EUFL — Direxion Daily MSCI European Financials Bull 2X Shares
Data updated: 2020-03-30
EUFL — Direxion Daily MSCI European Financials Bull 2X Shares. Leveraged · $7.16M AUM · 1.15% expense ratio. Holdings, fees, performance and SEC filings.
EUFL Fund Overview
EUFL — Direxion Daily MSCI European Financials Bull 2X Shares is a US ETF managed by Direxion Shares ETF Trust, categorised as Leveraged. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Direxion Shares ETF Trust
- Category: Leveraged
- Assets under management: $7.16M
- Ticker: EUFL
- SEC CIK: 0001424958
- SEC series ID: S000054615
- Share class ID: C000171498
EUFL Investment Objective and Strategy
Direxion Daily MSCI European Financials Bull 2X Shares describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Direxion Shares ETF Trust.
Investment objective
The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of the Index. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.
Principal investment strategy
"The Fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in securities of the Index, exchange-traded funds (""ETFs"") that track the Index and other financial instruments that provide daily leveraged exposure to the Index or ETFs that track the Index. The financial instruments in which the Fund normally invests include swap agreements and futures contracts which are intended to produce economically leveraged investment results. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements.
The Index is provided by MSCI Inc. (the Index Provider). The Index is a free float-adjusted, market capitalization-weighted index and represents securities of large-capitalization and mid-capitalization companies across developed market countries in Europe. All component securities in the Index are classified in the financials sector per the Global Industry Classification Standard (GICS). As of December 29, 2017, the Index consisted of securities from the following 15 developed market countries: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. As of December 29, 2017, the Index consisted of 83 constituents which had an average market capitalization of $24.2 billion, total market capitalizations ranging from $2.3 billion to $208.5 billion and was concentrated in the financials sector.
The components of the Index and the percentages represented by various sectors in the Index may change over time. The Fund will concentrate its investment in a particular industry or group of industries ( i.e. , hold 25% or more of its total assets in the stocks of a particular industry or group of industries) to approximately the same extent as the Index is so concentrated. The Fund may invest in the securities of the Index, a representative sample of the securities in the Index that has aggregate characteristics similar to those of the Index, an ETF that tracks the Index or a substantially similar index, or utilize derivatives such as swaps on the Index, swaps on an ETF that tracks the same Index or a substantially similar index as the Fund, or futures contracts that provide leveraged exposure to the above.
Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Certain of the derivative instruments in which the Fund may invest may be traded in the over-the-counter market, which generally provides for less transparency than exchange-traded derivative instruments. The Fund seeks to remain fully invested at all times consistent with its stated investment objective. At the close of the markets each trading day, Rafferty positions the Funds portfolio so that its exposure to the Index is consistent with the Funds investment objective. The impact of the Indexs movements during the day will affect whether the Funds portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Funds exposure will need to be increased.
Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Funds exposure will need to be reduced. This re-positioning strategy typically results in high portfolio turnover. The terms daily, day, and trading day, refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. Because of daily rebalancing and the compounding of each days return over time, the return of the Fund for periods longer than a single day will be the result of each days returns compounded over the period, which will very likely differ from 200% of the return of the Index over the same period. The Fund will lose money if the Index performance is flat over time, and as a result of daily rebalancing, the Indexs volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Index's performance increases."
EUFL Costs and Fees
EUFL costs about $115 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.15%
- Gross expense ratio: 1.40%
- Portfolio turnover: 14%
- Brokerage commissions: 10.22 bps of average net assets (SEC N-CEN)
EUFL Cashflows
Over the 12 months to 2020-01, Direxion Daily MSCI European Financials Bull 2X Shares had net inflows of $0, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-01 | $0 |
| 2019-12 | $0 |
| 2019-11 | $0 |
| 2019-10 | $0 |
| 2019-09 | $0 |
| 2019-08 | $0 |
EUFL Debt Constituents
No individual debt constituents are reported in Direxion Daily MSCI European Financials Bull 2X Shares's latest SEC N-PORT filing.
EUFL Prospectus and SEC Filings
Official Direxion Daily MSCI European Financials Bull 2X Shares filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-03-17
- Prospectus (485BPOS) — filed 2019-03-07
- Prospectus (485BPOS) — filed 2018-03-12
- Portfolio holdings (N-PORT) — filed 2020-03-30
- Portfolio holdings (N-PORT) — filed 2019-12-26
- Annual census (N-CEN) — filed 2020-01-14
- Annual census, amended (N-CEN/A) — filed 2019-04-03
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Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.