Fri, 18/07/2014 - 14:00
In response to a 10 per cent tax liability imposed by Egypt on dividends and capital gains from investments in Egyptian issuers, Market Vectors Egypt Index ETF (EGPT) and Market Vectors Africa Index ETF (AFK) will begin accruing for such tax.
It is estimated that, as of 18 July 2014, the accrual of this tax will reduce EGPT’s net asset value by USD0.08 per share while having no material impact on AFK’s net asset value.
However, the future impact of such tax liability on EGPT’s and AFK’s net asset value will fluctuate over time.
EGPT seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Egypt Index. The Egypt Index consists of at least 25 companies targeting coverage of 90 per cent of the free-float market capitalisation of the Egyptian investable universe.
AFK seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors GDP Africa Index. The Africa Index tracks the performance of the largest and most liquid companies in Africa. The weighting of a country in the Africa Index is determined by the size of its gross domestic product.
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