Direxion to Alter 8 ETFs (BGU, ERX, TYP)

Direxion, the second-largest U.S. issuer of inverse and leveraged ETFs, announced today it will makes changes to the indexes eight of its ETFs track. The modifications will take effect on or about June 29, 2012, Direxion said in a statement. The Direxion Daily Large Cap Bull 3X Shares BGU and the Direxion Daily Large Cap Bear 3X Shares BGZ will stop tracking the Russell 1000 Index in favor of the S&P 500. 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, Direxion said. The funds will also change their tickers to "SPXL" for the bullish ETF and to "SPXS" for the bearish play. The Direxion Daily Mid Cap Bull 3X Shares MWJ and the Direxion Daily Mid Cap Bull 3X Shares MWN will stop following the Russell Mid-Cap Index and start tracking the S&P Mid-Cap 400 Index. Those funds will changes their tickers to "MIDU" and "MIDZ," respectively. The Direxion Daily Technology Bull 3X Shares TYH and the Direxion Daily Technology Bear 3X Shares TYP will make the move to the Technology Select Sector Index, the same index tracked by the Technology Select Sector SPDR XLK from the Russell 1000 Technology Index. TYH will change its ticker to "TECL" while TYP will change its ticker to "TECS." The Direxion Daily Energy Bull 3X Shares ERX and the Direxion Daily Energy Bear 3X Shares ERY will shift to the Energy Select Sector Index, the same index tracked by the Energy Select Sector SPDR XLE. ERX and ERY will keep their respective tickers.