Direxion Reverse-Splits 6 ETFs
November 10, 2011
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:
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.
Paul and Ugo discuss the rumors surrounding the SEC's new approach to passive ETFs and whether investors have learned any lessons from the recent moves in gold.See All