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BOSTON (Dow Jones) -- A pair of exchange-traded notes giving investors both long and short exposure to the movement of platinum prices could launch on the New York Stock Exchange as early as Friday, giving individuals a way to invest in the precious metal which has seen its prices rocket higher.
According to an NYSE Arca client notice on NYSE Euronext\'s (NYX) Web site, a pair of ETNs issued by Swiss banking giant UBS (UBS) are slated to list Friday, May 9.
E-Tracs UBS Long Platinum ETN would trade under the ticker PTM, and E-Tracs UBS Short Platinum ETN under PTD, the notice said.
The platinum ETNs would be based on futures contracts and wouldn\'t hold the actual metal, according to media reports Thursday.
A spokeswoman for UBS couldn\'t immediately be reached for comment Thursday afternoon.
There are several ETNs and exchange-traded funds, or ETFs, tracking precious- metals prices. One of the largest of all ETFs is StreetTracks Gold Shares (GLD) which has total net assets of about $16.5 billion, according to State Street Global Advisors. The ETF was up more than 36% so far this year through April on surging gold prices.
ETNs are debt instruments issued by financial institutions and carry credit risk, while with ETFs investors own a share of the portfolio.
Platinum is used both for jewelry and for industrial purposes, mainly by auto manufacturers. The precious metal is even more highly prized than gold and commands higher prices.
Platinum has risen about 30% so far this year. July platinum futures trading on the New York Mercantile Exchange on Thursday rallied $73.30 to end at $2, 042.30 an ounce.
Platinum prices may soar to a new high of $2,400 an ounce this year, boosted in part by further supply disruptions from South Africa, some analysts say.
UBS already manages a family of ETNs following sectors of the commodities markets and other precious metals, such as UBS E-Tracs CMCI Gold Total Return ( UBG).
According to an NYSE Arca client notice on NYSE Euronext\'s (NYX) Web site, a pair of ETNs issued by Swiss banking giant UBS (UBS) are slated to list Friday, May 9.
E-Tracs UBS Long Platinum ETN would trade under the ticker PTM, and E-Tracs UBS Short Platinum ETN under PTD, the notice said.
The platinum ETNs would be based on futures contracts and wouldn\'t hold the actual metal, according to media reports Thursday.
A spokeswoman for UBS couldn\'t immediately be reached for comment Thursday afternoon.
There are several ETNs and exchange-traded funds, or ETFs, tracking precious- metals prices. One of the largest of all ETFs is StreetTracks Gold Shares (GLD) which has total net assets of about $16.5 billion, according to State Street Global Advisors. The ETF was up more than 36% so far this year through April on surging gold prices.
ETNs are debt instruments issued by financial institutions and carry credit risk, while with ETFs investors own a share of the portfolio.
Platinum is used both for jewelry and for industrial purposes, mainly by auto manufacturers. The precious metal is even more highly prized than gold and commands higher prices.
Platinum has risen about 30% so far this year. July platinum futures trading on the New York Mercantile Exchange on Thursday rallied $73.30 to end at $2, 042.30 an ounce.
Platinum prices may soar to a new high of $2,400 an ounce this year, boosted in part by further supply disruptions from South Africa, some analysts say.
UBS already manages a family of ETNs following sectors of the commodities markets and other precious metals, such as UBS E-Tracs CMCI Gold Total Return ( UBG).
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