“This fund is designed to provide investors with balanced exposure and reduce concentration risk without overweighting potentially overvalued companies and underweighting undervalued companies,” Daniel D. O’Neill, President and Chief Investment Officer of Direxion, said in a press release. “Investors are increasingly embracing an equal weighting approach to complement other U.S. large cap equity strategies that tend to be more highly concentrated in a select number of industries.”

The new Direxion fund will be competing with the First Trust Nasdaq 100 Equal Weighted Index Fund (NasdaqGM: QQEW). QQEW has an expense ratio of 0.60%. [ETF Chart of the Day: Nasdaq-100 Index]

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Max Chen contributed to this article.