Exchange-Traded structured products as a tool of gaining exposure to precious metals price-risk

Jacek Tomaszewski


Structured products have become a  convenient instrument allowing financial investors to gain exposure to commodity price risk. Due to prolonged rally in precious metal prices these commodities have drawn particular attention of portfolio investors in recent years. Structured products are offered both: on the OTC markets as well as on organized exchanges. Warsaw Stock Exchange (GPW) have introduced first precious metal structured products in 2007. During the year of 2012 GPW significantly increased its range of structured products, which now includes five types of instruments: capital protection certificates, bonus certificates, tracker certificates, turbo certificates and factor certificates. They offer investors a  wide range of investment strategies from simple reference commodity price tracking (trackers) to agressive strategies based on leverage and short positions. Although trading history is still short and structured products are traditionally relatively illiquid instruments, the data from 2012 and 2013 show that these instruments (particularly products based on silver and gold prices) are among most actively traded structured
products on GPW.


structured products; gold; precious metals; leverage

Full Text:

PDF (Język Polski)


Barclays Investor Solutions, A Guide to Structured Products, Barclays Wealth, London 2008.

Biuletyn statystyczny GPW SA, 2012.

Biuletyn statystyczny GPW SA, I kwartał 2013.

Borowski K., Rynek złota i monet, [w]: Inwestycje alternatywne, I. Pruchnicka-Grabias (red.), Wydawnictwa Fachowe CeDeWu, Warszawa 2008.

Krzywda M., Produkty strukturyzowane w praktyce, Wydawnictwo Złote Myśli, Gliwice 2010.

Mikita M., Pełka W., Rynki inwestycji alternatywnych, Poltext, Warszawa 2009.

Soltes M., Crude Oil Trading Using Turbo Certificates, Acta Montanistica Slovaca 2010, no. 1. (12.04.2013).

Zaremba A., Produkty strukturyzowane – inwestycje nowych czasów, Wydawnictwo Helion, Gliwice 2009.

Data publikacji: 2015-07-23 22:18:25
Data złożenia artykułu: 2015-07-22 22:56:51


Total abstract view - 239
Downloads (from 2020-06-17) - PDF (Język Polski) - 0



  • There are currently no refbacks.

Copyright (c) 2015 Jacek Tomaszewski

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.