Van Eck is the first exchange traded fund (ETF) provider to market with a fund tracking global hard assets. Market Vectors-RVE Hard Assets Producers ETF (HAP) will begin trading Wednesday morning, on the Amex.

The fund aims to replicate the Rogers-Van Eck Hard Assets Producers Index (REVI), seen by some as the definitive global benchmark for commodity equities. Jim Rogers, the creator of the index, told us back in July that his index is meant to truly capture the global commodities boom. “The whole world is represented, and most countries produce one or two commodities.”

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.

The goal of HAP is one-stop shopping for global hard assets and the index is comprehensive in construction, as it focuses on companies that are publicly owned and produce and distribute hard assets as well as related products and services. At the end of August, RVEI held 321 companies in 40 countries within 6 sectors.

Tags: Agriculture, Commodity ETFs, Energy, HAP, Sector ETFs, Solar, Wind