- Direxion to close three ETFs launched in partnership with Value Line Research
- Funds will close to new investors on March 23
- Closure attributed to the funds’ inability to attract sufficient investment assets
Direxion, the second-largest issuer of inverse and leveraged exchange traded funds, said it will close three exchange traded funds the firm launched in 2015 in partnership with Value Line Research.
Those ETFs are 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). [Direxion Expands Non-Leveraged Lineup With Dividend ETFs]
The funds will close to new investors on March 23.
“Due to the Funds’ inability to attract sufficient investment assets, Rafferty believes they cannot continue to conduct their business and operations in an economically efficient manner. As a result, the Board concluded that liquidating and shuttering the Funds would be in the best interest of the Funds and their shareholders,” according to a statement issued by Direxion.
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