Sprott Inc., the investment company run by Eric Sprott, filed with the U.S. Securities and Exchange Commission to launch its third physically backed fund, worth $115 million, according to a Reuters article posted on Yahoo Finance.

The fund is marketed toward retail and institutional investors, as it will simplify gaining exposure to the spot price of precious metals without the cost and inconvenience of delivering and storing them, the report said.

The story called the new security an ETF, but the regulatory filing states that it’s a closed-end fund.

Go to uk.finance.yahoo.com for the full story.