New York-based ETF provider Direxion is changing the underlying index of the Direxion Daily Small Cap Bull 1.25X Shares (NYSE Arca: LLSC). As of 1 December 2017, the fund will switch from using the Russell 2000 Index to the S&P Small Cap 600 Index.

Sylvia Jablonski, managing director at Direxion.

Sylvia Jablonski, managing director at Direxion, commented: “We are very pleased to expand our relationship with Standard & Poors, whose indices have long been among the leaders in the industry. The S&P Small Cap 600 Index provides our investors with the most recognizable exposure to US small-cap equities.”

The ETF is a leveraged fund which gives investors 1.25x the performance of the underlying index.

The fund was launched in January 2015 and has $8.8 million in assets with a total expense ratio of 0.28%.