The ticker symbols have changed on two of Direxion Investments’ 3x leveraged exchange-traded funds (ETFs) – the Direxion Daily Gold Bull 3X Shares and the Direxion Daily Gold Bear 3X Shares.
The Direxion Daily Gold Bull 3x Shares has changed from GLDL to BAR, while the Direxion 3x Gold Bear Shares has changed from GLDS to BARS.
The funds are leveraged funds with the investment objective to 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 Gold Benchmark Futures Contract.
The benchmark for the ETFs is the daily last sale price value occurring on or before 4pm EST of a standard gold futures contract for the current active month for 100 troy ounces of gold. This is the first pair of leveraged ETFs to track the price of gold and gold futures.
“With 3x ETF exposure in either direction, BAR and BARS provide a bold, yet convenient, way to seek to benefit from the price movements in gold. Of course, traders have to get the direction right, but these ETFs are another potentially valuable tool that we offer traders as they seek to achieve better outcomes from their trading strategies,” says Brian Jacobs, president of Direxion Investments.
