Van Eck Associates Corp. is moving ahead with an exchange-traded fund (ETF) focused on Puerto Rico and other U.S. territories—the first of its kind—even amid the biggest losses for the island's securities since at least 1999.
The New York-based company registered the Market Vectors Puerto Rico Municipal Index ETF with the U.S. Securities and Exchange Commission (SEC) in August, regulatory filings show. Jim Colby, a senior municipal strategist at Van Eck who would co-manage the fund, said it may debut this year or in 2014, depending on feedback from the SEC.
“A product like this takes away the individual security risk and adds an element of liquidity,” Colby said in an interview. “In this circumstance, with this particular product, my guess is we will have a little bit of pushback” given its unique nature, he said.
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