Direxion bolstered its lineup of exchange-traded funds (ETFs) by adding two ETFs to complete its synchronization with the Global Industry Classification Standard (GICS®) sector changes implemented by S&P Dow Jones in September 2018.
In particular, these new ETFs offer traders exposure to the newly expanded and renamed Communication Services Select Sector Index via leveraged and inverse products.
“There has been pent-up demand by investors to be able to take advantage of improved definition of the type of securities that are relevant in today’s markets,” David Mazza, Managing Director and Head of Product at Direxion “The launch of the first ever leverage products in this space give traders the advantage to amplify that exposure on a daily basis for those looking for leveraged and inverse exposure.”
|Fund||Symbol||CUSIP||Benchmark||Gross Expense |
|Net Expense Ratio*|
|Direxion Daily Communication Services Index Bull 3X Shares||TAWK||25460E497||Communication Services Select Sector Index||1.11%||1.10%|
|Direxion Daily Communication Services Index Bear 3X Shares||MUTE||25460E489||Communication Services Select Sector Index||1.08%||1.07%|
The Communication Services sector now reflects today’s modern means of facilitating communications and delivering information, broadened to include not just telecom titans such as AT&T, but major internet and IT industry players such as Netflix and Facebook. The new composition means the sector will offer potentially more growth-oriented exposure than the old value-oriented telecommunication services sector, as well as become more cyclical than defensive.