Merrill Lynch MITTS ML EuroFund Index due 2/28/2006
EFM
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- Merrill Lynch & Co., Inc. MITTS ML EuroFund Index due 2/28/2006 (EFM) represents a structured principal-protected note issued by Merrill Lynch & Co., Inc., providing investors with exposure to the performance of the ML EuroFund Index while offering 100% principal protection at maturity, subject to the issuer's credit risk. This Market Index Target-Term Security (MITTS) delivers returns based on the positive performance of the underlying EuroFund Index, typically capped or adjusted for fees, with no interim interest payments and limited liquidity prior to the February 28, 2006 maturity date; it trades on the American Stock Exchange under the ticker EFM (CUSIP: 590188587). The product targets investors seeking equity-like upside from European fund or market-linked performance with downside protection, operating within the finance sector's security brokers, dealers, and flotation industry segment. The core offering consists of senior unsecured debt securities linked solely to the ML EuroFund Index, a proprietary benchmark designed to track European investment funds or related equity performance, without direct ownership of underlying assets or voting rights. As part of Merrill Lynch's broader structured products portfolio, it features no early redemption options for holders and includes embedded derivatives for index participation, with final payout determined at maturity based on index appreciation minus any adjustment factors such as a 2% annual fee. Merrill Lynch & Co., Inc., founded in 1914 and headquartered in New York, New York, issued this note as one of several MITTS products focused on international indices, including those tied to Nikkei 225, S&P 500, and energy sectors; the firm provided global investment banking, brokerage, and asset management services across North America, Europe, and Asia. Geographically, the EFM targets European markets through its index linkage, appealing to U.S. and international institutional and retail investors seeking diversified exposure without currency hedging. Significant historical developments include Merrill Lynch's issuance of the EFM in early 2000s filings, with prospectus details registered with the SEC under standard medium-term note programs. A major strategic shift occurred in September 2008 when Merrill Lynch was acquired by Bank of America Corporation for approximately $50 billion amid the global financial crisis, integrating its wealth management and structured products operations into Bank of America Merrill Lynch. Post-acquisition, legacy MITTS like EFM transitioned under Bank of America's oversight, with no recent funding rounds, new launches, or reorganizations specific to this matured security, though the firm continues offering similar market-linked notes under updated branding.