Market Vectors ETFs is contractually lowering the expense cap of its Market Vectors RVE Hard Assets Producers ETF (ticker:HAP), effective 29 February 2012. Investors in these funds will pay lower fees as a result of these reductions.
The HAP expense cap has been lowered from 0.59% to 0.49%. This reduced expense limitation is capped contractually until at least May 1, 2013. As is typically the case, interest expense and certain other expenses are excluded from the expense cap. The gross expense ratio for the fund is 0.63%.
"HAP is a broad-based ETF that can serve as the core of any natural resources investment allocation," says Jan van Eck (pictured), President of Market Vectors ETF Trust. "We expect the reduced pricing will make HAP a more attractive option for long-term investors seeking comprehensive exposure to the world’s largest and most prominent hard assets producers and distributors."
