ETFS EUR Daily Hedged Physical Gold
GBSE is an exchange traded commodity ("ETC"). Its securities can be created and redeemed on demand by authorised participants and traded on exchange just like shares in a company. GBSE is backed by physical allocated gold held by JP Morgan Chase Bank, N.A. and the provision of a daily currency hedge by a FX counterparty. Only metal that conforms to the London Bullion Market Association's (LBMA) rules for Good Delivery can be accepted by the custodian. Each physical bar is segregated, individually identified and allocated.
|Underlying Exposure||Physically backed with allocated metal subject to LBMA rules for Good Delivery and daily rolled currency forwards|
|Replication method||Physical - backed by bullion|
|Home domicile regulator||Jersey Financial Services Commission|
|Legal form||Debt security|
|Securities regulator||Financial Conduct Authority (FCA UK)|
|Key Service Providers|
|Custodian||JPMorgan Chase Bank, N.A.|
|Trustee||The Law Debenture Trust Corporation p.l.c.|
|Issuer||ETFS Hedged Metal Securities Limited|
|Registrar||Computershare Investor Services (Jersey) Ltd|
|Counterparty||Morgan Stanley & Co. International plc|
|Entry / Exit fees||None when traded on Exchange|
Listings & Codes
|Listings & Codes|
The above chart presents information about the difference between the daily market price for shares of the Fund and the Fund's net asset value. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. eastern time for most Funds). The vertical axis of the chart shows the premium or discount expressed as a percentage of mid-point.
MS Long Gold Euro Hedged Index
Each individual GBSE security has an effective entitlement to gold. That entitlement is (i) adjusted by the currency hedge (upwards or downwards depending on currency movements) and (ii) reduced by the management fee and hedging costs. As a result, there is no cash component and the security maintains a direct relation to the value of the underlying precious metal in the relevant currency. The currency hedge is provided through arrangements with a FX counterparty (Morgan Stanley & Co International plc) who provide, on an unfunded basis, exposure to the Index which tracks in gold terms movements in the EUR/USD exchange rate. Authorised participants create and redeem GBSE securities by delivering or receiving gold that conforms to LBMA Good Delivery standards. GBSE securities are traded on exchange at a price that is based on the spot price of gold multiplied by the applicable metal entitlement.
|Index Name||MS Long Gold Euro Hedged Index|
|Index Constituent Count||1|
|Reuters Index Ticker||.MSCEGLDE|
|Security||15 Nov 2018|
|1. Physically backed with allocated metal subject to LBMA rules for Good Delivery and daily rolled currency forwards||100.00%|
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