Direxion Shares has launched two exchange-traded funds based on Nasdaq OMX’s PHLX Semiconductor Sector index.
The new ETFs are leveraged bull and bear index funds that seek 300 per cent of the daily performance, or 300 per cent of the inverse of the daily performance (before fees and expenses), of the PHLX Semiconductor Sector index.
“The PHLX Semiconductor Sector index provides broad exposure to an industry that is increasingly tied to the global economy,” says John Jacobs, executive vice president, Nasdaq OMX Global Index Group. “With the launch of these ETFs, investors can now employ new investment strategies involving some of the world’s most innovative companies that often drive the broader technology industry.”
“Direxion is a leader in delivering innovative investment solutions that provide magnified exposure to a spectrum of specific industry sectors, on both the long and short end,” adds Dan O’Neill, Direxion Shares’ president. “We are pleased to introduce our new semiconductor 3x ETFs, which reflect our commitment to serving sophisticated investors with tactical investment tools amid changing market conditions.”
The index is a modified capitalization-weighted index composed of companies primarily involved in the design, distribution, manufacture, and sale of semiconductors.