MORT is intended to track, before fees and expenses, the performance of the Market Vectors Global Mortgage REITs Index , a capitalization-weighted index that requires constituent companies to derive at least 50% of their revenues from mortgage REITs. This includes companies and trusts, which are primarily engaged in the purchase or service of commercial or residential mortgage loans or mortgage-related securities.
The Index had 25 constituents as of July 31, 2011, all of which were REITs focused on residential mortgages, commercial mortgages or a mix of both. Unlike other indexes used in mortgage REIT-focused ETFs, the Index does not include mortgage finance companies or savings associations, according to a press release.
MORT carries a gross expense ratio of 0.54% and a net expense ratio of 0.40%, with expensed capped at 0.40% until May 1, 2013 (excludes certain expenses, such as interest). The fund expects to make quarterly distributions to shareholders.
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