Physically backed gold ETCs from Boerse Stuttgart Commodities

EUWAX Gold Core

EUWAX Gold Core

Invest flexibly in gold for the long term.

100% physically backed, with tight spreads and a low annual fee of 0.25%. Suitable for active and long-term investors.

WKN: EWG4CR
EUWAX Gold Traceable

EUWAX Gold Traceable

Gold with transparent sourcing and a CO2 footprint.

A gold investment with complete traceability. 100% physically backed, with a documented chain of custody from mine to bar and a carbon footprint. For investors who care about the origin of their gold.

WKN: EWG4TR
EUWAX Gold II

EUWAX Gold II

Gold with the option of cost-effective delivery.

100% physically backed. Delivery of 100 g bars within Germany is available with no additional issuer fee.

WKN: EWG2LD

EUWAX
Silver Core

Invest flexibly in physically backed silver.

An efficient ETC for a tactical investment in silver, with a high level of transparency and investment security.

WKN: EWG2AG
EUWAX Silver Core
EUWAX Silver Core

EUWAX Silver Core

Invest flexibly in physically backed silver.

An efficient ETC for a tactical investment in silver, with a high level of transparency and investment security.

WKN: EWG2AG
More about gold

What sets our precious metal ETCs apart: gold investments from a German issuer

01

German issuer and German law

We are a 100% subsidiary of Boerse Stuttgart GmbH, based in Stuttgart. Many precious metal ETCs are issued through companies abroad. Our issuer, legal framework and regulatory supervision are based in Germany.

02

100 % physically backed*

Our precious metal ETCs are fully backed by physical precious metals.

* Boerse.de Gold (WKN: TMG0LD) is at least 95 % physically backed

03

Securely stored

We store the gold in high-security vaults operated by established international custodians in Germany, Switzerland and the United Kingdom.

04

Specialist focus and track record

We have focused on physically backed precious metal ETCs since 2012. With the EUWAX Gold product family, we have built one of the best-known gold ETC brands in German-speaking countries. In 2026, we manage more than EUR 5 billion in assets.

05

Tax treatment similar to physical precious metals*

Our precious metal ETCs are structured so that, in general, no tax is deducted by the securities account provider when they are sold after a holding period of at least 12 months. This is similar to the treatment of physical precious metals.**

* Except for EUWAX Gold (WKN: EWG0LD)

**Based on current rulings of the German Federal Fiscal Court. This is not tax advice. Tax treatment depends on individual circumstances and may change. Consult your tax adviser for an assessment of your personal situation.

06

Personal service and direct support

If you have questions about our products, delivery or transaction processing, our specialist team is here to help by email or through the contact form.

What are ETCs?

Exchange Traded Commodities (ETCs) are exchange-traded securities that track the performance of a commodity. Unlike ETFs, ETCs are legally structured as debt securities payable to their bearer and are not segregated assets. To protect investors, ETCs are issued through risk-isolated issuing companies. For physically backed ETCs, the underlying precious metal is acquired and stored in high-security vaults. ETCs combine the ability to trade a security on each trading day with the substance of a physical asset. As debt securities, ETCs are subject to issuer risk.

The difference between gold ETFs and gold ETCs

Many investors search for a “gold ETF” when looking to invest in gold. Pure gold ETFs are not permitted in the EU because ETFs (Exchange Traded Funds) must meet diversification requirements as collective investment undertakings, which rules out concentrating on a single commodity such as gold. Products commonly called “gold ETFs” are therefore generally gold ETCs. Gold ETCs offer trading access comparable to ETFs and let investors gain exposure to gold through their securities account. Boerse Stuttgart Commodities' physically backed gold ETCs combine the benefits of an exchange-traded security with the substance of a physical asset.

Why invest in ETCs?

Portfolio diversification

Gold may help stabilize a portfolio: in some market conditions, precious metals tend to perform differently from shares or bonds and may contribute to diversification.

Easy access

With ETCs, you can easily invest in precious metals through a securities account. There is no additional effort for physically buying, storing or insuring the metal.

Tradable every trading day

ETCs can be bought and sold on the exchange during trading hours. This lets you adjust positions quickly as market conditions change.

Transparent investment

ETCs track the performance of a commodity. Depending on the product, physically backed ETCs are also supported by precious metal that has actually been acquired.

Investing in gold: 5 steps to holding a precious metal ETC in your account

Learn about gold ETCs and choose a product that suits your investment strategy. Our product comparison table can help.

You need a securities account to buy our ETCs. You can open one with your bank or an online broker. Check beforehand whether our ETCs are available through your chosen provider.

