The Direxion Daily Total Market Bear 1x Shares (NYSEArca: TOTS), which attempts to deliver the daily inverse performance of the MSCI US Broad Market Index, will be closed.
“Shares of the Fund will stop trading on the NYSE Arca, Inc., and will no longer be open to purchase by investors, at the close of regular trading on July 15, 2016 (“the Closing Date”). Shareholders may sell their holdings in the Fund prior to July 15, 2016, and those transactions may be subject to customary brokerage charges. Between July 18, 2016 and July 22, 2016 (the “Liquidation Date”), shareholders may only be able to sell their shares to certain broker-dealers and there is no assurance there will be a market for the Fund during that time period,” according to a statement issued by Direxion.
Related: Currency Hedged ETFs to Close
TOTS debuted five years ago. Direxion decided to shutter the fund due to its inability to attract assets.[related_stories]
Earlier this month, Direxion introduced the Direxion Daily S&P 500 Bear 1x Shares ETF (NYSEArca: SPDN) and last week, the firm debuted the Direxion Daily High Yield Bear 2X Shares (NYSEArca: HYDD).
For more information on new fund products, visit our new ETFs category.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.