Direxion Announces Reverse Splits For 6 ETFs

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Includes: DRV, EDC, FAS, LBJ, RUSL, TMV
by: Tom Lydon

Direxion, an exchange traded fund provider best known for its leveraged and inverse products, will execute a reverse split for six of its ETFs.

“The total market value of the shares outstanding will not be affected as a result of this reverse split, except with respect to the redemption of fractional shares,” according to a press release.

Five of the six ETFs will undergo a 1-for-5 reverse split:

  • Direxion Daily Real Estate Bear 3x Shares (NYSEARCA:DRV)
  • Direxion Daily Emerging Markets Bull 3x Shares (NYSEARCA:EDC)
  • Direxion Daily Financial Bull 3x Shares (NYSEARCA:FAS)
  • Direxion Daily Latin America Bull 3x Shares (NYSEARCA:LBJ)
  • Direxion Daly 20+ Treasury Bear 3x Shares (NYSEARCA:TMV)

Additionally, one ETF will undergo a 1-for-3 reverse split:

  • Direxion Daily Russia Bull 3x Shares (NYSEARCA:RUSL)

Shareholders of record on Nov. 9 will participate in the reverse splits, Direxion added. “The shares of each ETF will be offered on a split-adjusted basis the following day. [Leveraged ETFs See Inflows]

Max Chen contributed to this article.

Disclosure: None