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

ISIN: XS2183935605Ticker: SGLS (London SE)Issuer: InvescoCurrency hedging: GBP-hedged share class

Issuer-declared data

Underlying

LBMA Gold Price (PM)

TER

0.12%

Transaction costs

0.15% (issuer estimate, from the KID)

Replication

Physical

Income policy

Accumulating

Fund assets

462 mln EUR

NAV

94.32 GBP

Domicile

Ireland

Inception date

9 July 2020

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 GBP Hedged ETC tracks the issuer-declared underlying: LBMA Gold Price (PM). In plain words: it tracks the market price of gold (the London fixing is the reference), backed by physical metal held in custody. Mind the share class: this is the version hedged to GBP — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.12%, plus 0.15% 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 462 million euro, was launched on 9 July 2020 and is domiciled in Ireland.

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%).

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) · GBP · from Jul 2020 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

+119.6%

Annualised

+13.7%

Volatility (ann.)

17.7%

Max drawdown

-26.70%

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

Currency-hedged share class: our figures are computed on the issuer’s NAV, where the hedge is applied at the daily fixing. Comparison sites using the exchange price may show returns and volatility that differ by 1–2 points: on hedged classes the price-vs-NAV gap is structurally wider and grows with the length of the window. Not a data error — a measurement convention. Details in the methodology.

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

-26.70%

peak → trough

Trough

16 Jul 2026

from the 29 Jan 2026 peak

Recovery time

not yet

recovery only: trough to break-even

Underwater

215 days

decline + recovery: peak to break-even · ≈ 7 months · (ongoing)

The five worst falls in the period

From the peak of	Trough	Depth	Back to break-even	Days underwater
29 Jan 2026	16 Jul 2026	-26.70%	ongoing	215
06 Aug 2020	03 Nov 2022	-23.87%	28 Mar 2024	1,330
20 Oct 2025	28 Oct 2025	-8.08%	12 Dec 2025	53
30 Oct 2024	14 Nov 2024	-7.67%	30 Jan 2025	92
22 Apr 2025	16 May 2025	-7.41%	01 Sept 2025	132

Calendar-year returns

2020

3.1%

2021

-5.5%

2022

-1.4%

2023

12.5%

2024

24.3%

2025

65.7%

2026

-1.4%

Month-by-month returns

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sept	Oct	Nov	Dec	Year
2026	13.9	4.7	-11.9	-0.1	-1.5	-11.6	-0.1	13.3	-4.6				-1.4
2025	7.8	0.7	9.8	5.8	-0.9	0.2	0.3	3.9	11.4	4.7	4.4	4.2	65.7
2024	-1.3	-0.3	8.0	4.1	1.7	-0.8	4.0	3.5	4.6	3.9	-3.1	-1.6	24.3
2023	5.8	-5.4	8.3	-0.0	-1.1	-2.8	2.9	-1.5	-3.8	6.7	1.8	2.0	12.5
2022	-0.7	6.4	1.7	-1.7	-3.9	-1.3	-3.7	-2.3	-2.8	-2.2	6.7	3.2	-1.4
2021	-1.4	-6.6	-3.1	4.4	7.4	-7.4	3.5	-0.7	-4.1	1.4	1.9	-0.0	-5.5
2020								-0.6	-3.8	-0.5	-6.5	7.0	3.1

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 index

We do not publish a tracking difference for this share class — and it is not an oversight.

SGLS is hedged to GBP; the index the issuer places next to it in its documents is the unhedged, foreign-currency version. Subtracting one from the other does not measure replication quality: it measures the exchange rate. In a year when the currency moves 5%, “the TD” would come out near 5 points — a plausible-looking number, with decimals, and wrong.

Other sites publish that number. We would rather show one figure less than one figure wrong: the TD will return here the day we have the GBP-hedged index series, which the issuer does not publish today.

What tracking difference is and how we compute it →

Risk indicators· EUR

	Last year	Last 3 years	Last 5 years	Full history
Volatility (ann.)	28.02%	20.87%	19.03%	18.79%
Max drawdown	-26.15%	-26.15%	-26.15%	-26.15%
Sharpe	0.86	1.20	0.82	0.71
Sortino	1.19	1.70	1.17	1.00

The max drawdown is identical across windows because the deepest fall is recent (peak 29 Jan 2026 → trough 25 Jun 2026): one episode dominates every look-back period. 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 →

Stock exchange listings

Exchange	Ticker
London Stock Exchange	SGLS

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 GBP Hedged ETC?

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

How much does SGLS cost?

The issuer-declared TER is 0.12% per year; the transaction costs estimated in the KID are 0.15%.

How is SGLS 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 SGLS?

The fund size declared by Invesco is about 462 million euro.

When was SGLS launched?

The fund was launched on 9 July 2020: it has 6 years of history.

How does SGLS replicate its index?

Physical (issuer wording: “Physical”).

Does SGLS pay dividends?

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

What was SGLS's worst fall?

Over the available history (since 2020), the maximum drawdown was -26.70%, reached in July 2026. Past performance is not indicative of future results.

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.