Reverse Splits Coming for 7 Market Vectors ETFs
Market Vectors, the New York-based ETF issuer known for its suite of emerging markets and unique bond ETFs, announced reverse splits for seven of its ETFs.
Three of the the funds that will be reverse split are single-country emerging markets ETFs while the three of the remaining four are equity-based commodities funds.
The effective date of the split will be at market open on July 1, 2013, according to a statement issued by Market Vectors.
The Market Vectors Global Alternative Energy ETF (NYSE: GEX), the Market Vectors Russia Small-Cap ETF (NYSE: RSXJ) and the Market Vectors Uranium+Nuclear Energy ETF (NYSE: NLR) will be reverse split on a 1-for-3 basis.
The Market Vectors Egypt Index ETF (NYSE: EGPT), the Market Vectors India Small-Cap Index ETF (NYSE: SCIF), the Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) and the Market Vectors Rare Earth/Strategic Metals ETF (NYSE: REMX) will be reverse split on a 1-for-4 basis.
GDXJ has $1.2 billion in assets under management, making it fair to call the ETF "popular" by any metric. Even legendary financier George Soros held a stake in the ETF at the end of the first quarter.
The ETF has not rewarded investors' faith. GDXJ, like every other ETF tracking gold miners, has struggled mightily for over a year. At the start of 2013, the fund traded above $20. At this writing, the fund trades below $8.90.
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