The fund provides exposure to physical gold through the Canadian Gold Reserves Program by the Royal Canadian Mint (the Mint) the custodian of the gold bullion on behalf of ETR holders. ETRs are listed on the TSX and may be bought and sold like any other exchange-listed securities. Each ETR represents an undivided beneficial interest in gold bullion held by the custodian. This means that ETR holders beneficially owned gold bullion, and that ownership remains at all times. The gold bullion underlying the ETRs is stored on an unallocated basis, such that the bullion owned by an ETR holder is not held separately from the other unallocated bullion held at the Mint.