AUS
NZ
UK
CA
USA
IND
Effective 1 July 2026, Global X Metal Securities Australia Limited has amended the Constitution and Prospectus governing five physically backed precious metal securities listed on the ASX. This change, approved by a special resolution at an extraordinary general meeting, modifies the definition of "Fixing Price" to provide the Company with enhanced flexibility to select an alternative price benchmark if necessary. The update impacts holders of Global X Physical Gold Structured (GOLD), Global X Physical Silver Structured (ETPMAG), Global X Physical Platinum Structured (ETPMPT), Global X Physical Palladium Structured (ETPMPD), and Global X Physical Precious Metals Basket Structured (ETPMPM). The Company has indicated that this amendment is not materially adverse to investors.<\/p> <\/div>
Key Points<\/h3>
- Issuer: Global X Metal Securities Australia Limited (ASX:ETP)<\/li>
- Five physically backed precious metal securities affected: GOLD, ETPMAG, ETPMPT, ETPMPD, ETPMPM<\/li>
- Supplementary deed amending the Constitution executed on 1 July 2026 after special resolution approval at an extraordinary general meeting<\/li>
- Definition of "Fixing Price" updated to permit use of an alternative price by the Company to maintain operational continuity<\/li>
- Company states amendment is not materially adverse to investors; Prospectus updated accordingly<\/li>
- Investors should stay alert for further updates from Global X regarding pricing methodology or benchmark modifications affecting these securities<\/li>
<\/ul>
<\/div>
Details of the Revised "Fixing Price" Definition in the Constitution of Global X Metal Securities<\/h2>
The core of the 1 July 2026 update involves a key amendment to the definition of "Fixing Price" in the Constitution of Global X Metal Securities Australia Limited. The revised definition states: "Fixing Price means in relation to each type of Metal, the price determined by the final fixing process of the day under the rules and procedures of the Relevant Association or such other price as determined by the Company."<\/em> The critical addition is the phrase "or such other price as determined by the Company," introducing discretionary authority for alternative pricing.<\/p>
Previously, the Constitution relied exclusively on the price set by the final fixing process of the day as established by the Relevant Association—industry bodies such as the London Bullion Market Association (LBMA) for gold and silver, and the London Platinum and Palladium Market (LPPM) for platinum and palladium. The new wording establishes a fallback mechanism enabling the Company to select an alternative price if the standard fixing process is unavailable, disrupted, or unsuitable. This updated definition is also reflected in the Prospectus dated 11 May 2026 to ensure consistency across governing documents.<\/p>
Metal Securities Subject to the Updated Constitution and Prospectus<\/h2>
The amendment applies to all Metal Securities issued by Global X Metal Securities Australia Limited under the 11 May 2026 Prospectus. These include: Global X Physical Gold Structured (GOLD), Global X Physical Silver Structured (ETPMAG), Global X Physical Platinum Structured (ETPMPT), Global X Physical Palladium Structured (ETPMPD), and Global X Physical Precious Metals Basket Structured (ETPMPM). Each product tracks the Spot Price<\/a> of its respective metal or basket, minus a daily management fee.<\/p>
Each Metal Security is physically backed, with actual metal held in custody by JPMorgan Chase Bank, N.A., either directly or via sub-custodians. The metals are held as allocated Good Delivery bars, except for temporary unallocated holdings facilitating creations and redemptions. Collectively, these five products provide ASX investors exposure to gold, silver, platinum, palladium, and a blended basket within a Listed security<\/a> structure.<\/p>
Extraordinary General Meeting Approves Amendment on 1 July 2026<\/h2>
The constitutional amendment followed approval through a special resolution at an extraordinary general meeting (EGM) of the Company, complying with Australian governance requirements for constitutional changes. The supplementary deed implementing the amendment was executed on 1 July 2026.<\/p>
Although vote details were not disclosed, passing a special resolution confirms the necessary shareholder or securityholder approval. Investors should note that such constitutional amendments are governed by the Prospectus and Constitution, and the Company has adhered to the required process. No additional governance actions appear necessary following this update.<\/p>
Rationale Behind Introducing Pricing Flexibility in Global X’s Precious Metal Securities<\/h2>
