TBRONX-OIL-V.M. 85 ASTENERSI PERDITEMPO W LU PILU (1 Viewer)
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f4f
翠鸟科
Pek
Forumer storico
attento che tutti gli strumenti su singole MP non sono ETF ma ETC
Quindi c'è un rischio emittente da non trascurare
. . . . 
generali1984
Forumer storico
Confermo quanto scritto da Pek
e ribadisco quanto scritto qualche giorno fa , per gli ETC vale il rischio emittente stessa cosa anche per gli ETF azionari che replicano indici o settori con il metodo balanced value ( swap ) senza avere il sottostante
questo per quanto mi risulta , sempre possibile che abbia info errate sarebbe bello avere una lista di Etf che acquistano realmente il sottostante , chissà se qualcuno ha una cosina del genere o sa dove rimediarla
f4f
翠鸟科
gooood morning bbbanda
grazie Pek e Generali
d'accordo per il rischio-emittente
ma allora resta solo il bullion...
Ultima modifica:
Pek
Forumer storico
il bullion è un ETC
Se esiste, su mercati esteri, un OICR che compra oro non è armonizzato
gipa69
collegio dei patafisici
Lyxor Gold Bullion Securities
Lyxor Gold Bullion Securities are designed to track the price of gold, and to give investors an exposure
similar to that which an investor could achieve by buying gold bullion. However, unlike owning physical
gold bullion, Lyxor Gold Bullion Securities takes care of storing the gold bullion and also allows
investors to trade gold bullion in denominations of approximately one-tenth of one ounce.
A Lyxor Gold Bullion Security is a secured undated zero coupon note with a face value of US$0.00001
issued by the Company, which on redemption entitles a Security Holder to payment in gold (where
applicable) or cash, of an amount equal to the Per Security Entitlement to Gold on the applicable
Redemption Date. A Security Holder has no right to the payment of any interest in respect of its
Lyxor Gold Bullion Securities. Lyxor Gold Bullion Securities have no final maturity date.
The Per Security Entitlement to Gold will be calculated as 99.550959% of one-tenth of one fine troy
ounce of gold as at 1 July 2005, reduced daily by the Gold Sales Charge Rate of 0.40% per annum.
As of 24 October 2007 the Per Security Entitlement was 98.624932% of one-tenth of one fine troy
ounce of gold. The ‘‘value’’ of the Per Security Entitlement to Gold shall be calculated as an amount
equal to the gross proceeds of sale actually achieved by the Company from selling gold equal to the
Per Security Entitlement to Gold.
A Security Holder has the right, at any time, to require the redemption of all or any of its Lyxor Gold
Bullion Securities for gold or cash (in accordance with the terms for redemption of Lyxor Gold Bullion
Securities). In the case of redemption for cash via the Gold Sale Method, the Redemption Value would
be calculated using the gold price obtained by the Company when selling gold to meet the redemption.
Socie´ te´ Ge´ne´ rale S.A. (SG) has been appointed as marketing agent, market-maker and Approved
Applicant for the Lyxor Gold Bullion Securities pursuant to the Marketing Agent Agreement. The
‘‘Lyxor’’ logo belongs to SG and will be used alongside the Company’s logo in marketing the Lyxor
Gold Bullion Securities. By agreeing to undertake the roles of marketing agent, market maker and
Approved Applicant, neither SG nor any of its subsidiaries, accepts any responsibility for the Lyxor
Gold Bullion Securities.
similar to that which an investor could achieve by buying gold bullion. However, unlike owning physical
gold bullion, Lyxor Gold Bullion Securities takes care of storing the gold bullion and also allows
investors to trade gold bullion in denominations of approximately one-tenth of one ounce.
A Lyxor Gold Bullion Security is a secured undated zero coupon note with a face value of US$0.00001
issued by the Company, which on redemption entitles a Security Holder to payment in gold (where
applicable) or cash, of an amount equal to the Per Security Entitlement to Gold on the applicable
Redemption Date. A Security Holder has no right to the payment of any interest in respect of its
Lyxor Gold Bullion Securities. Lyxor Gold Bullion Securities have no final maturity date.
The Per Security Entitlement to Gold will be calculated as 99.550959% of one-tenth of one fine troy
ounce of gold as at 1 July 2005, reduced daily by the Gold Sales Charge Rate of 0.40% per annum.
As of 24 October 2007 the Per Security Entitlement was 98.624932% of one-tenth of one fine troy
ounce of gold. The ‘‘value’’ of the Per Security Entitlement to Gold shall be calculated as an amount
equal to the gross proceeds of sale actually achieved by the Company from selling gold equal to the
Per Security Entitlement to Gold.
A Security Holder has the right, at any time, to require the redemption of all or any of its Lyxor Gold
Bullion Securities for gold or cash (in accordance with the terms for redemption of Lyxor Gold Bullion
Securities). In the case of redemption for cash via the Gold Sale Method, the Redemption Value would
be calculated using the gold price obtained by the Company when selling gold to meet the redemption.
