Two new index-based commodity ETFs have been launched in New York by Global X Funds.
Global X, a New York-based provider of Exchange Traded Funds, launched the Global X Silver Miners ETF (NYSE: SIL) and Global X Copper Miners ETF (NYSE: COPX).
The Global X Silver Miners ETF is the only ETF in the world that targets silver mining companies. It tracks the Solactive Global Silver Miners Index, comprised of the largest and most liquid silver mining companies in the world. The majority of holdings are Canadian based companies but also include companies based in the US, Mexico, Peru, and Russia. As of March 31, 2010, the largest index components were Fresnillo, Industrias Penoles, Silver Wheaton, and Pan American Silver.
The Global X Copper Miners ETF tracks the Solactive Global Copper Miners Index, comprised of the largest and most liquid copper mining companies in the world. COPX components are based in Canada, Australia, UK, US, Mexico, China, Poland, Switzerland, and South Africa. As of March 31, 2010, the largest index components were Freeport-McMoran, Xstrata, Grupo Mexico, and Southern Copper.
“SIL and COPX provide investors with efficient and targeted exposure to silver and copper mining companies, respectively. Both metals are essential for the global economy and may see growing demand as the economic recovery continues,” said Bruno del Ama, CEO of Global X Funds.
Editor, Wealth Daily