(Corrects second company name in second paragraph in story published yesterday.)
An exchange-traded fund backed by physical silver, platinum and palladium will start trading tomorrow in New York, according to ETF Securities Ltd., the issuer.
The White Metals Basket ETF, listed on the NYSE Arca exchange under the ticker WITE, offers investors “a higher- volatility option than holding just gold or gold-related products,” William Rhind, the head of U.S. sales and marketing at ETF Securities in New York, said yesterday on a conference call.
The fund may “appeal to investors looking perhaps for a precious-metals play that is more geared to the performance of the economic-growth cycle,” Rhind said. ETF Securities, the world’s biggest provider of exchange-traded commodity funds, had $24 billion in assets as of yesterday.
The metals will be held in JPMorgan Chase & Co.’s vaults in London and Zurich, said Fred Jheon, the head of product and business development at ETF Securities. The fund is weighted with 55 percent in silver, 33 percent in platinum and 12 percent in palladium.
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