daily Silver Miners Index Bear 2X Shares (NYSE:DULL) seeks to achieve 200% of the inverse of the daily performance of the Solactive Global Silver Miners Index. DULL also has a net expense ratio of 0.80%.
From the press release:
“Silver’s shrinking price over the past several years forced silver miners to innovate to drive production costs down. Now that prices are rebounding, those cost reductions are paying off in a big way,” said Sylvia Jablonski, Managing Director at Direxion. “The launch of the Silver Miners leveraged and inverse ETFs is timely, as the funds allow traders to magnify their short-term perspective on one of the most popular metal and related-asset trades.”
Direxion also noted that with all leveraged funds comes increased risk:
The ETFs are not suitable for all investors and should be utilized only by investors who understand the risks associated with seeking daily leveraged and inverse investment results, and intend to actively monitor and manage their investments. Due to the daily nature of the leveraged and inverse investment strategies employed, there is no guarantee of long-term inverse returns. Past performance is not indicative of future results.
These two new funds join Direxion’s existing suite of leveraged, non-leveraged, and inverse ETFs. The company boasts $10.4 billion in assets under management as of June 30, 2016.