Most investors focus on silver and gold exchange traded funds but within the precious metals complex there are also opportunities to diversify with ETFs tracking platinum and palladium.

Among platinum exchange traded products, investors can choose from ETFS Physical Platinum Shares (NYSEArca: PPLT), iPath Dow Jones-UBS Platinum ETN (NYSEArca: PGM) and UBS E-TRACS Platinum ETN (NYSEArca: PTM).

ETFS Physical Palladium Shares (NYSEArca: PALL) is the sole product for platinum.

The platinum ETF is actually outperforming gold and silver so far this year, while palladium is lagging.

“A strong lift in Chinese jewelry production and rising autocatalyst demand growth were behind the multi-year high in platinum demand in 2011. Exposure to the European diesel market and further substitution of platinum for palladium will likely be a restraint on further growth in this area in 2012,” ETF Securities analysts Martin Arnold and Nicholas Brooks said in a note Tuesday.

The firm manages several metals ETFs.