ETRs are redeemable at the option of the ETR Holder once per month for cash or for physical silver bullion on the 15th day of each month (or, if not a business day, on the next succeeding business day).


Notices of physical redemption must be in respect of a minimum of 10,000 ETRs. ETRs representing less than 10 fine troy ounces of physical gold bullion will be paid in cash by the Mint at the NAV per ETR on the Redemption Date.

Subject to the minimum redemption amount, ETRs may be redeemed for physical gold bullion, at the option of the ETR Holder, in the form of one or more of the following Mint products with a minimum purity of 99.99%: one fine troy ounce gold Maple Leaf coins (in increments of 10); Kilobars; and London Good Delivery bars. A Kilobar contains approximately 32.15 fine troy ounces and a London Good Delivery bar contains between 350 and 430 fine troy ounces of gold.

In circumstances in which a suspension or postponement of redemptions would otherwise be warranted, the Mint will be permitted to provide ETR holders redeeming for physical gold bullion with substituted products. This would occur if the Mint determines that conditions exist which render impractical the fabrication, evaluation or sale of gold or certain physical gold bullion products. In such a circumstance, the Mint may, in addition to suspending redemptions and postponing the date of delivery or payment of redemption proceeds, substitute the physical bullion requested by an ETR holder for a product in the form requested, but manufactured by a party other than the Mint with equivalent minimum purity to the product requested, and/or for a product manufactured by the Mint in a form available under the Program but different than the form requested.

An ETR Holder redeeming for physical gold bullion may elect to: (i) arrange for the pick-up and delivery of its physical gold from the Mint's facilities by an industry-recognized armoured carrier, as set out on the Program Website, at its own expense or (ii) direct the Mint to facilitate the sale of its physical gold bullion to one or more third party purchasers (a "Facilitated Sale") at a price equal to the product of (A) the Gold Price on the date of the Facilitated Sale and (B) the amount of physical gold bullion, in fine troy ounces, to which the redeeming ETR Holder is entitled upon physical redemption less the physical gold bullion equivalent of the Facilitated Sale Fee.

Any fractional cash amount will be remitted to a redeeming ETR Holder within 10 business days of the Redemption Date.


For physical redemptions, there is a redemption fee of C$100 per redemption request and a fabrication fee of (i) 5% of the Gold Price on the Redemption Date for Gold Maple Leaf coins, (ii) US$15 per fine troy ounce for Kilobars and (iii) US$1.00 per fine troy ounce for the first 10,000 fine troy ounces per redemption request and US$0.25 per fine troy ounce thereafter for London Good Delivery bars.

For redeeming ETR Holders selecting a Facilitated Sale, the Mint will deduct an amount of physical gold bullion equal to the Facilitated Sale Fee prior to conducting the Facilitated Sale, in addition to the Physical Redemption Fees payable upon fabrication of the physical gold bullion. The "Facilitated Sale Fee" is equal to 0.13% (plus applicable taxes) of the gross proceeds of the Facilitated Sale, subject to a minimum Facilitated Sale Fee of US$5,000, payable to the Mint on the date of the Facilitated Sale.

All such fees may be varied by the Mint on not less than 90 days' advance notice to ETR Holders.


The cash redemption price (the "Cash Redemption Price") paid by the Mint will be equal to 95% of the lesser of (i) the volume-weighted average trading price of the ETRs on the TSX for the last five trading days prior to and including the Redemption Date, and (ii) the net asset value of the ETRs on the Redemption Date.

The Cash Redemption Price will be remitted to a redeeming ETR Holder within 10 business days following the Redemption Date.

Redemption of ETRs (PDF)

Redemption form (PDF)

Armoured Carriers for Physical Redemption (PDF)

Redemption Calculator

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