Russell loses out to S&P as Direxion switches indices on eight ETFs

Jun 7th, 2012 | By | Category: ETF and Index News

Direxion, a US-based provider of alternative ETFs, has announced changes to the benchmark indices of eight leveraged and inverse ETFs. The changes, which include new tickers for many of the funds, are due to take effect around 29 June, 2012.

Russell loses out to S&P as Direxion switches indices on eight ETFs

Dan O’Neill, Direxion’s President and Chief Investment Officer.

The eight ETFs, which are currently benchmarked against Russell indices, will switch to indices managed by S&P. The switch marks an impressive win for S&P Indices, who are already enjoying a sharp rise in licensing activity thanks to the boom in ETFs. Indeed, during the first quarter of 2012, 41 new ETFs based on its indices were launched globally.

“We are very pleased to expand our relationship with Standard & Poor’s, whose market indices have long been among the leaders in the industry,” said Dan O’Neill, Direxion’s President and Chief Investment Officer. “We feel that these S&P indices provide our investors with the most recognizable exposure to these underlying markets.”

The changes are summarised as follows:

Fund Name

Current Ticker

New Ticker

Current Index

New Index

Direxion Daily Large Cap Bull 3X Shares

BGU

SPXL

Russell 1000 Index

S&P 500 Index

Direxion Daily Large Cap Bear 3X Shares

BGZ

SPXS

Russell 1000 Index

S&P 500 Index

Direxion Daily Mid Cap Bull 3X Shares

MWJ

MIDU

Russell Mid Cap Index

S&P Mid Cap 400 Index

Direxion Daily Mid Cap Bear 3X Shares

MWN

MIDZ

Russell Mid Cap Index

S&P Mid Cap 400 Index

Direxion Daily Technology Bull 3X Shares

TYH

TECL

Russell 1000 Technology Index

Technology Select Sector Index

Direxion Daily Technology Bear 3X Shares

TYP

TECS

Russell 1000 Technology Index

Technology Select Sector Index

Direxion Daily Energy Bull 3X Shares..

ERX

ERX

Russell 1000 Energy Index..

Energy Select Sector Index

Direxion Daily Energy Bear 3X Shares

ERY

ERY

Russell 1000 Energy Index..

Energy Select Sector Index

In addition, Direxion Daily Large Cap Bull 3X Shares will be renamed Direxion Daily S&P 500 Bull 3X Shares and Direxion Daily Large Cap Bear 3X Shares will be renamed Direxion Daily S&P 500 Bear 3X Shares.

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