Direxion has added a new exchange-traded fund (ETF) to its existing line-up of inverse ETFs, the Direxion Daily European Financials Bear 1X Shares (EUFS).
The new fund allows tactical managers to hedge against downturns in the MSCI Europe Financials Index.
It seeks daily investment results, before fees and expenses, of 100 per cent of the inverse of the performance of the MSCI Europe Financials Index.
"Our new European Financials Bear ETF will complement our recently launched leveraged ETF tracking that space, giving traders another option for taking advantage of short-term opportunities," says Sylvia Jablonski, managing director at Direxion. "We think EUFS is coming to market at the right time as European banks face the challenges of troubling stress tests, risks associated with contagion, and the aftermath of Brexit."