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FAQ

FAQ about GPF Exchange Traded Commodities

GPF ETCs are Exchange Traded Commodities linked to the performance of the spot price of the metal they represent.

The metal exposures available are:

GPF Physical Gold ETC

GPF Physical Silver ETC

GPF Physical Platinum ETC

GPF Physical Palladium ETC

GPF Physical Nickel ETC

GPF Physical Copper ETC

GPF ETCs offer investors a means of investing in physical metals without the necessity of taking delivery of those physical metals, and to enable investors to buy and sell GPF ETCs on stock exchanges where they are listed for trading.

Yes. GPF ETCs are physically backed by the metals they are linked to.

The metal used to back GPF ETCs is held in secure vaults in locations in the United Kingdom and Switzerland.

Precious Metals are held in segregated allocated accounts.
Base Metals are held in segregated metal custody accounts.

Precious metal can be identified by the custodian based on a combination of criteria: 

  1. the name of the refiner;

  2. the serial number; 

  3. its year of manufacture; 

  4. its weight and/or;

  5. its composition and purity (“assay”).  

Ridgex publishes a list of the specific bars of physical precious metals identified by their serial numbers (the “Bar List”) that are held in allocated accounts on www.gpfmetals.com.

The custodian is Atomyze AG, based in Switzerland.

The responsibility of the custodian is to verify and record ownership of the metal held with the sub-custodians on behalf of the issuer. Atomyze uses blockchain technology to record ownership of the metal held with the sub-custodians.  This complements the traditional review and verification process of the bar list and provides an additional level of security.

Precious metals are stored in secure vaults by The Brink’s Company and ICBC Standard Bank plc.

Yes. In the case of GPF Physical Gold ETC, ETC holders are entitled to receive delivery of physical bars of Gold upon request. Information regarding conditions can be read in the base prospectus.

Yes.

Precious metal held to back GPF ETCs meet the “Good Delivery” standards set by the London Bullion Market Association (the “LBMA”) in the case of Gold and Silver and the London Platinum and Palladium Market (the “LPPM”) in the case of platinum and palladium.

Metals are sourced on a best efforts basis from producers and metal suppliers which have confirmed their compliance with the Sustainable Development Goals of the UN 2030 Agenda and other global initiatives in sustainable development and responsible mining.

The Global Palladium Fund strives to advance the development of world-changing technologies in essential areas such as aerospace, electronics, and the automotive industries to help make the world a better place. In an industry first, GPF is enabling industrial consumers and investors access to a range of metals in a variety of formats, including the ETCs.

GPF is wholly owned by Norilsk Nickel.
Norilsk Nickel is a diversified mining and metallurgical company, the world's largest producer of nickel and palladium and a leading producer of platinum, cobalt, copper and rhodium. In addition, Norilsk Nickel produces gold, silver, iridium, selenium, ruthenium and tellurium. The production units of Norilsk Nickel are located in Russia at the Norilsk Industrial District and on the Kola Peninsula, as well as in Finland.

More information about Norilsk Nickel can be found on its website at www.nornickel.com.

Metal Entitlement is the amount of physical metal backing the GPF ETCs. Metal Entitlement is reduced daily by a quantity of Metal equal to the Total Expenses Ratio (applying the per annum rate and dividing by 365).

The Metal Entitlement for GPF ETCs is published on www.gpfmetals.com each business day.

Investors can buy and sell GPF ETCs directly on stock exchanges to which they are admitted to trading, or via financial intermediaries such as wealth managers and investment platforms

GPF ETCs will be listed on London Stock Exchange and Xetra (Germany).

The cash value is equal to the Metal Entitlement multiplied by the spot price of the relevant physical metal. This does not take into consideration the bid/ask spread on exchange.

The spot price is the price for buying or selling a commodity for immediate delivery.

The spot price is published by the LBMA (for gold and silver) or the London Metal Exchange (LME) (for Platinum, Palladium, Copper and Nickel) on their websites.

Yes, capital is at risk because the ETCs are designed to track the spot price of the underlying metal.  An investor’s overall return will reflect the movement in the price of the underlying physical adjusted for the impact of the management fee.  An investor may get back less than the amount invested.

The bid/ask spread will vary from time to time based on trading volume and market liquidity. The spread generally decreases if the ETC Securities have high trading volume and market liquidity, and increases if GPF ETCs have low trading volume, market liquidity and market volatility.

The reference price is the official benchmark price used to establish the level at which ETC Securities are created or redeemed on a particular business day, reflecting the value of the metal being bought or sold.

The LBMA is responsible for the gold and silver benchmark prices and the London Metal Exchange (LME) is responsible for the palladium, platinum, copper and nickel benchmark prices.