New ETFs: Waste & Steel

Last May exchange-traded fund (ETF) newcomer Van Eck Global listed its first ETF, the Market Vectors - Gold Miners ETF (GDX) . Since its launch the fund has gathered in about $260 million in assets. On Monday this New York investment adviser company listed a pair of new offerings on the American Stock Exchange.

The first one, Environmental Services ETF (EVX) is already being dubbed as the "trash" ETF. It tracks an Amex index of 24 companies involved in waste management, recycling and environmental management or consulting. Top holdings include Republic Services Inc. (RSG)
and Waste Management Inc. (WMI).

The other new ETF, Market Vectors - Steel ETF (SLX) tracks another Amex benchmark targeting 39 companies involved in steel production and fabrication as well as the extraction and reduction of iron ore. Index constituents include Arcelor Mittal Steel Co. (MT), United States Steel Corp. (X) and South Korea's Posco (PKX).