WSJ Tracks an Indexed Green ETF
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Monday, March 29, 2010

WSJ Tracks an Indexed Green ETF

The four-year-old Market Vectors Global Alternative Energy ETF from Van Eck is the focus of The Wall Street Journal's Fund Track Monday. The passively-managed exchange-traded fund isn't looking for astronomical returns, instead aiming for long-term growth and green-thinking investors.

The fund invests in renewable energy companies and tracks an alternative-energy index that Van Eck bought from Ardour Capital Investments in 2006.

"When you put your money into a basket like this, you're hedging your bets," he said. "You won't get those violent spikes up or down, but a more normalized trend line," Walter Nasdeo, a managing director at Ardour Capital, told The Journal.

The fund has $180 million in AUM and is so far down 10 percent this year. In the 12 month period ended February 28, the fund is up 29 percent, compared to 53.6 percent for the S&P 500 over the same period.

Also in the Fund Track column today was a report on the Security and Exchange Commission, which distributed about $185 million to more than 800 mutual funds hurt by Prudential Equity Group in the market timing scandals four years ago.

The SEC plans to disburse another $90 million. In August 2006, Prudential was ordered to pay $600 million, including $325 million to the Justice Department and $5 million to the Massachusetts Securities Division.

"This substantial distribution reflects the SEC's ongoing efforts to compensate mutual funds and their shareholders for the harm caused by illegal market timing," noted SEC regional director David Bergers in a press release.

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