QNB Portfoy Gold Participation ETF

QNB Portfoy Altin Katilim Borsa Yatirim Fonu is a gold exchange-traded fund (ETF) established by QNB Portfoy Yonetimi A.S. that trades on Borsa Istanbul under the ticker GLDTR. As the word katilim (participation) in its name suggests, the fund is structured in line with participation finance (Islamic-finance compliant) principles; it is listed in the Lzzo.com catalog under its short name.

The fund's portfolio consists of physical gold of standard purity traded on the Borsa Istanbul Precious Metals and Precious Stones Market, so buying GLDTR units means investing indirectly in physical gold. Units can be bought and sold during the trading session just like a stock, through authorized brokerage houses, bank branches acting as agents and internet banking. Investors share in price movements without having to store gold physically; in return for this service, the fund charges an annual management fee.

The fund price depends mainly on the US dollar price of gold per ounce and the US dollar/Turkish lira exchange rate; US interest rate expectations, central bank gold purchases, geopolitical developments and currency movements are therefore the key drivers. Deviation of the fund price from the value of the underlying gold, the management fee and trading depth are also points to watch. On the Lzzo.com page you can find the price history, the return calculator and a comparison with similar gold products.