Global X Funds has launched two new exchange-traded funds, the Global X Pure Gold Miners ETF and the Global X Oil Equities ETF.
Unlike other ETFs based on indexes that include other minerals, such as the NYSE Arca Gold Mining Index, which also includes silver, the Global X Pure Gold Miners ETF invests in companies that get the vast majority of their revenues from gold mining. It also invests in gold mining companies listed on exchanges throughout the world. The fund tracks the Solactive Global Pure Gold Miners Index.
“Not all gold miner ETFs are created equal, and Global X is the first to provide one which is a pure play on gold miners,” said Global X CEO Bruno del Ama.
For the oil ETF, rather than track the market price of oil through oil futures, the fund tracks the performance of oil by investing in companies with the highest correlation to oil prices. Global X said this provides exposure to pure-play oil companies, rather that those involved in other industries such as natural gas. This fund tracks the Solactive Global Oil Equities Index.