Direxion shuts down Airlines Shares ETF

Victoria
By Victoria October 12, 2011 14:15

Direxion shuts down Airlines Shares ETF

Direxion, best known for its suite of leveraged and inverse ETFs, has begun the process of shutting down one of its few non-leveraged funds, the Airlines Shares ETF earlier this week. A lack of assets has been blamed for the fund’s demise, which stopped trading on October 10.

The fund will liquidate its portfolio of airline stocks over the next few days before paying out to investors.

The fund had assets of less than $3 million and saw volume of roughly 800 shares a day over the past three months. At a 0.55% expense ratio, the product only generated $16,500 for the company in fees.

Victoria
By Victoria October 12, 2011 14:15
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