Van Eck Announces Results Of HOLDRs Exchange
Van Eck, the sixth-largest U.S. ETF issuer and parent of the Market Vectors ETF family, announced the results of its exchange offer for the six HOLDRs funds that are converting to Market Vectors ETFs on Tuesday.
As Benzinga reported earlier the converted funds are as follows: The Market Vectors Biotech ETF (NYSE: BBH), the Market Vectors Bank and Brokerage ETF (NYSE: RKH), the Market Vectors Oil Services ETF (NYSE: OIH), the Market Vectors Pharmaceuticals ETF (NYSE: PPH), the Market Vectors Retail ETF (NYSE: RTH) and the Market Vectors Semiconductor ETF (NYSE: SMH).
Van Eck said in a statement that over 33.7 million shares across the six HOLDRs funds were tendered today, representing $2.3 billion, or 70% of those ETFs' assets under management.
The new Market Vectors ETFs will begin trading on Wednesday and retain their old HOLDRs tickers. There will now be 11 HOLDRS left, but not for long. Those 11 will be liquidated on Friday.
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