Van Eck launches green ETFs

Van Eck Global launched the Market Vectors-Global Alternative Energy Exchange Traded Fund on the New York Stock Exchange today. The fund, which is the fifth Market Vectors ETF, seeks to replicate the price and yield performance of the Ardour Global Index (AGIXL), a benchmark for the global alternative energy industry, which is published by the Ardour Global Indexes. The index is compromised of publicly traded stocks of 30 of the largest, most actively traded energy companies around the world, of which roughly 60% come from non-U.S. companies. Companies included in the index generated over 50% of their revenues from alternative energy and/or related technologies. Companies engaged in solar, wind, bio-fuels, water and geothermal alternative energy sources occupy 70% of the index. The remainder of the index is made up of distribution generation, environmental technologies related to alternative energy, energy efficiency and enabling technologies. AGIXL has delivered an annualized total return of 19.82% for the year ended Dec. 31 and is up roughly 14% year-to-date as of April 15. "The investor appetite is large and there is a great opportunity for the capital markets to work with alternative energy companies," said Noreen Culhane, executive vice president of the NYSE's Global Corporate Client Group. Ardour Global Indexes LLC and Van Eck Global are based in New York.