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Direxion has announced a reverse split of shares for three of its exchange-traded funds: Direxion Daily Energy Bear 2X Shares (ERY), Direxion Daily CSI China Internet Index Bull 2X Shares (CWEB), and Direxion Daily FTSE China Bull 3X Shares (YINN). Effective May 27, 2022, ERY and CWEB will undergo a 1-for-10 reverse split, while YINN will have a 1-for-20 reverse split. As a result, the approximate decrease in outstanding shares will be 90% for ERY and CWEB, and 95% for YINN. The market value of shares will remain unchanged post-split, and shares will start trading on a split-adjusted basis on May 31, 2022.
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