Each unit of an ETF represents ownership in a fund or trust that in turn holds physical gold with a bank or other depository. The fund or trust charges owners an annual fee to cover management, storage, marketing and administrative costs. Final beneficial owners do not control the underlying asset and for most funds cannot take physical delivery. VaultChain Gold and VaultChain Silver provide direct ownership of physical metal which is tracked via a blockchain database; there is no intermediary trust or fund, or any management fees. VaultChain Gold and Silver can be redeemed for physical metals.