Metal Currency definition

Metal Currency means, in relation to this Series of ETC Securities, USD. “Metal Disrupted Day” has the meaning given to it in Condition 9(e)(ii). “Metal Disruption Event” has the meaning given to it in Condition 9(a).

Metal Currency means US dollars.

Examples of Metal Currency in a sentence

• Additionally, such difference may be caused by the effect of the FX Factor in the calculation of the Metal Entitlement per ETC Security, which relates to movements in foreign exchange rates between the Specified Currency and the Metal Currency.

• Such currency hedge typically involves the notional forward sale of the Metal Currency and purchase of the Series Currency and is designed to reduce the exposure of the Metal (and, therefore, the Securities) to exchange rate fluctuations between such currencies.

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• The foreign exchange hedge seeks to reduce the exposure of the ETC Securities to exchange rate fluctuations between the currency in which the ETC Securities are denominated and the Metal Currency.

• It does this by reflecting the effect of a notional forward sale of the Metal Currency and purchase of the currency in which the ETC Securities are denominated (see further “What are FX Hedged ETC Securities?” below).

• An increase in the Product Fee Percentage will reduce the Metal Entitlement per ETC Security by more than would have been the case had such fee not been increased.If the ETC Securities are FX Hedged ETC Securities and the value of the Specified Currency, expressed in units of the Metal Currency increases, the Metal Entitlement per ETC Security will decrease and vice versa, assuming all other factors remain constant.