This Invesco Exchange Traded Certificate (ETC) aims to replicate the performance of the spot gold price. Its value is underpinned by physical gold bullion. A key feature of this ETC is its GBP hedging mechanism, which works to mitigate the impact of exchange rate fluctuations between the US Dollar and the certificate's denominated currency, thereby reducing currency risk on the underlying gold. Each certificate is directly backed by physical gold bullion, securely held in J.P. Morgan Chase Bank’s vaults in London. The issuer of these certificates is Invesco Physical Markets PLC (Invesco PMP), an Irish-domiciled company whose administration is managed by J.P. Morgan Administration Services (Ireland) Limited. Investment returns are derived from the ownership of gold bullion, with its value assessed daily at the London Bullion Market Association (LBMA) Gold Price, established during the PM auction. Employing a 'swing bar' methodology, the ETC maintains an allocated account holding gold bullion equivalent to at least the full value of the outstanding certificates. To keep the hedging mechanism current, daily mark-to-market adjustments involve the purchase or sale of physical gold, ensuring the structure remains fully invested. The custodian has confirmed that all gold bars within the ETC's segregated account were minted post-2012, signifying full compliance with the LBMA Responsible Gold Guidance and the highest ethical sourcing standards. It's important to clarify that Invesco ETCs are exchange-traded certificates, distinct from traditional investment funds or exchange-traded funds (ETFs).