ETF Securities has another metals ETF in the works that will likely achieve first-mover status when it debuts.

The company not long ago launched the market’s first platinum and palladium ETFs—NYSEArca: PPLT and NYSEArca: PALL—which debuted to a very warm welcome by investors. The firm's first two U.S.-listed products were launched in the second half of 2009; the ETFS Physical Swiss Gold Shares (NYSEArca: SGOL) and ETFS Physical Silver Shares (NYSEArca: SIVR). All together, the funds had accumulated more than $1 billion in assets at the start of February.

ETFS' most recent filing, however, offers a combo platter of exposure to the precious metals already covered by its products. The ETFS Precious Metals Basket Trust, currently in registration, will hold bullion to reflect the price performance of gold, silver, platinum and palladium. It would be the first "physical" basket of precious metals to become available to U.S. investors.

As is often the case with physically backed ETFs, actually owning the metals significantly minimizes investors’ exposure to credit risk. But it cushions them neither from price volatility nor to any adverse economic conditions that could affect price or demand for these metals.

In the case of gold, silver, platinum and palladium, economic conditions in South Africa, Australia and the U.S. are of particular importance because of their status as largest producers. Demand from the industrial sector—where a lot of these metals are employed—is another important factor.

But ongoing concerns about the near-term fate of inflation as well as interest rates continues to support demand for precious metals as, if nothing else, a solid hedging tool against those uncertainties.

And ETF providers have been quick to launch vehicles that tap into that demand. Global X and First Trust recently filed paperwork to launch their own takes on metals ETFs—though they invest in mining companies rather than in bullion—and iShares, UBS, Van Eck and ALPS are all among the precious metals ETF providers already in the space.

The trust will issue shares to be sold in baskets of 50,000. There is no limit on how much bullion it can hold; thus, shares are expected to be issued on a continuous basis.

You can read the prospectus here.