Common use of Price Risk Clause in Contracts

Price Risk. The AIF shall invest virtually exclusively in physical HELVETIA Gold Ounces. A small proportion of the AIF's assets shall be held in the form of liquid instruments in order to safeguard the liquidity of the AIF. To ensure that its liquidity is managed efficiently and to maximise the desired investment focus the AIF may also place a small proportion of its assets in indirect gold invest- ments as specified in Annex B, "AIF summary". The price performance of gold ounces is directly dependent on the performance of the gold price. Accordingly, a slump in the price of gold would mean a corresponding fall in the value of the AIF, and in the worst-case scenario could result in the loss of the entire investment. The price of AIF units shall not be hedged against falls in the gold price and no sales of physical gold shall be made at such times.

Price Risk. The AIF shall invest virtually exclusively in physical HELVETIA Gold Ounces. A small proportion of the AIF's assets shall be held in the form of liquid instruments in order to safeguard the liquidity of the AIF. To ensure that its liquidity is managed efficiently and to maximise the desired investment focus the AIF may also place a small proportion of its assets in indirect gold invest- ments investments as specified in Annex B, "AIF summary". The price performance of gold ounces is directly dependent on the performance of the gold price. Accordingly, a slump in the price of gold would mean a corresponding fall in the value of the AIF, and in the worst-case scenario could result in the loss of the entire investment. The price of AIF units shall not be hedged against falls in the gold price and no sales of physical gold shall be made at such times.