Market Overview

Van Eck Announces Three New Indexes, ETFs to Follow?


Van Eck, the sixth-largest U.S. ETF issuer and parent company of the Market Vectors family of funds, announced the introduction of three new indexes that could eventually be tied to new ETFs sponsored by the firm.

The new indexes are the Market Vectors Unconventional Oil & Gas Index (MVFRAK), the Market Vectors Nigeria-Focused Western Africa Index (MVLGOS) and the Market Vectors Indonesia Small-Cap Index (MVIDXJ).

As Benzinga reported in September, Van Eck has filed plans for an unconventional oil and gas ETF. In November we reported the firm filed plans for a second Nigeria ETF.

That ETF will provide exposure to the following countries: Benin, Burkina Faso, Cape Verde, Cote d'Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauretania, Niger, Nigeria, Senegal, Sierra Leone and Togo.

The top five companies in the oil index should be familiar to U.S. investors. They are as follows: Canadian Natural Resources (NYSE: CNQ), Occidental Petroleum (NYSE: OXY), EOG Resources (NYS: EOG) Devon Energy (NYSE: DVN), Williams Cos (NYSE: WMB).

Van Eck also filed plans for an Indonesia small-cap ETF in September as Benzinga reported.

"The new Market Vectors Indices share the fact that they track markets we believe are of particular interest", said Lars Hamich, Chief Executive Officer at MVIS, in a statement. "The new indices follow our unique pure-play approach, meet our high liquidity standards and provide diversified exposure with complete transparency."

Posted-In: News Sector ETFs Specialty ETFs New ETFs Emerging Market ETFs Intraday Update Markets Trading Ideas


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