Direxion, the Newton, Mass.-based money manager known for its triple-exposure ETFs, completed reverse stock splits effective today on six of the company’s funds, according to the New York Stock Exchange.
The Big Board, reaffirming what Direxion announced last month, said five funds will be one-for-five splits. The affected securities are:
- Direxion Daily Financial Bull 3X Shares (NYSEArca: FAS)
- Direxion Daily Emerging Markets Bull 3X Shares (NYSEArca: EDC)
- Direxion Daily 20+Year Treasury (NYSEArca: TMV)
- Direxion Daily Real Estate Bear 3X Shares (NYSEArca: DRV)
- Direxion Daily Latin America Bull 3X Shares (NYSEArca: LBJ)
The sixth will be a one-for-three reverse split on the Direxion Daily Russia Bull 3X Shares (NYSEArca: RUSL).
Direxion said last month when it first announced the reverse splits that the total market value of each ETF won’t be affected by the actions. However, fractional shares resulting from the reverse splits will be redeemed.
The funds’ primary listing is on Arca, the NYSE’s electronic trading platform. The NYSE made public the reverse splits in a Nov. 9 e-mail.
Two new China ETFs with a different approach have bright futures.
Making the most of an Ed Yardeni call on manufacturing with index funds.
WisdomTree's new currency-hedged Japan ETFs target sectors.
An MSCI-Barclays combo would create a mega-brand in indexing.