] is planning a 1-for-15 reverse share split of the Market Vectors Solar Energy ETF
, reports Index Universe
. The fund has lost about three-fourths of its value over the last year.
Taking effect on July 2, this move will bring up the share price 15 times -- from the $2.50 a share it was trading at on Thursday afternoon to $37.50. The fund has $9.6 million in assets.
This reverse split is not the first for a solar energy ETF this year. The Guggenheim Solar ETF
experienced a 1-for-10 reverse split when it lost two-thirds of value last year.
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