Market Vectors launches new Preferred Securities ex Financials ETF

By Toni Weeks

San Diego, July 6 - Market Vectors ETF Trust announced in an N-1A filing with the Securities and Exchange Commission that it has launched a new exchange-traded fund that targets investments in preferred securities.

The Preferred Securities ex Financials ETF trades on the NYSE Arca under the ticker symbol "PFXF."

The fund seeks to replicate, before fees and expenses, the price and yield performance of the Wells Fargo Hybrid and Preferred Securities ex Financials index.

The fund normally invests at least 80% of its total assets in securities comprising the index. The index consists of convertible or exchangeable and non-convertible preferred securities listed on U.S. exchanges.

The portfolio managers are Hao-Hung (Peter) Liao and George Cao.

There are no shareholder fees. The total annual fund operating expenses are 0.4%, which is comprised solely of the 0.4% management fee.

New York-based Van Eck Associates Corp. serves as the fund's investment adviser.

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