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UBS, PAMP debut ‘Carbon Compensated’ Gold ETF
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UBS, PAMP debut ‘Carbon Compensated’ Gold ETF

UBS Asset Management has launched a new physically backed gold ETF in Europe designed to satisfy climate-conscious investors by holding only gold bars that have been certified carbon-neutral.

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VBL
Mar 27, 2023
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UBS, PAMP debut ‘Carbon Compensated’ Gold ETF
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  • Plus JPM’s Morning Briefing

UBS debuts ‘Carbon Compensated’ Gold ETF

James Lord, CFA


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UBS Asset Management has launched a new physically backed gold ETF in Europe designed to satisfy climate-conscious investors by holding only gold bars that have been certified carbon-neutral.

UBS debuts ‘Carbon Compensated’ gold ETF
Every gold bar underlying the ETF has been certified as carbon-neutral.

The UBS (CH) FS-Carbon Compensated Gold ETF (GLDCO2 SW)has been listed on SIX Swiss Exchange in US dollars.

UBS has partnered with precious metals refinery MKS PAMP which has developed large cast gold bars that have been certified carbon-neutral by climate consultancy Carbon Trust and meet the requirements to be used in physically backed Swiss-domiciled investment funds.

The carbon-neutral label reflects that the CO2 emissions generated across the product’s entire value chain, from mining to refining to vaulting, have been independently measured and committed to being reduced each year. Any outstanding emissions are compensated by financing carbon offset projects with positive environmental impacts.

In addition to the carbon-neutral certification, each gold bar is produced in accordance with the London Bullion Market Association’s (LBMA) responsible sourcing guidelines.

The ETF comes with a management fee of 0.30% meaning investors will need to pay a seven basis point premium to access carbon-compensated gold compared to UBS’s existing physically backed gold ETF – the $1.7 billion UBS (CH) Gold ETF (AUUSI SW) – which costs 0.23%.

Investors can obtain non-climate-considered physically backed gold exposure for just 0.12% through the $14.9bn iShares Physical Gold ETC (SGLN LN), the $14.8bn Invesco Physical Gold ETC (SGLD LN), the $4.3bn Amundi Physical Gold ETC (GLDD LN), or the $570m WisdomTree Core Physical Gold (WGLD LN).

The launch comes as gold ETFs have rallied in recent weeks, reaching their highest values in over a year due to increased demand for safe-haven assets amid stress in the global banking system.

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