Van Eck Global and Merrill Lynch & Co., a subsidiary of Bank
of America Corporation ("Merrill Lynch"), have entered into an
agreement relating to Merrill Lynch-sponsored HOLding Depository
ReceiptS (“HOLDRS”). Van Eck’s Market Vectors ETF Trust plans to
offer investors in six HOLDRS -- Oil Services (OIH), Semiconductor
(SMH), Pharmaceutical (PPH), Biotech (BBH), Retail (RTH), and
Regional Bank (RKH) -- the opportunity to exchange their shares in
these funds for shares of new Market Vectors exchange-traded funds
(ETFs). These HOLDRS had approximately $3.65 billion in aggregate
assets and a combined 30-day average daily trading volume of
approximately 20.07 million shares as of the close of trading on
August 11, 2011. Terms of the transaction were not disclosed.
Van Eck’s proposed exchange offer is expected to allow
participating investors the opportunity for uninterrupted exposure
to target industries. The new ETFs are expected to retain the
corresponding HOLDRS’ ticker symbols. Van Eck expects the exchange
offer to be launched early in the fourth quarter of 2011 and the
transaction to be consummated later in the fourth quarter of 2011.
The exchange offer documents, which are expected to be filed with
the Securities Exchange Commission (“SEC”) in September 2011, will
contain information about the transaction including its mechanics
and potential tax implications.
“As a leading provider of exchange-traded funds, Van Eck Global
is an excellent partner for us on this transaction,” said Liam
O’Neil, Head of Market Linked Solutions at Merrill Lynch.
The table below presents the six HOLDRS as well as ticker
symbols, names and underlying indices of the soon-to-be-launched
Market Vectors ETFs. (The table includes links to information about
the underlying indices, including methodology and constituents.)
The six new ETFs will be part of Van Eck’s family of Market Vectors
ETFs. Upon the completion of Van Eck’s expected exchange offer,
Merrill Lynch intends to delist the six HOLDRS included in the
transaction and liquidate them thereafter.
Ticker
HOLDRS
Market Vectors ETFs Market
Vectors Indices
HOLDRS/ETFs
INCLUDED IN EXCHANGE OFFER:
OIH Oil Services
Market Vectors
Oil Services ETF
Market Vectors US Listed Oil Services 25
Index (MVOIHTR)
SMH Semiconductor
Market VectorsSemiconductor ETF
Market Vectors US Listed Semiconductor 25
Index (MVSMHTR)
PPH Pharmaceutical
Market VectorsPharmaceutical ETF
Market Vectors US Listed Pharmaceutical 25
Index (MVPPHTR)
BBH Biotech
Market Vectors
Biotech ETF
Market Vectors US Listed Biotech 25 Index
(MVBBHTR)
RTH Retail
Market Vectors
Retail ETF
Market Vectors US Listed Retail 25 Index
(MVRTHTR)
RKH Regional Bank
Market VectorsMoney-Center Bank ETF
Market Vectors US Listed Money-Centre Bank
25 Index (MVRKHTR)
ETFs vs. HOLDRS
Van Eck believes that ETFs offer a more dynamic investment
vehicle than HOLDRS since ETFs are better able to reflect changes
in the composition of industry sectors that inevitably occur over
time. When first introduced in 1999, HOLDRS were an innovative
product that gave investors an opportunity to gain broad exposure
to certain sectors through a single market-traded security. HOLDRS
use a depositary trust structure which means that their initial
portfolio of securities generally remains static over time. In
comparison, ETFs are able to rebalance their portfolios
periodically and thereby track an underlying index. “We believe
ETFs offer significant advantages over HOLDRS in their ability to
evolve with a dynamic underlying index; this in turn leads to
enhanced diversification and broader-based representation of a
market or industry segment,” said Adam Phillips, Managing Director
of ETFs at Van Eck. “We are pleased to have been chosen by Merrill
Lynch to partner with them in this important transaction.”
About the New ETFs
Trading in the new ETFs is expected to begin immediately after
the completion of the exchange offer. The underlying indices for
the new Market Vectors ETFs seek to represent the most liquid
stocks within that particular industry. The top 25 constituents
based on full market cap and three-month average daily trading
volume are included in each index. The indices include companies
that generate at least 50% of their revenues from the relevant
industry; individual company weightings are capped at 20%. The
indices will be reviewed semi-annually, with weighting caps applied
quarterly. Index information, including daily constituents, can be
found on vaneck.com/holdrs.
