iShares Physical Gold ETC (the “ETC”) is a series of secured debt securities issued by iShares Physical Metals public limited company (the “Company”) that are linked to physical gold. The ETC securities are listed on the London Stock Exchange, are structured as debt securities and are not units in a collective investment scheme. The ETC securities provide investment exposure to physical gold and are valued based on the London Bullion Market Association (LBMA) gold price. The Company holds physical gold. Each ETC security has a metal entitlement (“Metal Entitlement”, which is the amount of physical gold backing the ETCsecurity) and its daily value is calculated based on its daily Metal Entitlement. The daily Metal Entitlement can be found on www.ishares.com.