Add gold to your portfolio – without bars in a vault

Marketing communication. Investors should read the offering documents before making a final investment decision.

Why hold gold via an ETC?

If you invest directly in physical gold, you have to sort out practical questions: Where will it be stored? How is it insured? And how can you sell it later? A gold ETC wraps this access into an exchange-traded security. This allows you to participate in the performance of the gold price without having to store the precious metal yourself.

Four reasons why investors use gold

• Gold can diversify risk. Gold often performs differently to stocks and bonds. This can potentially balance out fluctuations in a portfolio, although the performance of gold itself is also volatile.
• Gold has preserved its value over the long term. Gold is scarce, durable and in demand worldwide. This has supported its value over the long run.
• Gold can play a role during periods of inflation. When prices rise, gold is often seen as a potential "store of value" because its price has historically kept pace with inflation. However, it is important to remember that past performance does not predict future returns.
• Gold is not issued by anyone. Gold is a different kind of asset: governments cannot simply issue more of it, as they can with bonds. Its value is also not tied to the earnings or creditworthiness of a company.

If stock markets fall, gold can perform differently and help stabilise a portfolio. Investors use gold primarily to broaden the diversification of their portfolio. It is worth keeping in mind that gold does not pay dividends or interest. Therefore, the opportunity cost of holding gold rises when interest rates and bond yields increase. In other words, gold tends to be more attractive to investors when interest rates are low or being cut, and less attractive when interest rates are high or rising.

What is a gold ETC?

A gold ETC is an exchange-traded security that allows you to participate in the performance of the gold price.

• It can be bought and sold just like a stock.
• The ETC is backed by physical gold held in secure vaults.
• Instead of paying your own storage or insurance costs, there is an annual fee.

This gives you access to gold without having to store it yourself. Ultimately, what matters is whether this type of investment suits your personal investment strategy and risk tolerance.

A look at the Invesco Physical Gold II ETC

The Invesco Physical Gold II ETC allows investors to participate in the performance of the gold price. Just like the Invesco Physical Gold ETC, which has a volume of $26 billion, the newer product is also backed by physical gold stored safely in London bank vaults. The annual fee is also just 0.12%.

The key difference: the Invesco Physical Gold II ETC has a lower price per unit. This can make it easier to get started – for example, for investors who want to build up their gold allocation gradually or via a savings plan.

For retail investors in Germany, the tax treatment may also be relevant: gains from a sale can be tax-free if the ETC has been held for more than 12 months.

Find out more

Investment Risks

For complete information on risks, refer to the legal documents.

The value of investments, and any income from them, will fluctuate. This may partly be the result of changes in exchange rates. Investors may not get back the full amount invested. If the issuer cannot pay the specified return, the proceeds from the sale of the precious metal will be used to repay investors. Investors will have no claim on the other assets of the issuer. Instruments providing exposure to commodities are generally considered to be high risk which means there is a greater risk of large fluctuations in the value of the instrument.

Important information

This marketing communication is exclusively for use by investors in Austria, Germany and Italy.

Data as at 21.2026, unless otherwise stated. By accepting this material, you consent to communicate with us in English, unless you inform us otherwise. This is marketing material and not financial advice. It is not intended as a recommendation to buy or sell any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication.

Views and opinions are based on current market conditions and are subject to change. All investment decisions must be based only on the most up to date legal offering documents. The legal offering documents (Key Information Document (KID), Base Prospectus and financial statements) are available free of charge at our website www.invesco.eu and from the issuers.

Index: LBMA Gold price is a trademark of Precious Metals Prices Limited, is licensed to ICE BENCHMARK ADMINISTRATION LIMITED (IBA) as the administrator of the LBMA Gold Price, and is used by Invesco with permission under licence by IBA. The full version of the IBA disclaimer is available at etf.invesco.com (select your country and navigate to the Documents section on the product page).

Issued by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855 Luxembourg, regulated by the Commission de Surveillance du Secteur Financier, Luxembourg.

EMEA5769215/2026