“Between the Closing Date and the Liquidation Date, each Fund will be in the process of closing down and liquidating its portfolio,” the filing said. “This process will result in each Fund increasing its cash holdings and, as a consequence, not tracking its underlying index, which may not be consistent with each Fund’s investment objective and strategy.”

HEGJ sought to deliver double the daily returns of the MSCI Japan US Dollar Hedged Index, making the new Direxion offering the double-leveraged currency hedged equivalent of the iShares MSCI Japan ETF (NYSEArca: EWJ). EWJ is the largest U.S.-listed Japan ETF.

HEGE’s objective was to deliver twice the daily returns of the MSCI Europe US Dollar Hedged Index, making the new Direxion ETF a leveraged answer to the wildly popular Deutsche X-Trackers MSCI Europe Hedged Equity ETF (NYSEArca: DBEU).

In March, Direxion shuttered the Direxion Value Line Small- and Mid-Cap High Dividend ETF (NYSEArca: VLSM), Direxion Value LineMid- and Large-Cap High Dividend ETF (NYSEArca: VLML) and the Direxion Value Line Conservative Equity ETF (NYSEArca: VLLV).

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