Xetra-Gold

Xetra-Gold is designed to give investors straightforward exposure to the price of gold in an exchange-traded format. In plain English, each product represents a claim on one gram of gold, so you can participate in gold price movements without having to buy, store, or insure physical bullion yourself. During the life of the product, you may redeem it for delivery of one gram of gold per product on the relevant redemption date; if delivery is not possible for legal reasons, you may instead receive a euro cash amount linked to the reference price of gold and the EUR/USD exchange rate. The product can also be bought and sold on the exchange, or off-exchange, like a listed security. There is no active security selection or portfolio rotation here: the structure is rules-based and aims to mirror gold price exposure, with the key mechanics being redemption, cash settlement where necessary, and the exchange-traded trading process rather than discretionary investment decisions.