Last month, Direxion, the second-largest issuer of inverse and leveraged exchange traded funds, said it will reverse split six of its ETFs, including three well-known gold miners funds.
Those reverse splits were supposed to go into effect at the open of the market on September 10, 2015, but Direxion is delaying the splits until Oct. 1.
The Direxion Daily Gold Miners Bull 3X Shares (NYSEArca: NUGT) will undergo a 1-for-10 reverse split while the Direxion Daily Junior Gold Miners Index Bull 3x Shares (NYSEArca: JNUG) will be reverse split on a 1-for-5 basis. The Direxion Daily Natural Gas Related Bull 3X (NYSEArca: GASL) will also be reverse split 1-for-5.
GASL was also reverse split 1-for-10 in May while JNUG was reverse split 1-for-10 in late 2014. [A Reverse Split for JNUG]
The Direxion Daily Financial Bear 3X Shares (NYSEArca: FAZ) and the Direxion Daily Small Cap Bear 3X Shares (NYSEArca: TZA) will also undergo 1-for-4 reverse splits.
“In addition, the per-share net asset value (“NAV”) and next day’s opening market price will be approximately 10, five or four times higher for the Funds. Shares of the Funds will begin trading on NYSE Arca, Inc. (“NYSE Arca”) on a split-adjusted basis on October 1, 2015,” according to a statement issued by Direxion.
Direxion Daily Small Cap Bear 3X Shares
Correction: Incorrectly included DUST as undergoing a reverse split. The Direxion Daily Junior Gold Miners Index Bear 3X Shares (NYSEArca: JDST) will be going under a 1:4 reverse split.