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ETF sheet · Issuer-declared data

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

ISIN: IE00B4ND3602Ticker: SGLNIssuer: iShares

Issuer-declared data

Underlying

LBMA Gold Price

TER

0.12%

Transaction costs

0.00% (issuer estimate, from the KID)

Income policy

Accumulating

SFDR

Article 6 — does not promote specific ESG characteristics — inferred (issuer documents do not declare art. 8/9) what does it mean?

Fund assets

35.2 bn EUR

NAV

88.5 USD (31 August 2026)

Domicile

Ireland

Inception date

8 April 2011

Data as declared by iShares in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.

Fund historyThe fund-assets (AUM) chart year by year, from declared data.Open the history →

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Description

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 35.2 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. 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.
Keep reading the KID section ▾
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 · 4 August 2026 · original document ↓

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

Quick reads

TER 0.12%: below the median of commodity products we track (0.30%).
Assets larger than 98% of commodity products we track.

Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

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.

Fund performance

issuer-declared net asset value (NAV) · USD · from Apr 2011 to Sept 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

+189.2%

Annualised

+7.1%

Volatility (ann.)

16.7%

Max drawdown

-45.22%

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 05 Sept 2011 peak

Recovery time

1,685 days

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

Underwater

3,249 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	216
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

1.6%

Month-by-month returns

	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	-4.0				1.6
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

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.

Source: iShares. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 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 TD (last 3 years)

-0.16% /anno

Declared TER

0.12%

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

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. What is tracking difference? →

Risk indicators· EUR

	Last year	Last 3 years	Last 5 years	Last 10 years	Full history
Volatility (ann.)	25.56%	19.44%	17.78%	15.57%	16.37%
Max drawdown	-23.37%	-23.37%	-23.37%	-23.37%	-37.41%
Sharpe	0.94	1.20	0.96	0.73	0.52
Sortino	1.30	1.71	1.37	1.04	0.75

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: 2.20%), 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.

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%	—	—

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 by TER. 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)

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

Official lists verified on 3 September 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

Exchange	Ticker	Trading since
Borsa Italiana (ETFplus)	SGLN	29 Jan 2026
Börse Düsseldorf	PPFB	21 Jul 2021
Börse Frankfurt	PPFB	16 Jul 2021
Börse Hamburg	PPFB	18 Oct 2017
Börse Hannover	PPFB	9 Dec 2024
Börse München / gettex	PPFB	22 Nov 2016
Börse Stuttgart	PPFB	24 Nov 2016
Tradegate Exchange	PPFB	29 Jul 2022
Xetra (Deutsche Börse)	PPFB	16 Jul 2021

+ 16 more trading venues (MTFs and professional platforms).

Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

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 35.2 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 it trades on 9 main exchanges, 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.