UBS AG UBS ETC (CMCI PREC METAL)
PRMG.L
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- UBS ETC (CMCI PREC METALS) GBP is an exchange-traded commodity (ETC) issued by UBS AG that provides investors with collateralized, index-linked exposure to the UBS Bloomberg CMCI Precious Metals hedged GBP total return strategy. The product is listed on the London Stock Exchange under the ticker PRMG.L and is structured as a debt security that tracks, on a 1:1 basis less fees, the performance of a diversified basket of precious metals futures, primarily gold and silver, as defined by the UBS CMCI Precious Metals methodology. UBS ETC (CMCI PREC METALS) GBP’s main product offering is providing passive, rules-based exposure to the UBS Bloomberg CMCI Precious Metals GBP Monthly Hedged Total Return Index; the ETC references a basket of precious metals futures, with index weights heavily concentrated in gold and supplemented by silver; the underlying CMCI Precious Metals index invests across multiple constant maturities along the futures curve to reduce front-month concentration, smooth roll yields, and diversify tenor exposure; the ETC is designed as a tracker certificate-style note that offers daily exchange liquidity, transparent index methodology, and collateralization in line with UBS ETC platform standards; the product targets institutional and professional investors, as well as sophisticated retail investors seeking commodity diversification and inflation-hedging characteristics via financial exposure to precious metals rather than physical bullion. The ETC operates within the broader UBS CMCI (Constant Maturity Commodity Index) platform, which expands commodity investment beyond short-dated futures and allocates across the liquid part of the curve; for precious metals, the CMCI Precious Metals index currently allocates the majority of its weight to gold and the balance to silver, with target weights for the August 2024–August 2025 period at approximately 83.8% gold and 16.2% silver, and average futures tenors of around 4–5 months; the ETC is issued by UBS AG, acting as the single issuer and guarantor, and forms part of UBS’s family of ETCs on CMCI indices, which also includes products on single metals (such as gold or silver) and other commodity sectors. UBS ETC (CMCI PREC METALS) GBP is domiciled and issued under UBS’s structured products framework, with UBS AG (headquartered in Zurich, Switzerland) serving as issuer of the notes, and the securities are admitted to trading on the London Stock Exchange in GBP; the product sits within the commodities and exchange-traded products segment and is typically classified as a tracker certificate or ETC rather than a UCITS ETF, meaning investors bear issuer credit risk in addition to market risk on the underlying index; the ETC targets investors in the United Kingdom and other European markets who access it via the London Stock Exchange, with distribution aligned to UBS’s broader European structured products and listed derivatives platform. Over the last 1–2 years, key developments relevant to UBS ETC (CMCI PREC METALS) GBP have primarily related to index methodology maintenance and weight updates rather than corporate actions such as mergers or name changes; UBS has continued to update and publish annual target component and tenor weights for the CMCI Precious Metals index, including the August 2024–August 2025 weighting schedule that confirms the strategic focus on gold and silver and the continued use of constant maturity tenors; during this period, UBS has also reiterated in product and performance updates that CMCI Precious Metals ETCs, including GBP-hedged variants, maintain their objective of 1:1 index tracking (less the management fee) with daily exchange liquidity and standard UBS ETC risk disclosures, without announcing material restructurings, rebrandings, or changes to the core product concept for the PRMG.L line.