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ETF Securities seeks to increase US platinum ETF fund size


UK-based ETF Securities has applied to the US Securities and Exchange Commission to increase the size of its recently launched US platinum and palladium exchange-traded funds.

ETF Securities is seeking approval to more than double the number of securities in the platinum ETF and increase the number of securities in the palladium ETF by nearly 50 per cent, according to a report by Dow Jones Newswires.

"We have re-filed for an increase in securities," a spokesperson said. "We’re waiting to hear feedback from the SEC."

Clearance from the SEC would require the company to file a new prospectus that would then need another approval from the SEC.

ETFS Physical Platinum Shares and ETFS Physical Palladium Shares began trading on the NYSE Arca Exchange on 8 January. Both are securities backed by platinum and palladium bars held in storage.

Under the current prospectus, the number of securities in the platinum ETF is limited to 4.77 million shares, equivalent to 477,000 troy ounces of platinum. The palladium ETF has a limit of 12.7 million securities, equal to 1.27 million ounces.

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