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Direxion announced a reverse split for its ETFs: DRIP and SOXS. Effective after the market closes on March 25, 2022, each fund will execute a 1-for-10 reverse split, resulting in a 90% decrease in the total number of outstanding shares. The new shares will trade on a split-adjusted basis starting March 28, 2022. The reverse split will not affect total market value, although fractional shares will be redeemed for cash at the adjusted NAV, which may have tax implications for shareholders.
Direxion has announced a change to the underlying index and investment objective for its Direxion Daily Semiconductor Bull 3X Shares (SOXL) and Direxion Daily Semiconductor Bear 3X Shares (SOXS). Effective around August 25, 2021, both ETFs will switch from the PHLX Semiconductor Sector Index to the ICE Semiconductor Index. These leveraged ETFs are designed for investors with a strong understanding of the inherent risks and are intended for active management. Direxion currently manages approximately $24.3 billion in assets as of March 31, 2021.
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