Five Market Vectors ETFs to Split

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Van Eck's Market Vectors unit, the fifth-largest U.S. ETF issuer, said today it will split the shares of five of the six HOLDRs funds
the firm acquired in December
. The ETFs subject to the split will be the Market Vectors Oil Services ETF
OIH
, the Market Vectors Biotech ETF
BBH
, the Market Vectors Retail ETF
RTH
, the Market Vectors Pharmaceuticals ETF
PPH
and the Market Vectors Bank and Brokerage ETF
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RKH
. OIH, BBH and RTH will be split on a 3-for-1 basis while PPH and RKH will be split 2-for-1. The splits will take place for shareholders of record as of the close of business on Feb. 10, 2012 and will be payable Feb. 13. The ETFs will begin trading on the split-adjusted basis on Feb. 14. The Market Vectors Semiconductors ETF
SMH
, which was the other HOLDRs fund acquired by Van Eck, will not be subject to the split. OIH, BBH and RTH all currently trade over $100 while RKH is flirting with $80 and PPH is over $72,. To that end, Market Vectors expects lower prices for the ETFs to enhance liquidity and lead to tighter bid/ask spreads. Most of the bid/ask spreads for the funds are currently decent, but at this writing, BBH had a bid/ask spread of 16 cents.
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Posted In: NewsSector ETFsNew ETFsStock SplitIntraday UpdateMarketsTrading IdeasETFsVan Eck Global
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