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Amundi Physical Metals plc: Final Terms -5-

20.11.2020 | 16:21
                                                         traded? 
 Application has been made for the ETC Securities to be admitted 
  to listing on Euronext Paris, Euronext Amsterdam, the Deutsche 
   Börse and to trading on the regulated market thereof. The ETC 
    Securities may also be admitted to the London Stock Exchange 
       and to trading on the regulated markets and/or other main 
                          market(s) at some point in the future. 
C.3                              What are the key risks that are 
                                 specific to the ETC Securities? 
 
· The value, the secondary market price and the Early 
Redemption Amount or Final Redemption Amount, as applicable, 
of each ETC Security of a Series will be affected by 
movements in the price of the Metal, market perception, the 
creditworthiness of certain transaction parties and the 
liquidity of the ETC Securities in the secondary market. The 
price of the Metal (and, by extension, the price of the ETC 
Security) can go down as well as up and the performance of 
the Metal in any future period may not mirror its past 
performance. 
 
· Gold is generally more volatile than most other asset 
classes, making investments in Gold riskier and more complex 
than other investments, and the secondary market price of the 
ETC Securities may demonstrate similar volatility. 
 
· The reduction of the Metal Entitlement by the Total Expense 
Ratio and the imposition of Subscription Fees and Buy-Back 
Fees on Authorised Participants (which are likely to be 
passed on to investors) may prove unattractive to investors 
who are interested solely in the price movement of the Metal 
and there can be no assurance that the performance of the 
Metal will be sufficient to offset the effect of the Total 
Expense Ratio and such fees. 
 
· The Issuer may elect to trigger an Issuer Call Redemption 
Event and redeem all the ETC Securities of a Series early on 
giving not less than 30 calendar days' notice to 
Securityholders. 
 
· The Total Expense Ratio may be varied by the Issuer at the 
request of the Advisor from time to time provided that no 
increase may occur on less than 30 days' notice to 
Securityholders. 
 
· VAT may become due on transfers of Metal to or by the 
Issuer in certain circumstances. This could adversely affect 
the Issuer's ability to meet its obligations under the ETC 
Securities of the relevant Series in full and could trigger a 
VAT Redemption Event leading to the early redemption of all 
the ETC Securities of such Series. 
 
· Investing in the ETC Securities will not make an investor 
the owner of the Metal held by the Custodian (or a 
Sub-Custodian on behalf of the Custodian) in respect of the 
relevant Series. Any early or final redemption of the ETC 
Securities of a Series will be settled in cash. 
 
· ETC Securities may have a long term and an investor who is 
not an Authorised Participant can only realise value from a 
ETC Security prior to the occurrence of an early redemption 
event or the scheduled maturity date by selling it at its 
then market price to an Authorised Offeror or to other 
investors on the secondary market. While each Authorised 
Participant may make a market for the relevant Series, no 
Authorised Participant is obliged to make a market for any 
Series and an Authorised Participant may discontinue making a 
market at any time. Furthermore, any market in ETC Securities 
may not be liquid and the secondary market price (if any) for 
ETC Securities may be substantially less than the price paid 
by the investor. 
 
· The Nominal Amount plus the Specified Interest Amount 
operates as a minimum repayment amount on the early or final 
redemption of the ETC Securities of a Series. In the event 
that the liquidation proceeds of the Metal Entitlement for 
each ETC Security of such Series is insufficient to fund the 
Nominal Amount and the Specified Interest Amount payable in 
respect of such ETC Security on such early or final 
redemption, the holder of such ETC Security may not receive 
payment of the Nominal Amount and/or the Specified Interest 
Amount in full and may receive substantially less. In respect 
of each ETC Security, payment of the Specified Interest 
Amount to Securityholders will rank in priority to payment of 
the Nominal Amount. 
 
· The Issuer and the Securityholders are exposed to the 
creditworthiness of the Metal Counterparty, the Custodian and 
the Authorised Participants. 
 
· The Custodian is required, under the Custody Agreement, to 
verify that the Metal delivered by the Authorised 
Participants in exchange for ETC Securities complies with 
"The Good Delivery Rules for Gold and Silver Bars" published 
by the LBMA. Such verification may not fully prevent the 
deposit of Metal by Authorised Participants that fail to meet 
the required purity standards. 
 
