Van Eck Global’s Market Vectors ETF Trust is planning to exchange shares of soon-to-be-launched Market Vectors ETFs for shares of six Merrill Lynch HOLDRS. The exchange offer is scheduled to be completed in the fourth quarter of 2011.
The newly redesigned HOLDRS will be benchmarked to Market Vector indices composed of 25 leading stocks within each below listed industry sector.
• Market Vectors Oil Services ETF (OIH)
• Market Vectors Semiconductor ETF (SMH)
• Market Vectors Pharmaceutical (PPH)
• Market Vectors Biotech (BBH)
• Market Vectors Retail (RTH)
• Market Vectors Money-Center Bank (RKH)
Van Eck’s new ETFs are expected to retain the corresponding HOLDRS’ tickers and will be part of the firm’s family of Market Vectors ETFs. Merrill Lynch intends to delist the six HOLDRS included in the transaction upon the completion of Van Eck’s expected exchange offer and liquidate them thereafter
In other product news, Van Eck added the Market Vectors Mortgage REIT Income ETF (MORT) to its ETF roster.
MORT tracks the Market Vectors Global Mortgage REITs Index, a capitalization-weighted Index that includes companies primarily involved in the purchase or service of commercial or residential mortgage loans or mortgage-related securities.