Market Vectors Pares Fees On Hard Assets Producers ETF (HAP, MOO, KOL)
Van Eck, the fifth-largest U.S. ETF issuer by assets, announced that it is has lowered the expense cap on the Market Vectors RVE Hard Assets Producers ETF (NYSE: HAP) to 0.49% from 0.59% effective today. The fund's net expense ratio will be capped at 0.49% until at least May 1, 2013.
The gross expense ratio for the fund is 0.63%.
“HAP is a broad-based ETF that can serve as the core of any natural resources investment allocation,” said Jan van Eck, President of Market Vectors ETF Trust, in a statement. “We expect the reduced pricing will make HAP a more attractive option for long-term investors seeking comprehensive exposure to the world's largest and most prominent hard assets producers and distributors.”
While HAP doesn't garner a lot of press the ETF has $186.7 million in assets under management and will turn four years old in August.
Van Eck did not mention anything to this effect, but increased competition could be one reason for the lower fees on HAP.
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