Direxion, a provider of alternative investment strategies to sophisticated investors, will execute a one-for-five reverse split of the shares of four exchange-traded funds.

The fund are the Direxion Daily Energy Bear 3x Shares, Direxion Daily Real Estate Bear 3x Shares, Direxion Daily Small Cap Bear 3x Shares and Direxion Daily Technology Bear 3x Shares.

Shareholders of record of the above ETFs on 7 July 2010 will participate in the reverse splits. The Depository Trust Company, the registered owner of all ETF shares, has been notified of the reverse splits and has been instructed to adjust each shareholder's investment accordingly.

As a result of the reverse splits, every five shares of each ETF will be exchanged for one share of the applicable ETF. The number of each ETF's issued and outstanding shares will decrease by approximately 80 per cent, and the ETF's per share NAV will increase five-fold at the opening of the markets on 8 July 2010.

The shares of each ETF will be offered on a split-adjusted basis on 8 July 2010.