Direxion, a US-based provider of alternative ETFs, has announced changes to the benchmark indices of eight leveraged and inverse ETFs. The changes, which include new tickers for many of the funds, are due to take effect around 29 June, 2012.

Dan O’Neill, Direxion’s President and Chief Investment Officer.

The eight ETFs, which are currently benchmarked against Russell indices, will switch to indices managed by S&P. The switch marks an impressive win for S&P Indices, who are already enjoying a sharp rise in licensing activity thanks to the boom in ETFs. Indeed, during the first quarter of 2012, 41 new ETFs based on its indices were launched globally.

“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.”

The changes are summarised as follows:

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.