Tokenised gold: what the wrapper can and cannot do
The tokenised gold sleeve owns allocated bars through a wrapper that publishes a monthly vault attestation. The wrapper gives you daily liquidity, fractional size and an on-chain record. It does not give you the bar; it gives you a claim on a custodian who has the bar.
That is the risk to size for: not the gold price, which is the exposure you asked for, but the wrapper's redemption terms in a stress. We hold 6% of the sleeve in spot-settled futures for exactly that week.
Related vaults
Allocated gold held through a tokenized wrapper with monthly vault attestations. Beta to gold, plus wrapper risk.
On-chain representation of short US duration. Operational and smart-contract risk remain.
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.