Unfortunately for their accounts, some traders are getting NUGT and JNUG. According to Direxion data, NUGT saw nearly $28 million worth of creation activity Wednesday while JNUG added nearly $7.5 million of new assets.
Lest we remind readers that the only Direxion leveraged bullish fund that has performed worse than NUGT and JNUG this month is the Direxion Daily Natural Gas Related Bull 3X Shares (NYSEArca: GASL).
Not only is it unprofitable, at least for the moment, to be long JNUG and NUGT, the addition of new money to those ETFs is, perhaps, coming at the expense of the only two gold miners ETFs that are currently working: The Direxion Daily Gold Miners Bear 3X Shares (NYSEArca: DUST) and the Direxion Daily Junior Gold Miners Index Bear 3X Shares (NYSEArca: JDST).
Direxion data indicate that money has departed DUST and JDST over the past month. That is a pity because DUST is up 28.4% over the past week. Sounds good, but that is a mere pittance compared to the 44.4% gain posted by JDST over the same period.
Direxion Daily Junior Gold Miners Index Bear 3X Shares
