ETF sheet · Issuer-declared data

🇮🇹 Effective capital-gains rate: 26.00%details →

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

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

0.12% + 0.00%

TER + KID transaction costs ✓ declared by the issuer

26.2 bn €

fund assets ✓ declared by the issuer

−0.16 pt /year

average tracking difference 2023–2025 · year by year ↓ ≈ computed by Rebalix

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

Fund

Name

Invesco Physical Gold ETC

Underlying

LBMA Gold Price (PM)

Replication

Physical

Fund assets

26.2 bn EUR

Domicile

Ireland

Share class · this page

ISIN

IE00B579F325

Ticker

SGLD (Borsa Italiana) · 8PSG (Xetra) · SGLD (London SE) · SGLD (Euronext AMS) · SGLD (SIX)

Share-class currency

US dollars (USD)

TER

0.12%

Transaction costs

0.00% (issuer estimate, from the KID)

Income policy

Accumulating

Certificate value (CV)

402.88 USD

Share-class launch

24 June 2009

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

📬 Follow the engine as we build it

One email when new issuers, new metrics and new articles land. Double opt-in, zero spam, one-click unsubscribe.

OverviewIn this sectionQuick reads Fund objective What changed over time Tax

Quick reads

TER 0.12%below the median of commodity products we track (0.30%).≈ computed by Rebalix
Assetslarger than 97% of commodity products we track.≈ computed by Rebalix
Average tracking difference over the last 3 years-0.16% p.a., against a declared TER of 0.12%.≈ computed by Rebalix
Effective rate 26.00%on capital gains for Italian tax residents: from the declared white-list share≈ 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

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 26.2 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 · KID acquired on 14 August 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
24 June 2009
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 →

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 →

PerformanceIn this sectionChart Backtest Tracking difference

Fund performance

issuer-declared net asset value (NAV) · USD (loading exchange rates) · from Jun 2009 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

+331.6%

Annualised

+8.8%

Volatility (ann.)

16.6%

Max drawdown

-45.31%

24 Jun 2009 → 16 Oct 202617 years and 4 months · +331.6%

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: issuer total-return series not available.

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	260
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

-2.8%

2009: the share class was launched on 24 June 2009; the return runs from launch to 30 December 2009 and is not a full year.

Month-by-month returns

2026Year -2.8%

Jan

15.6

Feb

4.8

Mar

-11.8

Apr

0.1

May

-1.4

Jun

-11.4

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

-0.5

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

0.1

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

-2.1

Sept

-2.6

Oct

-2.0

Nov

7.0

Dec

3.3

	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	-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	-0.5	-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(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: Invesco. 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 — 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 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	-3.90%	-3.75%	-0.14 pt
2020	+23.95%	+24.17%	-0.22 pt
2019	+18.55%	+18.83%	-0.29 pt
2018	-1.43%	-1.15%	-0.29 pt
2017	+11.53%	+11.85%	-0.32 pt
2016	+8.80%	+9.12%	-0.32 pt

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? →

RiskIn this sectionRisk

Risk indicators· EUR

Last year

Volatility (ann.)25.46%

Max drawdown-23.37%

Sharpe0.10

Sortino0.14

Last 3 years

Volatility (ann.)19.53%

Max drawdown-23.37%

Sharpe1.15

Sortino1.62

Last 5 years

Volatility (ann.)17.86%

Max drawdown-23.37%

Sharpe0.94

Sortino1.35

Last 10 years

Volatility (ann.)15.65%

Max drawdown-23.37%

Sharpe0.74

Sortino1.06

Full history

Volatility (ann.)16.42%

Max drawdown-37.45%

Sharpe0.61

Sortino0.88

	Last year	Last 3 years	Last 5 years	Last 10 years	Full history
Volatility (ann.)	25.46%	19.53%	17.86%	15.65%	16.42%
Max drawdown	-23.37%	-23.37%	-23.37%	-23.37%	-37.45%
Sharpe	0.10	1.15	0.94	0.74	0.61
Sortino	0.14	1.62	1.35	1.06	0.88

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 Exchanges

Index tracked

LBMA Gold Price (PM)

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

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 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	Currency	Registered since
Bolsa Mexicana de Valores	SGLDNfrom the issuer	issuer’s product list (exchange outside the FIRDS perimeter)	—	—
Borsa Italiana (ETFplus)	SGLDfrom the issuer	ESMA register (FIRDS)	—	27 Nov 2014
Börse Düsseldorf	8PSGfrom mapping	ESMA register (FIRDS)	—	5 Oct 2020
Börse Frankfurt	8PSGfrom mapping	ESMA register (FIRDS)	—	2 Mar 2020
Börse Hamburg	8PSGfrom mapping	ESMA register (FIRDS)	—	3 Mar 2020
Börse Hannover	8PSGfrom mapping	ESMA register (FIRDS)	—	9 Dec 2024
Börse München / gettex	8PSGfrom mapping	ESMA register (FIRDS)	—	18 Mar 2015
Börse Stuttgart	8PSGfrom mapping	ESMA register (FIRDS)	—	29 Dec 2021
Euronext Amsterdam	SGLDfrom the issuer	ESMA register (FIRDS)	—	31 Jan 2017
London Stock Exchange· 2 declared lines	SGLD★SGLPfrom the issuer	issuer’s product list (exchange outside the FIRDS perimeter)	USDGBX	—
SIX Swiss Exchange· 2 declared lines	SGLDSGLDCHFfrom the issuer	issuer’s product list (exchange outside the FIRDS perimeter)	USDCHF	—
Tradegate Exchange	8PSGfrom mapping	ESMA register (FIRDS)	—	2 Mar 2020
Xetra (Deutsche Börse)	8PSGfrom the issuer	ESMA register (FIRDS)	—	2 Mar 2020

from the issuer — ticker declared by the issuer in its product list.

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
Euronext Dublin	not available	ESMA register (FIRDS)	1 Oct 2026

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 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.

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 26.2 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 (FIRDS) and the issuer’s documents it is listed on 13 exchanges with a ticker available, including Bolsa Mexicana de Valores (SGLDN), Borsa Italiana (ETFplus) (SGLD), Börse Düsseldorf (8PSG), Börse Frankfurt (8PSG), Börse Hamburg (8PSG), Börse Hannover (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 three most recent complete calendar years (2023–2025) the fund returned on average -0.16 percentage points per year versus its index: the annual mean of the differences, 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.

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