Direxion launched an ETF with iBillionaire today

|About: Direxion iBillionaire I... (IBLN)|By:, SA News Editor

The Direxion iBillionaire Index ETF (NYSEARCA:IBLN) tracks the iBillionaire Index comprising 30 U.S. large- and midcap securities favored by the likes of Warren Buffett, Carl Icahn and George Soros, as stated in 13F filings.

"It democratizes a lot of the information that very wealthy institutional investors have had for a long time," said Brian Jacobs, president of Direxion Investments.

IBLN will likely compete with the Global X Guru ETF (NYSEARCA:GURU) for assets, as GURU also attempts to mimic equity positions taken by large hedge funds; however, IBLN will feature a cheaper expense ratio of 0.65%, which could help attract investors.

Other ETFs which track the holdings of well known investors: GURX, GURI