USG aims to add income to gold exposure by maintaining a substantial position in physical gold and gold futures. The fund primarily gains this exposure directly or indirectly via COMEX gold warrants and gold futures, which is done through its wholly-owned Cayman subsidiary. Gold warrants are negotiable warehouse receipts evidencing ownership of gold bars stored in licensed depositories, and gold futures are fully margined and collateralized. The fund limits its investments in the subsidiary at 25% of its assets, and intends to limit its gold warrant investments to 20% of the value of its subsidiary. Gold futures and warrants are evaluated for expected return and all-in costs to determine the desired balance between them. The fund may also use cash-settled options, forwards, options on futures contracts, and other options to obtain its desired exposure. Prior to Mar. 4, 2024, the fund traded with the ticker GLDX.