Socie´ te´ Ge´ne´ rale S.A. (SG) has been appointed as marketing agent, market-maker and Approved
Applicant for the Lyxor Gold Bullion Securities pursuant to the Marketing Agent Agreement. The
‘‘Lyxor’’ logo belongs to SG and will be used alongside the Company’s logo in marketing the Lyxor
Gold Bullion Securities. By agreeing to undertake the roles of marketing agent, market maker and
Approved Applicant, neither SG nor any of its subsidiaries, accepts any responsibility for the Lyxor
Gold Bullion Securities.
Trading of Lyxor Gold Bullion Securities
The Lyxor Gold Bullion Securities in issue at the date of this document are admitted to trading on the
Domestic Market of the London Stock Exchange (a regulated market) and it is the Company’s intention
that all Lyxor Gold Bullion Securities issued after the date of this document are so admitted to trading.
The Lyxor Gold Bullion Securities have been admitted to trading on Eurolist of Euronext Paris SA; the
ETFplus market of Borsa Italiana s.p.a.; and the Official Market (
Domestic Market of the London Stock Exchange (a regulated market) and it is the Company’s intention
that all Lyxor Gold Bullion Securities issued after the date of this document are so admitted to trading.
The Lyxor Gold Bullion Securities have been admitted to trading on Eurolist of Euronext Paris SA; the
ETFplus market of Borsa Italiana s.p.a.; and the Official Market (
Amtlicher Markt) of the Frankfurt
Stock Exchange.
Stock Exchange.
Custody and the Secured Gold
All gold on which the Lyxor Gold Bullion Securities are secured will be held in custody by the
Custodian at its London vault premises or in the vaults of any sub-custodian or by a delegate of a
sub-custodian. The Custodian for Lyxor Gold Bullion Securities must be a LBMA clearing bank
member.
Currently, HSBC Bank USA, NA acts as the Custodian of the Secured Gold and the gold held in the
Subscription Unallocated Account. HSBC Bank USA, NA is a corporation organised under the laws of
the United States. HSBC Bank USA, NA is subject to supervision by the Office of the Comptroller of
the Currency. In addition to supervision and examination by the US federal and state banking
authorities, HSBC Bank USA, NA’s London custodian operations are subject to supervision by the
Bank of England and the Financial Services Authority.
All gold will be held in the Secured Gold Accounts. An amount of such Secured Gold not less than the
Combined Entitlement to Gold of all outstanding Lyxor Gold Bullion Securities will be held in the
Secured Allocated Account, where it will be held in ‘‘allocated’’ form (that is, as uniquely identifiable
London Good Delivery bars) other than to the extent that any such gold is required to be transferred
to the Secured Unallocated Account to effect a redemption.
In addition, the Company has deposited 430 ounces of gold made available to it by HSBC Bank USA,
NA (the ‘‘Swing Amount’’) into the Secured Unallocated Account so that it will form part of the Secured
Gold. This Swing Amount will be maintained in the Secured Gold Accounts to ensure that there will
always be allocated gold in the Secured Gold Accounts in an amount greater than the Combined
5
Entitlement to Gold of all outstanding Lyxor Gold Bullion Securities and that there will always be a
whole number of London Good Delivery gold bars in the Secured Allocated Account.Custodian at its London vault premises or in the vaults of any sub-custodian or by a delegate of a
sub-custodian. The Custodian for Lyxor Gold Bullion Securities must be a LBMA clearing bank
member.
Currently, HSBC Bank USA, NA acts as the Custodian of the Secured Gold and the gold held in the
Subscription Unallocated Account. HSBC Bank USA, NA is a corporation organised under the laws of
the United States. HSBC Bank USA, NA is subject to supervision by the Office of the Comptroller of
the Currency. In addition to supervision and examination by the US federal and state banking
authorities, HSBC Bank USA, NA’s London custodian operations are subject to supervision by the
Bank of England and the Financial Services Authority.
All gold will be held in the Secured Gold Accounts. An amount of such Secured Gold not less than the
Combined Entitlement to Gold of all outstanding Lyxor Gold Bullion Securities will be held in the
Secured Allocated Account, where it will be held in ‘‘allocated’’ form (that is, as uniquely identifiable
London Good Delivery bars) other than to the extent that any such gold is required to be transferred
to the Secured Unallocated Account to effect a redemption.
In addition, the Company has deposited 430 ounces of gold made available to it by HSBC Bank USA,
NA (the ‘‘Swing Amount’’) into the Secured Unallocated Account so that it will form part of the Secured
Gold. This Swing Amount will be maintained in the Secured Gold Accounts to ensure that there will
always be allocated gold in the Secured Gold Accounts in an amount greater than the Combined
5
Entitlement to Gold of all outstanding Lyxor Gold Bullion Securities and that there will always be a