MarketGraderWatch out: $CYTK dropped more than 30 points in our grading system today and was downgraded from a BUY rating to a SELL! #stockmarket #mkt ERX - Direxion Daily Energy Bull 3x S
Direxion Daily Energy Bull 3X Shares (the Fund), formerly Direxion Energy Bull 3X Shares, seeks daily investment results of 300% of the price performance of the Russell 1000 Energy Index (the Energy Index). The Energy Index is a capitalization-weighted index of companies engaged in energy-related businesses, such as oil companies involved in the exploration, production, servicing, drilling and refining processes, and companies primarily involved in the production and mining of coal and other fuels used in the generation of consumable energy. Also included are gas distribution, gas pipeline and related companies. The Fund creates long positions by investing at least 80% of its net assets in the equity securities that comprise the Energy Index. The Fund will also invest in financial instruments that, in combination, provide leveraged and unleveraged exposure to the Energy Index. The Fund's investment advisor is Rafferty Asset Management LLC.
An exchange-traded fund is an investment vehicle traded on stock exchanges, much like stocks. An ETF holds assets such as stocks or bonds and trades at approximately the same price as the net asset value of its underlying assets over the course of the trading day. Most ETFs track an index, such as the S&P 500 Nasdaq QQQQ. ETFs may be attractive as investments because of their low costs, tax efficiency, and stock-like features.
An ETF combines the valuation feature of a mutual fund, which can be bought or sold at the end of each trading day for its net asset value, with the tradability feature of a closed-end fund, which trades throughout the trading day at prices that may be more or less than its net asset value. Closed-end funds are not considered to be exchange-traded funds, even though they are funds and are traded on an exchange. ETFs have been available in the US since 1993 and in Europe since 1999. ETFs traditionally have been index funds, but in 2008 the U.S. Securities and Exchange Commission began to authorize the creation of actively-managed ETFs including sector based and leveraged products.
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