{"id":11070,"date":"2026-01-28T16:01:13","date_gmt":"2026-01-28T15:01:13","guid":{"rendered":"https:\/\/meine-renditeimmobilie.de\/?p=11070"},"modified":"2026-01-28T16:01:13","modified_gmt":"2026-01-28T15:01:13","slug":"gold-in-paper-form-xetra-gold-vs-euwax-gold-ii-costs-spread-delivery-taxes","status":"publish","type":"post","link":"https:\/\/meine-renditeimmobilie.de\/en\/gold-in-paper-form-xetra-gold-vs-euwax-gold-ii-costs-spread-delivery-taxes\/","title":{"rendered":"Gold in Paper Form: Xetra-Gold vs. EUWAX Gold II \u2013 Costs, Spread, Delivery, Taxes"},"content":{"rendered":"

\r\n\tA detailed comparison of the two most popular German gold ETCs \u2014 with a focus on spread, liquidity, ongoing costs, delivery entitlement, and the tax classification after one year of holding.\r\n<\/p>\r\n

\r\n\tNote: This article is a journalistic assessment, not tax or investment advice.\r\n<\/p>\r\n\r\n

\r\n\t

Why \u201cpaper gold\u201d?<\/h2>\r\n\t

\r\n\t\tAnyone who wants to hold gold in a brokerage account in Germany often ends up with physically backed gold ETCs<\/strong>. They track the gold price closely, are easy to trade, and spare many investors the organizational effort involved in storage, insurance, and transport. At the same time, \u201cpaper gold\u201d is not all the same: with some products you pay ongoing custody costs, with others the costs are more heavily embedded in the spread (bid\/ask spread), and when it comes to taxes the specific structure (especially the delivery entitlement) is decisive.\r\n\t<\/p>\r\n\t

\r\n\t\tThis article compares two classics: Xetra-Gold<\/strong> (DE000A0S9GB0) and EUWAX Gold II<\/strong> (DE000EWG2LD7). At their core, both are bearer bonds<\/em> (ETCs) and therefore not special assets<\/strong> like an ETF \u2014 a point many people overlook when searching for \u201cgold ETF\u201d. JustETF explicitly classifies EUWAX Gold II as an ETC<\/a>.\r\n\t<\/p>\r\n\t

\r\n\t\tKey takeaway:<\/strong> The practical difference rarely shows up in the chart \u2014 but rather in friction costs (spread & fees), in the delivery process, and in the legal \/ tax classification.\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cThe difference rarely shows up in the chart \u2014 but in spread, fees, delivery, and tax logic.\u201d<\/p>\r\n\t<\/blockquote>\r\n<\/section>\r\n\r\n

