Direxion Daily CSI 300 China A Share Bull 2X Shares
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- Direxion Daily CSI 300 China A Share Bull 2X Shares (CHAU) is a leveraged exchange-traded fund that seeks daily investment results, before fees and expenses, equal to 200% of the performance of the CSI 300 Index, a modified free-float market capitalization-weighted benchmark comprising the largest and most liquid stocks traded in the Chinese A-share market on the Shanghai and Shenzhen exchanges. The fund invests primarily through derivatives including swaps and futures, as well as holdings such as Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR), cash management instruments like Dreyfus Govt Cash Man Ins, and fixed income portfolios from Goldman Sachs; it provides targeted exposure to Chinese A-shares across key sectors including financials (approximately 27%), information technology (17%), industrials (16%), and consumer staples (10%), without direct investment in the index itself. Launched on April 16, 2015, and managed by Rafferty Asset Management, LLC under the Direxion brand, CHAU lists on NYSE Arca with a net expense ratio of 1.30% (including acquired fund fees and expenses) and assets under management around $152-210 million. Headquartered in New York at 1301 Avenue of the Americas, Direxion Investments, founded in 1997 originally as Potomac Funds, operates offices in the U.S. (including Boston) and Hong Kong, serving sophisticated investors seeking leveraged and inverse strategies in global markets with a focus on emerging equities like China A-shares. The fund targets short-term traders rather than long-term holders due to daily reset leverage risks, compounding effects, and volatility in the underlying A-share market subject to PRC regulations, quota limitations under Stock Connect/RQFII/QFII programs, and geopolitical factors. Recent developments include quarterly income distributions such as $0.0982 in June 2025, $0.0782 in March 2025, $0.1411 in December 2024, and $0.0627 in September 2024, reflecting ongoing yield payments amid market fluctuations; an operational update in January 2024 introduced Direxion's ETF Alert Service for real-time price and volume notifications via text. Expense arrangements persist through September 1, 2026, capping total annual operating expenses at 0.95% (excluding certain costs like swaps and brokerage), with performance showing strong one-year NAV returns of 17.52% as of mid-2025 despite longer-term declines. No major acquisitions, partnerships, or product relaunches reported in the last 1-2 years, though institutional ownership adjustments continue among holders like Citadel Advisors and Susquehanna International Group.
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