New Direxion ETFs Target Fintech, Oil and S&P 500

Direxion today launched a series of exchange-traded funds (ETFs) designed to give investors access to fintech, oil services and the S&P 500.

Unveiled today are the Direxion Daily FinTech Bull 2X Shares (Ticker: FNTC), Direxion Daily Oil Services Bull 2X Shares (Ticker: ONG) and Direxion Daily S&P 500 Equal Weight Bull 2X Shares (Ticker: EVEN). The funds seek to achieve 200 per cent 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, the company said in a release.

The Indxx US Fintech and Decentralized Finance Index includes companies offering technology-driven financial services, and facilitating a decentralized finance infrastructure. Included areas are 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, peer-to-peer lending and crowdfunding. Companies involved in business activities associated with these sub-themes will be eligible for inclusion. Eligible companies deriving a minimum of 50 per cent of their total revenue from these sub-themes will form the selection list.

The MVIS US Listed Oil Services 25 Index tracks the performance of companies in the oil services industry that are listed in the United States. This is a modified market cap-weighted index, and only includes companies that generate at least 50 per cent of their revenue from oil equipment, oil services or oil drilling. The index tracks the 25 largest and most heavily-traded oil service companies.

The S&P 500 Equal Weight Index is the equal-weight version of the widely-used S&P 500. The index includes the same constituents as the capitalization weighted S&P 500, but each company in the index is allocated a fixed weight – or 0.2 per cent of the index total at each quarterly rebalance.

“2022 continues to offer opportunities for traders to take advantage of trends by taking bold positions in the continued emergence and evolution of fintech, along with the corporate picks and shovels of the oil industry,” said Dave Mazza, managing director at Direxion. “Equal-weighting the S&P 500® provides more balanced exposure to large caps than a market cap weighted approach.”

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