EGPT seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Egypt Index (MVEGPTTR). The index provides a means to track the overall performance of companies that are domiciled and primarily listed in Egypt, or that generate a majority of their revenues in the country.
The index is calculated using a market-capitalization weighting methodology, and is float-adjusted and modified so that the weight of any single component does not account for more than 8% of the total capitalization at a rebalancing date. It is denominated in US dollars and reviewed quarterly.
Jan van Eck, principal at Van Eck Global, said: “The Market Vectors Egypt Index ETF addresses a growing interest in using individual country funds to calibrate international equity allocations, particularly on the part of investors dissatisfied with existing indices.
“These funds serve as targeted tools for overweighting or underweighting specific geographies and economies. As with our other recent ETF introductions, EGPT is designed to provide convenient access to a compelling market that is otherwise not available to the average US investor.”
