Reverse Splits Coming for 6 Direxion ETF

Direxion, the eleventh-largest U.S. ETF sponsor, announced reverse splits for six of its popular triple-leveraged ETFs. The Direxion Daily Real Estate 3X Bear Shares DRV, Direxion Daily Emerging Markets Bull 3x Shares EDC, Direxion Daily Financial Bull 3x Shares FAS, Direxion Daily Latin America Bull 3x Shares LBJ, and Direxion Daily 20+ Year Treasury Bear 3x Shares TMV will be reverse split on a 1-for-5 basis. The Direxion Daily Russia Bull 3X Shares RUSL will be reverse split on a 1-for-3 basis. All of the splits will go into effect after the market closes on Wednesday Nov. 9. Direxion had 51 ETFs with $6.7 billion in assets under management at the end of September, according to data from the National Stock Exchange.