Direxion Shares made changes to the underlying benchmark indices for eight leveraged and inverse exchange-traded funds, shifting from the Russell index universe to that of Standard & Poor’s.
“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.” Reflecting the changes, the Direxion Daily Large Cap Bull 3X Shares (BGU) was renamed the Direxion Daily S&P 500 Bull 3X Shares (SPXL) and the Direxion Daily Large Cap Bear 3X (BGZ) Shares was renamed the Direxion Daily S&P 500 Bear 3X Shares (SPXS).
Direxion Shares is based in Boston and manages around $6.5 billion in ETF assets.
The modifications were effective as of June 29, 2012. (See table below.)