The firm says it is the first and only global hard assets ETF on the American Stock Exchange.
HAP seeks to replicate, before fees and expenses, the price and yield performance of The Rogers-Van Eck Hard Assets Producers Index (RVEI), which is designed to provide a reliable, comprehensive benchmark for measuring the performance of the global hard assets industry, according to a press release.
HAP covers 321 companies in 40 countries and six sectors as of the end of August and captures more than 90% of the industry’s global stock market capitalization. The sectors covered include energy, agriculture, base metals, precious metals, forest products, and water and renewable energy (solar and wind). Van Eck says the RVEI is the first commodities equities index to include water and renewable energy.
The index includes only those companies that derive at least 50% of their revenues from the applicable commodity sector, with the exception of water, for which constituents must generate at least 25% of their revenues from that industry.
More information is available at www.vaneck.com/HAPetf.