An exchange traded fund (ETF) that could catch the eye of Paris Hilton or Donald Trump? An ETF that profits from ridiculously lavish spending? It’s too soon to see if that will happen, but a new ETF that recently hit the market is designed to do just that.

The Claymore/Robb Report Global Luxury ETF (ROB) began trading on the New York Stock Exchange (NYSE) last week and invests in companies that provide luxury goods and services, reports John Spence for MarketWatch. For an idea on the types of luxury goods included in ROB, some holdings readers might recognize include Coach (COH), Christian Dior (CHDRF.PK) and Porsche (PSEPF.PK). The theory is that even if the economy weakens, the high-end consumer still would buy that diamond necklace or sports car. Considering the number of millionaires in the world has doubled over the past 10 years, according to the World Wealth Report 2007, ROB has a shot at success.

Tags: Retail