<SEC-DOCUMENT>0000930413-11-003948.txt : 20110513
<SEC-HEADER>0000930413-11-003948.hdr.sgml : 20110513
<ACCEPTANCE-DATETIME>20110513164548
ACCESSION NUMBER:		0000930413-11-003948
CONFORMED SUBMISSION TYPE:	POSASR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110513
DATE AS OF CHANGE:		20110513
EFFECTIVENESS DATE:		20110513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETFS Gold Trust
		CENTRAL INDEX KEY:			0001450923
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POSASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173472
		FILM NUMBER:		11841692

	BUSINESS ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		555 CALIFORNIA STREET, SUITE 2900
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		415-404-6332

	MAIL ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		555 CALIFORNIA STREET, SUITE 2900
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
</SEC-HEADER>
<DOCUMENT>
<TYPE>POSASR
<SEQUENCE>1
<FILENAME>c65675_posasr.htm
<TEXT>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 11.9pt 0 0; text-align: center"><b>As filed with the Securities and
Exchange Commission on May 13, 2011</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: right"><b>Registration No. 333-173472</b></font></p>

<div style="border-bottom:4px solid #000000">&nbsp;</div>
<div style="border-bottom:1px solid #000000; font-size:1px">&nbsp;</div>

<p style="font: 13pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: center"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
WASHINGTON, D.C. 20549</b></font></p>

<p style="font: 14.5pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: center"><font style="text-transform: uppercase"><b>Post-Effective
Amendment No. 1<br>
TO</b></font></p>

<p style="font: 14.5pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: center"><b>FORM S-3<br>
REGISTRATION STATEMENT UNDER<br>
THE SECURITIES ACT OF 1933</b></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 17.85pt 0 0; text-align: center"></font><font style="font-size: 16.5pt"><b>ETFS
GOLD TRUST</b></font><br>
<font style="font-size: 11pt"><b>Sponsored by ETF Securities USA LLC</b><br>
(Exact name of Registrant as specified in its charter)</font></p>

<table width="100%" cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: top">
    <td width="32%" style="width: 34%; padding: 0.75pt; font-size: 1.5pt; text-align: center">&nbsp;</td>
    <td width="2%" style="width: 1%; padding: 0.75pt; font-size: 1.5pt">&nbsp;</td>
    <td width="32%" style="width: 32%; padding: 0.75pt; font-size: 1.5pt; text-align: center">&nbsp;</td>
    <td width="2%" style="width: 1%; padding: 0.75pt; font-size: 1.5pt">&nbsp;</td>
    <td width="32%" style="width: 32%; padding: 0.75pt; font-size: 1.5pt; text-align: center">&nbsp;</td>
</tr>
<tr style="vertical-align: top">
    <td width="32%" style="padding: 0.75pt; font-size: 11pt; text-align: center"><b>New York</b><br>
    (State or other jurisdiction of<br> incorporation or organization)</td>
    <td width="2%" style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
    <td width="32%" style="padding: 0.75pt; text-align: center">&nbsp;</td>
    <td width="2%" style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
    <td width="32%" style="padding: 0.75pt; font-size: 11pt; text-align: center"><b>26-4587209</b> <br>
  (I.R.S. Employer Identification No.)</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: center"><b>48 Wall Street<br>
11th Floor<br>
New York, NY 10005<br>
(212) 918-4954<br>
</b>(Address, including zip code, and telephone number, including area code, of Registrant&rsquo;s principal executive offices)</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: center"><b>Corporation Service Company<br>
80 State Street<br>
Albany, NY 12207-2543<br>
(800) 927-9800<br>
</b>(Name, address, including zip code, and telephone number, including area code, of agent for service)</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: center">Copies to:</p>

