Van Eck Global has changed the name of its nuclear energy exchange-traded fund (ETF). The new name,
Market Vectors Uranium+Nuclear Energy ETF
, was selected to communicate to investors the relative weight of the uranium mining sub-sector among the seven nuclear energy sub-sectors represented in the DAXglobal® Nuclear Energy Index (the “Index”). The Fund’s ticker symbol,
, remains unchanged.
Launched in August 2007, NLR seeks to replicate, before fees and expenses, the price and yield performance of the Index. In addition to companies engaged in uranium mining, the Fund offers exposure to companies involved with uranium enrichment, uranium storage, equipment for nuclear energy generation, nuclear plant infrastructure, nuclear fuel transportation and nuclear energy generation. Uranium mining is the largest of these seven sectors, accounting for approximately 39% of NLR’s total market capitalization as of December 31, 2010. The balance of the Fund is diversified across the remaining six nuclear energy sub-sectors.
As of December 31, 2010, NLR had assets of $260MM, making it the largest nuclear energy ETF available to investors. Its gross expense ratio is 0.66 percent; its net expense ratio 0.62 percent.
Van Eck is the sixth largest provider of ETFs in the United States in terms of assets under management as of December 31, 2010 and offers 29 exchange-traded funds under the Market Vectors ETF brand. These funds focus on hard assets, international markets, municipal bonds and other fixed income investment categories.
NLR is part of the Market Vectors family of hard assets ETFs, which includes the Market Vectors Agribusiness ETF (MOO), Coal ETF (KOL), Gold Miners ETF (GDX), Junior Gold Miners ETF (GDXJ), Global Alternative Energy ETF (GEX), RVE Hard Assets Producers ETF (HAP), Rare Earth/Strategic Metals ETF (REMX), Solar Energy ETF (KWT) and Steel ETF (SLX).
About Van Eck Global
Founded in 1955, Van Eck Associates Corporation was among the first U.S. money managers helping investors achieve greater diversification through global investing. Today the firm continues this 50+ year tradition by offering global investment choices in hard assets, emerging markets, precious metals including gold, and other specialized asset classes.