Market Vectors ETF Trust announces plans for new Global Chemicals ETF

By Toni Weeks

San Diego, March 9 - Market Vectors ETF Trust announced it is planning a new fund that is aligned to the performance of companies in the chemicals industry.

According to an N-1A filing with the Securities and Exchange Committee, the Market Vectors Global Chemicals ETF will seek to replicate, before fees and expenses, the price and yield performance of the Market Vectors Global Chemicals Index. The fund will normally invest at least 80% of its total assets in the securities of the index, which is comprised of U.S. and non-U.S. companies that generate at least 50% of their revenues from chemicals.

Hao-Hung (Peter) Liao and George Cao will serve as the portfolio managers.

The fund will not impose shareholder fees. Annual fund operating expenses have not yet been determined.

New York-based Van Eck Associates Corp. will serve as the investment adviser.

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