Van Eck Global’s Market Vectors unit, the tenth-largest U.S. sponsor of exchange traded funds, said Friday it plans to liquidate five ETFs.
Market Vectors ETF Trust’s board of trustees yesterday approved the closure of the Market Vectors Colombia ETF (NYSEArca: COLX), Market Vectors Germany Small-Cap ETF (NYSEArca: GERJ), Market Vectors Renminbi Bond ETF (NYSEArca: CHLC), Market Vectors Latin America Small-Cap Index ETF (NYSEArca: LATM) and theMarket Vectors Bank & Brokerage ETF (NYSEArca: RKH).
“Shareholders who hold shares of CHLC at market close on December 8, 2014 will also receive a final distribution of net income and capital gains earned by the Fund and not previously distributed prior to liquidation. This distribution is currently scheduled to paid on December 15, 2014,” according to a statement issued by Market Vectors.
All five of the ETFs will cease trading on the New York Stock Exchange after the close U.S. markets on Dec. 12. Combined, the five ETFs had $35.7 million in assets under management as of Dec. 4, a scant percentage of the $22 billion in ETF assets held by Market Vectors at the end of October.