Direxion Daily Mid Cap Bear 3X Shares (MWN) Trades At New Price Today After Reverse Split

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June 25, 2009 12:29pm ETF BASIC NEWS NYSE:MWN

direxionDirexion Daily Mid Cap Bear 3X Shares (MWN), whose investment strategy to replicate, net of expenses, 300% of the inverse daily performance of the Russell MidCap Index, executed a 1-for-2 reverse split after the closing of the markets on Wednesday, June 24, 2009. MWN shares began trading on a split-adjusted basis on This morning.  As a result


 of the reverse split, a shareholder of MWN could potentially hold a fractional share. However, fractional shares cannot trade on NYSE Arca. Thus, MWN will redeem for cash a shareholder’s fractional shares at MWN’s split-adjusted NAV as of June 24, 2009. Such redemption’s could cause a shareholder to realize a gain or loss in connection with the redemption of the shareholder’s fractional share. Otherwise, the reverse split will not result in a taxable transaction for holders of MWN shares. No transaction fee will be imposed on shareholders for such redemption.

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