China Materials ETF (CHIM) Added To Family Of China Sector ETFs
NEW YORK, Jan. 14 /PRNewswire/ -- New York-based asset manager Global X Management Company today launched the Global X China Materials ETF (NYSE Arca: CHIM), the first ETF offering targeted access to the China Materials sector. CHIM is the latest addition to the comprehensive family of China sector ETFs offered by Global X Funds.
The Global X China Materials ETF seeks to replicate the S-BOX China Materials Index, which is designed to reflect the performance of the materials sector in China. As of December 30, 2009, the Metals & Mining sector represents 66% of the index and Chemicals 34%. The largest index components were Aluminum Corporation of China, Angang Steel, Fufeng Group and Shougang Concord International.
China is the world's largest consumer of copper, zinc, tin, aluminum, lead, platinum, steel, iron ore, fertilizer and many other materials. China is also the world's top producer of steel, aluminum, zinc, tin, fertilizer and other materials, including 95% of the world's rare earths, used in a variety of applications, especially in the high technology area.
" China is a large producer and the world's largest consumer of materials, and its hunger for resources will continue to grow as it builds more cars, railroads and high rises," said Bruno del Ama, CEO of Global X Management. " China's GDP is expected to expand 9.4% in 2010, after growing 8.5% in 2009, according to the median estimate of economists surveyed by Bloomberg. The country's economic upswing will help drive demand for materials in 2010 and beyond."The China Materials ETF is the latest launch in the family of China sector ETFs offered by Global X Funds, joining the China Consumer ETF (CHIQ), China Energy ETF (CHIE), China Financials ETF (CHIX), China Industrials ETF (CHII), and China Technology ETF (CHIB), all trading on the NYSE Arca. All funds have a 0.65% expense ratio. About Global X Management Company LLC Global X Management Company, LLC, a New York-based asset manager, serves as the investment adviser to Global X Funds. The firm, registered as an investment adviser with the Securities and Exchange Commission, specializes in innovative international ETFs. For more information, visit www.globalxfunds.com.
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