First Trust has plans to launch a pair of new exchange traded funds (ETFs) focusing on the precious metals platinum and copper. The funds will track a basket of equities instead of being physically backed by the metals.

First Trust is getting ready to launch a couple of ETFs focusing on platinum and copper, which will track the First Trust ISE Global Copper Index Fund and the First Trust Global ISE Platinum Index Fund.  [Why the timing is good.]

The ETF Professor on Benzinga reports that the ETFs will hold miners, materials and refining companies. There’s no word just yet on specific components in the funds. [Are base metals on pause?]

Expense ratios are believed to be 0.70% for each ETF.

For more stories about new ETFs, visit our new ETFs category.