It seems to me by reading their submission that the problem exists in maintaining the integrity of their defined holdings which is outlined to contain at least 80% of such tied to junior minors and gold. That junior minors valuations have been greatly surpassed by the the assets held by and valuation of the ETF creating a dilemma of superiority and potential manipulation of the sublime assets they are made up of. Thereby creating a divergent and potentially unscrupulous modification to their holdings resulting in a refined ETF purpose.
I may be interpreting this wrong, but this is certainly not a bad thing. The concern lies in what they do with the cushion meat. If they take on more currently valued assets tied to gold but not junior minors, then a retreat in gold puts a quicker decline on the etf as they haven't benefited from the recent run up. However, if gold continues its uptrend, the upside of JNUG would be amplified. Either way, there should be a reset with a strong gap up to correctly value the etf. The minors held will show their numbers at some point but certainly should be consistently up not tumbling as some have shown.
We shall see, but I see this as a positive showing of the cards which is good for investors holding her into this revelation and should spring board into Monday's premarket and open. This is not my cup of tea but seems logical.
There is another side of the coin that could be looked at, in that the juniors valuation held doesn't match that of the current valuation of JNUG. That is not what they are stating and would call for a gap down.
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