Van Eck Global just added the Market Vectors Egypt Index ETF (EGPT) to its fund lineup.
"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," said Jan van Eck, Principal at Van Eck Global. "These funds serve as targeted tools for overweighting or underweighting specific geographies and economies."
EGPT's underlying index tracks the performance of companies that are domiciled and primarily listed in Egypt, or that generate a majority of their revenues in the country. At the end of January, the Egypt Index included 28 stocks and the top three index holdings were Commercial International Bank, Orascom Construction Industries and Orascom Telecom Holding SAE.
EGPT is heavily tilted toward companies in the financial, industrial, material and telecom sectors.
