The NewGold Exchange Traded Fund (ETF) provided by Absa Capital offers the opportunity to invest directly in gold bullion, as it tracks the Rand price of gold. NewGold is a JSE listed instrument (structured as a debenture) in which each NewGold security is equivalent to approximately 1/100 ounces of gold bullion, held in a secure depository on behalf of investors. Accordingly, each security is backed by physical gold and the value of a NewGold ETF security will rise or fall in accordance with the fluctuations in the Rand price of gold bullion. NewGold charges an annual fee of 0,4% of the value of the gold bullion held in custody in order to meet the operating expenses of the NewGold ETF.