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.
||MS Long Gold Euro Hedged Index
|Index Constituent Count
|Reuters Index Ticker
|| 15 Nov 2019
|1. Physically backed with allocated metal subject to LBMA rules for Good Delivery and daily rolled currency forwards
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