Fund action - Monday, May 5, 2008
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Direxion Commits To ETFs
Direxion Funds will launch a line of exchange-traded funds and a marketing campaign on ETF education. Direxion filed for 36 ETFs and could launch them by summer’s end, said Andy O’Rourke, marketing director. The firm told FA it was considering jumping into the ETF space in response to competition from Rydex and ProShares (FA, 2/4).
As part of the marketing campaign Direxion will release value added materials explaining the ins and outs of ETFs to advisors and investors. Materials could include white papers and brochures and the firm will also host ETF education webinars. “Our company is centered around an educational approach,” said O’Rourke. He added that the firm would advertise its ETF offerings, but did not provide details. Direxion is considering staff hires to help support its ETF lineup.
Direxion is basing its ETF strategies on its leveraged index offerings. O’Rourke said that the ETFs will roll out on a staggered basis, but did not know what strategies would lead the way.
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