Global X Rolls Out First-Ever Aluminum Producers ETF
Wednesday, January 5th, 2011Morningstar submits:
By Robert Goldsborough
On Wednesday, Jan. 5, Global X Funds will roll out its latest niche product, the Global X Aluminum ETF (ALUM). The new fund will be the first-ever pure-play ETF devoted to companies that are primarily involved in the aluminum industry. Up to now, the only aluminum-themed exchange-traded product has been iPath Dow Jones-UBS Aluminum Total Return Sub-Index ETN (JJU), which is a thinly traded exchange-traded note that was launched in mid-2008 and that is intended to reflect the returns of an unleveraged investment in aluminum futures. As such, JJU solely holds futures contracts on aluminum and as a result does not aim to replicate the performance of a basket of companies that operate in the aluminum industry.
