This is a great strategic move, and the Morningstar name has a solid brand behind it
Also this week, Global X filed papers with the SEC to launch an ETF targeting oil companies around the world that are highly correlated with the price of oil.
The Global X Oil Equities ETF will be based on the Solactive Global Oil Equities Index, which is a free-float-adjusted, liquidity-tested and market-capitalization-weighted benchmark. Olivier Ludwig for Index Universe reports that the fund will actually own companies within the index. [The Benefits of Owning Commodity ETFs.]
Tisha Guerrero contributed to this article.