Direxion Monthly High Yield Bull 1.2X Fund

  • FUND SYMBOL

    DXHYX

  • MONTHLY TARGET

    120%

  • BLOOMBERG INDEX

    SOLHYB

  • CUSIP

    254939127

  • EXPENSE RATIO (GROSS/NET %)

    1.76 / 1.76*

  • INCEPTION DATE

    Feb 17, 2016

Overview

The Direxion Monthly High Yield Bull 1.2X Fund seeks monthly investment results, before fees and expenses, of 120% of the calendar month performance of the Solactive High Yield Beta Index. There is no guarantee the fund will meet its stated investment objective.

Direxion’s Leveraged Index-based Funds seek to provide monthly returns which are a multiple of the returns of the relevant benchmark. In practice, this means that Leveraged Index-based Funds react to gains by increasing market exposure and react to losses by decreasing market exposure.

Strategy & Benefits

Key Benefits

You know that TRADING is different than investing. But the opportunity to take advantage of short-term trends is only won, if you get the direction right.

Whether you’re a bull or a bear, Direxion is with you. Our leveraged and inverse Mutual Funds are tools built to help you:

  • Provide monthly targeted magnified exposure to a diversified set of benchmark indexes 
  • Use precise derivative options to seek to optimize benchmark trading accuracy
  • Seek to reduce the impact of compounding through the use of monthly rebalancing

Leveraged mutual funds pursue monthly leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They seek to magnify the returns of their benchmarks on a monthly basis and should not be expected to track the underlying index over periods longer than one month. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments.

Target Index

The Solactive High Yield Beta Index (SOLHYB) is a rules-based, systematic strategy index that provides exposure to an equal-weighted portfolio of three high-yield ETFs. The allocation to each US High Yield Corporate Bond ETF is adjusted on a monthly basis. The Index is calculated and distributed by Solactive AG and is calculated and published in US Dollars. One cannot directly invest in an index.

Index Sector Weightings Comparison %

Solactive High Yield Beta Index (SOLHYB) vs. BofA Merrill Lynch US High Yield Index (H0A0)

Sector SOLHYB H0A0
Communications 20.78 19.47
Consumer, Non-cyclical 17.61 16.15
Energy 14.70 15.31
Consumer, Cyclical 12.84 13.80
Financial 10.65 10.84
Industrial 9.19 9.38
Technology 6.02 6.51
Basic Materials 5.67 5.70
Utilities 2.38 2.68
Diversified 0.16 0.16

Index data as of 06/30/2018 Source: Bloomberg. Index sector weightings and top holdings are subject to change.

BofA Merrill Lynch US High Yield Index (H0A0) is a commonly used benchmark for high-yield corporate bonds. The Index tracks the performance of US dollar denominated below investment corporate debt publicly issued in the US domestic market.

Index Performance Comparison

Solactive High Yield Beta Index (SOLHYB) vs. BofA Merrill Lynch US High Yield Index (H0A0)

Year SOLHYB H0A0
2017 6.10 7.48
2016 14.28 17.49
2015 -5.46 -4.64
2014 0.85 2.50
2013 6.44 7.42
Year SOLHYB H0A0
Annualized Returns 5.10 6.25
Annualized Std Dev 6.12 3.85
Max Drawdown -14.05 -13.08
Return/Risk 0.84 1.62
Correlation 0.95

Past performance does not guarantee future results. Index returns and are historical and are not representative of any Fund performance. Total returns of the index include reinvested dividends. One cannot invest directly in an index.

Standard Deviation is a measure of the dispersion of a set of data from its mean.

Maximum Drawdown is the greatest percent decline from a previous high.

Return/Risk is a calculation of the annualized return over standard deviation.

Correlation is a measure of the similarity of performance, and is calculated on using daily values.

Pricing and Performance

NAV information as of September 21, 2018. Line chart shows pricing trend over the last 30 days.

fund symbol

DXHYX

  • Net asset value (NAV)

    • 23.47
    • 0.01
    • 0.03

* The Net Expense Ratio includes management fees, other operating expenses and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio would be 1.35%. The Funds’ Adviser, Rafferty Asset Management, LLC (“Rafferty”) has entered into an Operating Expense Limitation Agreement with the Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Fund for Other Expenses through September 1, 2019, to the extent that the Fund’s Total Annual Fund Operating Expenses exceed 1.35% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses). If these expenses were included, the net expense ratio would be higher.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the funds website at direxioninvestments.com.

Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. For additional information, see the fund’s prospectus.

Distributions

  • DXHYX
  • Monthly High Yield Bull 1.2X Fund
Record Date Ex Date Pay Date Income Dividend Short-Term Capital Gain Long-Term Capital Gain
09/17/2018 09/18/2018 09/18/2018 0.10895
08/15/2018 08/16/2018 08/16/2018 0.06450
07/16/2018 07/17/2018 07/17/2018 0.04764
06/15/2018 06/18/2018 06/18/2018 0.03925
05/15/2018 05/16/2018 05/16/2018 0.04406
04/16/2018 04/17/2018 04/17/2018 0.01720
03/15/2018 03/16/2018 03/16/2018 0.13103
02/15/2018 02/16/2018 02/16/2018 0.08134
12/29/2017 01/02/2018 01/02/2018 0.23637 0.08938
11/15/2017 11/16/2017 11/16/2017 0.17089
10/16/2017 10/17/2017 10/17/2017 0.05803
09/15/2017 09/18/2017 09/18/2017 0.06575
08/15/2017 08/16/2017 08/16/2017 0.06567
07/17/2017 07/18/2017 07/18/2017 0.05954
06/15/2017 06/16/2017 06/16/2017 0.05638
05/15/2017 05/16/2017 05/16/2017 0.06540
04/17/2017 04/18/2017 04/18/2017 0.05940
03/15/2017 03/16/2017 03/16/2017 0.07745
02/15/2017 02/16/2017 02/16/2017 0.05216
12/30/2016 01/03/2017 01/03/2017 0.12308
11/30/2016 12/01/2016 12/01/2016 0.00000 0.24305
11/15/2016 11/16/2016 11/16/2016 0.07705
10/17/2016 10/18/2016 10/18/2016 0.06308