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Van Eck unveils Market Vectors-Gulf States Index ETF


New York-based asset manager Van Eck Global has launched the Market Vectors-Gulf States Index ETF on the NYSE Arca market, offering investors access to the investible Gulf Co-operation Cou

New York-based asset manager Van Eck Global has launched the Market Vectors-Gulf States Index ETF on the NYSE Arca market, offering investors access to the investible Gulf Co-operation Council markets of Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates.

The fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Dow Jones GCC Titans 40 Index. The management fee is 0.50 per cent and total net expenses are 0.98 per cent.

‘The Gulf has been a huge beneficiary of high energy prices, resulting in vast spending on infrastructure and urbanisation,’ says Van Eck Global principal Jan van Eck. ‘Time will tell whether the economies can be diversified and growth can become more sustainable and less energy-dependent. We are pleased to offer convenient access to a market that is becoming increasingly developed and compelling to investors.’

The Dow Jones GCC Titans 40 Index is a rules-based index that aims to track the overall performance of companies either headquartered in GCC countries or generating the majority of their revenues there, including small and medium capitalisation companies.

At the end of June, the index was concentrated in the banking, financial services and real estate sectors, with banks and financial services companies representing around 60 per cent of the index. The top three holdings were National Bank of Kuwait, Kuwait Finance House, and Emaar Properties, each with weightings of about 8 per cent.

Best known for the Dow Jones Industrial Average, Dow Jones Indexes is also co-owner of the Dow Jones Stoxx indices (it owns Stoxx in partnership with Deutsche Börse and Swiss Exchange) and together with Wilshire Associates it provides the Dow Jones Wilshire Global Index family, which is anchored by the Dow Jones Wilshire 5000 and covers more than 12,000 securities in 61 markets. Dow Jones Indexes also maintains various alternative indices, including measures of the hedge fund and commodity markets.

Founded in 1955, Van Eck Global managed more than USD13.6bn in assets for individuals, insurers and institutional investors at the end of June, including more than USD7.1bn in its Market Vectors vehicles, which include hard assets, international, and specialty equity exchange-traded funds as well as municipal bond ETFs.

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