CTAs and quantitative funds are just starting to recover from the historic drubbing they endured during the February "volocaust" when stocks and bonds fell simultaneously in defiance of the funds' carefully calibrated assumptions about asset-price correlations.

And with speculative traders still struggling to fill the void left by the death of XIV (and many desperate to repair the damage done to their bank accounts) one $13.6 billion money manager called Direxion is launching a product that is sure to become the next daytrader darling. It's called the Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 3X Shares, and as one might deduce from the name, it allows traders to bet on daily fluctuations in a robotics and artificial intelligence index. The company runs other leveraged funds in different sectors.

The fund will compete with the $2.4 billion Robo Global Robotics & Automation Index ETF (ROBO) and the Global X Robotics & Artificial Intelligence ETF (BOTZ).

However, the company offered a disclaimed when approached by Bloomberg: The fund is "not suitable for all investors and should be utilized only by investors who understand the risks associated with seeking daily leveraged and inverse investment results, and intend to actively monitor and manage their investments."

As one might expect, the fund will charge a staggeringly high fee of $12.20 for every $1,000 invested to cover operating costs and "acquired expenses". Its base management fee is 75 basis points.

The only question now is how long it will take to go to zero?