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Invesco (NYSE:IVZ) unveiled its latest publicly traded index fund, the Invesco Electric Commodity Strategy for Automotive Metals Non K-1 ETF (EVMT). EVMT intends to provide exposure to raw materials widely used in the production of electric vehicles.

Some of these products are aluminum, cobalt, copper, iron ore, nickel and zinc.

EVMT is positioned to take advantage of the electric vehicle market and plans to offer investors a vessel to capitalize on growing demand. Demand for electric vehicles skyrocketed as President Biden’s executive order set a goal for electric vehicles to make up 50% of cars and trucks sold in the United States by 2030.

The actively managed ETF is also associated with an expense ratio of 0.59%.

Jason Bloom, head of bond and alternative ETF strategy at Invesco declared“EVMT will be the first commodities fund to offer exposure to an electric vehicle theme, as well as the only ETF that considers the metals needed to produce entire cars, rather than focusing on battery production.”

“Viewing all automotive production through a commodity lens, EVMT’s composition focuses on full opportunity, which affects included metals weightings.”

Additionally, lithium battery technology is critical to the operation of electric vehicles, and the Global X Lithium & Battery Tech ETF (LIT) stumbled to an eleven-month low.