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LONDON - iShares Physical Metals plc has issued 14,000 new securities of its iShares Physical Gold GBP Hedged ETC, according to a final terms document released Thursday. This marks the 100th tranche of the exchange-traded commodity (ETC) series.
The new securities were issued at a price of 66.049288 with a metal entitlement of 0.020994559 fine troy ounces of gold per security. Following this issuance, the total number of securities in the series has increased to 9,428,538 from the previous 9,414,538.
The securities are listed on the London Stock Exchange and may be admitted to trading on the Frankfurt Stock Exchange and Borsa Italiana in the future. They are designed to provide investors with exposure to gold without requiring physical delivery of the metal while reducing exposure to exchange rate fluctuations between British pounds and the U.S. dollar.
The ETC securities have a total expense ratio of 0.25% per annum, which is applied to the metal entitlement daily. JPMorgan Chase Bank serves as the metal counterparty, while State Street Bank and Trust Company acts as the currency hedging trade counterparty.
As undated securities with no final maturity date, they can be redeemed early under certain conditions, including if the issuer exercises its call option with 10 days' notice. The securities are secured by allocated physical gold held by custodians on behalf of the issuer.
According to the final terms document, the maximum issue size for the series is capped at 300 billion units.
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