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Sixth graph, first sentence of release should read: Van Eck had approximately $22.9 billion of assets under management in its family of Market Vectors ETFs as of June 30, 2011, and $34.7 billion in total assets under management as of the same date (sted Van Eck had approximately $34.7 billion of assets under management in its family of Market Vectors ETFs as of June 30, 2011).
The corrected release reads:
VAN ECK GLOBAL REDUCES EXPENSE CAP FOR MARKET VECTORS® BRAZIL SMALL-CAP ETF (BRF)
New York-based investment manager Van Eck Global announced that it is lowering the expense cap on its Market Vectors Brazil Small-Cap ETF (NYSE Arca: BRF), effective today. BRF’s expense cap is being reduced from 62 basis points (bps) to 59 bps. Van Eck expects that, as a result of this, investors in BRF will pay lower fees.
The Market Vectors Brazil Small-Cap ETF (BRF)
seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Brazil Small-Cap Index. The Index provides exposure to publicly traded small capitalization companies that are domiciled and primarily listed on an exchange in Brazil or that generate at least 50 percent of their revenues in Brazil. As of September 28, BRF had approximately $620 million in investor assets under management.
This marks the second time in the history of BRF that Van Eck has lowered the fund’s expense cap, and BRF is the third ETF in Van Eck’s Market Vectors family to have its expense cap reduced so far this year. In January, the firm announced that the expense cap for Market Vectors Indonesia Index ETF (IDX) was being reduced from 68 bps to 60 bps, and that the expense cap for Market Vectors Poland ETF (PLND) was being reduced from 65 bps to 60 bps.