· The Arranger, Advisor, Trustee, Security Trustee, 
Administrator, Custodian, Authorised Participants, Metal 
Counterparty, each Agent and/or their affiliates may actively 
trade or hold positions in the Metal and other financial 
instruments based on or related to the Metal. Such activities 
present conflicts of interest and could adversely affect the 
price and liquidity of ETC Securities. 
 
   D. KEY INFORMATION ON THE ADMISSION TO TRADING ON A REGULATED 
                                                          MARKET 
D.1                                   Under which conditions and 
                                  timetable can I invest in this 
                                                       security? 
 Upon initial issue, the ETC Securities are being made available 
            by the Issuer for subscription only to entities (the 
          "Authorised Participants") allowed to buy and sell ETC 
          Securities directly from and to the Issuer pursuant an 
    authorised participant agreement with the Issuer. Authorised 
  Participants will pay for any such subscriptions by delivering 
    Metal equal to the Metal Entitlement per ETC Security of the 
    ETC Securities being subscribed. Authorised Participants may 
           also act as market makers, i.e. they buy and sell ETC 
   Securities from and to investors on an over-the-counter basis 
 or via a stock exchange. However, not all market makers need to 
                                     be Authorised Participants. 
 
        Any offer or sale of ETC Securities to an investor by an 
           Authorised Participant or other distributor or broker 
     authorised to use the Base Prospectus (each, an "Authorised 
   Offeror") will be made in accordance with any terms and other 
  arrangements in place between such Authorised Offeror and such 
      investor including as to price, allocations and settlement 
   arrangements. It will be the responsibility of the applicable 
 financial intermediary at the time of such offer to provide the 
         investor with that information. None of the Issuer, the 
        Arranger nor any other Transaction Party (other than the 
        relevant Authorised Offeror) will be a party to any such 
          arrangements with investors and, accordingly, the Base 
 Prospectus and the Final Terms may not contain such information 
     and, in such case, an investor must obtain such information 
                           from the relevant Authorised Offeror. 
D.2                                  Why has the prospectus been 
                                                       produced? 
D.2.1                            Reason for the offer and use of 
                                                        proceeds 
The ETC Securities offer investors a relatively easy means of 
gaining exposure to the movement in spot prices of gold and 
provide an alternative means of gaining exposure that is very 
similar to a direct investment in gold. Although the ETC 
Securities are not the exact equivalent of an investment in 
gold, they provide investors with an alternative that allows a 
level of participation in the gold market through the 
securities market. The net proceeds from the issue of a Series 
of ETC Securities will be an amount of Metal which will 
ultimately be held in the Allocated Account(s) in respect of 
such Series. Such Metal shall be used to meet the Issuer's 
obligations under such Series. 
D.2.2                             Material conflicts of interest 
                                      pertaining to the offer or 
                                            admission to trading 
At the date of the Base Prospectus, the arranger to the 
Programme (the "Arranger") is Amundi Asset Management S.A.S who 
also acts as the Advisor to the Issuer in respect of each 
Series, performing certain functions and determinations on 
behalf of the Issuer pursuant to an advisory agreement. Amundi 
Asset Management S.A.S. is ultimately owned by Crédit Agricole 
S.A. Any member within Crédit Agricole S.A. or the Crédit 
Agricole group, and any of the directors of the foregoing, may 
(a) have an interest in the ETC Securities issued by the Issuer 
or in any transaction effected with or for it, or a 
relationship of any description with any other person, which 
may involve a potential conflict with their respective duties 
to the Arranger and Advisor, and (b) deal with or otherwise use 
the services of Crédit Agricole group companies in connection 
with the performance of such duties, and none of them will be 
liable to account for any profit or remuneration derived from 
so doing. 
 
A Crédit Agricole group entity and/or its affiliates may engage 
in trading and market-making activities and may hold long or 
short positions in any metal, other instruments or derivative 
products based on or related to the metal, metal for their 
proprietary accounts or for other accounts under their 
management. Crédit Agricole group entities may also issue 
securities or enter into financial instruments in relation to 
Gold. To the extent that any Crédit Agricole group entity, 
directly or through its affiliates, serves as issuer, agent, 

(MORE TO FOLLOW) Dow Jones Newswires

November 20, 2020 10:21 ET (15:21 GMT)

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