Surging interest rates boost financials
- Seeking Alpha
As of October 2, 2017, Direxion Shares ETF Trust - Direxion Daily Financial Bear 1X Shares has gone out of business. Direxion Shares ETF Trust - Direxion Daily Financial Bear 1X Shares is an exchange traded fund launched by Direxion Investments. The fund is managed by Rafferty Asset Management, LLC. It invests in public equity markets of the United States. The fund takes short positions to invest through derivatives such as swap agreements, futures contracts and forward contracts and through other funds in stocks of companies operating in the financial sector. It invests in stocks of large-cap companies. The fund also invests some portion of its portfolio in money market funds, depository accounts with institutions with high quality credit ratings or short-term debt instruments that have terms-to-maturity of less than 397 days. It seeks to track the inverse of the daily performance of the Financials Select Sector Index. Direxion Shares ETF Trust - Direxion Daily Financial Bear 1X Shares was formed on April 7, 2016 and is domiciled in the United States.