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dollars adjusted by the price of each Reference Currency comprising the FX Basket against the U.S. dollar."[ GLDW Fund Page ] Digging deeper into the prospectus, I found that GLDW has a unique mechanism, by which it accomplishes the goal of accounting for a stronger dollar. It either receives gold from the gold delivery provider if the dollar strengthens and it delivers gold to the gold delivery provider if the dollar weakens. The Gold delivery provider as referenced below is Merrill Lynch International. The Fund will enter into a transaction to deliver Gold Bullion to, or receive Gold Bullion from, the Gold Delivery Provider each Business Day. [ GLDW Prospectus ] "In general, if there is a currency gain (i.e., the value of the USD against the Reference Currencies comprising the FX Basket increases), the Fund will receive Gold Bullion. In general, if there is a currency loss (i.e., the value of the USD against the Reference Currencies comprising the FX Basket decreases), the Fund will deliver Gold Bullion. In this manner, the amount of Gold Bullion held by the Fund will be adjusted to reflect the daily change in the value of the Reference Currencies comprising the FX Basket against the USD." [GLDW Prospectus] FX Basket According to the GLDW prospectus , these are the weights of each currency in the FX basket. Since either the currency gain or loss of the FX basket determines if there will be additional gold moving into GLDW, it is important to look at the Euro, which makes up the largest portion of the FX basket.

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