The investment seeks to diversify your investments in the retailing industry through a single, exchange-listed instrument representing your undivided beneficial ownership of the underlying securities.
The trust holds securities issued by specified companies that, when
initially selected, were in the retailing industry. Except when a
reconstitution event, distribution of securities by an underlying issuer or other event occurs, the group of companies will not change.
There are currently 20 companies included in the Retail HOLDRS.