Global X Funds launched the Global X Aluminum ETF (Ticker: ALUM).
The launch is the latest expansion in the ETF issuer’s global commodity producer funds and is the first ETF globally focused on aluminum….
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Aluminum is one of the most heavily consumed metals in the world, its malleable and corrosion-resistant properties make it important for applications in energy, industrials, and consumer goods. In the last decade, the demand for aluminum has grown 38% compared to 20% for other metals, according to Bloomberg.
“We are pleased to offer the Aluminum ETF, which follows in the footsteps of our other highly successful industrial metal ETF, the Global X Copper Miners ETF (Ticker: COPX),” says Bruno del Ama, CEO of Global X Funds. “Aluminum has seen tremendous price increases as a result of increased global demand, especially from China and India. Its invaluable properties to various industries make it essential for future economic growth.”
The Global X Aluminum ETF tracks the Solactive Global Aluminum Index, which is designed to track the performance of the largest and most liquid companies globally active in some aspect of the aluminum industry. As of December 13, 2010, the three largest components of the index were Rio Tinto plc, Alcoa, Inc. and Norsk Hydro ASA.
Source: ETFWorld – Global X Funds
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