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Direxion to execute reverse share splits for eight ETFs

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Direxion is to carry out reverse share splits for eight of its exchange-traded funds (ETFs), as well as forward share splits for another seven ETFs.

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.
 
The reverse share splits apply to The Direxion Daily S&P 500 Bear 1X Shares (1 for 2), Direxion Daily Gold Miners Index Bull 3X Shares (1 for 4), Direxion Daily Junior Gold Miners Index Bull 3X Shares (1 for 4), Direxion Daily Junior Gold Miners Index Bear 3X Shares (1 for 4), Direxion Daily Semiconductor Bear 3X Shares (1 for 5), Direxion Daily Regional Banks Bear 3X Shares (1 for 5), Direxion Daily Russia Bear 3X Shares (1 for 5), and Direxion Daily S&P 500 Bear 3X Share (1 for 5).
 
The splits are effective at the open of the market on 1 May 2017.
 
As a result of this reverse split, every two, four or five shares of a fund will be exchanged for one share as indicated in the table above. Accordingly, the total number of the issued and outstanding shares for the funds will decrease by the approximate percentage indicated above. In addition, the per share net asset value (NAV) and next day’s opening market price will be approximately two-, four- or five-times higher for the funds. Shares of the funds will begin trading on the NYSE Arca on a split-adjusted basis on 1 May.
 
Additionally, Direxion will execute forward splits of the Direxion Daily S&P 500 Bull 3X Shares (4 for 1), Direxion Daily Latin America Bull 3X Shares (4 for 1), Direxion Daily Small Cap Bull 3X Shares (2 for 1), Direxion Daily Russia Bull 3X Shares (2 for 1), Direxion Daily S&P Oil & Gas Exp & Prod Bull 3X Shares (2 for 1), Direxion All Cap Insider Sentiment Shares (2 for 1), Direxion NASDAQ-100 Equal Weighted Index Shares (2 for 1).
 
As a result of these share splits, shareholders of each fund will receive two or four shares for each share held of the applicable fund as indicated in the table above. Accordingly, the number of each fund’s issued and outstanding shares will increase by the approximate percentage indicated above. 

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