First Indonesia Small-Cap ETF to Debut Wednesday (IDX, IDXJ)
Van Eck Global, parent company of Market Vectors, the fifth-largest U.S. ETF issuers by assets, will introduce the Market Vectors Indonesia Small-Cap ETF (NYSE: IDXJ) on Wednesday March 21, 2012. The Market Vectors Indonesia Small-Cap ETF will be the first small-cap devoted exclusively to the rapidly growing Indonesian economy.
IDXJ will track the Market Vectors Indonesia Small-Cap Index, which is a rules-based, modified capitalization weighted, float adjusted index. To be included in the index, companies must either be listed or domiciled in Indonesia or derive half of their revenue from the coutnry.
Stocks must have market values of $150 million on the index's rebalancing date and have a three-month average daily trading volume of at least $1 million to be included in the index. IDXJ's prospectus indicates the index is home to 27 companies. The new ETF will have an expense ratio of 0.61%.
Market Vectors already issues the Market Vectors Indonesia ETF (NYSE: IDX), the oldest and largest Indonesia-specific ETF on the market. IDX, which debuted in January 2009, has over $532 million in assets under management today.
The Market Vectors Indonesia Small-Cap ETF will be the firm's fifth equity-based ETF devoted to an emerging Asian economy. In addition to IDX, Market Vectors sponsors the Market Vectors China ETF (NYSE: PEK), Market Vectors India Small-Cap ETF (NYSE: SCIF) and the Market Vectors Vietnam ETF (NYSE: VNM).
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