\r\n\t

Comparison of Xetra-Gold vs. EUWAX Gold II<\/h2>\r\n\r\n\t
\r\n\t\t\r\n\t\t\t\r\n\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t\t
Xetra-Gold vs. EUWAX Gold II (simplified)<\/caption>\r\n\t\t\t
Criterion<\/th>\r\n\t\t\t\t\tXetra-Gold<\/th>\r\n\t\t\t\t\tEUWAX Gold II<\/th>\r\n\t\t\t\t<\/tr>\r\n\t\t\t<\/thead>\r\n\t\t\t
Product type<\/th>\r\n\t\t\t\t\tETC (bearer bond)<\/td>\r\n\t\t\t\t\tETC (bearer bond)<\/td>\r\n\t\t\t\t<\/tr>\r\n\t\t\t\t
Ongoing product costs<\/th>\r\n\t\t\t\t\tCustody\/pository fee in the structure (typically 0.025% per month in the custody process; the broker may pass this on)<\/td>\r\n\t\t\t\t\tNo ongoing custody \/ administration \/ insurance costs (according to the factsheet)<\/td>\r\n\t\t\t\t<\/tr>\r\n\t\t\t\t
Spread (typical tendency)<\/th>\r\n\t\t\t\t\tVery tight (especially on Xetra \/ during core hours)<\/td>\r\n\t\t\t\t\tOften more noticeable than Xetra-Gold (in return: no ongoing costs)<\/td>\r\n\t\t\t\t<\/tr>\r\n\t\t\t\t
Liquidity<\/th>\r\n\t\t\t\t\tVery high (large market, frequent quoting)<\/td>\r\n\t\t\t\t\tHigh, but fluctuates more depending on trading venue\/timing<\/td>\r\n\t\t\t\t<\/tr>\r\n\t\t\t\t
Physical delivery<\/th>\r\n\t\t\t\t\tGenerally possible (details & costs depend on the process\/provider)<\/td>\r\n\t\t\t\t\tFree delivery from 100 g (and whole-number multiples) within Germany according to the factsheet<\/td>\r\n\t\t\t\t<\/tr>\r\n\t\t\t\t
Tax logic after 12 months<\/th>\r\n\t\t\t\t\tCase-law line at the BFH exists (delivery entitlement \/ in-kind performance in focus)<\/td>\r\n\t\t\t\t\tThe product typically advertises no tax withholding after 12 months; practical implementation also depends on the broker<\/td>\r\n\t\t\t\t<\/tr>\r\n\t\t\t\t
Central risk<\/th>\r\n\t\t\t\t\tIssuer risk (ETC \u2260 special assets) + cost impact over long holding periods<\/td>\r\n\t\t\t\t\tIssuer risk + spread\/trading-venue dependency<\/td>\r\n\t\t\t\t<\/tr>\r\n\t\t\t<\/tbody>\r\n\t\t<\/table>\r\n\t<\/div>\r\n\r\n\t

\r\n\t\tIf you only want to take one sentence with you: Xetra-Gold is often the \u201cmore precise trading instrument\u201d (tight spread), while EUWAX Gold II is more of a \u201ccost minimalist\u201d (no ongoing costs) \u2014 and the best choice depends on how<\/em> and how long<\/em> you hold gold in your brokerage account.\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cXetra-Gold often optimizes entry \/ exit via a tight spread \u2014 EUWAX Gold II often optimizes holding time via 0% ongoing costs.\u201d<\/p>\r\n\t<\/blockquote>\r\n<\/section>\r\n\r\n

\r\n\t

What exactly am I buying?<\/h2>\r\n\r\n\t

Xetra-Gold: structure and cost mechanics<\/h3>\r\n\t

\r\n\t\tXetra-Gold is a gold ETC that tracks the gold price and anchors an entitlement to physical delivery in its structure. The Deutsche B\u00f6rse product documents cite a structural depository \/ custody fee in the custody process of 0.025% per calendar month<\/strong> (in the relationship between Clearstream \/ custodian). What matters for you as an investor: depending on the broker, this fee may take effect \u201cinternally\u201d or appear as a separate charge in your account. A clear source is the Xetra-Gold factsheet from Deutsche B\u00f6rse (PDF)<\/a>.\r\n\t<\/p>\r\n\t

\r\n\t\tPractical effect:<\/strong> Over long holding periods, this cost component adds up to a measurable performance gap versus the spot gold price. In return, Xetra-Gold is often very close to the market price in practice, because trading takes place in a highly liquid, professional environment.\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cWith Xetra-Gold, the spread is often the \u2018good news\u2019 chapter \u2014 holding-period costs are more the \u2018hidden chapter\u2019.\u201d<\/p>\r\n\t<\/blockquote>\r\n\r\n\t

EUWAX Gold II: 0% ongoing costs \u2014 but different friction<\/h3>\r\n\t

\r\n\t\tEUWAX Gold II positions itself clearly as an ETC with no ongoing product costs: no ongoing custody, administration, or insurance costs, plus free physical delivery from 100 g<\/strong> (and whole-number multiples) within Germany \u2014 each according to the factsheet. The most important primary source is the EUWAX Gold II factsheet (PDF)<\/a>.\r\n\t<\/p>\r\n\t

\r\n\t\tHowever, that does not mean \u201cfree of charge\u201d. With products that have no ongoing costs, part of the economic friction often shifts into other components \u2014 typically into pricing (spread), trading-venue fees, or costs related to physical delivery below the free thresholds.\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201c0% ongoing costs does not mean 0% costs \u2014 it means: the costs sit elsewhere.\u201d<\/p>\r\n\t<\/blockquote>\r\n<\/section>\r\n\r\n

