Van Eck agri-ETF says 'MOO'

Van Eck Global has launched the Market Vectors-Agribusiness ETF exchange traded fund on the American Stock Exchange today. The fund, which trades under the ticker symbol MOO, aims to replicate the performance of the DAXglobal Agribusiness Index. The index — a basket of the securities of 40 agribusinesses listed on global exchanges — is made up of common stocks and depository receipts of companies listed on major exchanges around the world that are involved in agriculture. Companies listed in the index derive at least 50% of their revenue from agribusiness. The index has generated returns of approximately 40.3% and 35.4% over the previous three- and five-year periods, respectively, as of July 31. The ETF carries an expense ratio of 0.65%. Van Eck Global managed over $6 billion in assets as of July 31, including six ETFs that have over $1 billion in assets under management.