ETFS Short EUR Long GBP
URGB is an exchange traded currency ("ETC"). Its securities can be created and redeemed on demand by authorised participants and traded on exchange just like shares in a company. The ETC obtains exposure to the Index by entering into unfunded swaps with a counterparty. There is no upfront cash payment by the Issuer to the counterparty when an unfunded swap is created.
However, daily cash payments are made between the Issuer and the counterparty to reflect the daily movements in the value of the Index. Separately, the Issuer uses the cash it holds to purchase eligible collateral from the counterparty under a daily reverse repurchase agreement ("reverse repo"), an agreement whereby the counterparty agrees to repurchase such eligible collateral from the Issuer the following day. The eligible collateral is held by the custodian in a custody account.
|Replication method||Synthetic - unfunded swap backed by collateral|
|Legal form||Debt security|
|Securities regulator||Financial Conduct Authority (FCA UK)|
|UK Reporting Status||Yes|
|Key Service Providers|
|Trustee||The Law Debenture Trust Corporation p.l.c.|
|Issuer||ETFS Foreign Exchange Limited|
|Registrar||Computershare Investor Services (Jersey) Ltd|
|Collateral manager||The Bank of New York Mellon|
|Counterparty||Morgan Stanley & Co. International plc|
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.
† Source: Bloomberg, all data delayed at least 15 minutes.
Note: Volume is the number of securities traded on the relevant Exchange. Estimated value of securities traded (volume x Last price). For the purposes of showing the total turnover, we convert the turnover for each product from its trading currency into USD using a standard end-of-day benchmark exchange rate.
MSFXSM Short Euro/GBP Index (TR)
The Index provides: (i) a 'short' exposure to EUR relative to GBP. For example, if EUR were to rise in value relative to GBP, the Index (tracked by the ETC) would decrease in value. Conversely if EUR were to decrease in value relative to GBP, the Index would increase in value; and (ii) an interest rate differential reflecting the difference between the EUR and the GBP exchange rates.
The Index is a total return index, which means that it also provides a collateral yield.
|Index Name||MSFXSM Short Euro/GBP Index (TR)|
|Index Constituent Count||1|
|Index Type||Total Return|
|Reuters Index Ticker||n.a.|
|Security||14 Dec 2018|
|1. MSFXSM Short Euro/GBP Index (TR)||100.00%|
|Currency (weighting)||14 Dec 2018|
|2. US Dollar||40.24%|
|Country (weighting)||14 Dec 2018|
|2. UNITED STATES||40.24%|
|Constituents Top 20||14 Dec 2018|
|1. FRENCH REPUBLIC GOVERNM 0.0 25MAR23||20.87%|
|2. UNITED KINGDOM GILT 1.5 22JAN21||11.03%|
|3. AUSTRIA GOVERNMENT B 4.35 15MAR2019||9.53%|
|4. FRENCH REPUBLIC GOVERNM 0.5 25NOV19||9.12%|
|5. FRENCH REPUBLIC GOVERNM 0.0 25MAY22||7.71%|
|6. UNITED KINGDOM GILT 2.0 22JUL20||7.41%|
|7. FRENCH REPUBLIC GOVERNM 3.5 25APR20||3.91%|
|8. REPUBLIC OF AUSTR 1.75 20OCT23 144A||3.85%|
|9. FRENCH REPUBLIC GOVERN 2.25 25OCT22||2.86%|
|10. TENCENT HOLDINGS LTD HKD 0.00002||2.14%|
|11. TAIWAN SEMICONDUCTOR M TWD 10.0 ADR||2.13%|
|12. REPUBLIC OF AUSTRI 3.4 22NOV22 144A||2.05%|
|13. PINDUODUO INC USD 0.00002 ADR||1.67%|
|14. BILIBILI INC USD 0.0001 ADR||1.47%|
|15. VEDANTA LTD NPV ADR||1.33%|
|16. BUNDESOBLIGATION 0.0 14APR23||1.30%|
|17. HUYA INC USD 0.0001 ADR||1.27%|
|18. 21VIANET GROUP INC USD 0.00001 ADR||1.16%|
|19. FRENCH REPUBLIC GOVERN 1.75 25MAY23||1.12%|
|20. FRENCH REPUBLIC GOVERNM 1.0 25MAY19||1.07%|
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