Van Eck, the New York-based fund provider known for its natural resources strategies, is lowering expense caps-at least until May 1, 2012-on five of its Market Vectors ETFs as the funds hit growth milestones.
The lower caps, which are effective immediately, should result in lower operating expenses of the funds, the company said in a press release.
- Market Vectors Africa Index ETF (NYSEArca:AFK) now has an expense ratio of 0.78 percent, compared with 0.83 percent previously.
- Market Vectors Brazil Small Cap ETF (NYSEArca:BRF), now 0.62 percent from 0.65 percent.
- Market Vectors Junior Gold Miners ETF (NYSEArca:GDXJ), now 0.56 percent from 0.59 percent
- Market Vectors RVE Hard Assets Producers ETF (NYSEArca:HAP), now 0.59 percent from 0.65 percent
- Market Vectors Uranium + Nuclear Energy ETF (NYSEArca:NLR), now 0.60 percent from 0.62 percent.
"We've been very pleased with the growth experienced by these funds over the course of the past year and are happy to be able to reduce fees for shareholders," Van Eck Managing Director Ed Lopez said in the release.
The last time Van Eck lowered fees on ETFs was in January, when the company slashed costs on its Indonesia and Poland funds to reflect gains in economies of scale.
Van Eck has about $23 billion in assets under management in its family of Market Vectors ETFs. It's the sixth-largest ETF provider in the U.S.
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