ETF sheet · Issuer-declared data

iShares Physical Gold ETCIndex, costs, backtest, listings and taxation

ISIN: IE00B4ND3602Ticker: SGLNIssuer: iShares

Global Commodities on the underlying LBMA Gold Price, accumulating. Share class in US dollars (USD).

0.12% + 0.00%

TER + KID transaction costs ✓ declared by the issuer

34.5 bn €

share-class assets ✓ declared by the issuer

−0.16 pt /year

average tracking difference 2023–2025 · year by year ↓ ≈ average of issuer-declared yearly TD

Every figure carries its provenance: ✓ declared by the issuer in its documents · ≈ computed by Rebalix on the declared data.

Fund

Name

iShares Physical Gold ETC

Underlying

LBMA Gold Price

Domicile

Ireland

Share class · this page

ISIN

IE00B4ND3602

Ticker

SGLN

Share-class currency

US dollars (USD)

TER

0.12%

Transaction costs

0.00% (issuer estimate, from the KID)

Income policy

Accumulating

Share-class assets

34.5 bn EUR

NAV

81.24 USD (16 October 2026)

Share-class launch

8 April 2011

Data as declared by iShares in the issuer’s official files and endpoints · collected on 17 October 2026 (monthly refresh). Facts only, no recommendation.

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OverviewIn this sectionQuick reads Fund objective What changed over time

Quick reads

TER 0.12%below the median of commodity products we track (0.30%).≈ computed by Rebalix
Assetslarger than 98% of commodity products we track.≈ computed by Rebalix

✓ declared by the issuer · ≈ computed by Rebalix on the declared data in our census. They describe the past and are not indicative of future results.

Description and fund objective

iShares Physical Gold ETC tracks the issuer-declared underlying: LBMA Gold Price. The declared annual cost (TER) is 0.12%, plus 0.00% in transaction costs estimated by the issuer in the KID. Income is distributed to investors. The fund has assets of about 34.5 billion euro, was launched on 8 April 2011 and is domiciled in Ireland. In our registry it is the largest by assets among the 2 ETFs declaring the same index.

The fund’s objective — in the issuer’s words

The ETC securities aim to provide investment exposure to physical gold and are valued based on the London Bullion Market Association (LBMA) gold price. The Company holds physical gold. Each ETC security has a metal entitlement (“Metal Entitlement”, which is the amount of physical gold backing the ETC security) and its daily value is calculated based on its daily Metal Entitlement.
Keep reading the KID section ▾
The daily Metal Entitlement can be found on www.ishares.com. The ETC securities are listed and traded on the London Stock Exchange. In normal circumstances, only authorised participants may buy and sell the ETC securities directly with the Company. Investors who are not authorised participants (e.g. select financial institutions) can generally only buy or sell the ETC securities on the secondary market (e.g. via a broker on the London Stock Exchange) at the then prevailing market price. The prevailing market price at which the ETC securities trade on the secondary market may deviate from the daily value of the ETC securities and may not accurately reflect the price of the precious metal underlying the ETC securities. The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below under “How long should I hold it and can I take money out early?” The gold price fluctuates daily and the value of gold is driven by various factors including its rarity, use in industrial processes and its use as an investment commodity. Pricing of precious metals can be impacted by fundamental issues of supply and demand, political and economic situations (especially in precious metal producing countries) and natural disasters. These factors may all affect the value of your investment. Your ETC securities are denominated in US dollars, the ETC's base currency. The ETC securities are listed and traded in currencies other than the base currency on one or more stock exchanges. The performance of your ETC securities may be affected by this currency difference.
Intended retail investor:The ETC is intended for retail investors with the ability to bear losses up to the amount invested in the ETC. The ETC securities are appropriate for medium to long term investment, though the ETC securities may also be suitable for shorter term exposure (see further below “How long should I hold it and can I take money out early?”).
Insurance benefits:The ETC does not offer any insurance benefits.

From the KID’s “Objectives” section · KID acquired on 2 October 2026 · original document ↓

Text generated from the data the issuer declares in official product lists. No recommendation.

What has changed in the fund over time

Every month we snapshot the register and the holdings and keep the picture. The history shows how the fund changes, not only what it is today.

