MOSCOW. Dec 15 (Interfax) - The net asset value of the largest exchange fund investing in Russian assets - Market Vectors Russia ETF, which is managed by Van Eck Global, was on September 30 2011 down by almost a half compared to the end of the first half, the ETF reported.

The ETF invests on DAZglobal Russia+ Index, a structure of the German Deutsche Boerse exchange. The DAZglobal Russia+ included 47 Russian companies from key sectors as of June 30.

Volatility was high during the end of the summer - beginning of the fall and share prices tumbled down on international stock markets, which had its impact on Russia also. The DAXglobal Russia plunged from 588.63 points on August 1 to 430.71 points on September 30. The index was at 438.36 points on December 14.

Market Vectors Russia ETF net asset value at the end of the third quarter was down to $1.66 billion from $3.1 billion, the Fund said.

The number of Fund shares dropped to 63,900 from 82,950. The share price also fell to $25.991 from $38.013. At the beginning of the week, 61,550 shares were in circulation and the price was up to $26.38. The value of net assets is currently at $1.62 billion.

The Fund reduced its stake in virtually all companies in its portfolio in the third quarter. Among its major investments, its stake dropped to 0.24% from 0.28% of Gazprom charter capital (the market value of the Fund's stake dropped to $136 million from $241 million at the end of the first half), 0.24% from 0.29% of Sberbank voting shares ($110 million from $222 million), 0.19% from 0.25% of Rosneft ($118 million against $220 million), 0.27% from 0.37% of Lukoil ($116 million against $202 million), 0.26% from 0.39% of Norilsk Nickel ($107 million against $196 million), 0.25% from 0.36% of Novatek (