Rakuten Securities has launched a new platinum-focused investment trust, expanding access to precious metals exposure in Japan at a time of rising global interest in commodities.
The Rakuten Platinum Fund broadens the range of investment options available to Japanese retail investors by offering indirect exposure to platinum through a fund-of-funds structure.
Rather than holding physical platinum, the fund invests via a master fund that allocates to physical platinum-backed exchange traded funds (ETFs).
The fund operates without foreign exchange hedging as a default, meaning investors are exposed to yen-denominated movements in global platinum prices.
Structured as an additional type investment trust, the fund also has no fixed investment term and allows daily subscriptions and redemptions. It has a trust capital ceiling of approximately US$641 million, with a minimum threshold of 1 billion yen.
A key feature expected to drive retail demand is its eligibility for inclusion in a Nippon Individual Savings Account (NISA). Modelled on the UK’s Individual Savings Account (ISA), the scheme allows qualifying investors to receive tax exemptions on dividends and capital gains for an unlimited period, subject to investment limits.
This positions the new fund as a tax-efficient vehicle for individuals seeking exposure to platinum within a long-term savings framework.
The launch aims to capitalize on growing investor interest in platinum globally. A recent World Platinum Investment Council (WPIC) report saw holdings in platinum ETFs increase by a net 234,000 ounces in 2025, driven by positive sentiment following a platinum price breakout and its sustained discount to gold.
Platinum’s price momentum has been notable. The metal surged more than 90 percent from the second quarter onward in 2025, climbing above US$1,900 per ounce in December. After silver, it was the second best-performing metal of the year.
Structural supply challenges, including a projected supply shortfall of more than 692,000 ounces, were a key driver of the rally, alongside strong industrial demand from the automotive sector and emerging clean energy technologies. Lower interest rates from the US Federal Reserve also boosted investment appetite for precious metals.
Even as total platinum demand is projected to fall 5 percent to 7.82 million ounces in 2025, investment demand is expected to rise 6 percent to 742,000 ounces, according to the WPIC.
Investors have been drawn to platinum as a relative value play amid record gold prices, fueling inflows into ETFs as well as purchases of physical bars and coins.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
