New York-based asset manager Van Eck Global has launched the market vectors-RVE hard assets producers (HAP) exchange-traded fund (ETF) on the American Stock Exchange
HAP provides one-stop shopping for the global hard assets industry because its underlying index is comprehensive in construction, covering 321 companies in 40 countries and six sectors.
The index includes the world's largest and most prominent publicly traded companies that are engaged in the production and distribution of hard assets and related products and services, and captures more than 90% of the industry's global stock market capitalization.
The sectors covered include energy, agriculture, base metals, precious metals, forest products and water and renewable energy (solar and wind). RVEI is the first commodities equities index to include water and renewable energy and utilizes consumption-based weights that afford balanced exposure among the six sectors.
‘The market vectors-RVE HAP ETF is the first to provide comprehensive exposure to the dynamics of the global commodities business in a single fund,’ says Jan van Eck, principal at Van Eck Global. ‘We think investors will find it attractive as a way to participate in this huge and growing segment of the market.’
SOURCE: Van Eck Global