PAGPWisdomTree Physical Silver – GBP Daily Hedged
ISIN: JE00B84GRH500,25%
Management Fee (MER)
As of 02/11/2026
8 September 2026
Inception Date
1.021.029 US$
Fund AUM
As of 02/11/2026
GBP
Base currency
Overview
Product Description
WisdomTree Physical Silver - GBP Daily Hedged is a UCITS Eligible Exchange Traded Commodity (ETC) designed to offer security holders a simple, cost-efficient and secure way to access Physical Silver while mitigating currency risk. The product enables investors to gain exposure to the Physical Silver spot price, less applicable fees, with a daily hedge against movements in the GBP/USD exchange rate. WisdomTree Physical Silver - GBP Daily Hedged is backed by allocated Physical Silver held by HSBC Bank plc (the custodian). Only metal that conforms with the London Bullion Market Association's (LBMA) rules for Good Delivery can be accepted by the custodian. Each physical bar is segregated, individually identified and allocated.
Why PAGP?
• Physically backed, direct Investment in Physical Silver
• Currency risk is hedged on a daily basis, minimising the GBP/USD exchange rate risk.
• UCITS eligible and fully collateralised.
• Transparent performance and fees.
• Transparency: Metal entitlement is published daily.
• Easy to invest: Everything in one product which does not require the investor to manage storage, insurance or delivery of the metal.
• Risk Management: You cannot lose more than the amount invested.
• Liquidity: Trades on exchange, with multiple authorised participants (APs) and market makers (MMs).
Potential Risks
• An investment in an ETP involves a degree of risk. Any decision to invest should be based on the information contained in the relevant prospectus. Prospective investors should obtain independent accounting, tax and legal advice and should consult their professional advisers to ascertain the suitability of this ETP as an investment to their own circumstances.
• This ETP is structured as a debt security and not as shares (equity) and can be created and redeemed on demand by authorised participants and traded on exchange just like shares in a company. This ETP is not a UCITS product.
• Market Risk: The price of Physical Silver may fluctuate and may be affected by numerous factors including supply and demand, the global financial markets and other political, financial or economic events. The value of securities in this ETP is directly affected by increases and decreases in the value of Physical Silver. Accordingly, the value of a security may go up or down and a security holder may lose some or all of the amount invested but can not lose more than the amount invested.
• Liquidity risk: There can be no certainty that securities can always be bought or sold on a stock exchange or that the market price at which the securities may be traded on a stock exchange will always accurately reflect the price of Physical Silver.
• The Issuer is reliant on there being FX counterparties available to enter into currency hedge arrangements on a continuing basis and, if no FX counterparties are willing to do so, the ETP will not be able to achieve its investment policy of providing a currency hedge. The currency hedge is reset on a daily basis, which means that investors will be exposed to intra-day movements in the exchange rate. The Issuer is subject to the risk that FX counterparties and other third party service providers may fail to return property belonging to the Issuer or pay money due to the Issuer.
• Please see the risks factors section of the Prospectus for a more detailed discussion of the potential risks.
Articles and Research Papers
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A firmer foundation, renewed potential
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We expect silver to recover towards US$70/oz by Q3 2027, led by higher gold prices as bond yields and dollar strength ease. Weaker solar demand, thrifting and substitution constrain industrial consumption, partly offset by automotive electrification and AI investment. Increased recycling and easing regional inventory tightness may also temper the upside.
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Currency hedging physical silver exposure
Silver is priced in US dollars, so exchange-rate moves can materially affect returns for euro- and sterling-based investors. Currency hedging can reduce this impact, particularly when the dollar weakens. WisdomTree’s new physically backed, EUR- and GBP-hedged silver ETCs combine daily currency hedging with physical silver exposure.
- Commodities
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Commodity Outlook: The baton never drops but who carries it keeps changing
Gold and oil led 2026's commodity rally before metals and now agriculture take the baton. This blog summarises the key messages from our recently published Commodity Outlook. This includes the Iran conflict's lasting impact, tightening metals demand from AI and defence, El Niño risk to food prices, and why gold and broad commodity exposure still look attractive into 2027.
