Curated News
By: NewsRamp Editorial Staff
July 24, 2024

Direxion Renames QQQU and QQQD to Magnificent 7 Bull and Bear Shares

Reddit Discuss on RedditDiscuss on LinkedIn LinkedInView History of this news story on GitHub Github
Source News Release

TLDR

  • Direxion's name change of QQQU and QQQD provides opportunities for short-term convictions on the Magnificent 7, leveraging key market drivers.
  • The name change of QQQU and QQQD by Direxion coincides with seeking to achieve 200% or 100% of the inverse of the daily performance of the Indxx Magnificent 7 Index.
  • Direxion's new fund names align with traders' short-term convictions on the Magnificent 7, capitalizing on key market drivers like artificial intelligence and cloud computing.
  • QQQU and QQQD will track the performance of the seven largest Nasdaq 100-listed companies, including household names like Alphabet, Amazon, and Apple.

Impact - Why it Matters

This news matters as it reflects a strategic move by Direxion to better align the fund names with the market opportunities and traders' short-term convictions on the Magnificent 7. Investors with an in-depth understanding of leveraged investment risks will be impacted by the name change and the shift in fund objectives.

Summary

Direxion, a leading provider of tradeable and thematic ETFs, announced the name change of QQQU and QQQD to Direxion Daily Magnificent 7 Bull 2X Shares (Ticker: QQQU) and Direxion Daily Magnificent 7 Bear 1X Shares (Ticker: QQQD). Effective August 16, 2024, the new fund names will seek to achieve 200%, or 100% of the inverse, of the daily performance of the Indxx Magnificent 7 Index, tracking the seven largest Nasdaq 100-listed companies. The name changes better align with the opportunities traders have expressed with their short-term convictions on the Magnificent 7. All Direxion leveraged and inverse ETFs are intended only for investors with an in-depth understanding of the risks associated with seeking leveraged investment results.

Source Statement

This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Direxion Renames QQQU and QQQD to Magnificent 7 Bull and Bear Shares

blockchain registration record for the source press release.