Share-class launch
8 April 2011
declared by the issuer
Basket snapshots
none so far
from the next monthly run
Dated events
none so far
TER, index, name, tax: every change is an event

Open the history →

PerformanceIn this sectionChart Backtest Tracking difference

Fund performance

issuer-declared net asset value (NAV) · USD (loading exchange rates) · from Apr 2011 to Oct 2026

Adjusted for inflationCompare with the underlying

Compare with another ETF

Only funds we hold a history for. Three at a time, at most.

Return

+176.4%

Annualised

+6.8%

Volatility (ann.)

16.7%

Max drawdown

-45.22%

08 Apr 2011 → 16 Oct 202615 years and 6 months · +176.4%

Accumulating class: income is reinvested inside the fund and already reflected in the NAV; no distribution is left out of the chart.

Calculations on the NAV: total-return series currency not qualified.

Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.

Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.

Max drawdown

-45.22%

peak → trough

Trough

17 Dec 2015

from the 06 Sept 2011 peak

Recovery time

1,685 days

recovery only: trough to break-even · ≈ 4 years and 7 months

Underwater

3,248 days

decline + recovery: peak to break-even · ≈ 8 years and 11 months · → recovered on 28 Jul 2020

The five worst falls in the period

From the peak of	Trough	Depth	Back to break-even	Days underwater
06 Sept 2011	17 Dec 2015	-45.22%	28 Jul 2020	3,248
29 Jan 2026	16 Jul 2026	-26.16%	ongoing	260
06 Aug 2020	03 Nov 2022	-21.44%	28 Dec 2023	1,239
20 Oct 2025	28 Oct 2025	-8.06%	12 Dec 2025	53
22 Aug 2011	25 Aug 2011	-7.89%	05 Sept 2011	14

Calendar-year returns

2016

8.9%

2017

11.6%

2018

-1.4%

2019

18.5%

2020

24.0%

2021

-3.9%

2022

-0.5%

2023

13.7%

2024

26.4%

2025

64.8%

2026

-2.8%

2011: the share class was launched on 8 April 2011; the return runs from launch to 29 December 2011 and is not a full year.

