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Itri.com reports that there will be 3 physically backed ETC’s launched today, with the first to be offered containing be of funds holding copper, nickel and tin.
Itri.com reports that there will be 3 physically backed ETC’s launched today, with the first to be offered containing be of funds holding copper, nickel and tin.
The story is quoted as saying:
The funds will be backed by LME warrant holdings, although in the future metal may be moved off warrant “as assets build up in order to stay within lending guidance and to reduce storage fees.” Deutsche Bank AG, London Branch will act as the metal agent, providing trading, administration and custody services related to the products and the underlying metals. The funds will mirror movements in the LME cash price, less management and storage fees. The three initial funds will have management and insurance charges of 0.69% and 0.12% respectively. The daily storage charge for tin will be 42 cents/tonne