The firm says the fund is the first U.S.-based ETF offering exposure to the Vietnamese market by seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Vietnam Index (ticker: MVVNM). The Market Vectors Vietnam Index is calculated and maintained by Standard & Poor’s on behalf of 4asset-management GmbH.
Currently, approximately 70% of the market capitalization of the Index is composed of securities of companies domiciled and primarily listed on an exchange in Vietnam and which generate at least 50% of revenues from Vietnam. The percentage is expected to increase in the future, according to a press release. The remaining 30% is comprised of offshore companies which generate, or are expected to generate, at least 50% of their revenues from Vietnam, or that demonstrate a significant and/or dominant position in the Vietnamese market and are expected to grow.
MVVNM comprises a broad representation of Vietnam’s equity market with 28 companies in eight sectors as of July 31, 2009. The Index’s top sectors include Financials (37% of the Index), Energy (19%) and Materials (12%).
More information is at www.vaneck.com/vnm .
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