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Direxion Asset Management closing 3X leveraged gold ETF
Tuesday, May 26, 2015
NEW YORK -- The Direxion Shares ETF Trust II has decided to liquidate and close the Direxion Daily Gold Bull 3X Shares (BAR) exchange-traded fund based on the recommendation of Direxion Asset Management LLC, the fund's sponsor.
Due to the fund's inability to attract sufficient investment assets, Direxion believes the fund cannot continue to conduct its business and operations in an economically efficient manner. As a result, Direxion concluded that liquidating and closing the fund would be in the best interests of the fund and its shareholders.
Shares of the Fund will stop trading on the NYSE Arca Inc. and will no longer be open to purchase by investors after the close of regular trading on June 19, 2015. Shareholders may sell their holdings in the fund prior to June 19 and those transactions may be subject to customary brokerage charges. Between June 22 and June 26 shareholders may be able to sell their shares only to certain broker-dealers and there is no assurance that there will be a market for the fund during that time.
On June 26 the Fund will liquidate its assets and distribute cash pro rata to shareholders who have not previously redeemed or exchanged their shares. These payments are taxable and will include any accrued capital gains and dividends. The fund's net asset value will reflect the costs of closing the fund as calculated on the liquidation date. The fund will close when the distributions are complete. ...
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