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

ISIN: IE00B579F325Ticker: SGLD (Borsa Italiana) · 8PSG (Xetra) · SGLD (London SE) · SGLD (Euronext AMS) · SGLD (SIX)Issuer: Invesco

Issuer-declared data

Underlying

LBMA Gold Price (PM)

TER

0.12%

Transaction costs

0.00% (issuer estimate, from the KID)

Replication

Physical

Income policy

Accumulating

Fund assets

25.8 bn EUR

NAV

418.71 USD

Domicile

Ireland

Inception date

24 June 2009

Data as declared by Invesco 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

Invesco Physical Gold ETC tracks the issuer-declared underlying: LBMA Gold Price (PM). The declared annual cost (TER) is 0.12%, plus 0.00% in transaction costs estimated by the issuer in the KID. Replication is physical replication (it buys the index constituents). The fund has assets of about 25.8 billion euro, was launched on 24 June 2009 and is domiciled in Ireland.

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

The Invesco Physical Gold ETC aims to provide the performance of the spot gold price through certificates collateralised with gold bullion. The base currency is USD. Term This product has a final maturity date of 31 December 2100. The Manufacturer has the right to terminate the product in a limited number of circumstances, as set out in the prospectus.
Keep reading the KID section ▾
Intended Retail InvestorThis product is intended for investors who are willing to invest for a long term and who plan to stay invested for at least 5 years. Investors should be prepared to take on a relatively high level of risk of loss to their original capital in order to get a higher potential return.

From the KID’s “Objectives” section · 14 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 97% of commodity products we track.
Average tracking difference over the last 3 years: -0.16% p.a., against a declared TER of 0.12%.

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 ProspectusPDF in English, from the issuer’s site — the fund’s full legal document 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 Jun 2009 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

+348.5%

Annualised

+9.1%

Volatility (ann.)

16.6%

Max drawdown

-45.31%

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

-45.31%

peak → trough

Trough

17 Dec 2015

from the 05 Sept 2011 peak

Recovery time

1,686 days

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

Underwater

3,250 days

decline + recovery: peak to break-even · ≈ 8 years and 11 months · → recovered on 29 Jul 2020

The five worst falls in the period

From the peak of	Trough	Depth	Back to break-even	Days underwater
05 Sept 2011	17 Dec 2015	-45.31%	29 Jul 2020	3,250
29 Jan 2026	16 Jul 2026	-26.15%	ongoing	215
06 Aug 2020	03 Nov 2022	-21.45%	28 Dec 2023	1,239
02 Dec 2009	05 Feb 2010	-12.79%	11 May 2010	160
28 Jun 2010	28 Jul 2010	-8.27%	14 Sept 2010	78

Calendar-year returns

2016

8.8%

2017

11.5%

2018

-1.4%

2019

18.5%

2020

23.9%

2021

-3.9%

2022

-0.5%

2023

13.7%

2024

26.4%

2025

64.8%

2026

1.0%

Month-by-month returns

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sept	Oct	Nov	Dec	Year
2026	15.6	4.8	-11.8	0.1	-1.4	-11.4	0.0	13.3	-4.6				1.0
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	-0.5	-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	0.1	-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	-2.1	-2.6	-2.0	7.0	3.3	-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	2.3	11.1	-0.4	-3.6	-0.3	-6.4	7.3	23.9
2019	3.2	-0.3	-1.8	-1.0	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	-0.9	1.7	-0.0	-1.9	2.0	3.5	-2.2	-1.0	0.8	1.2	11.5
2016	4.6	11.0	0.1	3.9	-5.7	8.9	1.6	-2.5	1.0	-3.8	-7.4	-1.6	8.8
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	-2.6	-0.3	-3.0	5.1	-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	-5.6	6.3	2.0	6.7	0.0	-2.0	8.1	11.3	-10.7	6.3	1.4	-12.3	8.6
2010	-0.9	2.7	0.6	5.7	2.4	3.0	-6.1	6.6	4.9	3.0	2.7	1.6	28.9
2009							0.5	1.7	4.2	4.4	13.0	-7.5	16.3

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: Invesco. 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 — fund vs underlying

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	-3.90%	-3.75%	-0.14%
2020	+23.95%	+24.17%	-0.22%
2019	+18.55%	+18.83%	-0.29%
2018	-1.43%	-1.15%	-0.29%
2017	+11.53%	+11.85%	-0.32%
2016	+8.80%	+9.12%	-0.32%

Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

	Last year	Last 3 years	Last 5 years	Last 10 years	Full history
Volatility (ann.)	25.54%	19.44%	17.77%	15.59%	16.42%
Max drawdown	-23.37%	-23.37%	-23.37%	-23.37%	-37.45%
Sharpe	0.96	1.19	0.95	0.73	0.62
Sortino	1.32	1.70	1.36	1.04	0.89

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 (PM)

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

Italian taxation

Effective rate on capital gains

26.00%

White-list share

0.00%

From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.

Deep-dive into this fund’s taxation →

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:

IE00B579F325SGLD

Moneyfarmzero on single buys from 1,000 €, agreement until 31 December 2026
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 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)	SGLD	27 Nov 2014
Börse Düsseldorf	8PSG	5 Oct 2020
Börse Frankfurt	8PSG	2 Mar 2020
Börse Hamburg	8PSG	3 Mar 2020
Börse Hannover	8PSG	9 Dec 2024
Börse München / gettex	8PSG	18 Mar 2015
Börse Stuttgart	8PSG	29 Dec 2021
Euronext Amsterdam	SGLD	31 Jan 2017
Tradegate Exchange	8PSG	2 Mar 2020
Xetra (Deutsche Börse)	8PSG	2 Mar 2020

+ 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 Invesco Physical Gold ETC?

The issuer Invesco declares the underlying: LBMA Gold Price (PM).

How much does SGLD cost?

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

How is SGLD taxed in Italy?

On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.

What is the fund size of SGLD?

The fund size declared by Invesco is about 25.8 billion euro.

When was SGLD launched?

The fund was launched on 24 June 2009: it has 17 years of history.

How does SGLD replicate its index?

Physical (issuer wording: “Physical”).

Does SGLD pay dividends?

No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “None”).

Where does SGLD trade?

Per the official ESMA register it trades on 10 main exchanges, including Borsa Italiana (ETFplus) (SGLD), Börse Düsseldorf (8PSG), Börse Frankfurt (8PSG), Börse Hamburg (8PSG), Börse Hannover (8PSG), Börse München / gettex (8PSG).

What was SGLD's worst fall?

Over the available history (since 2009), the maximum drawdown was -45.31%, reached in December 2015. Past performance is not indicative of future results.

What is SGLD's tracking difference?

Over the last 3 complete calendar years the fund returned on average -0.16% per year versus its index (from issuer-declared series).

Transparency note

The data in this sheet is declared by Invesco 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.