At a time when the precious metal is surging, investors have a new way to access platinum via ETFs. The GraniteShares Platinum Trust (NYSEARCA: PLTM) debuted Monday.

PLTM is the second US-listed ETF to be backed by physical platinum and will compete directly with the ETFS Physical Platinum Shares (NYSEArca: PPLT).

“We believe that platinum is one of the best investment stories never told. Many investors are simply not aware of its investment potential and our mission is to change that,” said Will Rhind, CEO of GraniteShares, in a statement. “Platinum is a unique, durable metal that is used in a variety of ways, including in the reduction of vehicle emissions, the making of jewelry and in a range of industrial applications. Through PLTM, GraniteShares is seeking to offer cost-effective access to investing in platinum.”

PLTM charges 0.5% per year, or $50 on a $10,000 investment. That makes the new ETF the least expensive platinum ETF trading in the U.S.

Although platinum is not as heavily traded as gold or silver, it is the third-most traded precious metal in the world and it is more scarce than its more popular rivals. Industry observers also believe that platinum companies have overextended operations during the commodities boom in prior years and have suffered from an oversupplied market as a result.

GraniteShares is disrupting the commodities ETF space with lower fees. For example, the firm introduced the GraniteShares Gold Trust (NYSE Arca: BAR) last year. BAR has an annual fee of just 0.2%, making it the cheapest gold ETF in the U.S. BAR debuted in August and has over $12 million in assets under management.

“In seeking to demonstrate its commitment to platinum as an investment asset, GraniteShares entered into an agreement with the World Platinum Investment Council (WPIC), a global market authority on physical platinum investment, to fund the development and launch of PLTM,” according to the statement.

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