\r\n\t

Costs in practice: spread, ongoing fees, broker charges<\/h2>\r\n\r\n\t

Spread: the most visible (and often underestimated) cost item<\/h3>\r\n\t

\r\n\t\tThe spread is the difference between the bid and ask price. If you buy and immediately sell again, you lose roughly the spread (simplified). For gold ETCs this is especially relevant because investors often trade larger amounts or tactically buy\/sell.\r\n\t<\/p>\r\n\t

\r\n\t\tPractical experience:<\/strong> Xetra-Gold is often known for tight spreads, especially during core trading hours and on the appropriate venue. EUWAX Gold II can also be liquid, but depending on venue and time of day it more often shows more noticeable spreads. That is not a \u201cweakness\u201d per se \u2014 it is a different cost profile.\r\n\t<\/p>\r\n\t

\r\n\t\tRemember:<\/em> Those who trade frequently feel the spread more. Those who hold for a long time feel ongoing fees more.\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cThose who trade frequently pay the spread more; those who hold for a long time pay the ongoing structure more.\u201d<\/p>\r\n\t<\/blockquote>\r\n\r\n\t

\r\n\t\t
Chart 1:<\/strong> Break-even logic (illustrative): When does a tighter spread offset ongoing fees?<\/figcaption>\r\n\r\n\t\t\r\n\t\t\r\n\t\t\tBreak-even: spread vs. holding period (illustrative)<\/title>\r\n\t\t\tThe diagram shows two curves: one-time spread costs (one-off) vs. cumulative ongoing costs over time. All numbers are examples.<\/desc>\r\n\r\n\t\t\t\r\n\t\t\t<\/line>\r\n\t\t\t<\/line>\r\n\r\n\t\t\t\r\n\t\t\t0<\/text>\r\n\t\t\tHolding period (years)<\/text>\r\n\t\t\tCosts (index)<\/text>\r\n\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\t<\/line>\r\n\t\t\t\t1<\/text>\r\n\t\t\t\t<\/line>\r\n\t\t\t\t2<\/text>\r\n\t\t\t\t<\/line>\r\n\t\t\t\t3<\/text>\r\n\t\t\t\t<\/line>\r\n\t\t\t\t4<\/text>\r\n\t\t\t\t<\/line>\r\n\t\t\t\t5<\/text>\r\n\t\t\t\t<\/line>\r\n\t\t\t\t6<\/text>\r\n\t\t\t\t<\/line>\r\n\t\t\t\t7<\/text>\r\n\t\t\t\t<\/line>\r\n\t\t\t\t8<\/text>\r\n\t\t\t<\/g>\r\n\r\n\t\t\t\r\n\t\t\t<\/path>\r\n\r\n\t\t\t\r\n\t\t\t<\/path>\r\n\r\n\t\t\t\r\n\t\t\t<\/circle>\r\n\t\t\tExample: break-even ~3\u20134 years<\/text>\r\n\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\t<\/rect>\r\n\t\t\t\t<\/line>\r\n\t\t\t\tOne-time spread (example)<\/text>\r\n\t\t\t\t<\/line>\r\n\t\t\t\tCumulative ongoing costs (example)<\/text>\r\n\t\t\t<\/g>\r\n\t\t<\/svg>\r\n\r\n\t\t

\r\n\t\t\t\r\n\t\t\t\tNote: This chart is illustrative<\/strong>. In reality, spreads and fees depend on trading venue, time of day, broker, volatility, and product details.\r\n\t\t\t<\/small>\r\n\t\t<\/p>\r\n\t<\/figure>\r\n\r\n\t

Ongoing costs: \u201cstorage fee\u201d vs. \u201cno ongoing costs\u201d<\/h3>\r\n\t

\r\n\t\tThe most common aha-moment in this comparison: with Xetra-Gold, a structural custody \/ depository fee exists in the background (typically 0.025% per month), while EUWAX Gold II shows no ongoing costs according to the factsheet. What matters for you is whether your broker passes these Xetra-Gold costs on visibly or whether they take effect \u201cwithin the product\u201d or in the settlement\/custody process.\r\n\t<\/p>\r\n\t

