The fund provides a concentrated, plain vanilla exposure to the global gold industry. The fund’s underlying index is a subset of the S&P/TSX Global Mining Index—a market-cap-weighted index of global companies in the mining industry, listed on either US or Canadian exchanges. XGD selects companies engaged in the exploration and production of gold, as defined by GICS. In addition, firms must also meet certain size and liquidity requirements to be included in the index. Holdings are weighted by market-cap and are constrained such that no individual security exceeds 25% weight of the portfolio. The index is rebalanced quarterly.