ETF update:
BOSTON – March 1, 2013 – Direxion, a leader in alternative investment solutions, announced today it will execute reverse share splits for eight of its leveraged exchange-traded funds (“ETFs”), as well as forward share splits for another eight leveraged ETFs. The total market value of the shares outstanding will not be affected as a result of these splits, except with respect to the redemption of fractional shares, as outlined below.
The firm will execute a 1-for-6 reverse split of the shares of the Direxion Daily Energy Bear 3X Shares (ERY) and a 1-for-5 reverse split of the shares of the Direxion Daily China Bear 3X Shares (YANG), Direxion Daily Emerging Markets Bear 3X Shares (EDZ), Direxion Daily Technology Bear 3X Shares (TECS) and Direxion Daily Gold Miners Bull 3X Shares (NUGT) for shareholders of record after the close of the markets on Monday, April 1, 2013. The firm will also execute a 1-for-4 reverse split of the shares of the Direxion Daily Financial Bear 3X Shares (FAZ) and Direxion Daily Small Cap Bear 3X Shares (TZA), and a 1-for-3 reverse split of the shares of the Direxion Daily Mid Cap Bear 3X Shares (MIDZ) for shareholders of record after the close of the markets on Monday, April 1, 2013.
Additionally, Direxion will execute a 3-for-1 forward split of the shares of the Direxion Daily Financial Bull 3X Shares (FAS), Direxion Daily Retail Bull 3X Shares (RETL), Direxion Daily Emerging Markets Bull 3X Shares (EDC) and Direxion Daily S&P 500 Bull 3X Shares (SPXL) for shareholders of record after the close of the markets on Monday, April 1, 2013. The firm will also execute a 2-for-1 forward split of the shares of the Direxion Daily Real Estate Bull 3X Shares (DRN), Direxion Daily Latin America Bull 3X Shares (LBJ), Direxion Daily 7-10 Year Treasury Bull 3X Shares (TYD) and Direxion Daily Small Cap Bull 3X Shares (TNA) for shareholders of record after the close of the markets on Monday, April 1, 2013.
"Sometimes you eat the bar, and sometimes, well, he eats you."
