Van Eck to Update HOLDRs Exchange Offer on Friday
Van Eck, the sixth-largest U.S. ETF issuer, will update investors on Friday regarding the firm's planned exchanged offer for six of Merrill Lynch's HOLDRs funds. The update will follow Van Eck filing exchange offer documents with the Securities and Exchange Commission (SEC).
Earlier this year, Van Eck said it will exchange offers for the following six HOLDRs funds: The Oil Services HOLDRs (AMEX: OIH), the Semiconductor HOLDRs (AMEX: SMH), the Retail HOLDRs (AMEX: RTH), the Biotech HOLDRs (NYSE: BBH), the Pharmaceutical HOLDRs (AMEX: PPH) and the Regional Bank HOLDRs (AMEX: RKH).
Van Eck said it expects the exchange offers to take place in the fourth quarter of this year. The HOLDRs funds will then become part of Van Eck's Market Vectors ETF family.
Van Eck had 36 ETFs with $25.6 billion in assets under management at the end of August, according to data from the National Stock Exchange.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.