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LONDON - iShares Physical Metals Plc announced the issuance of 637,000 securities of iShares Physical Gold ETC, representing Tranche Number 2379 of the series, according to a press release published Friday.
The latest issuance brings the total number of securities in the series to 394,526,777, up from 393,889,777 prior to this tranche. The securities were issued at a price of $79.41 per unit.
Each security in this tranche has a metal entitlement of 0.019413452 fine troy ounces of gold. The securities are backed by physical gold held in allocated form by the custodian, JPMorgan Chase Bank, N.A., London Branch.
The iShares Physical Gold ETC securities are traded on the London Stock Exchange and the Frankfurt Stock Exchange. They carry a total expense ratio of 0.12% per annum, which is applied to the metal entitlement on a daily basis.
The securities are undated with no final maturity date and are secured, limited recourse obligations of the issuer. They are designed to provide investors with exposure to gold without requiring physical delivery of the metal.
According to the press release, the securities are governed by Irish law, while the security deed and other transaction documents are governed by English law. The maximum issue size for the series is capped at 300 billion units.
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