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BlackRock makes changes to iShares Gold Trust

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BlackRock’s iShares exchange-traded funds business has made further changes to the iShares Gold Trust.

These changes will make the trust the first US-listed gold ETF to be fully allocated daily.

In addition, the name of the trust has been changed to the iShares Gold Trust to more clearly reflect that the trust holds only physical bullion, not futures.

“We continue to make refinements to the iShares Gold Trust to meet growing demand for gold investing and to meet clients’ specific needs,” says Noel Archard, head of US iShares product at BlackRock. “The trust’s new custodian, JPMorgan Chase Bank, London branch, is providing daily 100 per cent allocation of the gold bullion. We understand client concerns with exposure to unallocated gold and, as part of these refinements we’ve taken steps to minimise risks from unallocated gold exposure.”

Each business day, the trust’s assets will be fully allocated so that at the end of such business day no gold is held in unallocated form. The custodian will not allow issuances of shares on unallocated amounts.

These changes are part of the continuing refinements the firm has made to the trust. In June 2010, the firm announced several changes to the iShares Gold Trust including: reducing the share price – and increasing the trust’s shares outstanding – through a ten-for-one share split, and lowering the trust’s sponsor fee to 0.25 per cent.

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