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Platinum and palladium ETF assets exceed USD350m

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ETF Securities says total assets for its platinum and palladium exchange-traded funds now exceed USD350m with assets across all four physically-backed products totalling USD850m as of 15 January 2010.

Platinum and palladium ETFs collectively garnered over USD350m in the first trading session across multiple market participants.

Platinum traded a daily average of over 300,000 shares and palladium traded over 450,000 shares.

The objective of the shares reflects the performance of the price of platinum or palladium, less the trust’s expenses. The trust is open ended and is designed for investors who want a cost-effective and convenient way to invest in platinum as well as diversify their precious metal holdings.

Both products have an expense ratio of 0.60 per cent per annum.

They are backed by platinum and palladium allocated bullion in plate and ingot form stored in secure vaults in London and Switzerland by the custodian JPMorgan Chase Bank.

All plate and ingot held by the trust conforms to the London Platinum and Palladium Market “good delivery list”.

ETF Securities now offers a full precious metal offering to US investors with a suite of four physically backed precious metal ETFs: gold, silver, platinum and palladium.

Fred Jheon, head of product and business development of ETFS Marketing, says: “The first week of trading in PPLT and PALL has been very strong and reflects healthy investor interest. Investors like the physical backed structure and uniqueness of these PGM products to the US market. This has also been ETF Securities most successful launch to date globally.”

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