First Ever China Energy ETF (CHIE) Starts Trading On The NYSE Arca
NEW YORK, Dec. 16 /PRNewswire/ -- New York-based asset manager Global X Management Company today launched the Global X China Energy ETF (NYSE Arca: CHIE), the first ETF offering targeted access to the China Energy sector. CHIE is the latest addition to the comprehensive family of China sector ETFs offered by Global X Funds.
The Global X China Energy ETF seeks to replicate the S-BOX China Energy Index, which is designed to reflect the performance of the energy sector in China. As of November 30, 2009, the Oil and Gas sector represents 42% of the index, Alternative Energy 23%, Coal 15%, Electric 14% and Energy Equipment & Services 5%. The largest index components were PetroChina, CNOOC, China Shenhua Energy and China Petroleum & Chemical.
China is expected to become the world's biggest energy consumer by 2010, according to the International Energy Agency (IEA), with energy use expected to more than double from 2005 to 2030. The agency notes that "as China becomes richer, its citizens are using more energy to run their offices and factories, and buying more electrical appliances and cars." China is also the leading producer of energy from renewable sources, according to the Climate Group, and "is on the way to overtaking developed countries in creating clean technologies."
"With the rapid expansion of China's middle class, its energy consumption will necessarily mount. The China Energy ETF affords investors efficient access to this growth while tapping into China's increasing leadership in alternative energy," said Bruno del Ama, CEO of Global X Management.The fund is the latest launch in the family of China sector ETFs offered by Global X Funds, joining the China Consumer ETF (ticker: CHIQ), China Financials ETF (ticker: CHIX), China Industrials ETF (ticker: CHII), and China Technology ETF (ticker: CHIB), all trading on the NYSE Arca; the upcoming China Materials ETF (ticker: CHIM) is not yet available for purchase. All funds have a 0.65% expense ratio.
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