Direxion Announces Forward, Reverse Splits on 9 ETFs
Direxion, the second-largest issuer of inverse and leveraged ETFs, said Wednesday it will reverse split seven of its ETFs. Two of the firm's ETFs will undergo traditional forward splits.
The Direxion Daily India Bull 3X Shares (NYSE: INDL), Direxion Daily Real Estate Bear 3X Shares (NYSE: DRV), Direxion Daily Semiconductor Bear 3X Shares (NYSE: SOXS), Direxion Daily Developed Markets Bear 3X Shares (NYSE: DPK) and Direxion Daily Natural Gas Related Bear 3X Shares (NYSE: GASX) will be reverse split on a 1-for-4 basis.
Those splits go into effect at the open of the markets on Tuesday, August 20, 2013, according to a statement issued by the firm.
The Direxion Daily S&P 500 Bear 3X Shares (NYSE: SPXS) will undergo a 1-for-5 reverse split while the Direxion Daily Gold Miners Bull 3X Shares (NYSE: NUGT) will be reverse split on a 1-for-10 basis. NUGT is less than three months removed from a 1-for-5 reverse split. The splits for SPXS and NUGT also take effect on August 20.
NUGT's bearish equivalent, the Direxion Daily Gold Miners Bear 3X Shares (NYSE: DUST), and the Direxion Daily Healthcare Bull 3X Shares (NYSE: CURE) will be each be forward split 2-for-1 with the split taking effect on August 20.
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