What happens when a triple-leveraged exchange traded fund tumbles almost 72 percent on a year-to-date basis? It likely receives a mandatory invitation to a reverse split party.
Such is life for the Direxion Daily Gold Miners Bull 3X Shares (NYSE: NUGT). The largest triple-leveraged gold miners ETF, which closed just over $3 last Friday, will be reverse split 1-for-10 with that split going into effect prior to the open of U.S. markets on September 10, according to a statement issued by Direxion.
With gold and gold miners being taken to the woodshed in 2015, NUGT is not the only leveraged miners that ...
/www.benzinga.com/trading-ideas/long-ideas/15/08/5749867/leveraged-gold-miners-etfs-to-host-reverse-split-party alt=Leveraged Gold Miners ETFs To Host Reverse Split Party>Full story available on Benzinga.com
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