Euwax Gold II

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 the Stuttgart Stock Exchange (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 in accordance with the LBMA Good Delivery standard.

Difference from Xetra-Gold and classic gold ETFs

Unlike a gold ETF or pure paper gold, Euwax Gold II securitises a direct claim to delivery in kind: investors can exchange their units for physical gold in bar form – from a minimum quantity 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 with the similarly designed Xetra-Gold (Deutsche Börse / DZ Bank), Euwax Gold II differs mainly in the trading venue (Stuttgart instead of Xetra) and the issuer. Both products are considered comparable in tax terms.

Tax treatment for Maltese investors

The tax treatment described for this product refers to the German product's home jurisdiction. For investors resident in Malta, a different framework applies: Malta levies no capital gains tax on private disposals of movable assets by private individuals. Maltese capital gains tax applies only to specific assets – immovable property, securities and business interests. Whether gains from an exchange-traded gold security fall within one of those categories (as a security) or are treated differently depends on the individual's tax residence and the specific instrument, and there is no German-style speculation period under Maltese law.

Physical investment gold itself is VAT-exempt in Malta (Directive 2006/112/EC; bars ≥ 995 ‰, coins ≥ 900 ‰).

Note: This does not constitute tax or investment advice. The individual tax situation should be clarified with a tax adviser. Sources for Maltese law: cfr.gov.mt, legislation.mt, eur-lex.europa.eu.

You can track the current gold price and historical price development here on the site. For an estimate of possible tax effects, the tax estimator is available.

Costs and trading

Euwax Gold II charges an annual management fee, which is priced in via a slight adjustment of the amount of gold per unit. The spread between bid and ask price is determined by liquidity on the Stuttgart trading floor and is usually tight. There are no front-end loads; only the broker's usual order fees are added.

In brief

Euwax Gold II combines the easy tradability of a security with the physical character of genuine gold and offers a direct delivery claim to real bars – a feature that classic equity ETFs do not have. Maltese investors should note that the tax framework differs from that in the issuer's home country.