BOSTON, Feb. 22, 2011 /PRNewswire/ -- Direxion, a pioneer in providing alternative investment strategies to sophisticated investors, will execute a 1-for-5 reverse split of the shares of the Direxion Daily Financial Bear 3x Shares (FAZ), Direxion Daily Large Cap Bear 3x Shares (BGZ), Direxion Daily Mid Cap Bear 3x Shares (MWN), Direxion Daily Developed Markets Bear 3x Shares (DPK) and Direxion Daily Semiconductor Bear 3x Shares (SOXS) for shareholders of record after the close of the markets on Feb. 23, 2011.
Additionally, the firm will execute a 1-for-3 reverse split of the shares of the Direxion Daily Small Cap Bear 3x Shares (TZA), for shareholders of record after the close of the markets on Feb. 23, 2011.
The reverse split for the six ETFs was previously announced on Feb. 2, 2011 http://direxionshares.com/pdfs/PR_Reverse_Split_020211.pdf.
To speak to a member of the Direxion team, or request more information, please contact James Doyle at (973) 400-1341 or email@example.com.
Direxion Funds and Direxion Shares, managed by Rafferty Asset Management, LLC, offer leveraged index funds, ETFs and alternative-class fund products for investment advisors and sophisticated investors who seek to effectively manage risk and return in both bull and bear markets. Founded in 1997, the company has approximately $7.5 billion in assets under management as of 12/31/10. The company's business model is built on continuous product innovation, exceptional customer service and a commitment to building strategic relationships with distribution partners. For more information, please visit www.direxionshares.com.
An investor should consider the investment objectives, risks, charges, and expenses of Direxion Shares carefully before investing. The prospectus and summary prospectus contains this and other information about Direxion Shares. To obtain a prospectus, please visit www.direxionshares.com. The prospectus and summary prospectus should be read carefully before investing.
Investing in the funds may be more volatile than investing in broadly diversified funds. The use of leverage by a fund increases the risk to the fund. The more a fund invests in leveraged instruments, the more the leverage will magnify gains or losses on those investments.
The Leveraged ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged investment results and intend to actively monitor and manage their investments. Leverage ETFs are not designed to track the underlying index over a longer period of time.
The risks associated with the funds are detailed in the prospectus which include adverse market condition risk, adviser's investment strategy risk, aggressive investment techniques risk, concentration risk, counterparty risk, credit and lower-quality debt securities risk, equity securities risk, currency exchange risk, daily correlation risk, daily rebalancing and market volatility risk, early close/trading halt risk, depository receipt risk, foreign and emerging markets securities risk, sector securities risk, interest rate risk, inverse correlation risk, leverage risk, market risk, non-diversification risk, retail sector risk, shorting risk, small and mid cap company risk, tracking error risk, market timing activity and high portfolio turnover risk, commodities securities risk, geographic concentration risk, valuation time risk, derivatives risk, risks of investing in small- and/or mid-capitalization companies, natural gas sector risk, negative implications of daily goals in volatile markets risk, risks of investing in mining and metal industry securities, commodity-linked derivatives risk, wholly-owned subsidiary risk, tax and distribution risk, options and futures contracts risks, security selection risk, Debt Instrument Risk, Gain Limitation Risk, Real Estate Investment Risk, U.S. Government Securities Risk, and Special Risks of Exchange-Traded Funds.
Distributed by: Foreside Fund Services, LLC.