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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
BBH, the Market Vectors Bank and Brokerage ETF
RKH, the Market Vectors Oil Services ETF
OIH, the Market Vectors Pharmaceuticals ETF
PPH, the Market Vectors Retail ETF
RTH and the Market Vectors Semiconductor ETF
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In: NewsSector ETFsSpecialty ETFsNew ETFsAfter-Hours CenterMarketsTrading IdeasETFsVan Eck Global
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