ETF Securities Ltd has filed with the U.S. Securities and Exchange Commission to start a precious metals basket trust, which will be the company’s fifth U.S. product.

ETF Securities USA LLC, a unit of the London-based ETF Securities, said it planned to register 18 million shares with a proposed maximum aggregate offering price of $1.058 billion.

Shares of the new trust will represent a combination of gold, silver, platinum and palladium. The trust is aiming to reflect the combined price performance of the four precious metals, less operating expenses, the company said.

The company said in the filing it may not sell the shares until the registration statement, which was filed with the SEC on Friday, becomes effective.

The company has already started four U.S. funds since last July, namely the gold, silver, platinum and palladium trusts.

Source: REUTERS

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