Fund launched to replicate Rogers-Van Eck HAP Index

New York based asset manager Van Eck has announced the launching of a new fund, the Market Vectors-RVE Hard Assets Producers ETF (HAP) to track global hard assets. The fund aims to replicate the Rogers-Van Eck Hard Assets Producers Index. This index is seen by some as the benchmark for commodity equities.

Jim Rogers, the creator of the index said that his index is meant to capture the global commodities boom.

The global hard assets industry accounts for about 14% of global GDP, Rogers says.

The index is rated upon global consumption rather than market capitalization. This balanced commodity exposure lightens the energy weighting and is also fair on agriculture compared to other commodities-tracking indexes.