U.S. stock futures slip lower on waning rate cut bets; Applied Materials falls
DUBLIN - iShares Physical Metals Plc announced Thursday the issuance of 14,000 securities of its iShares Physical Gold EUR Hedged ETC, representing Tranche 122 of the series. The securities were issued under the company’s Secured Precious Metal Linked Securities Programme.
According to the final terms document, the issue brings the total number of securities in this series to 3,766,669, up from 3,752,669 prior to this tranche. The issue price was set at €73.348566 per security.
The gold-backed securities are designed to provide investors with exposure to physical gold without requiring physical delivery of the metal, while also reducing exposure to exchange rate fluctuations between the euro and the U.S. dollar through currency hedging.
Each security has a metal entitlement of 0.020522709 fine troy ounces of gold as of the subscription trade date. The securities carry a total expense ratio of 0.25% per annum, which is applied to the metal entitlement daily.
The securities have been admitted to trading on the Xetra market of the Frankfurt Stock Exchange and may be admitted to the Borsa Italiana in the future.
JPMorgan Chase Bank serves as the metal counterparty for the securities, while State Street Bank and Trust Company acts as the trading counterparty for currency hedging trades.
The securities are secured, limited recourse obligations of the issuer that rank equally among themselves and are backed by allocated physical gold held by custodians on behalf of the company, according to the press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.