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Global X Funds adds uranium ETF to its cleantech fund suite

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Global X Funds, the New York based provider of exchange-traded funds, has launched the Global X Uranium ETF.



The launch is the latest expansion in the ETF issuer’s cleantech commodity funds.

According to Global X, 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 per cent 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 USD80/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, chief executive of Global X Funds. "These resources are key for the future of clean technology."

The 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 1 November 2010 the three largest components were Cameco, Paladin Energy and Uranium One. 

This launch follows the issuer’s listing of the Global X Gold Explorers ETF, the latest addition to the fund family’s global commodities suite.

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