Direxion, best known for its 300% leveraged and inverse exchange traded funds, plans to launch a master limited partnership product that would join a growing lineup of MLP ETFs.

The firm has filed an initial prospectus with the SEC for Direxion Zacks High Income MLP Shares.

It would be Direxion’s first ETF devoted to master limited partnerships, Morningstar reports.

The asset class has grown popular with investors seeking extra yield and some diversification benefits. [Master Limited Partnership ETF]

The Direxion MLP ETF would change an expense ratio of 0.65%, according to the filing.

The fund’s tracking index is comprised of about 25 stocks selected by Zacks Investment Research, based on investment and other criteria, from a universe of MLPs listed on domestic exchanges.

MLPs are publicly traded partnerships engaged in the transportation, storage, processing, refining, marketing, exploration, production, and mining of minerals and natural resources, the filing said.

The largest MLP exchange traded products include Alerian MLP ETF (NYSEArca: AMLP) and JPMorgan Alerian MLP Index ETN (NYSEArca: AMJ).

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