- Commodities
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- Agricultural Commodities
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- Market Outlook
Fund Overview
Product Overview | As of 02/11/2026 |
|---|---|
| ISIN | JE00B84GRH50 |
| Asset Class | Commodities |
| Base Currency | GBP |
| Inception Date | 8 September 2026 |
| Currency Hedged | Yes |
| Vault Inspector | Inspectorate International (Vault inspected 2x per annum) |
| Vault Location | London |
| Metals Lending | No |
| Physical Delivery | No |
| Underlying exposure | Physically backed with allocated metal subject to LBMA rules for Good Delivery and daily rolled currency forwards |
Net Asset Value | As of 02/11/2026 |
|---|---|
| NAV | 18,589 £ |
| Daily Change | 0,008 £ |
| Daily return | 0,043% |
| Total AUM of fund | 1.021.029 US$ |
| Issuer AUM | 4.094.151.278 US$ |
| Shares Outstanding | 41.000 |
Structure
Structure | As of 02/11/2026 |
|---|---|
| Legal form | Debt security |
| Legal Structure | ETC |
| Replication Method | Physical - backed by bullion |
| Domicile | Jersey |
Further Legal and Tax Information | As of 02/11/2026 |
|---|---|
| ISA | Eligible |
| SIPP | Eligible |
| UCITS Eligible | Yes |
| UK Reporting Status | Yes |
| Sharia Compliant | No |
Key Service Providers
Key Service Providers | As of 02/11/2026 |
|---|---|
| Custodian | HSBC Bank plc |
| Trustee | The Law Debenture Trust Corporation p.l.c. |
| Issuer | WisdomTree Hedged Metal Securities Limited |
| Registrar | Computershare Investor Services (Jersey) Ltd |
Fees | As of 02/11/2026 |
|---|---|
| Management Fee (MER) | 0,25% |
| Annual Swap Rate | 0,10% |
Passported Countries
Listings & Codes
Country | Exchange | Trading Currency | Exchange Ticker | Bloomberg Ticker | RIC | SEDOL | ISIN | WKN | Settlement Period | Listing Date |
|---|---|---|---|---|---|---|---|---|---|---|
| LSE | GBP | PAGP | PAGP LN | PAGP.L | B84GRH5 | JE00B84GRH50 | A4AT3G | T + 2 | 16/09/2026 |
Underlying Holdings
MS GBP Daily Hedged Physical Silver Index
Each individual WisdomTree Physical Silver - GBP Daily Hedged security has an effective entitlement to silver. That entitlement is (i) adjusted by the currency hedge (upwards or downwards depending on currency movements) and (ii) reduced by the management fee and hedging costs. As a result, there is no cash component and the security maintains a direct relation to the value of the underlying precious metal in the relevant currency.
The currency hedge is provided through arrangements with an FX counterparty (Morgan Stanley & Co. International plc) that provides, on an unfunded basis, exposure to the Morgan Stanley GBP Daily Hedged Physical Silver Index (MSCESLBP) which tracks movements in the GBP/USD exchange rate in silver terms. The Index incorporates a fixed exchange rate spread to reflect the cost of implementing the currency hedge; this spread is embedded in the Index level as part of its calculation methodology.
Authorised participants create and redeem the securities by delivering or receiving silver that conforms to LBMA Good Delivery standards. The securities are traded on exchange at a price that is based on the spot price of silver multiplied by the applicable metal entitlement and adjusted by the relevant FX rate.
Index Details | |
|---|---|
Index Name | MS GBP Daily Hedged Physical Silver Index |
Index Provider | MSPM |
Index Constituent Count | 1 |
Currency | GBP |
Bloomberg Ticker | MSCESLBP |
Reuters Index Ticker | .MSCESLBP |
Index Website | |
Security | 04 May 2026 |
|---|---|
1. Physical silver with currency forwards | 100.00% |
Documents
Product
Prospectus
Reports and Regulatory
Other Links and Documents
DISCLAIMERS
The products discussed in this document are issued by WisdomTree Hedged Metal Securities Limited (the "Issuer"). The Issuer is regulated by the Jersey Financial Services Commission. Investors should read the prospectus of the Issuer before investing and should refer to the section of the prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in the securities offered by the Issuer.
Securities issued by the Issuer are direct, limited recourse obligations of the Issuer alone and are not obligations of or guaranteed by any of Morgan Stanley & Co International plc, Morgan Stanley & Co. LLC and HSBC Bank plc., any of their affiliates or anyone else or any of their affiliates. Each of Morgan Stanley & Co International plc, Morgan Stanley & Co. LLC and HSBC Bank plc., disclaims all and any liability whether arising in tort, contract or otherwise which it might have in respect of this document or its contents otherwise arising in connection herewith.
The Morgan Stanley Indices are the exclusive property of Morgan Stanley & Co. LLC ("Morgan Stanley"). Morgan Stanley and the Morgan Stanley index names are service mark(s) of Morgan Stanley or its affiliates and have been licensed for use for certain purposes by WisdomTree Management Jersey Limited in respect of the securities issued by the Issuer. The securities issued by the Issuer are not sponsored, endorsed, or promoted by Morgan Stanley, and Morgan Stanley bears no liability with respect to any such financial securities. The prospectus of the Issuer contains a more detailed description of the limited relationship Morgan Stanley has with the Issuer and any related financial securities. No purchaser, seller or holder of securities issued by the Issuer, or any other person or entity, should use or refer to any Morgan Stanley trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting Morgan Stanley to determine whether Morgan Stanley's permission is required. Under no circumstances may any person or entity claim any affiliation with Morgan Stanley without the prior written permission of Morgan Stanley.