Industry Updates

Elementum Metals shuts remaining ETCs amid relaunch preparation

The group says it has ‘$20-30m committed’ to its new products

Theo Andrew

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Metals exchange-traded commodities (ETCs) platform Elementum Metals has closed its remaining three ETCs as it prepares to relaunch several new products.

Shares of the Elementum Physical Copper ETC, the Elementum Physical Nickel ETC and the Elementum Physical Electric Vehicle Metals ETC were redeemed by investors in May.

The three ETCs were the last remaining on its platform after it shut five ETCs in January.

However, the issuer – formerly known as the Global Palladium Fund (GFP) – said it is planning to launch five new ETCs in July that have yet to hit the market.

It said $20-30m committed to the new products by a “key client”, which it expects to raise up to $50m in its first month and $200m by the end of 2023.

The five new products will track copper, nickel, electric vehicle metals, cobalt and lithium, with the latter two the only new strategies.

The group did not respond to a request for comment.

In February, Elementum Metals said its nickel and copper products were facing capacity issues on subscription orders as it swapped its metals broker.

It came after the group underwent a rebrand from GPF to Elementum Metals in December 2022 due to its links with Russian mining giant Norilsk Nickel.

In another strategic shift, Apex Fund Services announced it would resign as the administrator and corporate service provider on the ETC range from March. Waystone Corporate Services were appointed as their replacement.

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