HSBC Hybrid Gold ETF (ticker: HGT) is a passively managed, physically-backed gold ETF that gives investors exposure to gold prices without requiring them to hold gold directly. The Fund holds London Good Delivery gold bars in HSBC Bank plc's UK vaults and issues shares that each represent a fractional ownership interest in that gold. As gold prices move, share values move with them, less a small ongoing fee. The Fund is structured as a Delaware statutory trust, with HSBC Markets (USA) as Sponsor and BNY Mellon as Administrator and Transfer Agent. Retail investors buy and sell shares on NYSE Arca like any other stock, while institutional investors can create and redeem shares in large blocks through registered Authorized Participants. The Fund's distinguishing feature is its Tokenized Share option — Authorized Participants may hold shares as digital tokens recorded on a private, permissioned blockchain maintained by BNY Mellon, built on the Ethereum ERC-20 standard but restricted to BNY-approved wallets. Tokenized Shares carry identical economic rights to traditional shares but can be transferred peer-to-peer between eligible participants outside regular exchange hours. The Fund's business model is straightforward: the Sponsor charges an annual fee as a percentage of NAV, accruing daily and paid by periodically selling a small portion of the Fund's gold. Out of this fee, the Sponsor covers all ordinary operating expenses including custody, administration, and listing fees.