The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. Tucker Hewes, Hewes Communications, Inc., 212.207.9451, tucker@hewescomm.com. For other risks including leverage, correlation, daily compounding, market volatility and risks specific to an industry or sector, please read the prospectus. After the close of the markets on March 23, 2020, the Funds will affect reverse splits of their issued and outstanding shares as follows: Approximate decrease in total number of outstanding shares, Direxion Daily Natural Gas Related Bull 3X Shares, Direxion Daily S&P Oil & Gas Exp. Alexei Andronov/TASS (Photo by Alexei Andronov\TASS via Getty Images). total number of The ticker symbols for the funds will not change. Or how does this work? For other risks including leverage, correlation, daily compounding, market volatility and risks specific to an industry or sector, please read the prospectus. In short, reverse splits are generally not a good thing. This and other information can be found in their summary and full prospectuses. Direxion to execute a 1-for-10 reverse split of the outstanding shares of the Direxion Daily S&P Oil & Gas Exp. I hope that is soon. An investor should carefully consider a Fund's investment objective, risks, charges, and expenses before investing. Best to close your position sooner rather than later. Also, for the first two groups, USO’s recent wave of liquidity has created an easy way to go short and/or hedge against long positions in crude oil. Read them carefully before investing. Cash will be paid in lieu of fractional shares. From the FAQ: I was so horrified at discovering at the minute size of both USO’s sponsor (USCF had $6.2 million in assets as of December 31, 2019) and that sponsor’s controlling shareholder, Concierge Technologies (a publicly-traded company with a $17 million market capitalization,) during my research for this. Stockhouse.com is owned by Stockhouse Publishing Ltd. © 2019 Stockhouse Publishing Ltd. All rights reserved. Strategies -- The ticker symbols for the funds will not change.

Accordingly, the total number of the issued and outstanding shares for a Fund will decrease by the approximate percentage indicated above. Am I just out the money and an idiot for holding calls on a leveraged ETF that was trading near 0? The problem with the reverse share split is that, as also noted in today’s USCF FAQ, those 100,000 share blocks that were issued in creation baskets will now become 12,500 share blocks. Bid/ask spreads will widen as open interest goes down. Who could afford to pay $13 million to create 1.3 billion new shares in a fund whose price has been plunging as COVID-19 concerns have pressured demand for oil? The following table shows the effect of a hypothetical 1-for-4 reverse split: For shareholders who hold quantities of shares that are not an exact multiple of the reverse split ratio (for example, not a multiple of 4 for a 1-for-4 reverse split), the reverse split will result in the creation of a fractional share (as an example, a shareholder that holds 5 shares, a 1-for-4 reverse split would result in 1 and ¼ shares). That’s more than a quarter of the 713.5 million barrel capacity of the U.S. Strategic Petroleum Reserve, according to the Department of Energy. & Prod. Cookies are used to offer you a better browsing experience and to analyze our traffic.

So, USO’s sponsor has raised the specter of redemptions of USO, and such moves would only serve to increase the downward pressure on USO’s share price. Please go to the link in the email message to retrieve your password. Cision Distribution 888-776-0942

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