ETFS issues additional shares in platinum and palladium ETPs

ETF Securities (ETFS) has issued additional shares for its platinum and palladium exchange-traded products listed on NYSE Arca.

The number of shares registered for the ETFS Physical Platinum Trust have increased from 4.78m to 11.22m, as of May 26.

ETFS has also boosted the number of shares registered in its palladium product from 12.88m to 18.8m, as of the same date.

Both of the ETPs have expense ratios of 0.60% and assets under management totalling $871m. The shares are issued by the ETFS Platinum Trust and the ETFS Palladium Trust, which reflect the price of the respective metals.

The trusts are backed by platinum and palladium allocated bullion in plate and ingot form, stored in vaults based in Switzerland and London by the custodian JP Morgan Chase.

ETFS says the physical platinum and palladium allocated bullion of the trusts are subject to minimal counterparty risks, contrasting other funds that gain bullion exposure through derivatives.