This product is a physically backed exchange traded commodity. The Invesco Physical Gold ETC aims to provide the performance of the London Bullion Market Association (LBMA) Gold Price in USD. Each Gold ETC is a certificate which is secured by gold bullion held in J.P. Morgan Chase Banks London vaults. The investment return is achieved by holding gold bullion, which is valued daily at the London PM auction price. The ETC will use a swing bar approach, whereby gold bullion equal to at least the full value of the certificates will be held in an allocated account in the name of the issuer.