New York-based asset manager Van Eck Global announced today that creation orders for Market Vectors Egypt Index ETF (Ticker: EGPT) will once again be accepted as of March 23, 2011.
Events in Egypt had forced the closing of Egyptian Exchange (EGX) for an extended period. As a result, Van Eck followed the firm’s normal policy of suspending creation orders when the underlying market is closed for an extended period as a result of extraordinary circumstances. Creation orders were suspended on January 31, 2011.
The EGX has since resumed operations. Market Vectors Egypt Index ETF will begin accepting new creation orders in accordance with the policies and procedures detailed in the Fund’s prospectus and Statement of Additional Information that include the right to suspend creation orders again if necessary. In an effort to facilitate an orderly resumption of trading, the Egyptian Exchange will follow procedures and measures, including circuit breakers on individual stock price changes, which may limit the Fund’s ability to track the Market Vectors Egypt Index.
Redemption orders for Market Vectors Egypt Index ETF have been and will continue to be accepted as described in the prospectus.
EGPT is one of three Market Vectors ETFs with exposure to Egypt. Market Vectors Africa Index ETF (Ticker: AFK) is an equity ETF with approximately 20% exposure to Egypt. AFK seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Dow Jones Africa Titans 50 Index
. Market Vectors Emerging Markets Local Currency Bond ETF (Ticker: EMLC) is a fixed-income ETF with approximately 3% exposure to local currency Egypt government bonds. EMLC seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the J.P. Morgan GBI-EMG Core Index. Both ETFs have continued to accept creation orders throughout the events in Egypt.
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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.