Market Vectors, the exchange traded product arm of Van Eck Global, has launched a new exchange traded fund designed to tap into the growing oil and natural gas sector.

The fund, called Market Vectors Unconventional Oil & Gas, will track the Market Vectors Renminbi Bond Index, a rules-based index which covers the overall performance of companies involved in the production of oil and gas using techniques other than the conventional oil well process, like coal bed methane, coal seam gas, shale oil, and tight sands. This includes companies involved in exploration, development, extraction, production and refining.

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