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Direxion modifies eight ETFs

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Direxion has made changes to the benchmark indices of eight leveraged and inverse exchange-traded funds (ETFs), along with other changes. The modifications will take effect on or about 29 June, 2012.

The Direxion Daily Large Cap Bull 3X Shares, and the Direxion Daily Large Cap Bear 3X Shares now track the S&P 500 Index rather than the Russell 1000 Index, while the Direxion Daily Mid Cap Bull 3X Shares, and the Direxion Daily Mid Cap Bear 3X Shares now track the S&P Mid Cap 400 Index rather than the Russell Mid Cap Index.

The Direxion Daily Technology Bull 3X Shares and the Direxion Daily Technology Bear 3X Shares, now track the Technology Select Sector Index rather than the Russell 1000 Technology Index, while the Direxion Daily Energy Bull 3X Shares and the Direxion Daily Energy Bear 3X Shares, now track the Energy Select Sector Index rather than the Russell 1000 Energy 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.

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

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