Direxion, the second-largest issuer of inverse and leveraged exchange traded funds, launched a new inverse ETF on Wednesday.

The Direxion Daily European Financials Bear 1X Shares (EUFS) seeks daily investment results, before fees and expenses, of 100% of the inverse of the performance of the MSCI Europe Financials Index.

EUFS allows tactical managers to hedge against downturns in the MSCI Europe Financials Index.

Sylvia Jablonski, Managing Director at Direxion, said its new European Financials Bear ETF will complement its recently launched leveraged ETF tracking that space, giving traders another option for taking advantage of short-term opportunities.

“We think EUFS is coming to market at the right time as European banks face the challenges of troubling stress tests, risks associated with contagion, and the aftermath of Brexit,” Jablonski said.

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