From ETF Daily News:
Van Eck is set to begin trading their new
MarketVectors Rare Earth/Strategic Metals ETF tomorrow. This new fund, which was originally proposed as the Minor Metals ETF, was recently changed to become the Market Vectors Rare Earth/Strategic Metals ETF. It will list on the New York Stock Exchange under the symbol (NYSE:REMX), and will have a total annual fund operating expense of .57%. The Market Vectors Rare Earth/Strategic Metals ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Rare Earth/Strategic Metals Index.
The Rare Earth/Strategic Metals Index is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies primarily engaged in a variety of activities that are related to the producing, refining and recycling of rare earth and strategic metals and minerals.
Constituent stocks of the Rare Earth/Strategic Metals Index must have a market capitalization of greater than $150 million on a rebalancing date to be eligible for the Rare Earth/Strategic Metals Index. Stocks whose market capitalizations fall below $75 million as of any rebalancing date will no longer be eligible for the Rare Earth/Strategic Metals Index. Stocks must have a three-month average daily
tradingvolume value of at least $1.0 million to be eligible for the Rare Earth/Strategic Metals Index and issuers of such stocks must have traded at least 250,000 shares each month over the last six months. Only shares that trade on a recognized domestic or international stock exchange may qualify (e.g., National Stock Market stocks must be ““NMS securities” under Rule 600(b) of Regulation NMS. Similar criteria and standards apply to stocks with foreign listings).
As of October 11, 2010, the Rare Earth/Strategic Metals Index included 24 securities of companies with a market capitalization range of between approximately $157 million and $370 billion and an average market capitalization of $1.2 billion....MOREHT: Clusterstock
Here's the whole Form N-1A filing at the SEC.
We'll have an analysis of the beastie tomorrow.