Direxion, a leader in alternative investment solutions, has announced it will execute reverse share splits for seven of its leveraged exchange-traded funds (“ETFs”), as well as forward share splits for another two 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.
Reverse Splits
Direxion will execute 1-for-4 reverse splits of the shares of the Direxion Daily India Bull 3X Shares (INDL), Direxion Daily Real Estate Bear 3X Shares (DRV), Direxion Daily Semiconductor Bear 3X Shares (SOXS), Direxion Daily Developed Markets Bear 3X Shares (DPK) and Direxion Daily Natural Gas Related Bear 3X Shares (GASX), effective at the open of the markets on Tuesday, August 20, 2013. The firm will also execute a 1-for-5 reverse split of the shares of the Direxion Daily S&P 500 Bear 3X Shares (SPXS) and a 1-for-10 reverse split of the shares of the Direxion Daily Gold Miners Bull 3X Shares (NUGT), also effective at the open of the markets on Tuesday, August 20, 2013.
A summary of the seven ETFs undergoing reverse splits is as follows (please note the CUSIP changes, effective Tuesday, August 20, 2013):
| ETF | Current CUSIP | New CUSIP | Ratio |
| Direxion Daily Gold Miners Bull 3X Shares (NUGT) |
25459Y496 |
25459Y389 |
1:10 |
| Direxion Daily S&P 500 Bear 3X Shares (SPXS) |
25459W151 |
25459Y371 |
1:5 |
| Direxion Daily India Bull 3X Shares (INDL) |
25459W383 |
25459Y330 |
1:4 |
| Direxion Daily Real Estate Bear 3X Shares (DRV) |
25459Y660 |
25459Y363 |
1:4 |
| Direxion Daily Semiconductor Bear 3X Shares (SOXS) |
25459W128 |
25459Y314 |
1:4 |
| Direxion Daily Developed Markets Bear 3X Shares (DPK) |
25459W169 |
25459Y355 |
1:4 |
| Direxion Daily Natural Gas Related Bear 3X Shares (GASX) |
25459W219 |
25459Y322 |
1:4 |
Forward Splits
In addition, Direxion will execute 2-for-1 forward splits of the shares of the Direxion Daily Gold Miners Bear 3X Shares (DUST) and Direxion Daily Healthcare Bull 3X Shares (CURE) according to the following schedule: