Direxion, the Newton, Mass.-based money management firm known
for its triple-exposure exchange-traded funds, plans reverse share
splits on six of its ETFs applying to shareholders of record after
the Nov. 9 market close. Reverse splits are designed to raise
per-share prices on each of the securities.
Five will be 1-for-5 reverse splits, Direxion said in a press
release. Those affected securities are:
â¢Â Â Â Direxion Daily Real Estate Bear 3x Shares
â¢Â Â Â Direxion Daily Emerging Markets Bull 3x
â¢Â Â Â Direxion Daily Financial Bull 3x Shares
â¢Â Â Â Direxion Daily Latin America Bull 3x
â¢Â Â Â Direxion Daly 20+ Treasury Bear 3x Shares
The sixth will be a 1-for-3 reverse split, the company said.
That ETF is:
â¢Â Â Â Direxion Daily Russia Bull 3x Shares
Each of the ETFs will be offered on a post-split basis on Nov.
10, Direxion said.
The company also noted that the market value of each ETF wonât
be affected by the actions, though it did say that fractional
shares resulting from the reverse splits would be redeemed.
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