\r\n\t\tA helpful practical check: look in your broker\u2019s schedule of fees and services to see whether there is a specific \u201ccustody fee\u201d for Xetra-Gold, or review statements for regular charges.\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cIt\u2019s not the question \u2018Does the fee exist?\u2019, but \u2018Who shows it to you where?\u2019 that determines your perceived cost truth.\u201d<\/p>\r\n\t<\/blockquote>\r\n\r\n\t

\r\n\t\t
Chart 2:<\/strong> Cost layers for gold ETCs (conceptual)<\/figcaption>\r\n\r\n\t\t\r\n\t\t\tCost layers (conceptual)<\/title>\r\n\t\t\tStacked bars for Xetra-Gold and EUWAX Gold II showing order costs, spread, ongoing product costs, and delivery costs. No real values.<\/desc>\r\n\r\n\t\t\t\r\n\t\t\t<\/line>\r\n\r\n\t\t\t\r\n\t\t\tXetra-Gold<\/text>\r\n\t\t\t<\/rect>\r\n\t\t\tOrder<\/text>\r\n\r\n\t\t\t<\/rect>\r\n\t\t\tSpread<\/text>\r\n\r\n\t\t\t<\/rect>\r\n\t\t\tongoing<\/text>\r\n\r\n\t\t\t<\/rect>\r\n\t\t\tDelivery*<\/text>\r\n\r\n\t\t\t\r\n\t\t\tEUWAX Gold II<\/text>\r\n\t\t\t<\/rect>\r\n\t\t\tOrder<\/text>\r\n\r\n\t\t\t<\/rect>\r\n\t\t\tSpread<\/text>\r\n\r\n\t\t\t<\/rect>\r\n\t\t\tongoing: 0<\/text>\r\n\r\n\t\t\t<\/rect>\r\n\t\t\tDelivery*<\/text>\r\n\r\n\t\t\t\r\n\t\t\t* Delivery costs depend on quantity\/handling; EUWAX Gold II states free delivery from 100 g (DE) in the factsheet.<\/text>\r\n\t\t<\/svg>\r\n\t<\/figure>\r\n\r\n\t

Broker level: why \u201csavings plan\u201d, \u201cTrade Republic\u201d, \u201cScalable\u201d & Co. can change your costs<\/h3>\r\n\t

\r\n\t\tMany questions revolve less around the product itself than around implementation at the broker: \u201csavings plan\u201d, \u201cfree\u201d, \u201cspread\u201d, \u201crealtime\u201d, or specific names like Trade Republic\/Scalable\/ING. That is logical: the best product logic is of little help if your broker charges high venue fees, unfavorable spreads outside core hours, or additional costs for delivery.\r\n\t<\/p>\r\n\t

\r\n\t\tAn approach that has proven itself:\r\n\t\t(1) check where<\/em> the product is traded (Xetra, Stuttgart, OTC),\r\n\t\t(2) trade as much as possible during core hours,\r\n\t\t(3) compare the effective<\/em> total costs (order + spread + ongoing + delivery if applicable).\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cWith gold ETCs, the broker is often the third player \u2014 alongside the issuer and the exchange.\u201d<\/p>\r\n\t<\/blockquote>\r\n<\/section>\r\n\r\n

\r\n\t

Liquidity: how \u201ceasily\u201d can you get in and out?<\/h2>\r\n\r\n\t

\r\n\t\tLiquidity does not only mean \u201chigh volume\u201d, but also: tight spreads, sufficient size in the order book, and reliable quoting \u2014 especially in volatile phases. Xetra-Gold often benefits from the Xetra environment and very broad market participation. EUWAX Gold II is also established, but more shaped by trading venue and timing.\r\n\t<\/p>\r\n\t

