(Bloomberg News) Global X Funds, an exchange-traded fund company with $1.5 billion under management, has started a gold ETF that provides a way to invest in companies that get almost all their revenue from mining the metal.

The Global X Pure Gold Miners ETF tracks the Solactive Global Pure Gold Miners Total Return Index, which includes companies that got more than 95 % of revenue last year from mining gold, the New York-based company said in a statement last week. The biggest index components as of March 10 were Gold Fields Ltd., OAO Polyus Gold and Kinross Gold Corp., Global X said, citing index owner Structured Solutions AG.

Gold prices have gained 28 % in the past year and reached a record $1,445.70 an ounce on March 7 as oil topped $106 a barrel amid escalating violence in the Middle East and northern Africa. Global X said its new fund intends to offer a more targeted investment in gold since other indexes such as the NYSE Arca Gold Miners Index include silver producers.

"Not all gold-miner ETFs are created equal and Global X Funds is the first to provide one which is a pure play," Bruno Del Ama, chief executive officer, said in the statement.

Gold futures for April delivery rose yesterday by $3.10, or 0.2 %, to settle at $1,424.90 an ounce on the Comex in New York.