Van Eck Global-owned Market Vectors has listed a gold equities ETF on the ASX.
The Market Vectors Gold Miners ETF (GDX) invests in global mining companies of all sizes, giving Australian investors exposure to "the world's largest gold producers in a single trade on ASX", the company said in a statement.
"GDX is both the world's largest gold equities ETF and the flagship Market Vectors ETF globally. With total assets in excess of US$6.3 [AU$8.2] billion it captures the global nature of the gold mining industry, including Australian assets," said Van Eck Global Australia managing director Arian Neiron.
"Many investors prefer to purchase gold miners' equities as their value historically has been more sensitive than bullion to the price of gold. GDX and gold have a number of characteristics in common, such as a low correlation to other asset classes and they are both used as a currency hedge, a hedge against inflation and as a trading tool by large institutions."
Magellan wrapped up a tumultuous year with a 9 per cent drop in average funds under management.
With more still to come.
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