Month-by-month returns

2026Year -2.8%

Jan

15.6

Feb

4.8

Mar

-11.8

Apr

0.0

May

-1.4

Jun

-11.5

Jul

0.0

Aug

13.3

Sept

-8.5

Oct

0.3

Nov

Dec

2025Year 64.8%

Jan

7.7

Feb

0.8

Mar

9.9

Apr

6.0

May

-0.8

Jun

0.3

Jul

0.3

Aug

3.9

Sept

11.5

Oct

4.9

Nov

4.5

Dec

2.8

2024Year 26.4%

Jan

-0.4

Feb

-0.3

Mar

8.1

Apr

4.2

May

1.8

Jun

-0.7

Jul

4.1

Aug

3.6

Sept

4.6

Oct

4.0

Nov

-3.0

Dec

-1.5

2023Year 13.7%

Jan

6.1

Feb

-5.2

Mar

8.5

Apr

0.2

May

-0.9

Jun

-2.7

Jul

3.0

Aug

-1.4

Sept

-3.7

Oct

6.7

Nov

1.9

Dec

1.3

2022Year -0.5%

Jan

-1.4

Feb

6.4

Mar

1.7

Apr

-1.6

May

-3.8

Jun

-1.2

Jul

-3.5

Aug

-2.2

Sept

-2.6

Oct

-2.0

Nov

7.0

Dec

3.4

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sept	Oct	Nov	Dec	Year
2026	15.6	4.8	-11.8	0.0	-1.4	-11.5	0.0	13.3	-8.5	0.3			-2.8
2025	7.7	0.8	9.9	6.0	-0.8	0.3	0.3	3.9	11.5	4.9	4.5	2.8	64.8
2024	-0.4	-0.3	8.1	4.2	1.8	-0.7	4.1	3.6	4.6	4.0	-3.0	-1.5	26.4
2023	6.1	-5.2	8.5	0.2	-0.9	-2.7	3.0	-1.4	-3.7	6.7	1.9	1.3	13.7
2022	-1.4	6.4	1.7	-1.6	-3.8	-1.2	-3.5	-2.2	-2.6	-2.0	7.0	3.4	-0.5
2021	-1.5	-6.5	-3.0	4.5	7.5	-7.2	3.5	-0.6	-4.0	1.5	2.0	0.9	-3.9
2020	4.0	1.6	-0.1	5.8	1.5	2.2	11.1	-0.4	-3.6	-0.3	-6.4	7.3	24.0
2019	3.2	-0.3	-1.8	-1.1	1.0	8.7	1.3	7.0	-2.8	1.7	-3.4	4.3	18.5
2018	3.7	-2.0	0.4	-0.8	-0.6	-4.2	-2.4	-1.5	-1.3	2.3	0.2	5.2	-1.4
2017	4.6	3.5	-0.8	1.7	-0.0	-1.9	2.0	3.5	-2.2	-1.0	0.8	1.3	11.6
2016	4.7	11.1	0.1	3.9	-5.8	8.9	1.6	-2.5	1.0	-3.8	-7.4	-1.6	8.9
2015	5.1	-3.7	-2.2	-0.6	0.9	-1.7	-6.2	3.3	-1.9	2.5	-7.1	0.0	-11.7
2014	4.1	6.0	-2.7	-0.3	-3.0	5.2	-2.3	0.0	-5.4	-4.3	1.6	1.4	-0.5
2013	0.0	-4.6	0.6	-8.1	-5.1	-14.5	10.2	6.1	-4.9	-0.2	-5.4	-4.1	-28.0
2012	13.9	1.5	-6.1	-0.7	-5.7	2.6	1.4	1.6	7.7	-3.2	0.4	-3.6	8.4
2011					0.0	-2.1	8.1	11.3	-10.7	6.3	1.4	-12.3	4.0(since launch)

From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested: where declared). Deeper colour = larger move.

Method and sources

Source: iShares. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available August 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Tracking difference — issuer-declared

How much the product returned above (+) or below (−) the price of its underlying, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 0 of the last 10 calendar years: a past observation, not an indication of future outperformance.

Average annual TD, 2023–2025

-0.16 pt /year

Declared TER

0.12%

Year	Fund	Underlying	Difference (pt)
2025	+64.80%	+65.00%	-0.20 pt
2024	+26.44%	+26.59%	-0.15 pt
2023	+13.66%	+13.80%	-0.14 pt
2022	-0.54%	-0.43%	-0.12 pt
2021	-3.89%	-3.75%	-0.14 pt
2020	+23.95%	+24.17%	-0.22 pt
2019	+18.53%	+18.83%	-0.30 pt
2018	-1.39%	-1.15%	-0.25 pt
2017	+11.58%	+11.85%	-0.28 pt
2016	+8.85%	+9.12%	-0.27 pt

Figures declared by the issuer on the fund page (net fund and index returns per calendar year, as of 31 December 2025), not computed by us. Partial years excluded. Declared returns in USD. What is tracking difference? →

RiskIn this sectionRisk

Risk indicators· EUR

Last year

Volatility (ann.)25.48%

Max drawdown-23.37%

Sharpe0.10

Sortino0.14

Last 3 years

Volatility (ann.)19.54%

Max drawdown-23.37%

Sharpe1.14

Sortino1.61

Last 5 years

Volatility (ann.)17.87%

Max drawdown-23.37%

Sharpe0.94

Sortino1.34

Last 10 years

Volatility (ann.)15.62%

Max drawdown-23.37%

Sharpe0.74

Sortino1.05

Full history

Volatility (ann.)16.37%

Max drawdown-37.41%

Sharpe0.51

Sortino0.73

	Last year	Last 3 years	Last 5 years	Last 10 years	Full history
Volatility (ann.)	25.48%	19.54%	17.87%	15.62%	16.37%
Max drawdown	-23.37%	-23.37%	-23.37%	-23.37%	-37.41%
Sharpe	0.10	1.14	0.94	0.74	0.51
Sortino	0.14	1.61	1.34	1.05	0.73

Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.25%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

StructureIn this sectionIndex Same index Exchanges

Index tracked

LBMA Gold Price

This fund belongs to the gold (ETCs and miners) family: compare all census ETFs in this family →

ETFs declaring the same index

Fund	TER	Income	Fund size
UBS Gold ETF USD acc compare ⇄ UBSnot on Borsa Italiana	0.23%	Acc.	—

2 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted as follows: Milan-listed classes first, then the others; within each group by ascending TER, then by descending assets. A dash “—” = not declared by the issuer in the files we read — not a zero.

