Our gold ETCs at a glance

Invest in gold flexibly, securely and transparently – choose the ETC that suits your investment strategy.

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

Product comparison table

Compare the key features of our products

  EUWAX Gold Core EUWAX Gold Traceable EUWAX Gold
WKN / ISIN EWG4CR / DE000EWG4CR2 EWG4TR / DE000EWG4TR6 EWG2LD / DE000EWG2LD7
Physical backing 100% gold
(min. LBMA Good Delivery)		 100% gold
(min. LBMA Good Delivery)		 100% gold
(LBMA)
Strategic gold storage location United Kingdom, Germany, Switzerland United Kingdom, Switzerland, Germany Germany
Issuer's registered office Germany Germany Germany
Prospectus Under German law Under German law Under German law
Gold delivery possible Yes Yes Yes
Generally no tax deduction in DE after a 12-month holding period Yes Yes Yes
Listings Xetra, Börse Stuttgart Xetra, Börse Stuttgart Börse Stuttgart
Authorised Participant Flow Traders, HSBC Bank Flow Traders, HSBC Bank EUWAX AG (QLP)
Ongoing costs charged by the issuer 0,25 % p.a. 0,29 % p.a. No ongoing costs [higher spread]
Available for savings plans Yes Yes Yes
Target client group of the product design Institutional investors, private investors (DE, AT, LU) Institutional investors, private investors (DE, AT, LU) with a focus on the gold supply chain Private investors (DE, AT, LU)
Traceable gold with greenhouse gas accounting - Yes, from mine to bar -
EUWAX Gold Core
EUWAX Gold Traceable
EUWAX Gold II
WKN / ISIN
EWG4CR
DE000EWG4CR2
EWG4TR
DE000EWG4TR6
EWG2LD
DE000EWG2LD7
Physical backing
100% gold
(min. LBMA Good Delivery)
100% gold
(min. LBMA Good Delivery)
100% gold
(LBMA)
Strategic gold storage location
United Kingdom, Germany, Switzerland
United Kingdom, Switzerland, Germany
Germany
Issuer's registered office
Germany
Germany
Germany
Prospectus
Under German law
Under German law
Under German law
Gold delivery possible
Yes
Yes
Yes
Generally no tax deduction in DE after a 12-month holding period
Yes
Yes
Yes
Listings
Xetra, Börse Stuttgart
Xetra, Börse Stuttgart
Börse Stuttgart
Authorised Participant
Flow Traders, HSBC Bank
Flow Traders, HSBC Bank
EUWAX AG (QLP)
Ongoing costs charged by the issuer
0,25 % p.a.
0,29 % p.a.
No ongoing costs
[higher spread]
Available for savings plans
Yes
Yes
Yes
Target client group of the product design
Institutional investors,
Private investors (DE, AT, LU)
Institutional investors,
Private investors (DE, AT, LU) with a focus on the gold supply chain
Private investors (DE, AT, LU)
Traceable gold with greenhouse gas accounting
-
Yes, from mine to bar
-

Why investors choose gold

  • Portfolio diversification

    Gold has historically shown a low correlation with equities and bonds. In phases when traditional asset classes come under pressure at the same time – for example when inflation rises and bond prices fall – gold can have a stabilising effect on the overall portfolio. Numerous central banks around the world use gold as part of their reserve strategy: in 2025 alone, central banks made net purchases of more than 800 tonnes of gold.

  • Preserving value in uncertain times

    Gold has been regarded as a store of value for centuries. In times of rising inflation and negative real interest rates, gold has often maintained its real value in the past. Unlike paper money, gold cannot be multiplied at will – its supply is geologically limited.

  • Independence from currencies and monetary policy

    As a physical real asset, gold is not tied to individual currency systems or monetary policy decisions. In geopolitically or economically tense periods, demand for gold regularly increases.

Important notice: Past performance is not a reliable indicator of future results. The gold price is subject to fluctuations, some of them considerable, and may also fall over longer periods. An investment in gold involves risks, does not guarantee capital preservation, and a total loss cannot be ruled out. Please note the risk warnings in the respective Key Information Document (KID), registration document, securities note and Final Terms. This information does not constitute investment advice.

More products for you

EUWAX Silver Core

EUWAX Silver Core

Invest flexibly in physically backed silver.

An efficient ETC that gives access to the tactical precious metal silver with high transparency and security in the investment.

WKN: EWG2AG

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.
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