ETCs = Exchange-Traded Commodities

ETCs are bonds which are comparable to certificates and are linked to the performance of one or more commodity prices. ETCs behave like passive tracker certificates on indices which track the performance of commodity indices or individual commodities. ETCs enable trading in these commodities without it being necessary to trade in futures or take physical delivery of the commodity. Unlike certificates, the investor’s capital in the ETC is usually secured with collateral, for example bonds or precious metal.