Direxion Zacks MLP High Income Index Shares








    0.81 / 0.81*


    Jan 23, 2014


The Direxion Zacks MLP High Income Index Shares seeks investment results, before fees and expenses, that track the price and yield performance of the Zacks MLP High Income Index. There is no guarantee the fund will meet its stated investment objective.

Strategy & Benefits

Index Description

The Zacks MLP High Income Index selects 25 Master Limited Partnerships (MLP) utilizing a methodology proprietary to Zacks. The objective of the Index is to select a group of MLPs with the potential to yield and outperform on a risk adjusted basis the S&P 500 Index and other benchmark indices. One cannot directly invest in an Index.

  • Potential index constituents include all MLPs listed on at least one U.S. stock exchange.
  • Eliminate MLPs with less than a $300 million market cap.
  • Each MLP is then ranked using a rules-based methodology that includes, liquidity, short interest, dividend yield and other factors and is sorted from highest to lowest.
  • The final index is comprised of the 25 highest-ranking securities. The constituents are equally weighted, to make up 4% of the total portfolio each.
  • The constituent selection process as well as the ranking, reconstitution, and rebalancing of the Index is repeated at least quarterly.

Strategy Benefits

  • MLPs may provide attractive distributions to income oriented investors
  • Equal Weighted Construction provides potential for greater diversification
  • The “C Corp” structured ETF provides shareholders with a way to avoid K-1’s
  • Shares may be held in accounts such an IRA, a 401k, and many non-qualified accounts
  • The shares are traded on an exchange which provides intraday liquidity
  • The ETF structure provides transparency allowing shareholders to “know what they own”

Daily Statistics

Net Operating Gain/(Loss) $

Current Year Gain/(Loss) (14,798,414)
Prior Years Gain/(Loss) (49,617,024)
Cumulative Net Gain/(Loss) (64,415,438)

Deferred Tax Asset/(Liability) $

Deferred Tax Asset 167,373
Deferred Tax Liabilty 0
Net Deferred Tax Asset 167,373
Data as of 05/26/2020

Fund Details

Fund Statistics

Annualized Distribution Rate 26.97%
Dividend Quarterly
Net Expense Ratio with Deferred Income Tax* 0.81%
Net Expense Ratio without Deferred Income Tax* 0.65%
Number of Positions 25
Correlation to Bonds 0.68
Correlation to S&P 71.47

Annualized Distribution Rate may be considered tax deferred return of capital, but could be subject to capital gains if sold for a gain. Currently, it is estimated that 100% for the distribution rate is return of capital.

Correlation is a measure of the similarity of performance, and is calculated on using daily values.

S&P 500 is an unmanaged index of 500 stocks used to measure largecap U.S. stock market performance.

Bonds represented by the Barclay US Aggregate Bond Index.

Target Index

The Zacks MLP High Income Index (ZAXLPTR) is comprised of 25 securities selected from a universe of Master Limited Partnerships (MLP) listed on U.S. exchanges utilizing a methodology proprietary to Zacks. The objective of the Index is to select a group of MLPs with the potential to yield and outperform on a risk adjusted basis the S&P 500 Index and other benchmark indices. One cannot directly invest in an Index.

Index Top Ten Holdings %

Brookfield Renewable 7.56
Icahn Enterprises 6.64
TC Pipelines 5.97
BP 5.59
Suburban Propane 5.41
Phillips 66 5.40
Holly Energy 5.33
Magellan 5.15
CNX 4.56
EQM 4.42

Index Sector Weightings %

Energy 80.39
Utilities 12.97
Industrials 6.64

Index data as of 03/31/2020. Source: Bloomberg. Index sector weightings and top holdings are subject to change.

MLP Category Weightings %

Downstream 33.31
Midstream 50.43
Upstream 16.28

Tax Reporting

Download the following Tax Reporting Documents

Pricing and Performance

NAV and Market Price information as of May 26, 2020. Line chart shows pricing trend over the last 30 days.

fund symbol


  • Net asset value (NAV)

    • 60.22
    • 1.86
    • 3.19
  • market price closing

    • 60.22
    • 2.02
    • 3.47
  • Premium / Discount

* The Gross and Net Expense Ratios above include deferred income tax, management fees and other operating expenses. If deferred income tax were excluded, the Net Expense Ratio would be 0.65%. For the fiscal year ended October 31, 2019, there was deferred income tax expense of 0.16% for the Fund. The Fund's adviser, 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 as long as it is the advisor of the Fund 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.


  • ZMLP
  • Direxion Zacks MLP High Income Index Shares
Record Date Ex Date Pay Date Income Dividend Short-Term Capital Gain Long-Term Capital Gain Return of Capital
03/25/2020 03/24/2020 03/31/2020 0.30000 0.00000
12/24/2019 12/23/2019 12/31/2019 0.00000 0.40000
09/25/2019 09/24/2019 10/01/2019 0.00000 0.40000
06/26/2019 06/25/2019 07/02/2019 0.00000 0.40000
03/20/2019 03/19/2019 03/26/2019 0.00000 0.40000
12/28/2018 12/27/2018 01/04/2019 0.00000 0.40000
09/26/2018 09/25/2018 10/02/2018 0.00000 0.40000
06/20/2018 06/19/2018 06/26/2018 0.00000 0.40000