Direxion preps farming tech, EV ETFs

Rafferty Asset Management will advise the products



Direxion is prepping two ETFs that would invest in companies involved in farming and electric vehicle technology.

The company filed prospectuses Aug. 23 for the Direxion Future of Farming ETF and Direxion Electric and Autonomous Vehicles ETF, which would go live as soon as 75 days afterward.

Both of the index-tracking products would be advised by Rafferty Asset Management, with portfolio managers Paul Brigandi and Tony Ng overseeing them, according to the filing made with the Securities and Exchange Commission.

The Future of Farming ETF would track the S&P Kensho Sustainable Staples Index, investing in US public companies “that enable connected agricultural producers to enhance output while reducing waste and resource exhaustion using state-of-the-art sustainable practices,” the filing states. That also includes securities listed in the S&P Kensho Drones Index, Robotics Index, 3D Printing Index, Genetic Engineering Index and Space Index, along with the Sustainable Farming Index.

The other product, the Direxion Electric and Autonomous Vehicles ETF, would track the Indxx US Electric and Autonomous Vehicles Index. That index includes companies with at least 50% of revenue related to electric or autonomous vehicle manufacturing, infrastructure, such as charging docks or software, and technology.

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