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Rating:Van Eck Hopes to Expand ETFs to Lucky Seven Not Rated 3.3 Email Routing List Email & Route  Print Print
Wednesday, May 23, 2007

Van Eck Hopes to Expand ETFs to Lucky Seven

by: Sean Hanna, Editor in Chief

The commodities fund specialists at Van Eck have some unique ETFs in the works. The New York City-based mutual fund advisor has filed with the SEC for a fund that invests in nuclear energy related stocks and a second focusing on agriculture.

The Bank of New York will act as the custodian and transfer agent for the two ETFs.

The ETFs appear to be a response to surging prices for uranium and corn as consumers and national governments shake up their sources of energy in the wake of rising oil prices. Corn prices jumped after mandates for the production of ethanol were mandated by Congress.

The exchange-traded funds are also different from the typical ETF in that they are based on foreign indices. In both cases the benchmarks come from Deutsche Börse AG.

Van Eck has created the Market Vectors brand for its family of ETFs. Currently, it offers five ETFs after launching its first last year.

Though they are not out of registration, the two ETFs are already off to a good start: their unique twist caught the attention of the reporters at the Wall Street Journal, who then profiled the funds for the paper's Fund Track column

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