\r\n\t\tWhat you can check live:\r\n\t\t(a)<\/strong> current bid\/ask spread,\r\n\t\t(b)<\/strong> sizes on the first order-book levels,\r\n\t\t(c)<\/strong> whether the price behaves plausibly versus spot gold.\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t
Chart 3:<\/strong> Liquidity proxy (illustrative): spread & order-book depth by time of day<\/figcaption>\r\n\r\n\t\t\r\n\t\t\tLiquidity proxy over the day (illustrative)<\/title>\r\n\t\t\tTwo lines show changes in a liquidity index over the day. Values are illustrative and intended to highlight the time-of-day effect.<\/desc>\r\n\r\n\t\t\t\r\n\t\t\t<\/line>\r\n\t\t\t<\/line>\r\n\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\t8:00<\/text>\r\n\t\t\t\t10:00<\/text>\r\n\t\t\t\t12:00<\/text>\r\n\t\t\t\t14:00<\/text>\r\n\t\t\t\t16:00<\/text>\r\n\t\t\t\t18:00<\/text>\r\n\t\t\t<\/g>\r\n\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t<\/path>\r\n\t\t\t\r\n\t\t\t<\/path>\r\n\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\t<\/rect>\r\n\t\t\t\t<\/line>\r\n\t\t\t\tProfile A: typically very stable (example)<\/text>\r\n\t\t\t\t<\/line>\r\n\t\t\t\tProfile B: more time-of-day dependent (example)<\/text>\r\n\t\t\t<\/g>\r\n\t\t<\/svg>\r\n\r\n\t\t

\r\n\t\t\tThe chart is deliberately schematic. It is meant to show only: time of day and trading venue<\/strong> change your execution costs.<\/small>\r\n\t\t<\/p>\r\n\t<\/figure>\r\n\r\n\t

\r\n\t\t

\u201cThe best price is not created by hope \u2014 but by trading time, trading venue, and discipline.\u201d<\/p>\r\n\t<\/blockquote>\r\n<\/section>\r\n\r\n

\r\n\t

Physical delivery: entitlement, process, costs \u2014 and the most common pitfalls<\/h2>\r\n\r\n\t

\r\n\t\tBoth products are popular precisely because they anchor the entitlement to physical delivery<\/strong> in their terms (or structure it as an in-kind performance claim). This point plays a central role not only psychologically (\u201cemergency option\u201d), but also in tax arguments.\r\n\t<\/p>\r\n\r\n\t

EUWAX Gold II: \u201cfree delivery from 100 g\u201d \u2014 what does that mean in practice?<\/h3>\r\n\t

\r\n\t\tAccording to the factsheet, delivery is free within Germany from 100 g or a whole-number multiple<\/strong>. Below that, or in special cases, fees may apply, and in addition your custodian bank may charge its own fees for processing. That is why it makes sense to understand delivery as a process with multiple stations: issuer\/custodian (product logic) + custodian bank (processing) + logistics\/insurance (transport). (Details in the factsheet)1<\/a><\/sup>\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cDelivery is not a button \u2014 it is a process involving issuer, custodian bank, and logistics.\u201d<\/p>\r\n\t<\/blockquote>\r\n\r\n\t

Xetra-Gold: delivery is possible, but a cost\/process check is mandatory<\/h3>\r\n\t

\r\n\t\tPhysical delivery is also generally \u043f\u0440\u0435\u0434\u0443\u0441\u043c\u043e\u0442\u0440\u0435\u043d\u043e for Xetra-Gold. In practice, however, you should clarify in advance what your broker charges for processing and which fees may arise in the delivery \/ settlement process. Depending on the setup, delivery costs can significantly influence the \u201cdeliver or sell\u201d decision. Tax case law for Xetra-Gold has, among other things, focused on whether redemption constitutes an in-kind performance (see BFH case law).2<\/a><\/sup>\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cWith Xetra-Gold, delivery is possible \u2014 but without a cost check it can become an expensive \u2018surprise option\u2019.\u201d<\/p>\r\n\t<\/blockquote>\r\n<\/section>\r\n\r\n

\r\n\t

Tax-free after one year: how \u201ccourt-proof\u201d is that?<\/h2>\r\n\r\n\t

\r\n\t\tThe question \u201ctax-free after 12 months?\u201d is a perennial topic for gold in Germany. The background is the distinction between (a) taxation as investment income and (b) private disposal transactions with a speculation period \u2014 and the boundary depends in detail on structure, the nature of the claim, and product terms. For gold ETCs, the debate is often framed around the delivery entitlement \/ in-kind performance claim<\/strong>.\r\n\t<\/p>\r\n\r\n\t

