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.

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