Euwax Gold II
Also: EWG2, Euwax Gold 2
Euwax Gold II is a physically backed gold ETC issued by Boerse Stuttgart that certifies a direct claim to delivery of real gold and can be sold tax-free after a holding period of one year.
Euwax Gold II (WKN: EWG2LD, ISIN: DE000EWG2LD7) is an exchange-traded security (ETC – Exchange Traded Commodity) issued by BNP Paribas Emissions- und Handelsgesellschaft mbH and traded exclusively on Boerse Stuttgart (EUWAX). Each security represents exactly 1 gram of fine gold with a fineness of 999.9/1000 and is 100 percent backed by physical gold bars meeting the LBMA Good Delivery standard.
Difference from Xetra-Gold and Classic Gold ETFs
Unlike a gold ETF or pure paper gold, Euwax Gold II certifies a direct claim to physical delivery: investors can exchange their units for physical gold in bar form — from a minimum of 1 gram. The gold is stored separately in the vault of a German custodian and is protected in the event of the issuer's insolvency (allocated gold).
Compared to the similarly structured Xetra-Gold (Deutsche Boerse / DZ Bank), Euwax Gold II differs primarily in the trading venue (Stuttgart rather than Xetra) and the issuer. Both products are treated as comparable under tax law.
Tax Treatment
A key advantage over classic gold funds lies in the tax classification: gains from the sale of Euwax Gold II are not subject to withholding tax, but fall under the rules for private disposal transactions (§ 23 EStG). After a holding period of at least one year, disposal gains for private investors are tax-free. If the security is sold within the one-year period, the gain is taxed at the personal income tax rate — up to the tax-free allowance of 1,000 euros (since 2023), even short-term gains remain untaxed.
Note: This does not constitute tax or investment advice. Individual tax situations should be clarified with a tax adviser.
You can track the current gold price and historical price developments on this site. A tax estimator is available for estimating potential tax effects.
Costs and Trading
Euwax Gold II charges an annual management fee, which is priced in through a slight adjustment to the gold quantity per unit. The spread between buy and sell prices is determined by liquidity on the Stuttgart exchange floor and is typically narrow. There are no front-end loads; only the usual brokerage order fees apply.
In Brief
Euwax Gold II combines the ease of trading a security with the physical nature of real gold, and offers the possibility of tax-free gains after one year of holding — a feature that classic equity ETFs do not provide.