Direxion offering sees a significant inflow
), the largest single-stock ETF for bullish bets on Tesla’s shares, saw net daily inflows of $24.9 million on Thursday, according to Lipper data.
The inflows came as the $833 million fund - which seeks to track 150% of Tesla’s daily stock price performance - fell 14% on Thursday, while Tesla’s shares fell 9.3% to a two-month low the day after CEO Elon Musk warned that high interest rates could sap demand for electric vehicles.
The leveraged Direxion fund has seen net inflows of $501 million so far this year and has doubled in price year-to-date. Tesla’s shares are up 72.3% this year. Tesla was also the most-bought stock among retail traders on Thursday, with net buys of $159.5 million, according to data from Vanda Research.Rex Shares and Tuttle Capital Management launched a suite of hyper-levered single-stock exposure funds on Thursday, including the T-REX 2X Long Tesla Daily Target ETF, the T-REX 2X Inverse Tesla Daily Target ETF.
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