Replies to post #256 on Direxion 3X Russell Funds (TNA)

[3xBuBu]

you got me,
I never get caught like that before,
for stocks: “Odd Lot” Unit

Also as a result of the reverse splits, each Fund will have outstanding one aggregation of less than 50,000 shares to make a creation unit, or an “odd lot unit.” Thus, each Fund will provide one authorized participant with a one-time opportunity to redeem the odd lot unit at the split-adjusted NAV or the NAV on such date the authorized participant seeks to redeem the odd lot unit.
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6396328
For options, I guess it could be the same treatment, IMO