This affectively decreases the total number of shares outstanding by approximately 90%.As a result of the reverse split, a shareholder of a Fund’s shares potentially could hold a fractional share. Shares of the Fund will begin trading on the NYSE Arca, Inc. (the “NYSE Arca”) on a split-adjusted basis on November 22, 2019.Direxion equips investors who are driven by conviction with ETF solutions built for purpose and fine-tuned for precision.
May 24, 2019. NEW YORK, May 24, 2019 /PRNewswire/ -- Direxion has announced it will execute a reverse split of the issued and outstanding shares of the Direxion Daily Mid Cap Bear 3X Shares, Direxion Daily Small Cap Bear 3X Shares, Direxion Daily Financial Bear 3X Shares, Direxion Daily S&P Oil & Gas Exp. The Trust’s transfer agent will notify the Depository Trust Company (“DTC”) of the reverse split and instruct DTC to adjust each shareholder’s investment(s) accordingly. Direxion Announces Reverse Splits of Eight ETFs. & Prod. Otherwise, the reverse splits will not result in a taxable transaction for holders of Fund shares. In addition, the per-share net asset value (“NAV”) and next day’s opening market price will be ten-times higher for the Funds. Direxion Announces Reverse Splits of Leveraged ETF PR Newswire October 21, 2019 NEW YORK, Oct. 21, 2019 /PRNewswire/ -- Direxion will execute a reverse split of … DTC is the registered owner of the Funds’ shares and maintains a record of the Funds’ record owners.As a result of the reverse splits, a shareholder of a Fund’s shares potentially could hold a fractional share.
Past performance is not indicative of future results.More news releases in similar topicsA shareholder's investment value, will not be affected by the reverse split. The Direxion Shares ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged, or daily inverse leveraged, investment results and intend to actively monitor and manage their investment. DTC is the registered owner of the Funds' shares and maintains a record of the Funds' record owners. However, fractional shares cannot trade on the NYSE Arca.
No transaction fee will be imposed on shareholders for such redemption.Also as a result of the reverse splits, each Fund may have outstanding one aggregation of less than 50,000 shares to make a creation unit, or an “odd lot unit.” Thus, each Fund will provide one authorized participant with a one-time opportunity to redeem the odd lot unit at the split-adjusted NAV or the NAV on such date the authorized participant seeks to redeem the odd lot unit.After the close of the markets on June 27, 2019, the Funds will affect reverse splits of their issued and outstanding shares as follows:The next day’s opening market value of the Funds’ issued and outstanding shares, and thus a shareholder’s investment value, will not be affected by the reverse split.
However, fractional shares cannot trade on the NYSE Arca. & Prod. Thus, a Fund will redeem for cash a shareholder’s fractional shares at the Fund’s split-adjusted NAV as of the Record Date. The table below illustrates the effect of a hypothetical one-for-ten reverse split anticipated for the Fund, as applicable and described above: Direxion Announces Reverse Splits of Eight ETFs PR Newswire NEW YORK, May 24, 2019 NEW YORK, May 24, 2019 /PRNewswire/ -- Direxion has announced it will execute a reverse split … Direxion has announced it will execute forward share splits for two of its exchange-traded funds ("ETFs"), as well as reverse share splits for an additional two ETFs. Bull 3X Shares (the "Fund"). No transaction fee will be imposed on shareholders for such redemption.The Trust’s transfer agent will notify the Depository Trust Company (“DTC”) of the reverse split and instruct DTC to adjust each shareholder’s investment(s) accordingly. Direxion Announces Reverse Splits of Leveraged ETF PR Newswire NEW YORK, Oct. 21, 2019 NEW YORK, Oct. 21, 2019 /PRNewswire/ -- Direxion will execute a reverse split … Such redemption may have tax implications for those shareholders and a shareholder could recognize a gain or loss in connection with the redemption of the shareholder’s fractional shares.
NEW YORK, Oct. 21, 2019 /PRNewswire/ -- Direxion will execute a reverse split of the issued and outstanding shares of the Direxion Daily S&P Oil & Gas Exp. Bull 3X Shares (the “Fund”).
Your Personalized Market CenterThe Trust's transfer agent will notify the Depository Trust Company ("DTC") of the reverse split and instruct DTC to adjust each shareholder's investment(s) accordingly. Accordingly, the total number of the issued and outstanding shares for the Funds will decrease by the approximate percentage indicated above. Otherwise, the reverse splits will not result in a taxable transaction for holders of Fund shares. The use of leverage by a Fund increases the risk to the Fund.