Reverse Splits Coming for 7 Market Vectors ETFs
Market Vectors, the New York-based ETF issuer known for its suite of emerging markets and unique bond ETFs , announced reverse splits for seven of its ETFs.
Three of the the funds that will be reverse split are single-country emerging markets ETFs while the three of the remaining four are equity-based commodities funds.
The effective date of the split will be at market open on July 1, 2013, according to a statement issued by Market Vectors .
The Market Vectors Global Alternative Energy ETF (NYSE: GEX ), the Market Vectors Russia Small-Cap ETF (NYSE: RSXJ ) and the Market Vectors Uranium+Nuclear Energy ETF (NYSE: NLR ) will be reverse split on a 1-for-3 basis.
The Market Vectors Egypt Index ETF (NYSE: EGPT ), the Market Vectors India Small-Cap Index ETF (NYSE: SCIF ), the Market Vectors Junior Gold Miners ETF (NYSE: GDXJ ) and the Market Vectors Rare Earth/Strategic Metals ETF (NYSE: REMX ) will be reverse split on a 1-for-4 basis.
GDXJ has $1.2 billion in assets under management, making it fair to call the ETF "popular" by any metric. Even legendary financier George Soros held a stake in the ETF at the end of the first quarter .
The ETF has not rewarded investors' faith. GDXJ, like every other ETF tracking gold miners, has struggled mightily for over a year. At the start of 2013, the fund traded above $20. At this writing, the fund trades below $8.90.
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