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Products March 21, 2008
Direxion Launches New India Bull Fund
Boston-based Direxion Funds, a provider of leveraged index mutual funds, has launched the India Bull 2x Fund.
Reported by Nevin E. Adams
The India Bull 2x Fund (ticker: DXILX) seeks daily investment results, before fees and expenses, of 200% of the price performance of the MSCI India Total Return Index. The India Bull 2x Fund seeks daily investment results, before fees and expenses, of 200% of the price performance of the MSCI India Total Return Index.
According to a press release, this index is a free-float-adjusted market capitalization index designed to measure the market performance, including price performance and income from dividend payments, of Indian equity securities. The index seeks to represent approximately 85% of the free-float-adjusted market capitalization of equity securities by industry group within India.
Other Offerings
The launch comes three months after the firm introduced its China Bull 2x Fund, China Bear 2x Fund, and its Latin America Bear 2x Fund, which was opened in May 2006.
Direxion Funds (formerly Potomac Funds), managed by Rafferty Asset Management, LLC, offers 23 leveraged index mutual funds representing a range of U.S. and international equity classes, currencies, and fixed income sectors. Founded in 1997, the company has approximately $1.5 billion in assets under management.
The funds are offered through a variety of brokerage platforms, including Fidelity, Schwab, Pershing and TD Ameritrade and are geared primarily to financial advisers.