Direxion announced Friday that it was expediting the change in investment objectives and strategies of 10 daily leveraged and daily inverse leveraged funds.

The investment objective and strategy of each fund in the table below is currently to seek daily leveraged, or daily inverse leveraged, investment results, before fees and expenses, of 300% or -300%, as applicable, of the performance of its underlying index.

Effective after market close on March 31, 2020 each fund’s investment objective and strategy will change to seek daily leveraged, or daily inverse leveraged, investment results, before fees and expenses, of 200% or -200%, as applicable, of the performance of its underlying index, as shown below:

TickerFundUnderlying IndexNew Daily Leveraged Investment Objective

(before fees and expenses)

BRZUDirexion Daily MSCI Brazil Bull 3X SharesMSCI Brazil 25/50 Index200%
RUSLDirexion Daily Russia Bull 3X SharesMVIS Russia Index200%
NUGTDirexion Daily Gold Miners Index Bull 3X SharesNYSE Arca Gold Miners Index200%
DUSTDirexion Daily Gold Miners Index Bear 3X Shares-200%
JNUGDirexion Daily Junior Gold Miners Index Bull 3X SharesMVIS Global Junior Gold Miners Index200%
JDSTDirexion Daily Junior Gold Miners Index Bear 3X Shares-200%
ERXDirexion Daily Energy Bull 3X SharesEnergy Select Sector Index200%
ERYDirexion Daily Energy Bear 3X Shares-200%
GUSHDirexion Daily S&P Oil & Gas Exp. & Prod. Bull 3X SharesS&P Oil & Gas Exploration & Production Select Industry Index200%
DRIPDirexion Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares-200%

 

In addition, the “3X” in each fund’s name will be replaced with “2X” as follows:

TickerCurrent Fund NameNew Fund Name
BRZUDirexion Daily MSCI Brazil Bull 3X SharesDirexion Daily MSCI Brazil Bull 2X Shares
RUSLDirexion Daily Russia Bull 3X SharesDirexion Daily Russia Bull 2X Shares
NUGTDirexion Daily Gold Miners Index Bull 3X SharesDirexion Daily Gold Miners Index Bull 2X Shares
DUSTDirexion Daily Gold Miners Index Bear 3X SharesDirexion Daily Gold Miners Index Bear 2X Shares
JNUGDirexion Daily Junior Gold Miners Index Bull 3X SharesDirexion Daily Junior Gold Miners Index Bull 2X Shares
JDSTDirexion Daily Junior Gold Miners Index Bear 3X SharesDirexion Daily Junior Gold Miners Index Bear 2X Shares
ERXDirexion Daily Energy Bull 3X SharesDirexion Daily Energy Bull 2X Shares
ERYDirexion Daily Energy Bear 3X SharesDirexion Daily Energy Bear 2X Shares
GUSHDirexion Daily S&P Oil & Gas Exp. & Prod. Bull 3X SharesDirexion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares
DRIPDirexion Daily S&P Oil & Gas Exp. & Prod. Bear 3X SharesDirexion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares

 

Direxion said each fund had previously disclosed its plan to make these changes effective May 19, 2020.

“Due to recent market volatility and related developments, these changes will now occur on the earlier date stated above,” Direxion said in a release. “For these same reasons and the need to transition each fund’s portfolio to its new investment objective and strategy; it is likely that some or all of the funds will not achieve their current investment objectives of seeking daily leveraged, or daily inverse leveraged, investment results, before fees and expenses, of 300% or -300%, as applicable, of the performance of their underlying index.”

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