Direxion announces reverse and forward share splits of 16 ETFs
Direxion is to execute reverse share splits for eight of its leveraged exchange-traded funds, as well as forward share splits for another eight leveraged ETFs.
The total market value of the shares outstanding will not be affected as a result of these splits, except with respect to the redemption of fractional shares.
The firm will execute a 1-for-6 reverse split of the shares of the Direxion Daily Energy Bear 3X Shares (ERY) and a 1-for-5 reverse split of the shares of the Direxion Daily China Bear 3X Shares (YANG), Direxion Daily Emerging Markets Bear 3X Shares (EDZ), Direxion Daily Technology Bear 3X Shares (TECS) and Direxion Daily Gold Miners Bull 3X Shares (NUGT) for shareholders of record after the close of the markets on 1 April 2013.
The firm will also execute a 1-for-4 reverse split of the shares of the Direxion Daily Financial Bear 3X Shares (FAZ) and Direxion Daily Small Cap Bear 3X Shares (TZA), and a 1-for-3 reverse split of the shares of the Direxion Daily Mid Cap Bear 3X Shares (MIDZ) for shareholders of record after the close of the markets on 1 April 2013.
Additionally, Direxion will execute a 3-for-1 forward split of the shares of the Direxion Daily Financial Bull 3X Shares (FAS), Direxion Daily Retail Bull 3X Shares (RETL), Direxion Daily Emerging Markets Bull 3X Shares (EDC) and Direxion Daily S&P 500 Bull 3X Shares (SPXL), and a 2-for-1 forward split of the shares of the Direxion Daily Real Estate Bull 3X Shares (DRN), Direxion Daily Latin America Bull 3X Shares (LBJ), Direxion Daily 7-10 Year Treasury Bull 3X Shares (TYD) and Direxion Daily Small Cap Bull 3X Shares (TNA).
Shareholders of record as of the close of business on 28 March 2013 should expect to receive the additional shares after the close of business on the payable date, 1 April 2013. The shares are expected to trade at post-split prices beginning on the ex date, 2 April 2013. Those purchasing shares that do not settle before the record date, but that are purchased between 26 March 2013 and 1 April 2013 (inclusive), and do not sell their shares prior to 2 April 2013, will be entitled to receive the additional shares, which they will receive on or about, 4 April 2013.
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