The MSPM Indices suite consists of tradable indices relating to four different Precious Metals (each, an "MSPM Precious Metal") with Currency Hedges (each, an "MSPM Currency") for investors based in a number of different currencies.. The MSPM Indices were designed as benchmarks for long investments in a wide range of precious metals with an FX overlay. Each index consists of a position in metal and a position in an FX forward. The FX forwards are settled daily in metal quantities. Hence, the indices values are always expressed in metal quantities. The FX overlay aims to hedge the dollar exposure in the Precious Metal for an investor based in another Currency.