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Direxion Announces Reverse Split of FNGG

January 20, 2023
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Reverse Split to be Followed by Index and Name Change

NEW YORK—January 20, 2023— Direxion, a leading provider of leveraged & inverse and thematic ETFs, has announced it will execute a reverse split of the issued and outstanding shares of the Direxion Daily Select Large Caps & FANGs Bull 2X Shares (Ticker: FNGG) (the “Fund”). The total market value of the shares outstanding will not be affected as a result of this split, except with respect to the redemption of fractional shares, as outlined below.

Reverse Split

After the close of the markets on February 10, 2023, the Fund will affect a reverse split of its issued and outstanding shares as follows:

Fund Name Reverse Split Ratio Approximate decrease in total number of outstanding shares
Direxion Daily Select Large Caps & FANGs Bull 2X Shares1 for 1090%

Please note the CUSIP change, effective February 13, 2023:

Fund Name Ticker Current CUSIP New CUSIP
Direxion Daily Select Large Caps & FANGs Bull 2X SharesFNGG25460G57525460G161

As a result of the reverse split, every ten shares of the Fund will be exchanged for one share as indicated in the table above. Accordingly, the total number of the issued and outstanding shares for the Fund will decrease by the approximate percentage indicated above. In addition, the per share net asset value (“NAV”) and next day’s opening market price will be approximately ten-times higher for the Fund. Shares of the Fund will begin trading on the NYSE Arca, Inc. (the “NYSE Arca”) on a split-adjusted basis February 13, 2023.

The next day’s opening market value of the Fund’s issued and outstanding shares, and thus a shareholder’s investment value, will not be affected by the reverse split. The table below illustrates the effect of a hypothetical one-for-ten reverse split anticipated for the Fund as described above:

1-for-10 Reverse Split

Period # of Shares Owned Hypothetical NAV Total Market Value

Redemption of Fractional Shares and Tax Consequences of the Reverse Split

As a result of the reverse split, a shareholder of the Fund’s shares potentially could hold a fractional share. However, fractional shares cannot trade on the NYSE Arca. Thus, the Fund will redeem for cash a shareholder’s fractional shares at the Fund’s split-adjusted NAV after the close of the markets on February 10, 2023. Such redemption may have tax implications for those shareholders and a shareholder could recognize a gain or loss in connection with the redemption of the shareholder’s fractional shares. Otherwise, the reverse split will not result in a taxable transaction for holders of Fund shares. No transaction fee will be imposed on shareholders for such redemption.

“Odd Lot” Unit

Also as a result of the reverse split, the Fund may have outstanding one aggregation of less than 50,000 shares to make a creation unit, or an “odd lot unit.” Thus, the Fund will provide one authorized participant with a one-time opportunity to redeem the odd lot unit at the split-adjusted NAV or the NAV on such date the authorized participant seeks to redeem the odd lot unit.

The Direxion Shares ETF Trust’s transfer agent will notify the Depository Trust Company (“DTC”) of the reverse split and instruct DTC to adjust each shareholder’s investment(s) accordingly. DTC is the registered owner of the Fund’s shares and maintains a record of the Fund’s record owners.

Index and Name Change

Following the reverse split, Direxion will change the underlying index and investment objective of the Direxion Daily Select Large Caps & FANGs Bull 2X Shares (Ticker: FNGG). With this index change, the Fund will offer traders more precise exposure to highly-traded growth stocks of technology and tech-enabled companies from the information technology, communication services and consumer discretionary sectors. On or about March 1, 2023, the Fund’s underlying index will change as shown in the table below:

Fund Name Current Index New Index
Direxion Daily Select Large Caps & FANGs Bull 2X SharesICE FANG 20 IndexNYSE FANG+ Index

Additionally, the Fund’s name will change as shown in the table below:

Current Fund Name New Fund Name
Direxion Daily Select Large Caps & FANGs Bull 2X SharesDirexion Daily NYSE FANG+ Bull 2X Shares

All Direxion leveraged and inverse ETFs are intended only for investors with an in-depth understanding of the risks associated with seeking leveraged investment results, and who plan to actively monitor and manage their positions. There is no guarantee these ETFs will meet their objective. Please visit the Direxion Leveraged and Inverse ETF Education Center, where you will find educational brochures, videos, and a self-paced online course to help you understand if leveraged ETFs are right for you.

About Direxion:

Direxion equips investors who are driven by conviction with ETF solutions built for purpose and fine-tuned for precision. These solutions are available for a broad spectrum of investors, whether executing short-term tactical trades, or investing in thematic strategies. Direxion’s reputation is founded on developing products that precisely express market perspectives and allow investors to manage their risk exposure. Founded in 1997, the company has approximately $23.0 billion in assets under management as of December 31, 2022. For more information, please visit

There is no guarantee that the Funds will achieve their investment objectives.

For more information on all Direxion Shares daily leveraged ETFs, go to, or call us at 866.301.9214.

Leveraged and Inverse ETFs pursue daily leveraged investment objectives, which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying index over periods longer than one day. They are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk and who actively manage their investments.

An investor should carefully consider a Fund’s investment objective, risks, charges, and expenses before investing. A Fund’s prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund’s prospectus and summary prospectus call 866-716-0735 or visit our website at A Fund’s prospectus and summary prospectus should be read carefully before investing.

Direxion Shares Risks – An investment in the Fund involves risk, including the possible loss of principal. The Fund is non-diversified and include risks associated with the Fund's concentrating its investments in a particular industry, sector, or geography which can increase volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. Risks of the Fund include Effects of Compounding and Market Volatility Risk, Leverage Risk, Market Risk, Counterparty Risk, Rebalancing Risk, Intra-Day Investment Risk,  Daily Index Correlation Risk, and Other Investment Companies (including ETFs) Risk. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation, and competition, both domestically and internationally, including competition from competitors with lower production costs. The communication services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Please see the summary and full prospectuses for a more complete description of these and other risks of the Fund.

Distributor: Foreside Fund Services, LLC.