Amundi Physical Metals plc (GLDA), an Irish-incorporated special purpose vehicle operating under the Amundi group, has published final terms for the issuance of 48,000 ETC Securities as Tranche 929 of its Amundi Physical Gold ETC series, dated 11 November 2026 with an issue date of 13 November 2026. The securities are linked to the price of physical gold and are issued under the company's Secured Precious Metal Linked ETC Securities Programme. Following this issuance, the total number of ETC Securities in the series reaches 74,942,859. The announcement is relevant to investors seeking gold price exposure through exchange-traded, secured, limited-recourse instruments listed across multiple European exchanges.

Key Points

  • Amundi Physical Metals plc (GLDA) — Irish-incorporated special purpose vehicle issuing gold-linked ETC Securities
  • 48,000 new ETC Securities issued as Tranche 929 of the Amundi Physical Gold ETC series on 13 November 2026
  • Total series size reaches 74,942,859 securities; Metal Entitlement per security stands at 0.03960205 fine troy ounces; Total Expense Ratio is 0.12% per annum
  • Investors should watch for further tranche issuances and gold price movements that directly affect Metal Entitlement valuations

Tranche 929 Details: 48,000 Gold ETC Securities Issued at 0.03960205 Troy Ounce Entitlement

The final terms confirm that 48,000 ETC Securities have been issued under Tranche 929 of the Amundi Physical Gold ETC series, bringing the aggregate series total to 74,942,859 securities. Each security carries a Metal Entitlement of 0.03960205 fine troy ounces as at the subscription trade date, reduced from the initial entitlement of 0.04 fine troy ounces established at the series issue date of 24 May 2019. The reduction reflects the ongoing application of the Total Expense Ratio of 0.12% per annum, which funds the issuer's operational fee payable to Amundi Asset Management S.A.S. as adviser. The scheduled maturity date for the series is 23 May 2118.

Multi-Exchange Listings Sought Including London Stock Exchange, Euronext Paris and Deutsche Börse

Applications have been made to admit the new tranche to trading on Euronext Paris, Euronext Amsterdam, Deutsche Börse, Borsa Italiana, the main market of the London Stock Exchange, and the International Quotation System of the Mexican Stock Exchange. The announcement states that ETC Securities of this series are already admitted to trading on all of these venues. The securities carry ISIN FR0013416716 and are denominated in US dollars. Estimated total expenses related to admission to trading for the relevant tranche are stated as €3,000, with estimated total net proceeds of the issue given as USD 7,630,204.80.

Physical Gold Held by HSBC Bank plc as Custodian in Allocated London Vault Account

The underlying gold is held by HSBC Bank plc acting as custodian, generally on an allocated basis in a segregated London vault account maintained in the issuer's name for the relevant series. Authorised participants — including HSBC Bank plc, Jane Street Financial Limited, Flow Traders B.V., Optiver VOF, BNP Paribas Arbitrage SNC, and Virtu Financial Ireland Limited — facilitate subscriptions and buy-backs. The issuer's total current assets as at 31 March 2026 were USD 12,393,446,844, reflecting the gold assets securing the programme, while total equity stood at USD 46,994, consistent with its special purpose vehicle structure.

Limited Recourse Structure Means Securityholders Bear Gold Asset Risk

A key risk specific to this instrument is its limited recourse nature. The announcement states that securityholders have recourse only to the secured property — principally the underlying gold — and not to any other assets of the issuer. If the proceeds from realisation of the secured property are insufficient to meet all claims, any outstanding balance is extinguished and no further debt is owed by the issuer. Additionally, the Metal Entitlement per security declines daily at the Total Expense Ratio rate, meaning long-term holders receive progressively less gold per security over the instrument's extended life to 2118. Investors may wish to review the full base prospectus dated 27 April 2026 before making any assessment.