Direxion Announces Reverse Splits of Five ETFs
Summary
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 days opening market price will be approximately five- or ten-times higher for the Funds. The next days opening market value of the Funds issued and outstanding shares, and thus a shareholders investment value, will not be affected by the reverse split. The table below illustrates the effect of a hypothetical one-for-five or one-for-ten reverse split anticipated for the Funds, as applicable and described above: The Trusts transfer agent will notify the Depository Trust Company ("DTC") of the reverse split and instruct DTC to adjust each shareholders investment(s) accordingly. Each Fund does not attempt to, and should not be expected to, provide returns which are three times the inverse (or opposite) performance of its underlying index for periods other than a single day.
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