ETF Securities Launches New Physical White Metals Basket (WITE)
ETF Securities announced today that ETFS Physical White Metals Basket Shares will list on the NYSE Arca on December 3, 2010 trading under the ticker symbol WITE “White”.
Key highlights of WITE:
- Unique offering: ETFS Physical WM Basket Shares (Ticker: WITE) will be the first US physically-backed ETP to exclusively hold silver, platinum and palladium in fixed weights. WITE complements the existing suite of products provided by ETF Securities, which continues to offer the broadest range of physically-backed precious metal ETPs in the US market.
- White metals basket: It is expected that WITE will appeal to those investors looking for a “one trade solution” to invest in all three precious metals as well as diversify their existing gold holdings
- Industrial metal play: It is expected that WITE may appeal to investors looking for a precious metals play more geared to the economic growth cycle
- Cost effective: The Sponsor’s Fee for WITE will be 0.60% (3). It is expected that the transaction costs for buying and selling the shares will be lower than purchasing, storing and insuring physical silver, platinum and palladium.
- Liquid (6) – The shares will trade on the NYSE Arca. The Trust structure allows for shares to be created and redeemed according to supply and demand in the market.
- Transparent – The silver, platinum and palladium bullion held by the trust is inspected biannually by the independent metal assayer, Inspectorate International. The pricing information, net asset value, and precious metals bar numbers held by the Trust are published daily on the website www.etfsecurities.com.
ETFS White Metals Basket Trust
The objective of the ETFS White Metals Basket Trust (WITE) shares is to reflect the performance of the price of Silver, Platinum and Palladium, less the Trust’s expenses. The Trust is open ended and is designed for investors who want a cost-effective (1) and convenient (2) way to invest in all three precious metals as well as diversify their existing gold or precious metal holdings. The product has a gross expense ratio of 0.60% per annum. (3)The Shares represent beneficial interest in the Trust, which holds physical allocated silver, platinum and palladium bullion held in vaults by the Custodian (JP Morgan Chase Bank). All physical bullion held with JP Morgan Chase Bank conforms to the London Bullion Market Association’s (LBMA) (4) and London Platinum and Palladium Market Association’s (LPPM) (5) rules for Good Delivery. Silver will be held in London and Platinum and Palladium will be held in London or Zurich. Commenting on Friday’s listing of the ETFS Physical White Metals Basket on NYSE ARCA, Fred Jheon, Head of Product and Business Development of ETFS Marketing LLC, said: “WITE provides our investors with a cost-effective, one-ticker solution towards exposure into silver, platinum and palladium and offers a great complement to portfolios with existing gold and precious metals positions. The new White Metals Basket ETF was developed in response to wealth managers looking to diversify beyond just gold holdings.”
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