Direxion is changing the benchmark indices of two leveraged exchange-traded funds (ETF) and one leveraged inverse ETF.
The modifications will take effect on 1 December 2016.
The Direxion Daily Regional Banks Bull 3X Shares (DPST) and the Direxion Daily Regional Banks Bear 3X Shares ETFs will seek to replicate the S&P Regional Banks Select Industry Index rather than the Solactive US Regional Bank Index.
The the Direxion Daily Retail Bull 3X Shares ETF will swap the Russell 1000 Retail Index for the S&P Retail Select Industry Index.
"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 Sylvia Jablonski, managing director at Direxion. "We feel that these S&P indices provide our investors with the most recognisable exposure to these underlying markets."
Like all leveraged and inverse ETFs, the Direxion products are intended only for investors with an in-depth understanding of the risks associated with seeking leveraged and inverse investment results, and who plan to actively monitor and manage their positions. There is no guarantee that the funds will meet their objectives.