The amendment aims to grant the Company flexibility to adopt an alternative fixing price "if and when required to ensure the Company is able to continue to operate without unnecessary disruption." This reflects a risk-management approach, recognizing that precious metal fixing processes are administered by third-party industry bodies beyond the Company’s control. Should a fixing process be suspended, delayed, or discontinued, the original Constitution lacked a mechanism to price Metal Securities on affected days.<\/p>
By adding "or such other price as determined by the Company," the Constitution now includes an internal decision-making pathway to maintain pricing continuity. Such fallback provisions are common in structured products referencing external benchmarks. For example, the LBMA gold price, a global benchmark used in Derivatives<\/a>, ETFs, and institutional trades, is operated independently and has undergone changes, including the 2015 shift from the London Gold Fix to the LBMA Gold Price auction. This update aims to protect Global X’s metal securities from potential disruptions due to future benchmark changes.<\/p>
Global X’s Position: Amendment Not Materially Adverse to Investors<\/h2>
The Company explicitly states it "considers that this amendment is not materially adverse to investors." This disclosure indicates that Global X believes the change does not fundamentally alter the risk or return profile of the Metal Securities in a way that would harm current holders. The amendment serves as a contingency rather than a routine operational change.<\/p>
Nonetheless, the determination of "not materially adverse" is the Company’s own judgment. The introduction of discretionary pricing is a structural change, and investors seeking clarity on when and how alternative fixing prices might be applied should review the updated Prospectus and Constitution or seek independent advice. The Company confirms all other Prospectus information remains unchanged.<\/p>
Custodial Structure of Global X Physical Gold Structured and Other Metal Securities<\/h2>
All five Metal Securities are physically backed, with underlying metals held in custody by JPMorgan Chase Bank, N.A. The Prospectus specifies metals are held as allocated Good Delivery bars meeting LBMA (for gold and silver) and LPPM (for platinum and palladium) standards. This custodial arrangement ensures each security corresponds to a specific quantity of physical metal held for investors.<\/p>
Temporary unallocated holdings may occur to facilitate creation and Redemption<\/a> by Authorised Participants, typically institutional market makers who create or redeem securities directly with the Company. Secondary Market investors can trade these securities on the ASX. The Company notes investors retain the right to redeem securities directly with the Company, offering additional investor protection beyond exchange trading.<\/p>
Role of LBMA and LPPM Benchmarks in Pricing Global X Metal Securities<\/h2>
The Prospectus and amended Constitution reference the "Relevant Association" for Fixing Price determination. For gold and silver, this is the London Bullion Market Association (LBMA), which administers the LBMA Gold Price and LBMA Silver Price—two globally recognized benchmarks. For platinum and palladium, the London Platinum and Palladium Market (LPPM) administers official daily fixing prices.<\/p>
These benchmarks serve as the primary references for calculating net asset values and trading prices of the Metal Securities. The updated Fixing Price definition maintains these benchmarks as the principal mechanism—"the price determined by the final fixing process of the day under the rules and procedures of the Relevant Association"—while adding the Company’s discretionary alternative as a fallback. Investors in GOLD, ETPMAG, ETPMPT, ETPMPD, and ETPMPM can expect continued reliance on these industry benchmarks under normal conditions.<\/p>
Prospectus History and the 11 May 2026 Update<\/h2>
The current Prospectus governing the five Metal Securities is dated 11 May 2026, replacing the previous version dated 14 April 2025. Lodged with the Australian Securities and Investments Commission (ASIC), the Prospectus notes that ASIC assumes no responsibility for its contents. It expires 13 months after the Date of Issue, after which no securities will be issued based on it.<\/p>
The recent company update confirms the Prospectus now incorporates the revised Fixing Price definition, aligning it with the Constitution. All other Prospectus details remain unchanged. The Company is a special purpose entity managed by Global X Management (AUS) Limited, holder of Australian Financial Services Licence number 466778. Global X (AUS) Pty Limited owns all ordinary shares, making the Company a Wholly Owned Subsidiary<\/a> within the Global X group.<\/p>
Investor Considerations for GOLD, ETPMAG, ETPMPT, ETPMPD, and ETPMPM<\/h2>
For current and prospective investors in these five Global X Metal Securities, the amendment’s immediate impact appears limited. The Company’s view that the change is not materially adverse, combined with unchanged core features—physical metal backing, JPMorgan custodial arrangements, daily pricing against LBMA and LPPM benchmarks, and ASX Liquidity<\/a> through Authorised Participants—suggests continuity in product operation. Public information does not indicate an immediate share price effect.<\/p>
