Amundi Physical Metals plc (GLDA), an Irish-incorporated special purpose vehicle operating under Amundi Asset Management, has published final terms for the issuance of 62,000 ETC Securities under Tranche 928 of its Amundi Physical Gold ETC series. The securities, dated 5 November 2026 with an issue date of 9 November 2026, are linked directly to the price of physical gold and carry a metal entitlement of 0.03960284 fine troy ounces per security as at the subscription trade date. Following this issuance, the total number of ETC Securities of this series in issue rises to 77,747,859, a figure that underlines the scale of the existing programme for investors tracking gold-backed instruments.

Key Points

  • Amundi Physical Metals plc (GLDA) — Irish special purpose vehicle issuing gold-backed ETC securities under the Amundi Asset Management umbrella
  • 62,000 new ETC Securities issued as Tranche 928 of the Amundi Physical Gold ETC series, with an issue date of 9 November 2026
  • Total series securities in issue following this tranche: 77,747,859; Total Expense Ratio: 0.12% per annum; Scheduled Maturity Date: 23 May 2118
  • Investors may watch for further tranche issuances across the programme's listed exchanges, including the London Stock Exchange, Euronext Paris, Deutsche Börse, and Borsa Italiana

Tranche 928 Structure: 62,000 Gold-Linked Securities With 0.03960284 Troy Ounce Metal Entitlement

The final terms confirm that each ETC Security in this tranche carries a metal entitlement of 0.03960284 fine troy ounces, reduced from the initial metal entitlement of 0.04 fine troy ounces established at the series issue date of 23 May 2019. This reduction reflects the cumulative effect of the Total Expense Ratio of 0.12% per annum, which is applied daily to fund the operational fee payable to Amundi Asset Management S.A.S as adviser. The nominal amount per ETC Security is stated at USD 5.085, representing 10% of the issue price per security as at the original series issue date, with a specified interest amount of USD 0.051, equal to 1% of the nominal amount.

Multi-Exchange Listing Applications Filed Including London Stock Exchange and Mexican Bourse

The announcement states that applications have been made to admit Tranche 928 securities 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 under private placement exemptions set out in Mexico's Ley del Mercado de Valores. The series ISIN is FR0013416716. Authorised participants named in the final terms include HSBC Bank plc, Jane Street Financial Limited, Flow Traders B.V., Optiver VOF, BNP Paribas Arbitrage SNC, and Virtu Financial Ireland Limited, covering major liquidity providers across European and global markets.

HSBC Acts as Both Custodian and Metal Counterparty, Holding Gold on Allocated Basis in London Vault

The announcement states that physical gold backing the ETC Securities is held by HSBC Bank plc as custodian, generally on an allocated basis in a segregated London vault account maintained in the name of the issuer for each series. HSBC also acts as metal counterparty, periodically liquidating gold equal to accrued Total Expense Ratio reductions. As a special purpose vehicle, Amundi Physical Metals plc holds total current assets of USD 12,393,446,844 and total equity of USD 46,994, as extracted from its audited financial statements for the period ending 31 March 2026. Securityholders have limited recourse only to secured property backing their specific series.

Key Risk: Limited Recourse Structure Means Investors Can Lose All Capital If Secured Property Is Insufficient

The final terms include an explicit warning that investors could lose all or part of their invested capital. Because the issuer is a special purpose vehicle with no material assets beyond its paid-up share capital and the gold securing each series, securityholders cannot pursue claims against other issuer assets if realisation of secured property falls short. Early redemption may be triggered by several events disclosed in the final terms, including a market value redemption event where the prevailing value of an ETC Security falls to 20% or below the issue price on two consecutive non-disrupted days, or if key service providers are not replaced within 120 calendar days of their departure.