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LONDON - iShares Physical Metals Plc has issued 323,000 Securities of iShares Physical Gold ETC, representing Tranche Number 2374 of the series, according to a final terms document released Thursday.
The securities were issued at a price of $80.31 per unit with a metal entitlement of 0.019413963 fine troy ounces of gold per security. Following this issuance, the total number of securities in the series has increased from 393,986,777 to 394,309,777.
The gold-backed securities trade 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 secured, limited recourse obligations of the issuer, with the underlying physical gold held in allocated form by custodian JPMorgan Chase Bank, N.A., London Branch. Each security entitles holders to a specific amount of physical gold, though the metal entitlement gradually decreases over time to account for the expense ratio.
The securities are undated with no final maturity date and are designed to provide investors with exposure to gold without requiring physical delivery of the metal.
According to the press release, the maximum issue size for the series is capped at 300 billion units. The ISIN code for the securities is IE00B4ND3602.
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