Gold ETF Comparison 2026
Gold is seen as a crisis currency and inflation hedge. Yet Europe has hardly any true gold ETFs — almost all products are ETCs (exchange-traded notes). We explain the difference, compare the most important physically backed gold ETCs, and show the special tax case that makes gold so attractive.
Gold ETF or gold ETC? The crucial difference
In Europe, pure commodity ETFs are not permitted under UCITS rules, because an ETF has to be broadly diversified — a fund holding only gold does not meet that requirement. That’s why almost all “gold ETFs” are in fact ETCs (Exchange Traded Commodities): exchange-traded notes backed by physical gold.
- ETF: a segregated fund, protected if the provider becomes insolvent — practically non-existent for pure gold in the EU.
- ETC: legally a bearer note; the issuer risk is minimised through physical backing held in a vault.
- When buying, therefore look for “physically backed” and ideally a right to physical delivery (real gold can be claimed).
The most important gold ETCs compared
The German products Xetra-Gold and EUWAX Gold II offer a right to physical delivery — which is decisive for tax (see below). The iShares and WisdomTree ETCs are broadly tradable internationally and inexpensive.
Physically backed gold ETCs (as of June 2026)
| Product | ISIN | TER p.a. | Delivery right |
|---|---|---|---|
| Xetra-Gold | DE000A0S9GB0 | ~0.0 % ongoing | ✓ physical |
| EUWAX Gold II | DE000EWG2LD7 | low | ✓ physical |
| iShares Physical Gold ETC | IE00B4ND3602 | 0.12 % | — institutional |
| Invesco Physical Gold ETC | IE00B579F325 | 0.12 % | — institutional |
| WisdomTree Physical Gold | JE00B1VS3770 | 0.39 % | — institutional |
🇩🇪 The tax advantage: gold tax-free after one year
This applies to German and Austrian tax residents — readers elsewhere should check their local rules. Here lies the big advantage of certain gold ETCs in Germany: products with a claim to physical delivery (such as Xetra-Gold and EUWAX Gold II) are treated for tax purposes like physical gold by Germany’s Federal Fiscal Court. That means:
- Sale after a holding period of more than 12 months: tax-free — no capital gains tax on the price gain.
- Sale within one year: taxable as a private disposal (exemption limit of €1,000 per year).
- Gold ETCs without a physical delivery right (synthetic) usually fall under the standard 25 % capital gains tax instead.
This section concerns Austrian tax residents — readers elsewhere should check their local rules. In Austria, gains from physically backed gold ETCs are generally treated as a speculative transaction, provided a delivery claim exists — after a one-year holding period they may be tax-free. The exact treatment depends on the product and is more complex than in Germany. When in doubt, seek tax advice.
How much gold belongs in your portfolio?
Gold pays no interest or dividends — its value lies in diversification and crisis protection. Traditionally, 5–10 % of one’s assets are held in gold. As a core investment for building wealth, a broadly diversified equity ETF is superior; gold is the insurance, not the engine.
FAQ — Gold ETF / ETC 2026
Are there real gold ETFs in Europe?
Practically none. UCITS ETFs must be diversified, and a pure gold fund does not meet that requirement. All the common “gold ETFs” in the EU are in fact gold ETCs — physically backed notes. What matters is that the product is physically backed by gold.
Which gold ETC is the best?
For German tax residents, Xetra-Gold (DE000A0S9GB0) and EUWAX Gold II (DE000EWG2LD7) are particularly attractive because they offer a physical delivery right and can therefore be sold tax-free after a one-year holding period. Internationally cheap and liquid is the iShares Physical Gold ETC (IE00B4ND3602) at a 0.12 % TER.
Is gold held in an ETC safe?
An ETC is legally a note, not a segregated fund — so in theory there is an issuer risk. For physically backed products, this risk is largely covered by real gold stored in a vault. Synthetic, unbacked products carry a higher risk.
Is gold worth it in 2026?
Gold is primarily a diversification and crisis component, not a return engine. In phases of high inflation or geopolitical uncertainty it has historically proven its worth. It makes sense as a satellite holding of 5–10 %, but is unsuitable as a sole investment for long-term wealth building.