The ETC securities provide you with exposure to gold, with a foreign exchange (FX) hedge to the Euro, without requiring you to possess gold in the physical form. Each ETC security relates to a specific amount of gold, known as the metal entitlement per ETC security. The issuer (we) will seek to hold a sufficient amount of gold to cover its obligations under the ETC securities. On redemption, the metal agent JPMorgan Chase Bank N.A.) will sell the gold and proceeds will be used to pay amounts due to you. The metal entitlement is reduced on a daily basis to reflect (i) the base fee; and (ii) the FX hedging fee percentage (together the fees). The level of the fees is specified on www.etc.dws.com. The FX hedging fee percentage reflects a fee for the provision of the FX hedging element which attempts to reduce the difference between the currency in which the ETC securities are denominated (Euro) and the currency in which the gold is denominated (USD).