INTRA-DAY INDICATIVE VALUE
EXPENSE RATIO (GROSS/NET %)
0.37 / 0.37*
Feb 05, 2020
Effective March 24, 2020, the methodology of the Direxion S&P 500® High minus Low Quality ETF’s underlying index, the S&P 500® 150/50 Quality 0.30% Decrement Index, will begin to rebalance quarterly rather than monthly. Read More.
The Direxion S&P 500® High minus Low Quality ETF aims to deliver a more complete solution to gaining exposure to the quality factor. By extending the scope of quality scores across the U.S. large cap universe to both high and low quality companies, the ETF seeks to deliver a robust profile of quality exposure.
- Capital-efficient 150/50 structure captures both high and low quality scores based on three core metrics: return on equity, accruals, and financial leverage
- Provides a differentiated approach to quality; one rooted in the idea that higher quality companies outperform lower quality ones over the long-term
- An ETF that aims to deliver access to highly profitable, operationally efficient, and stable companies in a more robust way
The Direxion S&P 500® High minus Low Quality ETF seeks investment result, before fees and expenses, that track the S&P 500® 150/50 Quality 0.30% Decrement Index. There is no guarantee that the fund will achieve its stated investment objective.
Key Quality Metrics
High Minus Low Quality Extension Delivers Robust Exposure to Quality Metrics
Free cash flow yield is a financial solvency ratio that compares the free cash flow per share a company is expected to earn against its market value per share.
Return on equity is a measure of financial performance calculated by dividing net income by shareholders’ equity.
Current ratio is a liquidity ratio that measures a company’s ability to pay short-term obligations or those due within one year.
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The S&P 500® 150/50 Quality 0.30% Decrement Index (the "Index") seeks to measure the performance of a portfolio of long positions in high quality stocks and short positions in low quality stocks, as determined by S&P Dow Jones Indices, LLC, the "Index Provider." To this end, the Index consists of a portfolio that has 150% long exposure to the S&P 500® Quality Index (the "Long Component") and 50% short (or inverse) exposure to the S&P 500® Quality – Lowest Quintile Index (the "Short Component"). The Long Component is comprised of stocks selected from the S&P 500® based on their quality score as defined by the Index Provider. The Short Component is comprised of stocks selected from the S&P 500® with the lowest quality scores.
Index Holdings & Sector Weightings
Top 5 Long Holdings %
|Johnson & Johnson||8.29|
|Procter & Gamble||7.36|
Top 5 Short Holdings %
|Philip Morris International||-1.91|
Index Sector Weightings %
Source: Bloomberg. Index and Sector weightings are net and as of 3/31/2020 and subject to change.
The S&P 500® 150/50 Quality 0.30% Decrement Index combines long positions (150%) of 100 securities with the highest quality scores with short positions (-50%) of 100 securities with the lowest quality scores.
- Securities are selected from the S&P 500
- Quality metrics are focused on return on equity, accruals, and financial leverage
- Security weights are based on Market Cap weighted Quality scores
Pricing and Performance
Pricing and Performance
NAV and Market Price information as of May 22, 2020. Line chart shows pricing trend over the last 30 days.
Net asset value (NAV)
market price closing
Premium / Discount
* The Net Expense Ratio includes management fees, other operating expenses and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio would be 0.35%. Rafferty Asset Management, LLC ("Rafferty") has entered into an Operating Services Agreement with the Fund. Under this Operating Services Agreement, Rafferty has contractually agreed to pay all expenses of the Fund through September 1, 2021 other than the following: management fees, Rule 12b-1 distribution and/or service fees, taxes, swap financing and related costs, dividends or interest on short positions, other interest expenses, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and extraordinary expenses. If these expenses were included, the expense ratio would be higher.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the fund's website at www.direxion.com.
Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. For additional information, see the fund's prospectus.
- Direxion S&P 500® High minus Low Quality ETF
|Record Date||Ex Date||Pay Date||Income Dividend||Short-Term Capital Gain||Long-Term Capital Gain|