Xetra-Gold: BFH case law as a stability anchor<\/h3>\r\n\t

\r\n\t\tMany consider Xetra-Gold more \u201ccourt-proof\u201d because there are several relevant decisions by the Federal Fiscal Court (BFH). Central is, for example, the BFH judgment of 12 May 2015 (VIII R 4\/15) on the tax classification in the context of Xetra-Gold.3<\/a><\/sup> For redemption \/ delivery, a BFH decision from 2018 (IX R 33\/17) is also known, which addresses redemption in the in-kind performance context.4<\/a><\/sup>\r\n\t<\/p>\r\n\t

\r\n\t\tImportant: even if case law is a strong argument, practical implementation<\/em> in day-to-day brokerage operations is a second layer. In individual cases, some brokers still withhold withholding tax (e.g., out of caution or due to standard processes), so you may need to correct this via your tax return.\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cCourt-proof does not mean \u2018broker-proof\u2019: administrative practice can lag behind in individual cases.\u201d<\/p>\r\n\t<\/blockquote>\r\n\r\n\t

EUWAX Gold II: tax logic is plausible \u2014 but document carefully<\/h3>\r\n\t

\r\n\t\tThe EUWAX Gold II factsheet notes that after selling following a 12-month holding period, \u201cas a rule\u201d no tax is withheld (wording deliberately not absolute). That is an important signal \u2014 nevertheless: document holding periods, purchase dates, and statements cleanly, and check whether your broker withholds anything. For larger amounts, consulting a tax professional is advisable.\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cThe best tax logic only helps if your documents prove the holding period beyond doubt.\u201d<\/p>\r\n\t<\/blockquote>\r\n\r\n\t

What could change?<\/h3>\r\n\t

\r\n\t\tTax \u201ccertainty\u201d is never absolute for securities. Changes can arise from legislation, administrative practice, or product terms. A warning sign would be, for example, if a product changes the delivery entitlement or effectively devalues it. Another risk is simply this: the market mixes \u201cgold ETF\u201d, \u201cgold ETC\u201d, and \u201cgold certificate\u201d in perception \u2014 even though the rules can differ significantly. You can find a current classification of the \u201cgold ETF in Germany\u201d situation and common alternatives in a financial press overview.5<\/a><\/sup>\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cNot every product with a gold label has the same tax logic \u2014 the terms are the law in miniature.\u201d<\/p>\r\n\t<\/blockquote>\r\n<\/section>\r\n\r\n

\r\n\t

Risks: the overlooked chapter (ETC \u2260 special assets)<\/h2>\r\n\r\n\t

\r\n\t\tBoth products are ETCs and thus typically bearer bonds<\/strong>. That means: there is issuer risk. Physical backing reduces risks, but does not automatically eliminate them, because the specific legal construction matters (ownership position, trust \/ collateral structure, access in insolvency, etc.).\r\n\t<\/p>\r\n\t

\r\n\t\tA robust practical approach is to read the primary documents: factsheet, base prospectus, KID\/KIID (if available), and product terms. For the \u201cGood Delivery\u201d quality standard for bars, the LBMA framework also plays a role.6<\/a><\/sup>\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cPhysically backed is reassuring \u2014 but legal details decide how reassuring it really is.\u201d<\/p>\r\n\t<\/blockquote>\r\n<\/section>\r\n\r\n

