Authorised participant

Banks or other financial institutions that act as intermediaries between providers of securities and the ultimate investors. Authorised participants will liaise with providers to arrange for the creation and redemption of securities as requested by investors.

Exchange Traded Commodities (ETCs)

Exchange-traded commodities are products that track the price of commodities, providing investors with the opportunity to gain access to the commodities market without having to take delivery of the commodities in question. Securities in ETCs are generally structured as debt securities rather than as equity.

Exchange Traded Funds (ETFs)

An exchange traded fund (ETF) is a fund or unit trust that is quoted and traded on a stock exchange such as the Australian Securities Exchange (ASX).

ETFs are one of the fastest growing categories of investment products in the world, with just under $3 trillion of assets managed in ETF products globally.

ETFs are built like managed funds, but trade like shares, meaning that pricing is transparent and that the products can be bought and sold throughout any trading day just like ordinary shares. ETFs generally aim to track as closely as possible the performance of a given index or asset class.

They are transparent, liquid, cost-efficient and flexible investment tools – designed to be attractive to both individuals and institutional investors.

Exchange Traded Products (ETPs)

Exchange Traded Product. An umbrella term to refer to all financial instruments that share a number of similar characteristics: (i) traded on a stock exchange; (ii) passive investment; (iii) intended to track an underlying asset or benchmark.

Includes ETFs and ETCs.

Good delivery

Rules for Good Delivery are issued by supervisory metals bodies in order to ensure that metals comply with a certain standard.

Physically backed

Physically backed ETCs hold the physical metal that the product is tracking. This physical metal is held in a vault by a custodian bank nominated by the provider and gives investors a further level of security.

Spot Price

The price of a commodity or security at any given time.


The Trustee is an independent entity that holds the physical metal on trust for the benefit of the security holders in proportion to each security holder's respective entitlement.