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26.07.2016 23:55
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Direxion Announces Reverse and Forward Share Splits of Nine Leveraged ETFs
Die Abkürzung ETF steht für "Exchange Traded Fund".
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PR Newswire
NEW YORK, July 26, 2016
NEW YORK, July 26, 2016 /PRNewswire/ -- Direxion has announced it will execute reverse share splits for four of its leveraged exchange-traded funds ("ETFs"), as well as forward share splits for another five 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.
Four Reverse Splits
Direxion will execute a 1-for-4 reverse split of the Direxion Daily Natural Gas Related Bear 3X Shares. The firm will also execute a 1-for-5 reverse split of the Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares, Direxion Daily Gold Miners Index Bear 3X Shares and Direxion Daily Junior Gold Miners Index Bear 3X Shares. The splits are effective at the open of the market on Aug. 25, 2016.
A summary of the four ETFs undergoing reverse splits is as follows (please note the CUSIP changes, effective Aug. 25, 2016):
| ETF | Ticker | Current CUSIP | New CUSIP ARIVA.DE Börsen-GeflüsterKurse
| Ratio | Approximate | |||||||||
| Direxion Daily Natural Gas | GASX | 25490K364 | 25490K117 | 1:4 | 75% | |||||||||
| Direxion Daily S&P Oil & Gas | DRIP | 25490K729 | 25490K125 | 1:5 | 80% | |||||||||
| Direxion Daily Gold Miners | DUST | 25490K232 | 25490K133 | 1:5 | 80% | |||||||||
| Direxion Daily Junior Gold | JDST | 25490K224 | 25490K141 | 1:5 | 80% |
As a result of this reverse split, every four or five shares of a Fund will be exchanged for one share as indicated in the table above. Accordingly, the total number of the issued and outstanding shares for the Funds will decrease by the approximate percentage indicated above. In addition, the per share net asset value ("NAV") and next day's opening market price will be approximately four- or five-times higher for the Funds. Shares of the Funds will begin trading on the NYSE Arca, Inc. (the "NYSE Arca") on a split-adjusted basis on Aug. 25, 2016.
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. The table below illustrates the effect of a hypothetical 1-for-4 or 1-for-5 reverse split anticipated for the Funds, as applicable and described above:
1-for-4 Reverse Split
| Period | # of Shares Owned | Hypothetical NAV | Total Market Value |
| Pre-Split | 120 | $10 | $1,200 |
| Post-Split | 30 | $40 | $1,200 |
1-for-5 Reverse Split
| Period | # of Shares Owned | Hypothetical NAV | Total Market Value |
| Pre-Split | 120 | $10 | $1,200 |
| Post-Split | 24 | $50 | $1,200 |
Five Forward Splits
Additionally, Direxion will execute forward splits of the Direxion Daily Brazil Bull 3X Shares, Direxion Daily Real Estate Bull 3X Shares, Direxion Daily 20+ Treasury Bull 3X Shares, Direxion Daily Gold Miners Index Bull 3X Shares and the Direxion Daily Junior Gold Miners Index Bull 3X Shares.
After the close of the markets on Aug. 24, 2016 (the "Payable Date"), each Fund will affect a split of its issued and outstanding shares as follows:
| ETF | Ticker | Forward Split Ratio | Approximate Increase In |
| Direxion Daily Brazil Bull 3X Shares | BRZU | 4-for-1 | 300% |
| Direxion Daily Real Estate Bull 3X Shares | DRN | 4-for-1 | 300% |
| Direxion Daily 20+ Treasury Bull 3X Shares | TMF | 4-for-1 | 300% |
| Direxion Daily Gold Miners Index Bull 3X | NUGT | 5-for-1 | 400% |
| Direxion Daily Junior Gold Miners Index | JNUG | 10-for-1 | 900% |
As a result of these share splits, shareholders of each Fund will receive an additional four, five or ten shares for each share held of the applicable Fund as indicated in the table above. Accordingly, the number of each Fund's issued and outstanding shares will increase by the approximate percentage indicated above.
All share splits will apply to shareholders of record as of the close of NYSE Arca, Inc. (the "NYSE Arca") on Aug. 23, 2016 (the "Record Date"), payable after the close of the NYSE Arca on the Payable Date. Shares of the Funds will begin trading on the NYSE Arca on a split-adjusted basis on Aug. 25. 2016 (the "Ex-Date"). On the Ex-Date, the opening market value of each Fund's issued and outstanding shares, and thus a shareholder's investment value, will not be affected by the share split. However, the per share net asset value ("NAV") and opening market price on the Ex-Date will be approximately one-fourth, one-fifth or one-tenth for the Funds. The tables below illustrate the effect of a hypothetical 4-for-1, 5-for-1 and 10-for-1 split on a shareholder's investment.
4-for-1 Share Split
| Period | # of Shares Owned | Hypothetical NAV | Total Market Value Werbung Mehr Nachrichten zum Fonds kostenlos abonnieren
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