Mutual fund company First Trust Advisors launched a new indexed exchange-traded fund which tracks the global trade of platinum. The First Trust ISE Global Platinum Index Fund launched Friday and is offered at an expense ratio of 70 basis points (bps).

The ETF invests at least 90 percent of its assets in securities on the ISE Global Platinum Index, according to a filing with the SEC (Securities and Exchange Commission).

The fund's management team includes Daniel Lindquist, chairman of the investment committee and senior vice president of first trust; Robert Carey, chief investment officer and senior vice president; Jon C. Erickson, senior vice president; David McGarel, senior vice president; Roger Testin, senior vice president; and Stan Ueland, vice president of First Trust.

First Trust also offers the First Trust ISE Global Copper Index Fund, which follows the ISE Global Copper Index.

The ETF is the fourth launched this year that invests primarily in platinum or platinum-based securities. In February, GlobalX Funds debuted its Global X Platinum Miners ETF, along with three other metal-back funds, and in January, ETF Securities launched Physical Platinum Shares and ETFS Physical Palladium Shares, both ETFs physically backed by the metals. 

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