Direxion To Reverse Split Six ETFs
Direxion, one of the top issuers of leveraged and inverse ETFs, announced that will reverse split six of its funds with the spits taking place on Feb. 23.
The Direxion Daily Financial Bear 3x Shares (NYSE: FAZ), Direxion Daily Large Cap Bear 3x Shares (NYSE: BGZ), Direxion Daily Mid Cap Bear 3x Shares (NYSE: MWN), Direxion Daily Developed Markets Bear 3x Shares (NYSE: DPK) and Direxion Daily Semiconductor Bear 3x Shares (NYSE: SOXS) have all seen their prices plunge during the recent market rally and will be reverse split on a 5-for-1 basis on Feb. 23.
All except SOXS currently trade for less than $9. Direxion will also reverse split the Direxion Daily Small Cap Bear 3x Shares (NYSE: TZA) on a 3-for-1 basis. That split will also occur on Feb. 23.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.