The fund, like other physically backed gold ETFs, provides an efficient way for Canadian investors to obtain exposure to gold through an ETF. The fund invests directly in physical gold stored in a London vault under the custody of JPMorgan Chase Bank, NA. Structured as a grantor trust, the fund prevents trustees from lending the underlying gold. Since VALT holds physical gold bars, investors can expect the fund to track the price of spot gold closely. As the currency-hedged version, any USD currency exposure will be hedged back to the Canadian dollar using derivatives, including currency forward contracts. A CAD-unhedged (VALT.B) version and a USD-unhedged version (VALT.U) are also available.