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HOLDRS Conversion Begins: Investor Action Required

By: ETFdb
Van Eck has begun the process of converting six HOLDRS products offered by Merrill Lynch into traditional ETFs that will be included under the Market Vectors lineup, offering investors an opportunity to exchange their receipts in HOLDRS trusts for shares in the new ETFs. The exchange requires affirmative action on the part of investors, meaning that advisors or individuals with positions in existing HOLDRS must take action in order to receive shares in the new ETFs. The exchange offer is expected to remain open until December 20. “We have structured the offers, in our view, to be investor friendly,” said Adam Phillips, Managing Director of ETFs at Van Eck Global. “Potential benefits of participation include the opportunity for uninterrupted exposure to target industries, a partially tax-­advantaged exchange, and no costs associated with the offers.” Van Eck also noted that the new structure could allow investors to achieve more complete and [...] Click here to read the original article on ETFdb.com. Related Posts: Van Eck, Merrill Partner: Conversion of HOLDRS Ahead? Five Facts About HOLDRS Every ETF Investor Must Know ETF Shakeup: HOLDRS Headed For Extinction, ELEMENTS To Follow? ETF Winners and Losers From The Second Week Of Earnings Season ETF Winners And Losers From First Week Of Earnings Season
Van Eck has begun the process of converting six HOLDRS products offered by Merrill Lynch into traditional ETFs that will be included under the Market Vectors lineup, offering investors an opportunity to exchange their receipts in HOLDRS trusts for shares in the new ETFs. The exchange requires affirmative action on the part of investors, meaning that advisors or individuals with positions in existing HOLDRS must take action in order to receive shares in the new ETFs. The exchange offer is expected to remain open until December 20. “We have structured the offers, in our view, to be investor friendly,” said Adam Phillips, Managing Director of ETFs at Van Eck Global. “Potential benefits of participation include the opportunity for uninterrupted exposure to target industries, a partially tax-­advantaged exchange, and no costs associated with the offers.” Van Eck also noted that the new structure could allow investors to achieve more complete and [...]

Click here to read the original article on ETFdb.com.

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