Is goldBEES backed by real physical gold?

is goldBEES backed by real physical gold? or is it backed just by cash? In other words, do the market makers deposit real gold to create new units? So, in case of a great depression-style economic collapse, if the entire derivative market crashes and becomes illiquid, can one redeem the units for physical gold?

Thanks

GoldBEES is managed by Goldman Sachs, and they buy physical gold. So no derivative risk on this product. Check this Scheme highlights page on GoldBEES.