Big changes are coming to the Direxion Shares ETF lineup. The company’s Board of Trustees approved alternations to the names and investment strategies for 10 leveraged funds.
The funds’ investment objectives will seek daily results, before fees and expenses, of 300 percent or inverse 300 percent of the performance of the fund’s target index. The funds previously sought daily results of 200 percent or inverse 200 percent.
The changes are effective December 1, 2011 and apply to Direxion funds including Daily BRIC (BRIL), Daily India (INDL) and Daily Retail Bull (RETL). Names of the affected funds will be changed from 2X to 3X; for example, Daily Gold Miners Bear 2X Shares becomes Daily Gold Miners Bear 3X Shares (GSAL). The funds’ ticker symbols and expense ratios will remain the same.