NEW YORK, July 27, 2020 /PRNewswire/ -- Direxion has announced it will execute a reverse split of the issued and outstanding shares of the Direxion Daily S&P Biotech Bear 3X Shares, Direxion Daily Semiconductor Bear 3X Shares, Direxion Daily Communication Services Index Bear 3X Shares, Direxion Daily Consumer Discretionary Bear 3X Shares, Direxion Daily Dow Jones Internet Bear 3X Shares, and the Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares (each, a "Fund" and collectively, the "Funds"). 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.
After the close of the markets on August 27, 2020, the Funds will affect reverse splits of their issued and outstanding shares as follows:
Fund Name
Reverse
Split Ratio
Approximate decrease in
total number of
outstanding shares
Direxion Daily S&P Biotech Bear 3X Shares
1 for 20
95%
Direxion Daily Semiconductor Bear 3X Shares
1 for 12
92%
Direxion Daily Communication Services Index Bear 3X Shares
1 for 10
90%
Direxion Daily Consumer Discretionary Bear 3X Shares
1 for 10
90%
Direxion Daily Dow Jones Internet Bear 3X Shares
1 for 10
90%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares
1 for 10
90%
