Direxion, the second-largest issuer of invers and leveraged exchange traded funds, said today it is splitting 19 of its geared funds. The splits include eight reverse splits and 11 traditional, or forward splits.
Direxion will reverse split the Direxion Daily Brazil Bull 3x Shares (NYSEArca: BRZU), Direxion Daily FTSE China Bear 3X Shares (NYSEArca: YANG) and the Direxion Daily Natural Gas Related Bull 3X (NYSEArca: GASL) on a 1-for-10 basis. Five other Direxion ETFs will be reverse split on a 1-for-four basis.
Those splits will be effective at the open of the market on May 20, 2015, according to a statement issued by Direxion.
Of the 11 ETFs undergoing forward splits, 10 will be split 4-for-1 while the Direxion Daily 7-10 Treasury Bull 2x Shares (NYSEArca: SYTL) will be split 2-for-1. SYTL, which debuted in late July, attempts to deliver 200% of the daily performance of the NYSE 7-10 Year Treasury Bond Index (AXSVTN). That ETF was reverse split 1-for-2 in November. [Upcoming Reverse Splits for Leveraged ETFs]