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Non-Tech : Climate Change, Global Warming, Weather Derivatives, Investi

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To: Glenn Petersen who wrote (272)	2/26/2009 10:11:20 AM
From: Sam Citron	of 442

U.S. Firm Launches AirShares EU Carbon Allowances Fund February 11, 2009 XShares Advisors, which specialized in exchange-traded products, has launched the AirShares EU Carbon Allowances Fund (NYSE Arca: ASO), a pool of EU carbon credits. The fund, which began trading early this year, bills itself as the only exchange-traded equity product providing access to the fast-growing EU carbon market. AirShares holds unleveraged long positions in a portfolio of European Climate Exchange Carbon Financial Instrument Futures Contracts (ECX CFI Futures Contracts), each of which provides for delivery of 1,000 European Union Allowances (EUAs) on a specified date at a specified price. As contracts approach their December expiration, AirShares sells them and replaces them with contracts with later expirations. AirShares is a passively managed equity product and does not track an index. Although the futures contracts held by AirShares and most of its assets are denominated in euros, the shares trade in U.S. dollars. Government-issued EUAs represent approximately two-thirds of the world’s carbon market. cleantechbrief.com

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