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.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.