Description

The fund provides exposure to gold. Its underlying index tracks the performance of front month gold futures and rolls the exposure over four days from the active contract into the next month prior to expiration. The futures contracts trade on the Chicago Mercantile Exchange, in which the daily settlement price is determined at 1:30 p.m. Eastern Standard Time on a normal business day. Futures prices can perform very differently from the spot price for gold. The index is reviewed at least annually.