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LONDON - iShares Physical Metals Plc announced on Friday the issuance of 408,000 new securities of its iShares Physical Silver ETC, representing Tranche Number 967 of the series. The securities were issued at a price of $48.44 per unit.
According to the company’s statement, the new issuance increases the total number of securities in the series from 65,270,740 to 65,678,740. Each security has a metal entitlement of 0.95 troy ounces of silver.
The securities have been admitted to trading on the regulated market of the London Stock Exchange. They may also be admitted to trading on the Frankfurt Stock Exchange and Borsa Italiana in the future.
The iShares Physical Silver ETC securities are backed by physical silver held in allocated form by the custodian. The total expense ratio for the securities is 0.20% per annum, which is applied to the metal entitlement on a daily basis.
JPMorgan Chase Bank, N.A., London Branch serves as the metal counterparty for the series, while Citibank N.A. London Branch acts as the paying agent.
The securities are part of iShares Physical Metals’ Secured Precious Metal Linked Securities Programme and are designed to provide investors with exposure to silver without requiring physical delivery of the metal. The company stated in its press release that the securities are secured, limited recourse obligations that rank equally among themselves.
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