Fund Description

The fund delegates strategy execution to a Sub-Adviser and, under normal circumstances, invests at least 80% of net assets (plus borrowings) in gold futures contracts. It may also invest in gold bullion-related ETFs and ETNs, over-the-counter forwards, pooled investment vehicles (including commodity pools investing mainly in financial futures), and fixed income securities, including via mutual funds and ETFs. Derivatives are used primarily as substitutes for gold bullion and are expected to produce a significant portion of returns; no more than 25% of assets may be in OTC derivatives with any one counterparty. The fund concentrates in the gold bullion industry and may invest up to 25% of total assets in a wholly owned subsidiary.