First ETF to Meet Investor Demand for Exposure to Worldwide Remote Productivity Shift
NEW YORK—June 25, 2020—Direxion announced today it has expanded its range of buy and hold ETFs with the launch of the Direxion Work From Home ETF (Ticker: WFH). This is the first ETF with a strategy designed to provide investors with comprehensive exposure to firms at the forefront of the worldwide, societal transformation towards greater adoption of flexible work.
PwC’s recent COVID-19 CFO Pulse Survey notes that more than half (54%) of companies say that going forward, they’re planning to make remote work a permanent option for roles that allow. It’s even higher (61%) among financial services firms. Because technology has allowed for greater remote productivity, trends toward more flexible work locations have increased over recent decades. Society has embraced the fact that a work-life balance does not require certain job functions to be executed in a traditional office setting. In fact, 5.2% of US, or 8 million people, worked at home in 2017, according to US Census data.
“We’re witnessing the greatest acceleration in the shift to remote work than we’ve ever seen before,” said David Mazza, Managing Director at Direxion. “WFH meets the demand of investors looking to gain diversified exposure to firms providing the technologies helping to improve data security, facilitate on-demand access, enable virtual collaboration, and empower digital connectivity.”
WFH seeks investment results, before fees and expenses, which track the Solactive Remote Work Index. The Solactive Remote Work Index is comprised of 40 equally-weighted U.S. listed securities and American Depository Receipts that have significant exposure to the companies specializing in providing products that focus on the ability to work from home: remote communications, cyber security, project and document management, and cloud technologies.
Direxion equips investors who are driven by conviction with ETF solutions built for purpose and fine-tuned for precision. These solutions are available for a broad spectrum of investors, whether executing short-term tactical trades, investing in macro themes, or building long-term asset allocation strategies. Direxion’s reputation is founded on developing products that precisely express market perspectives and allow investors to manage their risk exposure. Founded in 1997, the company has approximately $11 billion in assets under management as of March 31, 2020. For more information, please visit www.direxion.com.
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Market Disruptions Resulting from COVID-19. The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Funds.
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