Independent marketing agency, Direxion, will carry out a 1-for-5 reverse split of the shares of its six ETFs. The funds are Direxion Daily Financial Bear 3x Shares, Direxion Daily Large Cap Bear 3x Shares, Direxion Daily Mid Cap Bear 3x Shares, Direxion Daily Developed Markets Bear 3x Shares and Direxion Daily Semiconductor Bear 3x Shares. The firm will also execute a 1-for-3 reverse split of the shares of the Direxion Daily Small Cap Bear 3x Shares for shareholders of record. The stake of each ETF will be offered on a split-adjusted basis on Feb. 24, 2011. The registered owner of all ETF shares is the Depository Trust Company.
Click here for the release from PR Newswire.