The fund is designed to offer security holders a simple and cost-efficient way to access the gold market by providing a return equivalent to the movements in the gold spot price less the applicable Total Expense Ratio (TER). The fund is backed by physical allocated gold. Only metal that conforms with the London Bullion Market Association's (LBMA) rules for Good Delivery can be accepted by the Custodian. The ETC securities (or “ETCs”) are backed by exclusive title to a specific pool of physical bars held in segregated accounts. Each bar is individually identified and allocated. The bars are held with ICBC Standard Bank and/or the Brink’s Company. Apex Corporate Trustees (UK) Limited acts as Trustee.