Direxion Investments is to extend the date for executing reverse share splits for six of its leveraged exchange-traded funds (ETFs) to 1 October, 2015.
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.
Direxion will execute reverse splits of the issued and outstanding shares of the Direxion Daily Gold Miners Index Bull 3X Shares, Direxion Daily Natural Gas Related Bull 3X Shares, Direxion Daily Junior Gold Miners Index Bull 3X Shares, Direxion Daily Junior Gold Miners Index Bear 3X Shares, Direxion Daily Financial Bear 3X Shares and the Direxion Daily Small Cap Bear 3X Shares, effective at the open of the market on 1 October, 2015.
In addition, the per-share net asset value (NAV) and next day's opening market price will be approximately 10, five or four times higher for the Funds. Shares of the Funds will begin trading on NYSE Arca, Inc. ("NYSE Arca") on a split-adjusted basis on 1 October, 2015.
