Market Vectors Renames Its Municipal Bond ETFs
October 24 2008 - 8:00AM
Business Wire
New York-based asset manager Van Eck Global today announced that it
is shortening the names of its Market Vectors municipal bond
exchange-traded funds (ETFs), effective today, as follows: Former
Name � New Name Market Vectors�Lehman Brothers AMT-Free Long
Municipal Index ETF Market Vectors�Long Municipal Index ETF Market
Vectors�Lehman Brothers AMT-Free Intermediate Municipal Index ETF
Market Vectors�Intermediate Municipal Index ETF Market
Vectors�Lehman Brothers AMT-Free Short Municipal Index ETF Market
Vectors�Short Municipal Index ETF The Lehman indexes group
continues to provide the indexes underlying the Funds, and the
investment objectives and policies of the Funds remain unchanged.
The Market Vectors family of municipal bond ETFs offers a unique
set of benefits for investors seeking to access the tax advantages
of the municipal market: a choice of short, intermediate and long
national muni portfolios; relatively low-fee Funds that are
diversified, transparent, tax efficient, liquid and AMT-free; and
historically higher yields relative to cash equivalents and many
similar muni products. Van Eck�s Market Vectors ETFs include hard
assets, international, specialty and municipal bond Funds. Market
Vectors ETFs had a total of $4.8 billion in assets under management
as of September 30, 2008. About Van Eck Global Founded in 1955, Van
Eck Associates Corporation was among the first U.S. money managers
helping investors achieve greater diversification through global
investing. Today the firm continues that 50+ year tradition by
offering global investment choices in hard assets, emerging
markets, precious metals including gold, and other specialized
asset classes. Market Vectors exchange-traded products have been
offered by Van Eck Global since 2006 when the firm launched the
nation�s first gold mining ETF. Today, Market Vectors ETFs and ETNs
span several asset classes, including equities, municipal bonds and
currency markets. Van Eck Global also offers mutual funds,
insurance trust funds, separate accounts and alternative
investments. Designed for investors seeking innovative choices for
portfolio diversification, Van Eck Global�s investment products are
often categorized in asset classes having returns with low
correlations to those of more traditional U.S. equity and fixed
income investments. Municipal bonds are subject to risks related to
litigation, legislation, political changes, local business or
economic conditions, conditions in underlying sectors, bankruptcy
or other changes in the financial condition of the issuer, and/or
the discontinuance of the taxation supporting the project or assets
or the inability to collect revenues for the project or from the
assets. Municipal bonds are also subject to credit risk, interest
rate risk, call risk, lease obligations and tax risk. The market
for municipal bonds may be less liquid than for taxable bonds.
There is no guarantee that a Fund�s income will be exempt from
federal or state income taxes. Federal or state changes in income
or alternative minimum tax rates or in the tax treatment of
municipal bonds may make them less attractive as investments and
cause them to lose value. Capital gains, if any, are subject to
capital gains tax. The Funds may loan their securities, which may
subject them to additional credit and counterparty risk. For a more
complete description of these and other risks, please refer to the
Funds� prospectus. The Lehman Brothers AMT-Free Intermediate
Continuous Municipal Index, AMT-Free Long Continuous Municipal
Index and AMT-Free Short Continuous Municipal Index are trademarks
of Lehman Brothers, Inc. and have been licensed by Van Eck
Associates Corporation for use in connection with its family of
municipal bond ETFs. Lehman Brothers neither sponsors nor endorses
this family of ETFs and makes no warranty or representation as to
the accuracy and/or completeness of the indexes or the results to
be obtained by any person from the use of the indexes in connection
with the trading the ETFs. Fund shares are not individually
redeemable and will be issued and redeemed at their net asset value
(�NAV�) only through certain authorized broker-dealers in large,
specified blocks of shares called �creation units� and otherwise
can be bought and sold only through exchange trading. Creation
units are issued and redeemed principally in kind. Shares may trade
at a premium or discount to their NAV in the secondary market.
Investors may call 1.888.MKT.VCTR or visit www.vaneck.com/muni for
a free prospectus. They should consider the investment objective,
risks and charges and expenses of each Fund carefully before
investing. The prospectus contains this and other information about
the Funds. Please read the Funds� prospectus carefully before
investing. Van Eck Securities Corporation, Distributor, 99 Park
Avenue, New York, NY 10016
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