Freitag, 01.03.2013 21:45 von PR Newswire | Aufrufe: 490

Direxion Announces Reverse And Forward Share Splits Of 16 ETFs

Die Abkürzung ETF steht für "Exchange Traded Fund". © Nuthawut Somsuk / iStock Getty Images Plus / Getty Images http://www.gettyimages.de/

PR Newswire


BOSTON, March 1, 2013 /PRNewswire/ -- Direxion, a leader in alternative investment solutions, announced today it will execute reverse share splits for eight of its leveraged exchange-traded funds ("ETFs"), as well as forward share splits for another eight leveraged ETFs. The total market value of the shares outstanding will not be affected as a result of these splits, except with respect to the redemption of fractional shares, as outlined below.

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The firm will execute a 1-for-6 reverse split of the shares of the Direxion Daily Energy Bear 3X Shares (ERY) and a 1-for-5 reverse split of the shares of the Direxion Daily China Bear 3X Shares (YANG), Direxion Daily Emerging Markets Bear 3X Shares (EDZ), Direxion Daily Technology Bear 3X Shares (TECS) and Direxion Daily Gold Miners Bull 3X Shares (NUGT) for shareholders of record after the close of the markets on Monday, April 1, 2013. The firm will also execute a 1-for-4 reverse split of the shares of the Direxion Daily Financial Bear 3X Shares (FAZ) and Direxion Daily Small Cap Bear 3X Shares (TZA), and a 1-for-3 reverse split of the shares of the Direxion Daily Mid Cap Bear 3X Shares (MIDZ) for shareholders of record after the close of the markets on Monday, April 1, 2013.

Additionally, Direxion will execute a 3-for-1 forward split of the shares of the Direxion Daily Financial Bull 3X Shares (FAS), Direxion Daily Retail Bull 3X Shares (RETL), Direxion Daily Emerging Markets Bull 3X Shares (EDC) and Direxion Daily S&P 500 Bull 3X Shares (SPXL) for shareholders of record after the close of the markets on Monday, April 1, 2013. The firm will also execute a 2-for-1 forward split of the shares of the Direxion Daily Real Estate Bull 3X Shares (DRN), Direxion Daily Latin America Bull 3X Shares (LBJ), Direxion Daily 7-10 Year Treasury Bull 3X Shares (TYD) and Direxion Daily Small Cap Bull 3X Shares (TNA) for shareholders of record after the close of the markets on Monday, April 1, 2013.

A summary of the eight ETFs undergoing reverse splits is as follows (Please note the CUSIP changes, effective April 2, 2013):

ETF                                                 

CURRENT CUSIP

NEW CUSIP

RATIO





Direxion Daily Energy Bear 3X Shares (ERY) 

25459W342 

25459Y454

1:6





Direxion Daily China Bear 3X Shares (YANG)       

25459W763 

25459Y462

1:5





Direxion Daily Emerging Markets Bear 3X Shares (EDZ) 

25459W482 

25459Y470

1:5





Direxion Daily Technology Bear 3X Shares (TECS)       

25459W318 

25459Y439

1:5





Direxion Daily Gold Miners Bull 3X Shares (NUGT)         

25459W250 

25459Y496

1:5





Direxion Daily Financial Bear 3X Shares (FAZ)     

25459W144 

25459Y447

1:4





Direxion Daily Small Cap Bear 3X Shares (TZA)         

25459W110 

25459Y488

1:4





Direxion Daily Mid Cap Bear 3X Shares (MIDZ)       

25459W136  

25459Y421 

1:3

A summary of the eight ETFs undergoing forward splits is as follows (CUSIPs remain the same):

ETF   

CUSIP

RATIO




Direxion Daily Financial Bull 3X Shares (FAS)

25459Y694

3:1




Direxion Daily Retail Bull 3X Shares (RETL)

25459W417

3:1




Direxion Daily Emerging Markets Bull 3X Shares (EDC)   

25459Y686

3:1




Direxion Daily S&P 500 Bull 3X Shares (SPXL) 

25459W862

3:1




Direxion Daily Real Estate Bull 3X Shares (DRN)     

25459W755

2:1




Direxion Daily Latin America Bull 3X Shares (LBJ)                   

25459Y652

2:1




Direxion Daily 7-10 Year Treasury Bull 3X Shares (TYD)

25459W565

2:1




Direxion Daily Small Cap Bull 3X Shares (TNA)

25459W847

2:1

Shareholders of record of the above ETFs on April 1, 2013 will participate in the reverse and forward splits. The Depository Trust Company ("DTC"), the registered owner of all ETF shares, has been notified of the reverse and forward splits and has been instructed to adjust each shareholder's investment accordingly.

The shares of each ETF will be offered on a split-adjusted basis on Tuesday, April 2, 2013. As stated previously, the total market value of the shares outstanding will not be affected as a result of the reverse and forward splits, except with respect to the redemption of fractional shares, as outlined below.

Hypothetical Example of 1-for-6 reverse split:

1-for-6 Reverse Split

Period

# of Shares Owned

 Hypothetical Market Price  

Total Share Value

Pre-Split    

120

$10

$1,200

Post-Split 

20

$60

$1,200

Hypothetical Example of 3-for-1 forward split:

3-for-1 Forward Split

Period 

  # of Shares Owned    

 Hypothetical Market Price

Total Share Value

Pre-Split  

30

$30

$900

Post-Split

90

$10

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