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE00B4ND3602

BG Saxozero within the savings plan (buys)
XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans

Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 15 October 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

Exchanges with a ticker available· in alphabetical order

Exchange	Ticker	Exchange source	Registered since
Borsa Italiana (ETFplus)	SGLNfrom mapping	ESMA register (FIRDS)	29 Jan 2026
Börse Düsseldorf	PPFBfrom mapping	ESMA register (FIRDS)	21 Jul 2021
Börse Frankfurt	PPFBfrom mapping	ESMA register (FIRDS)	16 Jul 2021
Börse Hamburg	PPFBfrom mapping	ESMA register (FIRDS)	18 Oct 2017
Börse Hannover	PPFBfrom mapping	ESMA register (FIRDS)	9 Dec 2024
Börse München / gettex	PPFBfrom mapping	ESMA register (FIRDS)	22 Nov 2016
Börse Stuttgart	PPFBfrom mapping	ESMA register (FIRDS)	24 Nov 2016
Euronext Paris	SLGNfrom mapping	ESMA register (FIRDS)	10 Sept 2026
Tradegate Exchange	PPFBfrom mapping	ESMA register (FIRDS)	29 Jul 2022
Xetra (Deutsche Börse)	PPFBfrom mapping	ESMA register (FIRDS)	16 Jul 2021

from mapping — ticker obtained by ISIN→exchange mapping under the open FIGI standard, not read from the exchange’s list.

Each row is one exchange: the operator with all its markets and segments (regulated market and Freiverkehr included). “Registered since”: admission date in the ESMA register (FIRDS), not necessarily the first trading day; a dash = date not recorded in the sources.

Other exchanges on record · 1 · show

Exchange	Ticker	Exchange source	Registered since
Budapest Stock Exchange	not available	ESMA register (FIRDS)	6 Mar 2025

For these exchanges none of the listing sources Rebalix covers provides a ticker; the listing is known from the ESMA register (FIRDS) or declared by the issuer.

+ 7 other trading platforms (platforms for professional participants and segments without admission to listing, such as an exchange operator’s dark books or auctions): they are not exchanges and are not listed.

Exchanges are taken from the official ESMA register (FIRDS) and, where FIRDS does not cover the exchange (London, Zurich) or does not record the current listing, from the issuers’ product lists and documents: the “Exchange source” column says so row by row. Each exchange is a single row, with all its markets and segments. Tickers come from the issuers’ product lists and tax documents or, where indicated, from ISIN→exchange mapping under the open FIGI standard (OpenFIGI). Activity on a dark book, an auction or an ancillary platform does not prove a listing on the exchange that operates it. Rebalix mainly covers venues in the European Economic Area, Switzerland and the United Kingdom: when the issuer declares current listings in other jurisdictions too, they appear with their source, outside the ESMA register perimeter. Terminated or cancelled listings are not shown. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker.

DocumentsIn this sectionDocuments FAQ

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed version FactsheetPDF in English, from the issuer’s site — the fund’s monthly snapshot

The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Frequently asked questions

What is the underlying of iShares Physical Gold ETC?

The issuer iShares declares the underlying: LBMA Gold Price.

How much does SGLN cost?

The issuer-declared TER is 0.12% per year; the transaction costs estimated in the KID are 0.00%.

What is the fund size of SGLN?

The fund size declared by iShares is about 34.5 billion euro.

When was SGLN launched?

The fund was launched on 8 April 2011: it has 15 years of history.

Does SGLN pay dividends?

No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “No Income”).

Where does SGLN trade?

Per the official ESMA register (FIRDS) and the issuer’s documents it is listed on 10 exchanges with a ticker available, including Borsa Italiana (ETFplus) (SGLN), Börse Düsseldorf (PPFB), Börse Frankfurt (PPFB), Börse Hamburg (PPFB), Börse Hannover (PPFB), Börse München / gettex (PPFB).

What was SGLN's worst fall?

Over the available history (since 2011), the maximum drawdown was -45.22%, reached in December 2015. Past performance is not indicative of future results.

Transparency note

The data in this sheet is declared by iShares in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.

Do you represent the issuer? Report a correction or an update