Direxion Sets Reverse Splits On 6 ETFs

Direxion, the Newton, Mass.-based fund company known for its triple-exposure ETFs, is planning 1-for-5 reverse splits on five of its ETFs and a 1-for-3 reverse split on a sixth ETF, in a move that will decrease the number of shares and raise their prices.

The five ETFs that will undergo 1-for-5 reverse split are:

1. Direxion Daily Financial Bear 3x Shares (NYSEArca: FAZ )
2. Direxion Daily Large Cap Bear 3x Shares (NYSEArca: BGZ )
3. Direxion Daily Mid Cap Bear 3x Shares (NYSEArca: MWN )
4. Direxion Daily Developed Markets Bear 3x Shares (NYSEArca: DPK )
5. Direxion Daily Semiconductor Bear 3x Shares (NYSEArca: SOXS )

The 1-for-3 reverse split will occur on the Direxion Daily Small Cap Bear 3x Shares (NYSEArca:TZA - News), the company said in a press release.

All the reverse splits apply to shareholders of record after the close on Feb. 23, and post-split shares will be available to investors on Feb. 24, the company said.