Direxion, the second-largest issuer of inverse and leveraged exchange traded funds, has filed plans to possibly introduce the Direxion Financial Bull 1X Shares ETF.
The Direxion Financial Bull 1X Shares ETF would be the unleveraged version of one of the more popular leveraged ETFs, the Direxion Daily Financial Bull 3X Shares (NYSEArca: FAS). Like FAS, the Direxion Financial Bull 1X Shares ETF will track the Russell 1000 Financial Services Index.
Stocks residing in that index include Bank of America (NYSE: BAC), Citigroup (NYSE: C), J.P. Morgan Chase (NYSE: JPM) and Goldman Sachs (NYSE: GS). [Spotlight on Leveraged Bank ETFs]
Massachusetts-based Direxion did not disclose a launch date for the Financial Bull 1X Shares ETF, but the fund, if it comes to market, will charge 0.65% per year, according to Index Universe.