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Due to the increased market volatility, and restrictions on Russian securities resulting from sanctions and other measures imposed on Russia by the United States and other countries in response to its invasion of Ukraine, the Board of Trustees (the "Board") of the Direxion Shares ETF Trust has decided to liquidate and close the Direxion Daily Russia Bull 2X Shares (the "Fund"), based on the recommendation of the Funds' adviser, Rafferty Asset Management, LLC ("Rafferty"). The Board determined, after considering Rafferty's recommendation, that it is in the best interests of the Fund and its shareholders to liquidate and terminate the Fund, as it could not conduct its business and operations in an economically efficient manner over the long-term.
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Fund Name |
Ticker |
CUSIP |
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RUSL |
25490K273 |
Shares of the Fund will cease trading on the NYSE Arca, Inc. ("NYSE") as of the close of regular trading on the NYSE on March 11, 2022 (the "Closing Date"). As the Fund announced on February 24, 2022, the Fund is not currently accepting creations of its shares. Prior to the Closing Date, the Fund is not expected to meet its daily investment objective of 200% of the daily performance of its underlying index because it will transitioning to cash and liquidating its portfolio. Additionally, the Fund has and may continue to experience significant premiums/discounts between the market price of the Fund's shares and the Fund's net asset value.
Shareholders may transact in shares of the Fund on an exchange prior to the Closing Date, and customary brokerage charges may apply to these transactions. However, from March 11, 2022 through March 18, 2022 (the "Liquidation Date"), shareholders will not be able to transact in the Fund shares on an exchange, and may only be able to sell their shares to certain broker-dealers, and there is no assurance there will be a market for the Fund's shares during this time period.
On or about the Liquidation Date, the Fund will distribute cash pro rata to all shareholders who have not previously redeemed or sold their shares. These distributions are taxable events. In addition, these payments to shareholders may include accrued capital gains and dividends. As calculated on the Liquidation Date, the Fund's net asset value will reflect the costs of closing the Fund. Once the distributions are complete, the Fund will terminate.
Posted In: RUSL
