New Index Coming for This Leveraged ETF

The Direxion Daily India Bull 3X Shares (NYSEArca: INDL) is getting a new index.

INDL, the only bullish triple leveraged India exchange traded fund on the market, currently follows the Indus India Index. On Jan. 3, 2017, INDL will start tracking the MSCI India Index. The ETF will also be renamed the Direxion Daily MSCI India Bull 3X Shares.

“We are very pleased to expand our relationship with MSCI, whose world indices have long been among the leaders in the industry,” said Sylvia Jablonski, Managing Director at Direxion, in a statement. “The MSCI India Index provides our investors with the most recognizable exposure to the mid- and large-cap Indian equity markets.”

Related: India ETFs Surge After $12.9bn Budget Proposal

Many argue that India’s favorable demographics will help support a growing economy. Over a third of India’s 1.3 billion people are between the ages of 15 and 34 with a median age of 27, compared to 37 in China, 38 in the U.S., 41 in developed Europe and 46 in Japan. India’s population is also expected to grow by 1.4%, compared to China’s 0.5% and 0.9% in the U.S.

“Like all leveraged ETFs, this Direxion product is intended only for investors with an in-depth understanding of the risks associated with seeking leveraged investment results, and who plan to actively monitor and manage their positions. There is no guarantee the Fund will meet its objective,” according to the statement.