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Market Vectors changing underlying index of Agribusiness ETF


Effective on or about 18 March, Market Vectors Agribusiness ETF (MOO), the largest US listed agribusiness exchange-traded fund, will begin tracking the Market Vectors Global Agribusiness Index (MVMOOTR).

MVMOOTR uses the Market Vectors index methodology that focuses on investibility, diversification and pure-play exposure to the relative asset class.

This methodology is shared by the benchmark indexes of several other Market Vector ETFs, including Brazil Small-Cap, Indonesia, Junior Gold Miners, Oil Services, Russia, Semiconductor and Vietnam.

MVMOOTR is a rules based, modified capitalisation-weighted, float-adjusted index that seeks to track the performance of the global agribusiness industry. Similar to other Market Vectors indices, MVMOOTR is built specifically for ETFs. The index employs stringent liquidity screens and constituent weighting caps that together are intended to enhance the tradability and diversification of the ETF. Additionally, to create an index representative of the industry, its rules require that constituents generate at least 50 per cent of their revenues from the global agribusiness industry.

“We expect that MOO will become more diversified as a result of these changes,” says Brandon Rakszawski, marketing product manager at Market Vectors. “Constituent capping will continue to help avoid over-concentration in a few large holdings and the pure-play nature of the index will allow MOO to offer truly representative exposure to the agribusiness industry.”

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