Market Overview

Van Eck Files Plans For Another Nigeria ETF


Van Eck, the sixth-largest ETF issuer, has filed plans with the Securities and Exchange Commission (SEC) for another ETF focused on Nigeria, making the most recent filing the second time in four months Van Eck has registered for an ETF focused on the African nation.

In June, Van Eck filed plans for the Market Vectors Nigeria ETF. The new filing is for a different fund, the Market Vectors Nigeria-Focused Western Africa ETF.

The difference between the two funds is that Nigeria will only represent half of the Market Vectors Nigeria-Focused Western Africa ETF's portfolio. As it pertains to both funds, it's reasonable to expect that oil companies will factor heavily into the portfolios. OPEC member Nigeria vies with Angola for title of Africa's top oil producer.

Angola is also considered part of West Africa as are Ivory Coast, Ghana, Liberia, Sierra Leone, Gabon and Cameroon among others. Van Eck's SEC filing didn't indicate an expense ratio or ticker for the Market Vectors Nigeria-Focused Western Africa ETF.

Earlier this year, New York-based Global X also filed plans for Nigeria-specific ETF. Van Eck had 37 ETFs with $23.9 billion in assets under management at the end of October, according to data from the National Stock Exchange.

Posted-In: News New ETFs Emerging Market ETFs Commodities Global After-Hours Center Markets ETFs


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