Market Extra: ProShares launches ETF investing in miners of metals for batteries powering electric vehicles

by | Dec 1, 2022 | Stock Market

ProShares is launching an exchange-traded fund that will solely invest in companies that mine for metals needed for batteries used in products such as electric vehicles and consumer electronics, according to Simeon Hyman, the firm’s global investment strategist. The ProShares S&P Global Core Battery Metals ETF

will begin trading on the NYSE Arca Thursday, Hyman said by phone. “The focus is on the miners of lithium, nickel and cobalt,” he said. “Those are super critical to putting together lithium ion batteries.”

The new ETF targets companies that supply the raw metals for batteries used in electric vehicles, laptops, smartphones and energy storage devices, according to ProShares. Hyman said the fund provides exposure to the “dramatic increase in demand for these end uses.” The ProShares ETF tracks the S&P Global Core Battery Metals Index, which currently consists of 41 companies in more than 15 countries such as Australia, Indonesia, South Africa and China, according to a statement from the firm. The miners in the index, which is reconstituted annually in July and rebalanced quarterl …

Article Attribution | Read More at Article Source

Share This