\r\n\t

Which product is suitable for whom?<\/h2>\r\n\r\n\t
\r\n\t\t\r\n\t\t\t\r\n\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t\t
Decision matrix: typical use profile<\/caption>\r\n\t\t\t
Your profile<\/th>\r\n\t\t\t\t\tTendency<\/th>\r\n\t\t\t\t\tRationale<\/th>\r\n\t\t\t\t<\/tr>\r\n\t\t\t<\/thead>\r\n\t\t\t
Frequent buying\/selling, larger orders, timing matters<\/th>\r\n\t\t\t\t\tXetra-Gold<\/strong><\/td>\r\n\t\t\t\t\tA tight spread can more often matter more than \u201c0% ongoing\u201d.<\/td>\r\n\t\t\t\t<\/tr>\r\n\t\t\t\t
Long-term holding (\u201cBuy & Hold\u201d), minimal ongoing friction<\/th>\r\n\t\t\t\t\tEUWAX Gold II<\/strong><\/td>\r\n\t\t\t\t\tNo ongoing costs according to the factsheet; the spread mainly arises on entry\/exit.<\/td>\r\n\t\t\t\t<\/tr>\r\n\t\t\t\t
Delivery realistically planned (e.g., from 100 g)<\/th>\r\n\t\t\t\t\tEUWAX Gold II<\/strong><\/td>\r\n\t\t\t\t\tFree delivery from 100 g within Germany according to the factsheet (plus possible custodian-bank costs).<\/td>\r\n\t\t\t\t<\/tr>\r\n\t\t\t\t
Maximum sense of security sought via a known case-law line<\/th>\r\n\t\t\t\t\tXetra-Gold<\/strong><\/td>\r\n\t\t\t\t\tBFH decisions on Xetra-Gold are often used as a reference framework.<\/td>\r\n\t\t\t\t<\/tr>\r\n\t\t\t<\/tbody>\r\n\t\t<\/table>\r\n\t<\/div>\r\n\r\n\t

\r\n\t\tIf you are unsure, many investors choose a pragmatic compromise: a core position<\/strong> in the preferred \u201cholding-period product\u201d (often EUWAX Gold II), and for tactical buying\/selling an instrument with a particularly tight spread<\/strong> (often Xetra-Gold). That is not a must \u2014 but it is a comprehensible logic.\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cThe best choice is rarely \u2018Product A or B\u2019 \u2014 often it is \u2018core position plus tactics\u2019.\u201d<\/p>\r\n\t<\/blockquote>\r\n<\/section>\r\n\r\n

\r\n\t

FAQ: short answers to the most common questions<\/h2>\r\n\r\n\t
\r\n\t\t
Is EUWAX Gold II really \u201cfree\u201d?<\/strong><\/dt>\r\n\t\t
\r\n\t\t\tAccording to the factsheet, EUWAX Gold II has no ongoing custody \/ administration \/ insurance costs. Nevertheless, costs arise via spread, order fees, and potentially delivery \/ custodian-bank fees.\r\n\t\t<\/dd>\r\n\t\t
Does Xetra-Gold have ongoing storage costs?<\/strong><\/dt>\r\n\t\t
\r\n\t\t\tIn the custody structure, custody\/depository fees are stated (typically 0.025% per calendar month in the custody process). Whether you see these in your account depends on the broker (factsheet as a primary source).\r\n\t\t<\/dd>\r\n\t\t
Can I have physical gold delivered with both products?<\/strong><\/dt>\r\n\t\t
\r\n\t\t\tIn principle yes, but the process and costs differ. EUWAX Gold II states free delivery from 100 g (DE) in the factsheet. With Xetra-Gold, you should clarify costs and process with your broker in advance.\r\n\t\t<\/dd>\r\n\t\t
Is selling after one year tax-free?<\/strong><\/dt>\r\n\t\t
\r\n\t\t\tThe classification depends on structure and practice. Xetra-Gold has relevant BFH case law. The EUWAX Gold II factsheet notes that after selling following a 12-month holding period, as a rule no tax is withheld. In individual cases, broker practice may differ.\r\n\t\t<\/dd>\r\n\t<\/dl>\r\n<\/section>\r\n\r\n
\r\n\t

Conclusion in three sentences<\/h2>\r\n\t

\r\n\t\tIf you primarily trade<\/strong> or place great value on a tight spread<\/strong>, Xetra-Gold is often the more precise tool. If you primarily hold<\/strong> and want to minimize ongoing costs, EUWAX Gold II is often the obvious choice due to its 0% ongoing costs<\/strong>\r\n\t\t(according to the factsheet). In both cases, a quick reality check is worthwhile: trading venue, time of day, effective total costs, and \u2014 if relevant \u2014 your specific delivery process.\r\n\t<\/p>\r\n\r\n\t

