GDMN

GDMN aims for capital efficiency in providing gold exposure by creating a portfolio of global Gold Miners stocks, while using US-listed gold futures. To be included in the portfolio, Gold Miners must derive at least 50% of their revenue from the gold mining business and must be listed on an eligible global stock exchange. This basket of Gold Miner stocks is modified-market-cap weighted. GDMN aims to hold approximately equal exposure to gold futures and gold equities. The futures contracts are held via a Cayman Islands subsidiary, limited at 25% of the fund. A common structure in the commodity space that allows investors to avoid the complex tax rules that apply to commodity pools. The fund may also hold US Treasurys and other liquid short-term investments as collateral for its gold futures contracts.