ETF Securities has launched the ETFS Precious Metals Basket, an exchange-traded fund that holds fixed physical weights of gold, silver, platinum and palladium.
The fund, trading under the CUSIP GLTR, for glitter, on NYSE Arca, “was developed in response to demand from a diverse client base looking for a single-ticker solution that provides cost-effective precious metals exposure in a physically backed fund,” said Fred Jheon, head of product and business development at ETF Securities.
“GLTR complements the existing four individual precious metals products ETF Securities offers to U.S. investors—SIVR, SGOL, PPLT and PALL—and allows our clients to either hold each product individually or customize according to their investment outlook. We believe that the introduction of this unique product will fill a need in the marketplace and position ETF Securities for further growth in the U.S,” Jheon added.
The new fund charges an annual fee of 60 basis points. ETF Securities manages $22 billion in assets under management.