Aluminum producer Alcoa （AA） shares are trading lower by 0.7% today, despite the company’s chief executive saying he supports the formation of an aluminum-backed ETF.
CEO Klaus Kleinfeld said the company would even be interested in supplying the aluminum to back such a fund.
The head of Rusal, the top aluminum producer in the world, has already said his company was working on such a fund.
Until an aluminum ETF is officially formed, Alcoa will have to be content in the ETF world with its stock making up a portion of stock-based funds. Alcoa is a component of the SPDR S&P Metals & Mining ETF （XME）, as well as the third-largest holding of the Rydex S&P Equal Weight Materials ETF （RTM）, at 3.64% of the portfolio, behind CF Industries （CF） and Freeport-McMoRan （FCX）.
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