Fund action - Friday, May 16, 2008
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Van Eck Preps Emerging Markets ETFs
Van Eck Global is readying a series of emerging markets exchange-traded funds. Van Eck filed with the Securities and Exchange Commission for five Market Vectors ETFs, including its first offerings focused on Africa and the Middle East. The Emerging Europe, Global Frontier and Gulf States ETFs will track indexes of companies with over $100 million market capitalizations, while the Africa and Vietnam ETFs target companies with over $200 million. An index provider was not listed.
The Global Frontier ETF will focus on countries that have smaller economies than traditional emerging markets countries, such as Estonia, Jamaica and Morocco, according to the filing. Expenses are not listed. Barclays Global Investors and Invesco PowerShares are other ETF providers with emerging markets offerings.
A Van Eck spokesman declined to comment.
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