Direxion Announces Reverse, Forward Splits for 16 ETFs

Direxion, the second-largest sponsor of leveraged and inverse ETFs, said today it will reverse split eight of its leveraged funds while another eight will see more traditional share splits, also known as forward splits. The reverse splits will go into effect after the close of trading on Monday April 1. Among the funds that will be reverse split is the Direxion Daily Energy Bear 3X Shares ERY, which will undergo a 1-for-6 reverse split. The following Direxion ETFs will see 1-for-5 reverse splits: The Direxion Daily China Bear 3X Shares YANG, the Direxion Daily Emerging Markets 3X Bear Shares EDZ and the Direxion Daily Gold Miners Bull 3X Shares NUGT. In July 2012, Benzinga predicted NUGT would be reverse split. The Direxion Daily Financial Bear 3X Shares FAZ and the Direxion Daily Small Cap 3X Bear Shares TZA will be reverse split on a 1-for-4 basis. The Direxion Daily Mid Cap Bear 3X Shares MIDZ will undergo a 1-for-3 reverse split. Four Direxion ETFs will experience traditional splits on a 3-for-1 basis. Those funds are the Direxion Daily Financial Bull 3X Shares FAS, the Direxion Daily Retail Bull 3X Shares RETL, the Direxion Daily Emerging Markets 3X Bull Shares EDC and the Direxion Daily S&P 500 Bull 3X Shares SPXL. The Direxion Daily Real Estate Bull 3X Shares DRN, the Direxion Daily Latin America Bull 3X Shares LBJ, the Direxion Daily 7-10 Year Treasury Bull 3X Shares TYD and the Direxion Daily Small Cap 3X Daily Shares TNA will undergo 2-for-1 forward splilts. The forward splits will also go into effect after the close of trading on April, according to a statement issued by Direxion. For more on ETFs, click here.