Direxion Shares ETF Trust will be liquidating the Direxion Airline Shares Fund. Adviser Rafferty Asset Management told the board of trustees its business and operations cannot be conducted in an economically efficient way due to the fund’s low levels of assets.
Shares of the fund will stop trading on the New York Stock Exchange Arca and will shut to purchases as of close of trading on October 10. Investors retaining fund shares on October 17 will have their shares redeemed automatically at that time and will receive cash in an amount equal to the net asset value of their shares, including accrued capital gains and dividends.
Click here for the release from PR Newswire.