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Direxion planning iBillionaire ETF

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Exchange-traded fund provider Direxion is planning to team up with iBillionaire to launch a new ETF, according to a regulatory filing made with the Securities and Exchange Commission (SEC).

The proposed new ETF, the Direxion iBillionaire ETF, will track the iBillionaire index which comprises 30 US large and mid-cap securities, which according to 13 F filings, have found favour with the likes of Warren Buffet, Carl Icahn and George Soros.
 
According to the filing, iBillionaire “chooses a list of 10 billionaire investors and hedge fund managers”, using a set of criteria including: whether the manager has a personal net worth of at least USD1 billion; the manger’s equity allocation must have an eight-year return that places the manager in the top 15 financial billionaires; and the public portfolio of the manager must be valued at USD1bn or higher.
 
The fund will then “under normal circumstances, invest at least 80 per cent of its assets in the equity securities that comprise the iBillionaire Index.”
 
The proposed ETF is in the mould of the Global X’s GURU ETF, although that fund tracks around 75 hedge funds rather than the 10 managers DIrexion and iBillionaire are targeting.

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