NEW YORK, Nov. 5, 2010 /PRNewswire/ -- Global X Funds, the New York based provider of exchange traded funds, launched today the Global X Uranium ETF (Ticker: URA). The launch is the latest expansion in the ETF issuer's cleantech commodity funds.
Uranium is seen as the clean resource alternative for electric generation. One pound of uranium can generate as much energy as 20,000 pounds of coal, and leaves behind a fraction of the carbon footprint. Almost all the uranium mined today is used to produce electricity, and that provides about 16% of the world's electricity. Since the bull market for uranium in 2006-2007, many new nuclear plant development projects have been initiated around the world. However, uranium supply is forecasted to be in deficit for every year from 2010 onward. RBC Capital Markets estimates that the price of uranium will peak at $80/lb within three years.
"The Uranium ETF, like the successful Lithium ETF launched last quarter, provides access to a commodity in the renewable energy space," says Bruno del Ama, CEO of Global X Funds. "These resources are key for the future of clean technology."
The Global X Uranium ETF tracks the Solactive Global Uranium Index, which is designed to track the performance of the largest and most liquid listed companies globally in the uranium mining industry. As of November 1, 2010 the three largest components were Cameco, Paladin Energy and Uranium One.
This launch follows the issuer's listing yesterday of the Global X Gold Explorers ETF (Ticker: GLDX), the latest addition to the fund family's global commodities suite. "We are committed to identifying novel but relevant investment themes that appeal to sophisticated investors," del Ama said.
For more information, please contact Jaime Doyle at 973-944-8105 or email@example.com.
ABOUT GLOBAL X FUNDS
Global X Funds is an innovative provider of exchange-traded funds that facilitate access to investment opportunities across the global markets. One of the fastest growing ETF providers in the world, it currently offers the largest suite of China and Brazil sector ETFs, and a Global Commodities suite that includes the Silver Miners ETF (Ticker: SIL), Copper Miners ETF (Ticker: COPX), Gold Explorers ETF (Ticker: GLDX) and Lithium ETF (Ticker: LIT). For more information, please visit www.globalxfunds.com
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SOURCE Global X Funds