| 摘要 |
To create shares of an ETP based on a bulky metal, an authorized participant (AP) provides an amount of material, such as base or bulky metal, that is within an allowable range of the target value. A central intermediary intermediates the transfer of the mismatched weight between the ETP and the AP to bring the amount of the applicable material or bulky metal to the exact amount needed for the creation (or redemption, in the reverse transaction) of the ETP shares. The ownership of the last unit of bulky metal transferred in relation to the transaction is divided between the equalization facility and the ETP through the booking of account receivable/account payable transactions. The AP then pays or receives cash from the equalization facility based on whether too little or too much metal was transferred.
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