Van Eck laid plans to expand its fledgling ETF empire last week, filing papers with the SEC for two new funds:
The Market Vectors - Global Alternative Energy ETF
The Market Vectors - Russia ETF
The Alternative Energy ETF will track the Ardour Global Alternative Energy Index, a 30-component index of global companies engaged in the production of alternative fuels. Compared to competing alternative energy ETFs, such as the PowerShares WilderHill Clean Energy ETF (AMEX: PBW), the Van Eck fund will have more global exposure: one-third of its current components, representing more than half of the total fund, are headquartered outside the U.S.
The Russian ETF, meanwhile, will track the Deutsche Borse Russia Index, a modified market-cap weighted index of globally available Russian equities. The fund will be the first Russia ETF to hit the market, and is likely to be a hit with investors when it arrives, as folks have been calling for a Russia fund for some time. Currently, investors looking for Russian exposure can either buy very pricey mutual funds, or gain blended exposure through a BRIC ETF.
Expenses and tickers are not yet available for the Van Eck funds.
You can view the prospectus here.
Van Eck currently offers three ETFs, with a combined $478 million in assers:
The Market Vectors - Gold Miners ETF (AMEX: GDX) provides exposure to gold shares, and currently has $494 million in assets.
The Market Vectors - Environmental Services ETF (AMEX: EVX) provides exposure to companies involved in the trash and recycling industries, and has $40 million in assets.
The Market Vectors - Steel ETF (AMEX: SLX) provides exposure to the steel market, and currently has $44 million in assets.