New York-based asset manager Van Eck Global announced today that, effective May 1, 2011, expense caps were reduced on the following Exchange-Traded Funds (ETFs) in its Market Vectors family: Market Vectors Africa Index ETF (NYSE:AFK), Market Vectors Brazil Small-Cap ETF (NYSE:BRF), Market Vectors Junior Gold Miners ETF (NYSE:GDXJ), Market Vectors RVE Hard Assets Producers ETF (NYSE:HAP) and Market Vectors Uranium+Nuclear Energy ETF (NYSE:NLR).
Van Eck expects that, as a result of this, the net operating expenses of these funds will be reduced. The reduced expense caps are as follows:
|ETF||Ticker||2010 Expense Cap||Reduced Expense Cap For 2011|
|Market Vectors Africa Index ETF||AFK||0.83%||0.78%|
|Market Vectors Brazil Small-Cap ETF||BRF||0.65%||0.62%|
|Market Vectors Junior Gold Miners ETF||GDXJ||0.59%||0.56%|
|Market Vectors RVE Hard Assets Producers ETF||HAP||0.65%||0.59%|
|Market Vectors Uranium + Nuclear Energy ETF||NLR||0.62%||0.60%|
These reduced expense limitations are capped contractually until May 1, 2012; interest expense and certain other expenses are excluded.
“We’ve been very pleased with the growth experienced by these funds over the course of the past year and are happy to be able to reduce fees for shareholders,” said Ed Lopez, Marketing Director at Van Eck Global.
Van Eck had approximately $23 billion of assets under management in its Market Vectors family of ETFs as of April 29, 2011, making it the sixth-largest ETF provider in the U.S. and ninth-largest in the world.
For the complete press release click: HERE