Open the order form in your account and search for the product you want using its security identification number (WKN).

For example, the WKNs of our products are:

  • EUWAX Gold Core: EWG4CR
  • EUWAX Gold Traceable: EWG4TR
  • EUWAX Gold II: EWG2LD

Decide how much you want to invest, either as a one-time investment or through a regular savings plan.

Place your order for the ETC. Choose the trading venue (e.g. Börse Stuttgart), order type, and quantity or amount. Check your details and confirm the order.

* This overview is for general information only and does not constitute investment advice. Consider seeking personal financial advice before making individual investment decisions. Investments always involve risks.

Investing in gold: 5 steps to holding a precious metal ETC in your account

FAQs

Pure gold ETFs are not permitted in the EU because an ETF must be diversified to qualify as a collective investment undertaking. Products often searched for as “gold ETFs” are therefore usually gold ETCs (Exchange Traded Commodities). Gold ETCs are exchange-traded securities that track the performance of gold. Boerse Stuttgart Commodities' gold ETCs are 100% physically backed by gold and can be traded through a securities account like shares or ETFs.*

* Boerse.de Gold (WKN: TMG0LD) is at least 95% physically backed

An Exchange Traded Commodity (ETC) is an exchange-traded debt security whose performance is linked to a commodity. An ETC is legally structured as a debt security payable to its bearer. Boerse Stuttgart Commodities' precious metal ETCs are 100% physically backed by the respective precious metal.*

* Boerse.de Gold (WKN: TMG0LD) is at least 95% physically backed

Gold is often used to diversify a portfolio. Historically, gold has shown a low correlation with shares and bonds and may help provide stability during uncertain market conditions. Whether an investment in gold is suitable depends on your investment strategy, time horizon and risk tolerance. A gold ETC lets investors gain exposure to gold through a securities account without any additional effort for buying, storing or insuring the metal physically.

This information does not constitute investment advice.

Advantages: Historically, gold has been used as a store of value and as a potential hedge against inflation. It has shown a low correlation with other asset classes and may help diversify a portfolio. Gold ETCs provide access through a securities account without any additional effort for storing or insuring physical gold.

Disadvantages: Gold pays no interest or dividends. Its price can fall, including over extended periods, and can be highly volatile. Products denominated in U.S. dollars also involve currency risk. As debt securities, gold ETCs are subject to issuer risk.

This information does not constitute investment advice.

Boerse Stuttgart Commodities GmbH, a 100% subsidiary of Boerse Stuttgart GmbH, based in Stuttgart. The products are issued under German law, and the prospectus is approved by the German Federal Financial Supervisory Authority (BaFin).

Yes. All EUWAX precious metal ETCs are 100% physically backed.* The metal is held in high-security vaults at internationally recognized custodians.

* Boerse.de Gold (WKN: TMG0LD) is at least 95% physically backed

The prospectus provides for insurance of the physical gold against loss up to at least EUR 150 million. We consider cover above the market standard represented by this stated minimum to be important for investors; accordingly, the actual insurance cover maintained for our products is substantially higher.

Investors in our ETCs should contact their securities account provider to initiate delivery. A relevant form is available as a template in the download section for each ETC. Your securities account provider will then forward the document.

In general, when Boerse Stuttgart Commodities GmbH's gold ETCs are sold after a holding period of at least 12 months, the securities account provider does not deduct tax* – similar to the treatment of physical precious metals. Tax treatment depends on individual circumstances and may change. This information is not tax advice. Please consult your tax adviser for an assessment of your individual situation.

* Except for EUWAX Gold (WKN: EWG0LD)

You can buy ETCs through your securities account provider or online broker, just like shares or ETFs. The products can be traded on every trading day on Boerse Stuttgart (trading hours 7:30–22:00), Xetra and other trading venues.

Key risks include issuer risk (if the issuer becomes insolvent, you could lose some or all of your investment), market risk (precious metal prices fluctuate and may fall over extended periods), and currency risk (exchange rate movements may affect returns on products denominated in U.S. dollars). A total loss is possible. The products do not provide capital protection. Before investing, please read the relevant key information document (KID), registration document, securities note and final terms.

Still have questions?

Our team in Stuttgart will be happy to help by email or contact form.

Contact us
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Boerse Stuttgart Commodities

Boerse Stuttgart Commodities GmbH is part of the European Boerse Stuttgart Group and a 100% subsidiary of Boerse Stuttgart GmbH. As a specialist issuer, we focus on physically backed gold ETCs. Our products are issued under German law and structured and operated with established international partners. The EUWAX Gold product family has become one of the best-known gold ETC brands in German-speaking countries.

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