Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF (DRIP) Stock News

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.