Today, Van Eck Global announced that owing to the current turmoil in Egypt (and the closure of the country's equity exchange), Van Eck has suspended creation orders in Market Vectors Egypt Index ETF (EGPT). However, Van Eck also announced today that it is continuing to allow investors to redeem their shares in EGPT (which as of this writing was up about 6% on the day, on heavy volumes), per the fund's prospectus.
"Van Eck Global will exercise its right to suspend creation orders of Market Vectors Egypt Index ETF," the firm said in a press release. "This follows the firm's normal policy of suspending creation orders when the underlying market is closed for an extended period thereby helping to prevent the costs of creation activity to be borne by existing shareholders."
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Robert Goldsborough does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.