About Van Eck Global
Founded in 1955, Van Eck Global was among the first U.S. money
managers helping investors achieve greater diversification through
global investing. Today the firm continues this 55+ year tradition
by offering global investment choices in hard assets, emerging
markets, precious metals including gold, and other specialized
asset classes.
Market Vectors exchange-traded products have been offered by Van
Eck Global since 2006 when the firm launched the nation’s first
gold mining ETF. Today, Market Vectors ETFs and ETNs span several
asset classes, including equities, fixed income (municipal and
international bonds) as well as currency markets. As of June 30,
2011, Market Vectors ETFs had total assets of $22.9 billion, making
them the sixth-largest ETF family in the U.S. and the ninth-largest
worldwide.
Van Eck Global also offers mutual funds, insurance portfolios,
separate accounts and alternative investments. Designed for
investors seeking innovative choices for portfolio diversification,
Van Eck Global’s investment products are often categorized in asset
classes having returns with low correlations to those of more
traditional U.S. equity and fixed income investments.
For More Information
Interested parties wishing to gain more information can call
D.F. King & Co., the Information Agent, at 800.290.6424, or
visit vaneck.com/holdrs. Investors of the six HOLDRS will be
receiving an information package following commencement of the
expected exchange offer containing instructions on how to
participate.
Important Disclosure
The information contained in the registration statements for the
new ETFs referred to herein is not complete and may be changed. Van
Eck may not sell these securities until the registration statements
filed with the Securities and Exchange Commission become effective.
The prospectus (or Statement of Additional Information) contained
in each registration statement is not an offer to sell the
securities referenced therein and is not soliciting an offer to buy
these securities in any state where the offer or sale is not
permitted.
This press release is neither an offer to buy nor a solicitation
of an offer to sell any of the HOLDRS or new ETF shares. The
exchange offer will be made only pursuant to the exchange
offer documents, which have not yet been filed with the Securities
and Exchange Commission. INVESTORS AND SECURITY HOLDERS
OF HOLDRS ARE URGED TO READ THE EXCHANGE OFFER DOCUMENTS
AND OTHER RELEVANT MATERIALS, WHEN FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION, CAREFULLY IN THEIR ENTIRETY AS THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
EXCHANGE OFFER.
All information in this press release (other than opinions or
expectations) concerning applicable HOLDRS, including their
business and operations was provided by Merrill Lynch & Co. All
information in this press release concerning Van Eck ETFs,
including its business, operations and financial results, was
provided by Van Eck. Information on HOLDRS assets under management
and trading volume was sourced from Bloomberg.
Certain statements made in this press release that are not
historical facts are referred to as "forward-looking statements"
under the U.S. federal securities laws. Actual future results or
occurrences may differ significantly from those anticipated in any
forward-looking statements due to numerous factors. Generally, the
words "believe," "expect," "intend," "estimate," "anticipate,"
"project," "will" and similar expressions identify forward-looking
statements, which generally are not historical in nature.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ from the
historical experience of Van Eck and the ETFs managed by Van Eck
and its present expectations or projections. You should not place
undue reliance on forward-looking statements, which speak only as
of the date they are made. Van Eck and the ETFs managed by Van Eck
undertake no responsibility to update publicly or revise any
forward-looking statements.
Investing involves risk, including possible loss of
principal. An investor should consider the investment objective,
risks, charges and expenses of an ETF carefully before investing.
Please read the prospectus and summary prospectus carefully before
investing.
Investors may obtain free copies of the prospectus and
summary prospectus, exchange offer documents, and other documents
(when they become available) filed with the SEC at the SEC’s web
site at www.sec.gov. In addition, free copies of the
prospectus and summary prospectus, exchange offer documents and
other documents filed with the SEC may also be obtained after the
registration statements become effective by directing a request to:
Van Eck Securities Corporation, Distributor, 335 Madison Avenue,
New York, NY 10017 or by calling: 800.826.2333 or visiting
vaneck.com/etf.
The indexes referred to herein are published by and are the
exclusive property of Market Vectors Index Solutions GmbH, which
has contracted with Structured Solutions AG to maintain and
calculate the Indexes. Structured Solutions AG uses its best
efforts to ensure that the Indices are calculated correctly.
Structured Solutions AG has no obligation to point out errors in
the Indices to third parties.
Van Eck Securities Corporation, Distributor,
335 Madison Avenue, New York, NY 10017
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