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ProShares announces changes to Gold ETFs’ benchmark

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ProShares, a provider of alternative ETFs, has announced changes to the benchmark tracked by ProShares Ultra Gold (UGL) and ProShares UltraShort Gold (GLL). 

Beginning 20 March, the London Gold Fix will be renamed the LBMA Gold Price in conjunction with a change in the way the benchmark is calculated.

The London Bullion Market Association (LBMA) announced on February 19 that it has selected ICE Benchmark Administration (IBA) to calculate the LBMA Gold Price. The IBA will operate a physically settled, electronic and tradable auction process.

The LBMA Gold Price will continue to be set twice daily at 10:30 am and 3:00 pm (London time). UGL and GLL are designed to correspond (before fees and expenses) to 2x or -2x the daily performance of gold bullion as measured by the US dollar 3:00 pm price for delivery in London.

The change in the way the benchmark is calculated will have no material impact on the management or operation of UGL and GLL. Please see the LBMA website for additional detail.

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