Direxion said Thursday that its Direxion Daily Russia Bull 2X ETF will eliminate all exposure to the market “today,” and instead will have all of its assets held in cash. The RUSL ETF, which seeks results of 200% of the performance of the MVIS Russia Index, tumbled 9.9% in premarket trading toward a record low, after plummeting 75.2% since Russia’s invasion of Ukraine started on Feb. 24 through Wednesday. Direxion had previously announced that the RUSL ETF will cease trading on the NYSE at the close of trading on March 11, and will liquidate on March 18. Direxion’s announcement comes as equity index provider MSCI Inc. said Wednesday that Russia’s equity markets were “univestable,” and as the London Stock Exchange followed other stock exchanges in saying it would halt trading of shares of Russia-based companies.
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