Van Eck Global and Bank of America (NYSE: BAC) subsidiary Merrill Lynch have reached a deal in which Van Eck plans to offer investors in six HOLDRS the chance to swap for shares of new exchange traded funds. The remaining HOLDRs will be shut down. [HOLDRS Deal]
When a fund does close, investors will be notified and given 30 days to sell their shares, or they will have to receive whatever is left over from market proceeds at the time of closure.
For more information on ETFs, visit our ETF 101 category.
Max Chen contributed to this article.
