Milwaukee-based Direxion Funds is currently prepping the Direxion Long/Short Global Currency Fund to launch within the next few months.
According to the fund’s filing, it will have exposure to 19 currencies including: Euro, Great British Pound, Swiss Franc, Japanese Yen, Canadian Dollar, Australian Dollar, New Zealand Dollar, Swedish Krona, Norwegian Krone, Indian Rupee, Indonesian Rupiah, South Korean Won, Philippine Peso, Brazilian Real, Hungarian Forint, Mexican Peso, Russian Ruble, South African Rand and Turkish Lira. The portfolio will be re-evaluated and modified on at least a monthly basis, however, modifications may occur more frequently.
Rafferty Asset Management is the fund’s investment advisor and Paul Brigandi and Tony Ng are the portfolio managers of the new offering.
“This shows our commitment to filling out our alternative suite,” Andy O’Rourke, chief marketing officer at Direxion, told Money Management Executive.
“We see currency as a key asset class that more investors are looking to utlize.”