Gold Bullion Securities is a UCITS Eligible Exchange Traded Commodity (ETC) designed to offer security holders a simple, cost-efficient and secure way to access Physical Gold by providing a return equivalent to the movements in the Physical Gold spot price less the applicable management fee. Gold Bullion Securities is backed by physical, allocated Physical Gold held by HSBC Bank plc (the custodian). Only metal that conforms with the London Bullion Market Association's (LBMA) rules for Good Delivery can be accepted by the custodian.