Direxion adds 3 new ETFs to its fund lineup

Direxion announced on Thursday the launch of three new ETFs available for trading on the New York Stock Exchange: the Direxion Daily FinTech Bull 2X Stock (NYSE Arca: FNTC), the Bull 2X shares of Direxion Daily Oil Services (NYSE Arca: NGO), and the Direxion Daily S&P 500 Equal Weight Bull 2X Shares (NYSE Arca: EVEN).

The funds seek to match 200% of the daily performance of the Indxx US Fintech and Decentralized Finance Index, MVIS US Listed Oil Services 25 Index and S&P 500 Equal Weight Index, respectively.

FNTC tracks the Indxx US Fintech and Decentralized Finance Index, which includes companies offering technology-enabled financial services and facilitating decentralized financial infrastructure that are disrupting existing business models in the US financial services industry.

The following subtopics are included in FNTC: Digital Payments, Point of Sale, Personal Finance Software and Credit/Debit Card Issuers, Tax Compliance Software and Backend Payment Processing, Decentralized Finance, Financial Enterprise Solutions and Peer -to-peer lending and crowdfunding. Companies involved in business activities associated with these subtopics will be eligible for inclusion. Eligible businesses deriving at least 50% of their total revenue from these subtopics will make up the shortlist.

Meanwhile, ONG tracks the MVIS US Listed Oil Services 25 Index, which tracks the performance of the largest and most liquid companies in the oil services industry listed in the United States. It is a modified index weighted by market capitalization and only includes companies that generate 50% of their revenue from oil equipment, oil services or oil drilling. The index tracks the 25 largest and most traded oil service companies. Companies must derive at least 50% of their revenue from petroleum services.

Finally, EVEN tracks the S&P 500 Equal Weight Index, the equal-weighted version of the S&P 500. The index includes the same constituents as the cap-weighted S&P 500, but each company in the index is assigned a fixed weighting of 0.2%. of the index total at each quarterly rebalancing.

“2022 continues to present opportunities for traders to capitalize on trends by taking bold positions in the continued emergence and evolution of fintech, and the corporate picks and shovels of the oil industry,” said Dave Mazza, chief executive of Direxion, in a press release announcing the funds. “The equal weighting of the S&P 500 provides a more balanced exposure to large caps than a market cap-weighted approach.”

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