| Sunday, May 13, 2007 |
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Van Eck Global has launched Market Vectors-Russia ETF (NYSE Symbol RSX), a new exchange-traded fund (ETF) that is listed on the New York Stock Exchange (NYSE). The fund is the first ETF listed in the U.S. that enables U.S. investors to gain exposure to a broad spectrum of Russian companies.
The new Market Vectors-Russia ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the DAXglobal Russia+ Index (DXRPUS), a basket of the securities of 30 of the most heavily traded Russian companies that have listings on global exchanges, either through an American Depository Receipt (ADR), a Global Depository Receipt (GDR), or local Russian shares. The index, which was launched in March 2007, includes many companies of global prominence, including energy giants as Lukoil, OAO Gazprom, and Surgutneftgaz, as well as utility giant Unified Energy Systems, steel manufacturing firms Mechel OAO and Evraz Group SA, mining firm JSC MMC Norilsk Nickel, and communications firms Mobile TeleSystems OJSC and Vimpel-Communications, and banking leader Sberbank. |
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