Global X to Reverse Split 3 Gold Miners ETFs, 3 Others
Global X, the New York-based ETF sponsor known for its unique lineup of commodities and emerging markets funds, announced six of its ETFs will be reverse split, including three gold mining-related funds.
The $29.4 million Global X Gold Explorers ETF (NYSE: GLDX) will undergo a 1-for-4 reverse split while the $2.78 million Global X Junior Miners ETF (NYSE: JUNR) will see a 1-for-3 reverse split. The Global X Pure Gold Miners ETF (NYSE: GGGG) will experience a 1-for-2 reverse split. All of those ETFs are down more than 30 percent this year with GLDX the worst performer with a loss of 47 percent.
The reverse splits will go into effect after the close of U.S. markets on May 16, according to a statement from Global X.
Also undergoing a 1-for-3 reverse split will be the Global X Uranium ETF (NYSE: URA). The Global X FTSE Argentina 20 ETF (NYSE: ARGT) and the Global X China Materials ETF (NYSE: CHIM) will also undergo reverse splits. Those funds will also be split on May 16.
The Global X mining ETFs are not the gold mining funds to employ reverse splits this year. In early April, the Direxion Daily Gold Miners Bull 3X Shares (NYSE: NUGT) was revers split one a 5-for-1 basis. NUGT has lost more than 50 percent of its value since the that reverse split.
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