<table width="100%" cellpadding="0" cellspacing="0" style="width: 100%">
<tr style="vertical-align: top">
    <td width="49%" align="center" style="width: 50%; padding: 0.75pt; font-size: 1.5pt; text-align: center">&nbsp;</td>
    <td width="2%" style="width: 2%; padding: 0.75pt; font-size: 1.5pt">&nbsp;</td>
  <td width="49%" align="center" style="width: 48%; padding: 0.75pt; font-size: 1.5pt; text-align: center">&nbsp;</td>
</tr>
<tr style="vertical-align: top">
    <td width="49%" align="center" style="padding: 0.75pt"><b>Kathleen H. Moriarty, Esq.<br>
      Katten Muchin Rosenman LLP<br>
      575 Madison Avenue<br>
    New York, NY 10022</b></td>
    <td width="2%" style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
  <td width="49%" align="center" style="padding: 0.75pt"><b>Peter J. Shea, Esq.<br>
  Katten Muchin Rosenman LLP<br>
  575 Madison Avenue<br>
  New York, NY 10022</b></td>
</tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><b>Approximate date
of commencement of proposed sale to the public</b>: From time to time after the effective date of the Registration Statement.</p>

<p style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please
check the following box. </font><FONT FACE=WINGDINGS>o</FONT></p>

<hr size="3" noshade><P align="left" style="page-break-before:always"></P><PAGE>

<p style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check
the following box. </font><FONT FACE=WINGDINGS>x</FONT><font style="font-family: Times New Roman, Times, Serif">
</font></p>

<p style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check
the following box and list the Securities Act registration statement number of the earlier effective registration statement for
the same offering. </font><FONT FACE=WINGDINGS>o</FONT></p>

<p style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;</font><FONT FACE=WINGDINGS>o</FONT></p>

<p style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. </font><FONT FACE=WINGDINGS>x</FONT><font style="font-family: Times New Roman, Times, Serif">
</font></p>

<p style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif">If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following
box. </font><FONT FACE=WINGDINGS>o</FONT></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act.</p>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="49%"style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-family: Times New Roman, Times, Serif">Large
    accelerated filer </font><FONT FACE=WINGDINGS>o</FONT></td>
    <td width="2%">&nbsp;</td>
    <td width="49%" style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-family: Times New Roman, Times, Serif">Accelerated
    filer </font><FONT FACE=WINGDINGS>x</FONT></td>
  </tr>
  <tr>
    <td width="49%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="49%">&nbsp;</td>
  </tr>
  <tr>
    <td width="49%" style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-family: Times New Roman, Times, Serif">Non-accelerated
          filer </font><FONT FACE=WINGDINGS>o</FONT><font style="font-family: Times New Roman, Times, Serif"> (Do
    not check if a smaller reporting company)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="49%" style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt"><font style="font-family: Times New Roman, Times, Serif">Smaller reporting company </font><FONT FACE=WINGDINGS>o</FONT></td>
  </tr>
</table>
<p style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><b>________________________</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><b>CALCULATION OF REGISTRATION FEE</b></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="width: 54%; border-top: windowtext 1.5pt double; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Title of each class of</b></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><b>securities to be registered</b></p></td>
    <td style="width: 11%; border-top: windowtext 1.5pt double; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 11pt/115% Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Amount to be registered (1)</td>
    <td style="width: 13%; border-top: windowtext 1.5pt double; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 11pt/115% Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Proposed maximum offering price per unit</td>
    <td style="width: 13%; border-top: windowtext 1.5pt double; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: bold 11pt/115% Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Proposed maximum aggregate offering price (2)</td>
    <td style="width: 9%; border-top: windowtext 1.5pt double; border-bottom: windowtext 1pt solid; font: bold 11pt/115% Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">Amount of registration<br> fee (3)</td></tr>
<tr>
    <td style="border-right: windowtext 1pt solid; vertical-align: top; font: 11pt/115% Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt">ETFS Physical Swiss Gold Shares</td>
    <td style="border-right: windowtext 1pt solid; vertical-align: bottom; font: 11pt/115% Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">14,000,000</td>
    <td style="border-right: windowtext 1pt solid; vertical-align: bottom; font: 11pt/115% Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$144.53</td>
    <td style="border-right: windowtext 1pt solid; vertical-align: bottom; font: 11pt/115% Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$2,023,420,000</td>
    <td style="font: 11pt/115% Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$234,925</td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white">
<tr>
    <td valign="top" style="width: 1%; font: 8pt/115% Times New Roman, Times, Serif">(1)</td>
    <td valign="top" style="width: 1%; font: 8pt/115% Times New Roman, Times, Serif">&nbsp;</td>
  <td valign="top" style="width: 98%"><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Pursuant to Rule 415(a)(6) of the Securities Act of 1933,
        this Registration Statement includes 1,550,000 unsold ETFS Physical Swiss Gold Shares (the &ldquo;Shares&rdquo;) registered by
        the registrant under Registration Statement No. 333-158221 in connection with which a filing fee of $7,726 was paid with respect
        to the unsold Shares.</p></td></tr>
<tr>
    <td style="vertical-align: top; font: 8pt/115% Times New Roman, Times, Serif; text-align: right">(2)</td>
    <td style="font: 8pt/115% Times New Roman, Times, Serif">&nbsp;</td>
    <td valign="top"><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Estimated solely for purposes of calculating the registration fee pursuant
to Rule 457(c) under the Securities Act of 1933 on the basis of the average of the high and low prices ($145.53 and $143.52, respectively)
of the Shares as reported on April 12, 2011 by NYSE Arca, Inc.</td></tr>
<tr>
    <td style="vertical-align: top; font: 8pt/115% Times New Roman, Times, Serif; text-align: right">(3)</td>
    <td style="font: 8pt/115% Times New Roman, Times, Serif">&nbsp;</td>
    <td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif">Previously paid.</td></tr>
<tr>
  <td style="vertical-align: top; font: 8pt/115% Times New Roman, Times, Serif; text-align: right">&nbsp;</td>
  <td style="font: 8pt/115% Times New Roman, Times, Serif">&nbsp;</td>
  <td style="vertical-align: bottom; font: 8pt/115% Times New Roman, Times, Serif">&nbsp;</td>
</tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt">This registration statement shall become effective immediately
upon filing, as provided in Rule&nbsp;462(e) under the Securities Act of 1933.</p>


