Voici un extrait du prospectus en version anglaise. Je ne pense pas que la commercialisation soit limitée aux Suisses. En revanche, pour les américains c'est un problème. Ils ont les mêmes produits en Silver, Platinum et Palladium : taper ZKB dans le champ Symbole de la recherche, et voir la section des ETF.
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Product features
Unlike existing ETFs that generally have an underlying equity index or a basket of shares, the ZKB Gold ETF only invests in physical gold and reflects the value of around 100 grammes per unit. Investors can at any time request the sale of their units or payment in kind in physical gold. The ZKB Gold ETF is listed on the SWX and is traded on a daily basis. This guarantees the publication of current market data and cost transparency that benefits the
investor.
Target investors
Both institutional investors as well as private clients who are interested to participate in a convenient way in the development of prices of the underlying precious metals. Based on the regulations applying to them, Swiss pension funds are permitted to participate in the ZKB Gold ETF provided they exercise their option to broaden their investment scope as stipulated in Art. 50 and 59 of OPP2.
Type of fund
ETF (Exchange Traded Fund), investment fund based on Swiss law, so-called “other traditional investment funds”.
Security number 2 439 100
ISIN CH0024391002
SWX symbol ZGLD
Fund management
Balfidor Fondsleitung AG
Peter Merian-Strasse 47
CH-4002 Basel
Custodian bank & market maker
Zurich Cantonal Bank
Bahnhofstrasse 9
CH-8001 Zurich Postal address: P.O. Box, CH-8010 Zurich
Currency
CHF
Underlying value
Standard bars of 12.5 kilograms of gold
Minimum subscription
1 unit corresponds to around 100 grammes of gold
Subscription period
Trading will be initiated at listing. There is no subscription period as used for conventional
retail funds.
Settlement date
see comments on subscription period.
Issue price
Value corresponding to the price of 100 grammes of gold on the basis of the value of the standard unit of one bar of approximately 12.5 kilograms with the customary purity of 995/1000 or better at the time of issue (less management commission).
Issue and redemption
Fund units can be issued on a daily basis or redeemed upon request or traded on the SWX with a narrow bid/ask spread. ZKB is responsible for the market making.
Payment in kind in gold
The right to payment in kind is limited to the standard unit of bars of 12.5 kilograms with the customary purity of 995/1000 or better. The commission comes to a max. 0.20% of the current value of the standard unit (in addition to the redemption commission). Other customary units will only be provided upon application and are subject to availability; this includes fabrication surcharges at the time of delivery, taxes and other costs (minting costs, delivery, insurance, surcharge for difference in purity, etc.) at the expense of the investor with the customary delivery periods. However payment in kind is limited to a minimum amount of 12.5 kilograms.
Management commission
0.40% p.a., the NAV published on daily basis shows the Net Asset Value of the fund reduced by the management fee.
Listing
Main segment of the SWX Swiss Exchange.
First trading day was March 15, 2006.
Term
The fund will exist for an indefinite time.
Financial year
October 1 to September 30
Benefits to the client/advantages
• Unlike structured products, the ZKB Gold ETF does not harbour any issuer risk, since the gold invested is a separate asset and used completely to cover investors’ claims.
• High liquidity: The SWX regulations regarding maximum spread and minimum trading volumes guarantee high liquidity.
• Listing on the SWX ensures the publication of current market data and the net asset value of the fund.
• Short-selling: Unlike other products, ETFs can also be sold short and hence be borrowed.
• The ZKB Gold ETF invests exclusively in physical gold.
• As an alternative to selling units, investors can request payment in kind in gold.
• ETFs offer complete transparency regarding costs and fees.
• ETFs have no fixed terms. Hence there are no rollover costs.
Trading: 0041 44 293 65 04
Sales: 0041 44 293 66 97
Telekurs: ZKB ETF
Reuters: ZGLD.S
Internet:
www.zkb.chBloomberg: ZGLD SW
Sales restrictions USA/US persons
Risk
The ZKB Gold ETF is an investment product whose price tracks that of the underlying (gold). Depending on the price trend, the price can drop well below the issue price. Unlike structured products, the ZKB Gold ETF does not harbour any issuer risk, since the gold invested is a separate asset and used completely to cover investors’ claims.
Additional information
Additional information about the fund can be found in the prospectus and the last audited annual report or unaudited semi-annual report. The prospectus, which includes fund regulations, and the annual or semi-annual reports can be ordered free of charge from the fund manager, the custodian bank and all distributors.
This document does not constitute an issue prospectus in accordance with Art. 652a or Art. 1156 of the Swiss Code of Obligations. Any branch of the ZKB or your principal bank will be happy to take your orders. We would like to point out that calls to the above-mentioned telephone lines are recorded. Should you call one of
these lines, we shall assume that you consent to this business practice.
Zurich, April 30th, 2008
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