Banking

GPF cuts physically backed gold ETC fees to record low

This cut to the product’s total expense ratio brings its fees to three basis points lower than any other on the European market, and 0.28% lower than the most expensive physical-backed gold ETCs on offer.

The ETC launched in January 2021 and is managed on behalf of Russian mining firm Norilsk Nickel.

Russian firm first mining company to launch metal ETCs

Norilsk Nickel has tried to improve its environmental image recently, but alongside the $2.1bn fine which it initially refused to pay, the firm received a public admonishment from Russian president Vladimir Putin as a result of a fuel spill which saw 21,163 metric tons of diesel flood the area surrounding a power plant in May 2020.

According to data from Util, 100% of Norilsk Nickel’s $14bn revenue negatively impacts the world according to goals 13 (climate action) and 15 (life on land) of the UN SDGs.

Alexander Stoyanov, CEO of GPF, said: “We anticipate that pension funds along with wealth managers, family offices and other professional investors will increase their allocation to gold and other metals as they look to continue to diversify their portfolios, hedge against rising inflation, and capitalise on the global economic recovery.

“Our new market-leading TER should make our gold-backed ETCs instrumental in that endeavour.”

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