FYI: Direxion Investments, an exchange-traded fund sponsor best known for its leveraged offerings, announced it will implement a series share splits and reverse splits on 19 of its funds, including the Direxion Daily Financial Bull 3X Shares (FAS), next month.
Direxion points out in the release that the total market value of the shares outstanding will not be affected by the splits, except in the case of fractional shares, which will be swapped for cash.
Splits and reverse splits are a kind of housekeeping. Traders don’t want a fund that’s too pricey, or too cheap.
Regards,
Ted
http://blogs.barrons.com/focusonfunds/2015/04/21/direxion-announces-shares-splits-reverse-splits-on-19-etfs/tab/print/
