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Leveraged Russia Fund Down 50% in a Week Is Liquidated

  • Direxion says RUSL ETF could not work efficiently in long term
  • Issuer suspended share creations last week as sanctions hit

One of the largest issuers of leveraged and inverse exchange-trade funds is shuttering an amped-up Russia product after sanctions derailed trading in the country’s assets.

Direxion Shares ETF Trust said late Monday it will liquidate and close the Direxion Daily Russia Bull 2X Shares ETF (ticker RUSL), a U.S.-listed fund that seeks to deliver double the daily performance of the Market Vectors Russia Index. Volatility and “restrictions on Russian securities resulting from sanctions and other measures” are behind the move, the firm said.