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Direxion Announces Reverse, Forward Splits for 16 ETFs

Direxion Announces Reverse, Forward Splits for 16 ETFs

Direxion, the second-largest sponsor of leveraged and inverse ETFs, said today it will reverse split eight of its leveraged funds while another eight will see more traditional share splits, also known as forward splits.

The reverse splits will go into effect after the close of trading on Monday April 1. Among the funds that will be reverse split is the Direxion Daily Energy Bear 3X Shares (NYSE: ERY), which will undergo a 1-for-6 reverse split.

The following Direxion ETFs will see 1-for-5 reverse splits: The Direxion Daily China Bear 3X Shares (NYSE: YANG), the Direxion Daily Emerging Markets 3X Bear Shares (NYSE: EDZ) and the Direxion Daily Gold Miners Bull 3X Shares (NYSE: NUGT). In July 2012, Benzinga predicted NUGT would be reverse split.

The Direxion Daily Financial Bear 3X Shares (NYSE: FAZ) and the Direxion Daily Small Cap 3X Bear Shares (NYSE: TZA) will be reverse split on a 1-for-4 basis. The Direxion Daily Mid Cap Bear 3X Shares (NYSE: MIDZ) will undergo a 1-for-3 reverse split.

Four Direxion ETFs will experience traditional splits on a 3-for-1 basis. Those funds are the Direxion Daily Financial Bull 3X Shares (NYSE: FAS), the Direxion Daily Retail Bull 3X Shares (NYSE: RETL), the Direxion Daily Emerging Markets 3X Bull Shares (NYSE: EDC) and the Direxion Daily S&P 500 Bull 3X Shares (NYSE: SPXL).

The Direxion Daily Real Estate Bull 3X Shares (NYSE: DRN), the Direxion Daily Latin America Bull 3X Shares (NYSE: LBJ), the Direxion Daily 7-10 Year Treasury Bull 3X Shares (NYSE: TYD) and the Direxion Daily Small Cap 3X Daily Shares (NYSE: TNA) will undergo 2-for-1 forward splilts.

The forward splits will also go into effect after the close of trading on April, according to a statement issued by Direxion.

For more on ETFs, click here.

Posted-In: News Sector ETFs Broad U.S. Equity ETFs Specialty ETFs Emerging Market ETFs Stock Split Hot After-Hours Center Best of Benzinga


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