Moving forward, investors should monitor any announcements from Global X regarding use of alternative fixing prices, as this will reveal the amendment’s practical effect. Reviewing the updated Prospectus and Constitution, available at www.globalxetfs.com.au, is advisable. For further inquiries, Global X can be contacted at +61 2 8311 3488 or [email protected]. As with all Investment<\/a> products, investors are encouraged to read the Product Disclosure Statement, Prospectus, and Target market<\/a> Determination, and seek independent financial advice before investing.<\/p>
Details of the Revised "Fixing Price" Definition in the Constitution of Global X Metal Securities<\/h2>
The core of the 1 July 2026 update involves a key amendment to the definition of "Fixing Price" in the Constitution of Global X Metal Securities Australia Limited. The revised definition states: "Fixing Price means in relation to each type of Metal, the price determined by the final fixing process of the day under the rules and procedures of the Relevant Association or such other price as determined by the Company."<\/em> The critical addition is the phrase "or such other price as determined by the Company," introducing discretionary authority for alternative pricing.<\/p>
Previously, the Constitution relied exclusively on the price set by the final fixing process of the day as established by the Relevant Association—industry bodies such as the London Bullion Market Association (LBMA) for gold and silver, and the London Platinum and Palladium Market (LPPM) for platinum and palladium. The new wording establishes a fallback mechanism enabling the Company to select an alternative price if the standard fixing process is unavailable, disrupted, or unsuitable. This updated definition is also reflected in the Prospectus dated 11 May 2026 to ensure consistency across governing documents.<\/p>
The amendment applies to all Metal Securities issued by Global X Metal Securities Australia Limited under the 11 May 2026 Prospectus. These include: Global X Physical Gold Structured (GOLD), Global X Physical Silver Structured (ETPMAG), Global X Physical Platinum Structured (ETPMPT), Global X Physical Palladium Structured (ETPMPD), and Global X Physical Precious Metals Basket Structured (ETPMPM). Each product tracks the Spot Price<\/a> of its respective metal or basket, minus a daily management fee.<\/p>
Each Metal Security is physically backed, with actual metal held in custody by JPMorgan Chase Bank, N.A., either directly or via sub-custodians. The metals are held as allocated Good Delivery bars, except for temporary unallocated holdings facilitating creations and redemptions. Collectively, these five products provide ASX investors exposure to gold, silver, platinum, palladium, and a blended basket within a Listed security<\/a> structure.<\/p>
The constitutional amendment followed approval through a special resolution at an extraordinary general meeting (EGM) of the Company, complying with Australian governance requirements for constitutional changes. The supplementary deed implementing the amendment was executed on 1 July 2026.<\/p>
Although vote details were not disclosed, passing a special resolution confirms the necessary shareholder or securityholder approval. Investors should note that such constitutional amendments are governed by the Prospectus and Constitution, and the Company has adhered to the required process. No additional governance actions appear necessary following this update.<\/p>
The amendment aims to grant the Company flexibility to adopt an alternative fixing price "if and when required to ensure the Company is able to continue to operate without unnecessary disruption." This reflects a risk-management approach, recognizing that precious metal fixing processes are administered by third-party industry bodies beyond the Company’s control. Should a fixing process be suspended, delayed, or discontinued, the original Constitution lacked a mechanism to price Metal Securities on affected days.<\/p>
By adding "or such other price as determined by the Company," the Constitution now includes an internal decision-making pathway to maintain pricing continuity. Such fallback provisions are common in structured products referencing external benchmarks. For example, the LBMA gold price, a global benchmark used in Derivatives<\/a>, ETFs, and institutional trades, is operated independently and has undergone changes, including the 2015 shift from the London Gold Fix to the LBMA Gold Price auction. This update aims to protect Global X’s metal securities from potential disruptions due to future benchmark changes.<\/p>
