Direxion Launches Two ETFs Tracking the Solactive Distributed Ledger & Decentralized Payment Tech Index
Solactive is pleased to announce its continued collaboration with Direxion, launching their Direxion Daily Crypto Industry Bull 2X Shares ETF and Direxion Daily Crypto Industry Bear 1X Shares ETF, both tracking the Solactive Distributed Ledger & Decentralized Payment Tech Index. The cryptocurrency industry is entering a significant growth phase, having added over USD 750 billion in value in the first half of the year 2024 [1], and it is expected to show an annual growth rate (CAGR 2024-2028) of 9.10% resulting in a projected total amount of USD 32.9 billion by 2028 [2]. The cryptocurrency market continues to exhibit significant growth and innovation, driven by advancements in distributed ledger and decentralized payment technologies.
The Solactive Distributed Ledger & Decentralized Payment Tech Index aims to represent the performance of companies at the forefront of the distributed ledger and decentralized payment technology space. The index encompasses companies engaged in blockchain technology, NFT & tokenization, decentralized finance, and digital asset mining hardware. It utilizes Solactive’s proprietary natural language processing algorithm, ARTIS®, to screen and rank companies based on their exposure to these sectors. The index includes 25 US-listed companies, ensuring broad exposure to leading market players in this innovative industry.
The Direxion Daily Crypto Industry Bull 2X Shares ETF and Direxion Daily Crypto Industry Bear 1X Shares ETF are listed on 17th July on the New York Stock Exchange (NYSE) with the ticker codes “LMBO” and “REKT”.
Timo Pfeiffer, Chief Markets Officer at Solactive, commented: “We are delighted to collaborate with Direxion in launching these ETFs. The Solactive Distributed Ledger & Decentralized Payment Tech Index provides targeted exposure to key areas driving the digital transformation of the financial industry. This collaboration underscores our commitment to delivering forefront indices that meet the evolving needs of investors.”
Edward Eqilinsky, Managing Director at Direxion commented: “Crypto equities are among the fastest-growing companies in the world, now representing an almost $3 trillion asset class. LMBO and REKT provide focused exposure for traders to express their short-term conviction on companies building the future of a crypto-driven, decentralized economy.”
[1] Crypto Industry Is About to Boom, Is Outperforming the Internet: Architect Partners, 3rd July, 2024
[2] Cryptocurrencies – United States