\r\n\t\t

\u201cXetra-Gold is often the better trading instrument, EUWAX Gold II often the better holding-period instrument.\u201d<\/p>\r\n\t<\/blockquote>\r\n<\/section>\r\n\r\n

\r\n\t

Footnotes<\/h2>\r\n\t
    \r\n\t\t
  1. \r\n\t\t\tEUWAX Gold II factsheet (May 2025): free delivery from 100 g and \u201cno ongoing costs\u201d. \u2014\r\n\t\t\tExternal link<\/a>\r\n\t\t\t\u21a9<\/a>\r\n\t\t<\/li>\r\n\t\t
  2. \r\n\t\t\tBFH line of decisions on redemption\/delivery (in-kind performance claim as context). \u2014\r\n\t\t\tExternal link<\/a>\r\n\t\t\t\u21a9<\/a>\r\n\t\t<\/li>\r\n\t\t
  3. \r\n\t\t\tFederal Fiscal Court (BFH), judgment of 12 May 2015, VIII R 4\/15 (Xetra-Gold tax classification). \u2014\r\n\t\t\tExternal link<\/a>\r\n\t\t\t\u21a9<\/a>\r\n\t\t<\/li>\r\n\t\t
  4. \r\n\t\t\tFederal Fiscal Court (BFH), judgment of 06 February 2018, IX R 33\/17 (redemption\/delivery, guiding principle). \u2014\r\n\t\t\tExternal link<\/a>\r\n\t\t\t\u21a9<\/a>\r\n\t\t<\/li>\r\n\t\t
  5. \r\n\t\t\tFinancial press overview of gold ETFs\/alternatives incl. Xetra-Gold and EUWAX Gold II (current summary). \u2014\r\n\t\t\tExternal link<\/a>\r\n\t\t\t\u21a9<\/a>\r\n\t\t<\/li>\r\n\t\t
  6. \r\n\t\t\tLBMA Good Delivery: standardization\/quality assurance for gold bars (background to the bar standard). \u2014\r\n\t\t\tExternal link<\/a>\r\n\t\t\t\u21a9<\/a>\r\n\t\t<\/li>\r\n\t\t
  7. \r\n\t\t\tDeutsche B\u00f6rse: Xetra-Gold factsheet (PDF) with fee note in the custody structure. \u2014\r\n\t\t\tExternal link<\/a>\r\n\t\t\t\u21a9<\/a>\r\n\t\t<\/li>\r\n\t<\/ol>\r\n<\/section>\r\n\r\n\r\n","protected":false},"excerpt":{"rendered":"

    A detailed comparison of the two most popular German gold ETCs \u2014 with a focus on spread, liquidity, ongoing costs, […]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_locale":"en_US","_original_post":"https:\/\/meine-renditeimmobilie.de\/?p=11055","footnotes":""},"categories":[169],"tags":[],"post_folder":[272],"class_list":["post-11070","post","type-post","status-publish","format-standard","hentry","category-capital-investment","en-US"],"_links":{"self":[{"href":"https:\/\/meine-renditeimmobilie.de\/wp-json\/wp\/v2\/posts\/11070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/meine-renditeimmobilie.de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/meine-renditeimmobilie.de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/meine-renditeimmobilie.de\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/meine-renditeimmobilie.de\/wp-json\/wp\/v2\/comments?post=11070"}],"version-history":[{"count":4,"href":"https:\/\/meine-renditeimmobilie.de\/wp-json\/wp\/v2\/posts\/11070\/revisions"}],"predecessor-version":[{"id":11128,"href":"https:\/\/meine-renditeimmobilie.de\/wp-json\/wp\/v2\/posts\/11070\/revisions\/11128"}],"wp:attachment":[{"href":"https:\/\/meine-renditeimmobilie.de\/wp-json\/wp\/v2\/media?parent=11070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/meine-renditeimmobilie.de\/wp-json\/wp\/v2\/categories?post=11070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/meine-renditeimmobilie.de\/wp-json\/wp\/v2\/tags?post=11070"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/meine-renditeimmobilie.de\/wp-json\/wp\/v2\/post_folder?post=11070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}