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Direxion, a leading provider of leveraged and inverse ETFs, is changing the names, investment strategies and objectives of 10 funds.

As of December 1, ten ETFs in the leveraged Direxion line up will change its leverage to 300% or -300% from a previous 200% or -200%. According to a company press release, the objective of several funds with “bull” in it’s name currently seek 200% of the funds target index. As of December 1, this will shift to 300%.

Likewise, those with “bear” in its name seeks -200% of the targeted index, and will change to -300% as of December 1.

This change comes at a time when leveraged ETFs have been under fire as to whether they created the latest market volatility.

These funds are not intended as buy-and-hold investments and should be monitored daily. These types of funds are not for everyone, so be sure to understand the risks involved and how they work.

Also of note, Direxion is grounding its airline focused ETF. The Direxion Airline Shares Fund (NYSE:FLYX) will stop trading as of October 10, 2011.

“Direxion’s core business and success has been focused in the leveraged and inverse ETF, and other alternative fund space. With declining interest in a non-leveraged airline industry ETF, we feel it is in the best interest of the shareholders to close the fund and stick to the product for which we are best known,” Dan O’Neill, President and CIO of Direxion said in a recent press release.

Tisha Guerrero contributed to this article.

Disclosure: None

Source: Direxion To Transform 10 ETFs, Ground Airline Fund