Ron Rowland submits:

By Patrick Watson

Effective Thursday morning two of the DirexionShares ETFs began trading with a reverse split. Daily Financial Bull 3X Shares (FAS) split at 1-for-5 while Daily Financial Bear 3X Shares (FAZ) had a 1-for-10 split. For every five shares of FAS you owned as of Wednesday’s close, you now have just one share which is worth five times as much. Likewise for FAZ, except the ratio is 1:10.

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