<hr size="3" noshade><P align="left" style="page-break-before:always"></P><PAGE>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><b>EXPLANATORY NOTE</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">This Post-Effective Amendment No. 1 to
Registration Statement on Form S-3 (File No. 333-173472) is being filed by the registrant solely to revise the Calculation of Registration
Fee table and the footnotes thereto to the Registration Statement on Form S-3 (File No. 333-173472) filed by the registrant on
April 14, 2011. No changes have been made to the prospectus included in Part I or to any other sections of the Registration Statement
and accordingly they have been omitted.</p>


<hr size="3" noshade><P align="left" style="page-break-before:always"></P><PAGE>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 11.9pt 0 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-indent: 19.85pt"><font style="color: black">Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that
    it has reasonable grounds to believe that it meets all of the requirements
    for filing on Form&nbsp;S-3 and has duly caused this amendment to the Registration
    Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
    in </font>the City of St. Helier, Jersey, on May 13, 2011.</p>

<br>
<table width="100%" cellpadding="0">
  <tr>
    <td width="49%" style="font: 1.5pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</td>
    <td width="4%" style="font: 1.5pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</td>
    <td colspan="2" style="font: 1.5pt/115% Calibri, Halvetica, Sans-Serif"><p style="font: 11pt Times New Roman, Times, Serif;">ETF SECURITIES USA LLC<br>
Sponsor of the ETFS Gold Trust</p></td>
  </tr>
  <tr>
    <td style="font: 1.5pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</td>
    <td style="font: 1.5pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</td>
    <td colspan="2" style="font: 1.5pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</td>
  </tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-size: 11pt">By:</font></td>
    <td width="23%" style="border-bottom:1px solid #000000;"><p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 1.15pt"><font style="font-size: 11pt">/</font><font style="font-size: 8pt">S</font><font style="font-size: 11pt">/
          G</font><font style="font-size: 8pt">RAHAM</font><font style="font-size: 11pt"> T</font><font style="font-size: 8pt">UCKWELL</font></p>
      <p style="font: 1.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p></td>
    <td width="24%">&nbsp;</td>
  </tr>
  <tr style="vertical-align: top">
    <td width="49%">&nbsp;</td>
    <td width="4%"><font style="font-size: 11pt">&nbsp;</font></td>
    <td colspan="2" ><p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>Graham
            Tuckwell<br>
          President and Chief Executive Officer</b></p>
      <p style="font: 1.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p></td>
  </tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-indent: 19.85pt">Pursuant to the requirements of the
Securities Act of 1933, this amendment to the registration statement has been signed by the following persons in the capacities*
and on the dates indicated.</p>
<br>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="8" style="border-bottom: black 1pt solid; padding: 0.75pt; font-size: 9pt; font-weight: bold; text-align: center">Signature</td>
    <td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding: 0.75pt; font-size: 9pt; font-weight: bold; text-align: center">Capacity</td>
    <td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 0.75pt; font-size: 9pt; font-weight: bold; text-align: center">Date</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="6" style="padding: 0.75pt; font-size: 13pt; text-align: center">&nbsp;</td>
    <td style="font: 10pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
    <td style="font: 10pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
    <td style="font: 10pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
