Platinum and Palladium ETFs to Be Launched in Japan
Source: Platinum Today (6/16/10)
"They and are the first of their kind to be launched in Japan."
The domestically-created platinum, palladium, gold and silver products are backed by physical commodities and are the first of their kind to be launched in Japan.
A total of 92 ETFs will be on the Tokyo market when the new additions arrive on 2nd July, taking it closer to a previously stated target of 100 by the end of the 2010 fiscal year.
The Mitsubishi Trust, which is launching the 'Fruit of Gold' series in partnership with the Mitsubishi UFJ Trust and Banking Corporation, said precious metals are "essential resources" to Japan's jewelry and industrial sectors.
A statement from the two parties read: "The ETFs will not only allow investors to trade from just one unit, but will also allow investors that meet a certain criteria to trade in their certificates of beneficiary interest for the respective physical metal, which is a new and never before seen concept."
ETFs generally find favor among investors because of their low costs, tax efficiency and stock-like features.