ETF Securities Ups Its Precious Metals Game
February 10th at 1:00am by Tom Lydon
ETF Securities has filed with the Securities and Exchange Commission (SEC) for approval to launch an exchange traded fund (ETF) physically backed by a basket of gold, silver, platinum and palladium.
ETFS Physical PM Basket Shares is set to be issued through a trust, which will be valued on the basis of London afternoon prices for gold, platinum and palladium and by the silver fix at approximately noon London time. The shares will trade on the NYSE Arca platform, says Matt Whitaker for The Wall Street Journal. [First Trust's Filing for an Equity Platinum ETF.]
ETF Securities’ filing follows several big happenings on the precious metals ETF front. The provider launched the first U.S.-listed platinum and palladium funds recently, and they’ve been given an enthusiastic reception from investors. Holdings in all the ETF Securities funds trading total more than $1 billion. [Read about the latest platinum and palladium backed ETFs here.]
Meanwhile, Global X has filed for a suite of mining ETFs aimed at copper, gold, platinum and silver. [More on the Global X Filing.]
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