The Company explicitly states it "considers that this amendment is not materially adverse to investors." This disclosure indicates that Global X believes the change does not fundamentally alter the risk or return profile of the Metal Securities in a way that would harm current holders. The amendment serves as a contingency rather than a routine operational change.<\/p>
Nonetheless, the determination of "not materially adverse" is the Company’s own judgment. The introduction of discretionary pricing is a structural change, and investors seeking clarity on when and how alternative fixing prices might be applied should review the updated Prospectus and Constitution or seek independent advice. The Company confirms all other Prospectus information remains unchanged.<\/p>
All five Metal Securities are physically backed, with underlying metals held in custody by JPMorgan Chase Bank, N.A. The Prospectus specifies metals are held as allocated Good Delivery bars meeting LBMA (for gold and silver) and LPPM (for platinum and palladium) standards. This custodial arrangement ensures each security corresponds to a specific quantity of physical metal held for investors.<\/p>
Temporary unallocated holdings may occur to facilitate creation and Redemption<\/a> by Authorised Participants, typically institutional market makers who create or redeem securities directly with the Company. Secondary Market investors can trade these securities on the ASX. The Company notes investors retain the right to redeem securities directly with the Company, offering additional investor protection beyond exchange trading.<\/p>
The Prospectus and amended Constitution reference the "Relevant Association" for Fixing Price determination. For gold and silver, this is the London Bullion Market Association (LBMA), which administers the LBMA Gold Price and LBMA Silver Price—two globally recognized benchmarks. For platinum and palladium, the London Platinum and Palladium Market (LPPM) administers official daily fixing prices.<\/p>
These benchmarks serve as the primary references for calculating net asset values and trading prices of the Metal Securities. The updated Fixing Price definition maintains these benchmarks as the principal mechanism—"the price determined by the final fixing process of the day under the rules and procedures of the Relevant Association"—while adding the Company’s discretionary alternative as a fallback. Investors in GOLD, ETPMAG, ETPMPT, ETPMPD, and ETPMPM can expect continued reliance on these industry benchmarks under normal conditions.<\/p>
The current Prospectus governing the five Metal Securities is dated 11 May 2026, replacing the previous version dated 14 April 2025. Lodged with the Australian Securities and Investments Commission (ASIC), the Prospectus notes that ASIC assumes no responsibility for its contents. It expires 13 months after the Date of Issue, after which no securities will be issued based on it.<\/p>
The recent company update confirms the Prospectus now incorporates the revised Fixing Price definition, aligning it with the Constitution. All other Prospectus details remain unchanged. The Company is a special purpose entity managed by Global X Management (AUS) Limited, holder of Australian Financial Services Licence number 466778. Global X (AUS) Pty Limited owns all ordinary shares, making the Company a Wholly Owned Subsidiary<\/a> within the Global X group.<\/p>
For current and prospective investors in these five Global X Metal Securities, the amendment’s immediate impact appears limited. The Company’s view that the change is not materially adverse, combined with unchanged core features—physical metal backing, JPMorgan custodial arrangements, daily pricing against LBMA and LPPM benchmarks, and ASX Liquidity<\/a> through Authorised Participants—suggests continuity in product operation. Public information does not indicate an immediate share price effect.<\/p>
Moving forward, investors should monitor any announcements from Global X regarding use of alternative fixing prices, as this will reveal the amendment’s practical effect. Reviewing the updated Prospectus and Constitution, available at www.globalxetfs.com.au, is advisable. For further inquiries, Global X can be contacted at +61 2 8311 3488 or [email protected]. As with all Investment<\/a> products, investors are encouraged to read the Product Disclosure Statement, Prospectus, and Target market<\/a> Determination, and seek independent financial advice before investing.<\/p>
Metal Securities Subject to the Updated Constitution and Prospectus<\/h2>
Extraordinary General Meeting Approves Amendment on 1 July 2026<\/h2>
Rationale Behind Introducing Pricing Flexibility in Global X’s Precious Metal Securities<\/h2>
Global X’s Position: Amendment Not Materially Adverse to Investors<\/h2>
Custodial Structure of Global X Physical Gold Structured and Other Metal Securities<\/h2>
Role of LBMA and LPPM Benchmarks in Pricing Global X Metal Securities<\/h2>
Prospectus History and the 11 May 2026 Update<\/h2>
Investor Considerations for GOLD, ETPMAG, ETPMPT, ETPMPD, and ETPMPM<\/h2>
