JSE lists new Absa ETF tracking palladium
March 31, 2014
Johannesburg, 31 March 2014, Last week Absa listed its NewPalladium exchange traded fund (ETF) on the JSE. The NewPalladium ETF gives South African investors the chance to obtain exposure to the Rand performance of palladium bullion.
"South Africa is the second largest producer of palladium in the world and the JSE is excited to help investors gain exposure to this important precious metal. In recent years investors have shown increased interest in physical commodity-backed exchange traded products and we are pleased to offer them access to a wide range of exposures through the JSE," says Leanne Parsons, Director of the Equity Market at the JSE.
Palladium is widely used in the production of catalytic converters in cars and in electronics, such as cell phones and computers.
NewPalladium is the second physical commodity-backed ETF to list on the JSE this year and brings the number of ETFs listed on the exchange to 40. There are currently four ETFs backed by precious metals listed on the JSE, tracking the performance of gold, platinum and palladium.
"Absa is delighted to have launched the NewPalladium ETF, which further demonstrates our commitment to bringing world class financial products to local investors at competitive rates. An investment in NewPalladium, issued by NewGold Issuer Limited, will provide investors with the opportunity to obtain exposure to the Rand performance of palladium bullion. NewPalladium joins a suite of commodity ETFs from Absa that include NewGold, the largest ETF in Africa, and NewPlat, the largest platinum ETF in the world and the second largest ETF in Africa," says Vladimir Nedeljkovic, Head of Exchange Traded Products at the Corporate and Investment Banking division of Absa.
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