Market Vectors announced Friday that the Market Vectors ETF Trust Board of Trustees has approved share splits for five Market Vectors exchange-traded funds launched after the firm completed its exchange offer for Merrill Lynch HOLDRS.
The splits will take place on Feb. 10, and will be payable on Feb. 13. Shares will begin trading the following day.
As a result of the splits, share prices will fall due to the increased number of shares outstanding, “but will not change the total value of the shares outstanding,” according to the company. The firm expects that lower share prices will make the funds more accessible and anticipates greater liquidity.
The Market Vectors Semiconductor ETF (SMH), which was launched with the five ETFs covered by the split, is not affected was trading at over $33 on Friday.
Market Vectors ETFs are distributed by Van Eck Global.