Direxion Launches New Leveraged ETFs, To Provide 200% Exposure to FinTech and Oil Services, and Equal-Weighted S&P 500®

Direxion launched 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% of the daily performance of the Indxx US Fintech and Decentralized Finance Index, MVIS U.S. Listed Oil Services 25 Index and S&P 500® Equal Weight Index, respectively. 

The Indxx US Fintech and Decentralized Finance Index include companies offering technology-driven financial services and facilitating a decentralized finance infrastructure, that are disrupting existing business models in the financial services industry in the United States.

Included are the following sub-themes: Digital Payments, Point-of-Sale (POS), 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 sub-themes will be eligible for inclusion. Eligible companies deriving a minimum of 50% 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 the largest and most liquid 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 50% of their revenue from oil equipment, oil services or oil drilling. The Index tracks the 25 largest and most heavily-traded oil service companies. Companies must generate at least 50% of revenues from oil services.

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% 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.”