--- title: "Direxion files 2x daily ETFs on SK hynix, rare earths and $1 trillion stocks" url: "https://etf.net/news/direxion-files-2x-daily-etfs-on-sk-hynix-rare-earths-and-1-trillion-stocks-2026-09-04" published_at: "2026-09-04T12:18:36.900Z" updated_at: "2026-09-04T12:18:36.900Z" byline: "ETF.net Research" --- # Direxion files 2x daily ETFs on SK hynix, rare earths and $1 trillion stocks Direxion Shares ETF Trust on Thursday, September 3 filed a Form 485APOS proposing five 2x daily funds and an unleveraged Trillions ETF, including a -200% SK hynix product, with a 0.95% operating-expense cap. By ETF.net Research. Published Sep 4, 2026. From the July 14 close through Thursday, SK hynix Inc.'s Nasdaq-listed American depositary receipts, SKHY, fell **15.6%**. Direxion Daily SK Hynix Bull 2X ETF SKHL fell **24.0%**. GraniteShares 2x Short SK Hynix Daily ETF SKDD fell **11.7%**. A 2x short did not turn a net decline in the ADR into a gain. Thursday's post-effective amendment at Direxion Shares ETF Trust proposes to register the matching bear, plus 2x daily bull and bear funds on VanEck Rare Earth and Strategic Metals ETF REMX and on the Bloomberg Trillions Index, and an unleveraged Direxion Trillions ETF TRLL. The prospectus says the information is incomplete and can change. None of the funds has started, the listing exchange is blank, and the paper says the shares cannot be sold until the registration statement is effective. ## Six proposed funds, still a draft prospectus The filing is Form 485APOS, a post-effective amendment used to add series to a trust already on file with the SEC. It proposed to become effective 75 days after filing under Rule 485(a)(2), on Tuesday, November 17, if nothing slips. It did not set a listing date. The paper names six funds. Five target a one-day leveraged result before fees and expenses; TRLL would track the same index without a daily multiple: Table: Fund, Ticker, Daily target, Underlying The funds had not commenced operations, and the filing said financial information was unavailable. Several exhibits, including an amended advisory-agreement schedule, the fee-waiver schedule, the operating-expense-limitation exhibit, and counsel's opinion, were reserved for later amendment. ## SKHS would enter a thin short book SKHL listed on July 15, seeking 200% of the daily performance of SKHY. It held **$44.7 million** as of Thursday's close and disclosed a **0.99%** expense ratio. SKHY closed at $163.68, with a **$1.16 trillion** market capitalization. The long side of that trade is already listed. GraniteShares 2x Long SK Hynix Daily ETF SKUU, listed a day earlier, charges 1.50%. ProShares Ultra SK hynix SKHU charges 1.04%. Two -2x funds are already listed. SKDD charges 2.20%. Tradr 2X Short SK hynix Daily ETF SKHN is also listed. Thursday's paper would add another issuer. Chart: Listed 2x SK hynix funds, by assets SKHS would, under its normal-course policy, keep at least **80%** of net assets plus investment borrowings in instruments providing -2x daily inverse or short exposure to SKHY. ## REML and REMS wrap a $2.23 billion metals ETF Direxion Daily REMX Bull 2X ETF REML and Direxion Daily REMX Bear 2X ETF REMS would target **+200%** and **-200%** of the daily performance of REMX, not a metals index of Direxion's own. REMX held **$2.23 billion** and holds 34 stocks, with **62%** of assets in the top 10. Over three months through Thursday it returned **-21.6%**. Over twelve months it returned 27.8%. That is a volatile, concentrated global miners basket packaged as one ticker. A 2x daily fund on the ETF is a different product from the single-stock 2x funds already listed on individual rare-earth names. Global X Rare Earth & Critical Materials ETF EART, a smaller unlevered peer, held **$45.1 million**. Because REML and REMS are defined off another fund, acquired-fund fees sit outside the operating-expense cap. REMX charges **0.53%**. ## A 0.95% cap, and an expense table of blanks The distribution and service, or 12b-1, fee is **0.00%**. The filing states an advisory fee of **0.75%** of average daily net assets, but the management-fee, other-expense, acquired-fund-fee, and total-expense lines in the prospectus fee table are blank placeholders rather than final figures. So is the cap line in that table. What the paper does commit to is an operating-expense limitation of **0.95%** through September 1, 2028, excluding taxes, swap financing and related costs, acquired-fund fees and expenses, dividends or interest on short positions, other interest, brokerage commissions, and extraordinary expenses. Waivers may be recouped within three years. For a daily 2x fund, swap financing is not a footnote. The 0.95% figure is not an all-in cost. A separate advisory fee-waiver schedule states **0.75%** on the first **$1.5 billion** of average daily net assets, 0.70% on assets over $1.5 billion to $2 billion, 0.65% over $2 billion to $2.5 billion, 0.60% over $2.5 billion to $3 billion, and 0.55% over $3 billion. The waiver is not guaranteed after September 1, 2027. SKHL is a **$44.7 million** fund. The schedule is written for a size none of these products has. ## Bloomberg Trillions Index, constituents still blank TRLL would track the Bloomberg Trillions Index without a daily multiple. TRIU would seek **200%** of that index's daily performance; TRID would seek **-200%**. The filing says the index measures the world's largest publicly listed companies with a total market capitalization of at least **$1 trillion**, equal-weighted, rebalanced and reconstituted quarterly. It leaves the constituent count, the average market capitalization, and the as-of composition as blanks. The 2x funds would reset daily against whatever Bloomberg publishes under that name, once the registration is complete. Source: etf.net, https://etf.net/news/direxion-files-2x-daily-etfs-on-sk-hynix-rare-earths-and-1-trillion-stocks-2026-09-04. Please cite the page URL.