    <td style="font: 10pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
    <td style="font: 10pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="font: 10pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
  <td colspan="8" style="border-bottom:1px solid #000000;"><p style="font: 12pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: center"><font style="font-size: 11pt">/</font><font style="font-size: 8pt">S</font><font style="font-size: 11pt">/
        G</font><font style="font-size: 8pt">RAHAM</font><font style="font-size: 11pt"> T</font><font style="font-size: 8pt">UCKWELL</font></p>
  <td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
  <td style="padding: 0.75pt"><p style="font: 11pt Times New Roman, Times, Serif; margin: 5.95pt 0 0 9.9pt; text-indent: -9.9pt">President
      and Chief Executive Officer (principal executive officer)</p></td>
  <td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
  <td colspan="2" style="padding-top: 5.95pt; font-size: 11pt; text-align: right">May
    13, 2011</td>
</tr>
<tr style="vertical-align: top">
    <td colspan="8" style="padding: 0.75pt">
        <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Graham Tuckwell</b></p></td>
    <td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
    <td style="padding: 0.75pt">
&nbsp;</p></td>
    <td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
</tr>
<tr style="vertical-align: top">
  <td colspan="8" style="border-bottom:1px solid #000000;"><p style="font: 12pt Times New Roman, Times, Serif; margin: 5.95pt 0 0; text-align: center"><font style="font-size: 11pt">/</font><font style="font-size: 8pt">S</font><font style="font-size: 11pt">/
        T</font><font style="font-size: 8pt">HOMAS</font><font style="font-size: 11pt"> Q</font><font style="font-size: 8pt">UIGLEY</font></p>
</td>
  <td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
  <td style="padding: 0.75pt"><p style="font: 11pt Times New Roman, Times, Serif; margin: 5.95pt 0 0 9.9pt; text-indent: -9.9pt">Chief
      Financial Officer and Treasurer (principal financial officer and principal
      accounting officer)</p>
</td>
  <td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
  <td colspan="2" style="padding-top: 5.95pt; font-size: 11pt; text-align: right">May
    13, 2011</td>
</tr>
<tr style="vertical-align: top">
    <td colspan="8" style="padding: 0.75pt">
        <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Thomas Quigley</b></p></td>
    <td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
    <td style="padding: 0.75pt">
&nbsp;</p></td>
    <td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif; padding: 0.75pt">&nbsp;</td>
    <td colspan="2" style="padding-top: 5.95pt; font-size: 11pt; text-align: right">&nbsp;</td></tr>
<tr>
    <td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</td>
    <td style="vertical-align: top; padding-top: 8pt; font-size: 1pt">&nbsp;</td>
    <td colspan="11" style="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</td>
    <td style="vertical-align: top; text-align: right"> <font style="font-size: 11pt">*</font></td>
    <td style="font: 1pt/115% Calibri, Halvetica, Sans-Serif; vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top; font-size: 1pt">&nbsp;</td>
    <td style="font: 1pt/115% Calibri, Halvetica, Sans-Serif; vertical-align: top">&nbsp;</td>
    <td colspan="7" style="font: 11pt/115% Times New Roman, Times, Serif; vertical-align: top">The Registrant is a trust and the persons are signing in their capacities as officers of ETF Securities USA LLC, the Sponsor of the Registrant.<font style="font-size: 1pt">&nbsp; </font></td>
    <td style="font: 11pt/115% Calibri, Halvetica, Sans-Serif">&nbsp;</td></tr>
<tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="width: 98px">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="width: 98px">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<p style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt; text-align: right">&nbsp;</p>

<p style="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</p>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
