Market Vectors Russia ETF changes benchmark index, investment strategy

By Toni Weeks

San Diego, Jan. 6 - Market Vectors ETF Trust announced it will change the investment objective and strategy of its Market Vectors Russia ETF, a series of the trust, according to a 497 filing with the Securities and Exchange Commission.

Effective March 16, the fund will seek investment results that correspond generally to the performance, before fees and expenses, of the Market Vectors Russia Index rather than of the DAXglobal Russia+ Index.

In connection with the change, the fund will normally invest at least 80% of its total assets in securities that comprise the new benchmark index, rather that invest the same percentage of total assets in stocks and depositary receipts of publicly traded companies that are domiciled in Russia.

Shareholder approval is not required for the change in investment objective.

New York-based Van Eck Associates Corp. serves as the investment adviser to the fund.

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