DIG tries to deliver twice the daily performance of the Dow Jones U.S. Oil & Gas Index, the underlying index for the iShares U.S. Energy ETF (NYSEArca: IYE).

Interest has also been scant in leveraged futures-based energy ETFs. For example, the double-leveraged ProShares Ultra DJ-UBS Crude Oil (NYSEArca: UCO) has lost $33 million this quarter as volume has waned across energy ETFs backed by futures.

“This may perhaps be a sign that institutional managers may be under-allocated to Oil at the moment if not using other securities to access the space such as futures or options, or that simply most of the activity we see in this and related ETFs is simply short term trading oriented in nature which does not significantly affect asset flows one way or the other in the short term in terms of net create/redeem activity,” said Street One Financial Vice President Paul Weisbruch in a note out Thursday.

ERX has seen its average volume over the past five days rise 20% above the trailing 20-day average and there has been some modest creation activity in the ETF over the past month, according to Direxion data.

Direxion Daily Energy Bull 3X Shares

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