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SEC approves Van Eck Global’s coal and gaming ETFs

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New York-based investment manager Van Eck Global has announced that the Securities and Exchange Commission has declared effective the registration statement for the Market Vectors-Coal ETF

New York-based investment manager Van Eck Global has announced that the Securities and Exchange Commission has declared effective the registration statement for the Market Vectors-Coal ETF and Market Vectors-Gaming ETF, enabling the funds to be launched on NYSE Arca and the American Stock Exchange respectively.

The Market Vectors-Coal ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Stowe Coal Index, which is calculated and maintained by Standard & Poor’s Custom Indices on behalf of Stowe Global Indexes. The index comprises the stocks of 60 publicly-traded companies engaged in mining and/or transportation of coal, manufacture of mining equipment and production of clean coal.

The Market Vectors-Gaming ETF aims to replicate the price and yield performance of the S-Network Global Gaming Index, which is also calculated and maintained by S&P on behalf of Stowe Global Indexes.

The gaming index comprises the stocks of 69 publicly traded companies engaged in the global gaming industry including activities such as casinos and related resort facilities, race track operation, sports and horse race betting, online gaming and the provision of related equipment and technology.

Founded in 1955, Van Eck Global claims to have been among the first US money managers to help investors achieve greater diversification through global investing. Today the firm offers global investment choices in hard assets, emerging markets, gold and other precious metals, and other alternative asset classes.

At the end of last year, Van Eck Global managed more than USD9.2bn in assets for individuals, insurers and institutional investors. The two new funds join eight other Van Eck Market Vectors ETFs already in the market covering agribusiness, environmental services, global alternative energy, gold miners, nuclear energy, Russia and steel, as well as the Lehman Brothers AMT-Free Intermediate Municipal Index ETF, totalling more than USD3.6bn in assets under management at the end of December.

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