Direxion is to execute a 1-for-5 reverse split of the shares of six of its exchange traded funds.
The ETFs in question are: Direxion Daily Financial Bear 3x Shares (FAZ), Direxion Daily Large Cap Bear 3x Shares (BGZ), Direxion Daily Mid Cap Bear 3x Shares (MWN), Direxion Daily Developed Markets Bear 3x Shares (DPK) and Direxion Daily Semiconductor Bear 3x Shares (SOXS) and the splits affect shareholders of record after the close of the markets on Wednesday, 23 February, 2011.
Additionally, Direxion is to execute a 1-for-3 reverse split of the shares of the Direxion Daily Small Cap Bear 3x Shares (TZA) also for shareholders of record after the close of the markets on Wednesday, Feb. 23, 2011.
