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GreenHaven Continuous Commodity Index Fund launched on Amex

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Atlanta, Georgia-based GreenHaven Commodity Services has launched its first exchange-traded fund, the GreenHaven Continuous Commodity Index Fund, on the American Stock Exchange, with Kello

Atlanta, Georgia-based GreenHaven Commodity Services has launched its first exchange-traded fund, the GreenHaven Continuous Commodity Index Fund, on the American Stock Exchange, with Kellogg Capital Group as its specialist.

The fund aims to track the performance of the Continuous Commodity Total Return Index, an equal-weighted basket of 17 commodities (corn, wheat, soybeans, live cattle, lean hogs, gold, platinum, silver, copper, cocoa, coffee, sugar, cotton, orange juice, crude oil, heating oil and natural gas) calculated by Reuters America.

‘The American Stock Exchange is pleased to welcome and support GreenHaven’s entry into the ETF marketplace,’ says Scott Ebner, senior vice-president for the Amex’s ETF marketplace. ‘The fund reflects a growing investor interest in commodity-linked products.’

Ashmead Pringle, president of GreenHaven Commodity Services, says: ‘Increasingly, many investors have concluded that commodities are an asset class that should be represented in a balanced portfolio. The Continuous Commodity Index Fund can provide investors, both large and small, with broad commodity exposure in an efficient and low-cost way.

‘The Continuous Commodity Index by Reuters has long been a benchmark of overall commodity prices. By tracking the index with long positions on US futures exchanges, the fund will avoid the costs of owning physical commodities and minimise counterparty risk. Moreover, trading on Amex will provide shareholders with transparency and liquidity.’

The American Stock Exchange, which has just agreed to be acquired by NYSE Euronext, operator of the New York Stock Exchange, offers trading of a full range of equities, options and ETFs, including structured products and holding company depository receipts. The Amex brought the first US ETF to market in 1993 and currently lists 383 funds.

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