Reverse Splits Coming for 6 Direxion ETF
Direxion, the eleventh-largest U.S. ETF sponsor, announced reverse splits for six of its popular triple-leveraged ETFs.
The Direxion Daily Real Estate 3X Bear Shares (NYSE: DRV), Direxion Daily Emerging Markets Bull 3x Shares (NYSE: EDC), Direxion Daily Financial Bull 3x Shares (NYSE: FAS), Direxion Daily Latin America Bull 3x Shares (NYSE: LBJ), and Direxion Daily 20+ Year Treasury Bear 3x Shares (NYSE: TMV) will be reverse split on a 1-for-5 basis.
The Direxion Daily Russia Bull 3X Shares (NYSE: RUSL) will be reverse split on a 1-for-3 basis. All of the splits will go into effect after the market closes on Wednesday Nov. 9.
Direxion had 51 ETFs with $6.7 billion in assets under management at the end of September, according to data from the National Stock Exchange.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.