Gold in ETFs and ETCs: the full comparison
15 physically-backed ETCs (€88.7 bn in declared assets) and 5 equity ETFs on gold miners, from our census. For each: TER and KID costs, 12-month tracking difference, currency hedging and Italian taxation — from official documents, re-read monthly. No rankings: the numbers, product by product.
First and most important distinction: physical gold and miners are not the same thing. ETCs follow the metal’s price with bars in vaults; miner funds buy shares of gold companies, which amplify the metal’s moves — in both directions. This page keeps them separate.
Why “ETC” and not “ETF” — and why Italian taxation cares
A UCITS fund must diversify: concentrating on a single commodity is not allowed. Physical gold therefore reaches the exchange as an ETC — a debt security backed by allocated bars — bought like an ETF but legally distinct.
The difference matters at tax time under Italian rules: ETC gains are «redditi diversi» at 26% and can offset carried-forward losses; ETF gains (miners included) are «redditi di capitale» at 26% and cannot. Taxed elsewhere? The two wrappers are treated differently from country to country — sometimes very favourably for physical gold — so check the rules where you are tax resident. Not tax advice.
How to read this page
Allocated physical, not synthetic. Every ETC on this page declares physical replication: bars held with custodians, with bar lists published by the issuers. Synthetic gold ETCs also exist (swap- or futures-based), carrying a different counterparty risk: none of the issuers in our census offers one, and if any enters it will be labelled as such.
“Denominated in EUR” does not mean “hedged”. Gold is priced in dollars: an ETC listed or denominated in euro simply converts the price at the prevailing rate — the EUR/USD risk remains in full. Only hedged classes actively cover the currency, at a cost you can read in the tracking difference. The “Currency” column tells the two cases apart.
The TER includes custody. For a physical ETC the annual fee mainly pays for vault custody of the metal; there is no separate custody charge to add. The overall realised cost — management, custody and frictions — is measured by the tracking difference versus the gold price (LBMA), product by product.
| Product | Currency | TER | KID costs | 12-month TD | Assets |
|---|---|---|---|---|---|
| iShares Physical Gold ETC SGLN · IE00B4ND3602 · ETC | USD | 0.12% | 0.00% | -0.16% | 35.2 bn |
| Invesco Physical Gold ETC SGLD · IE00B579F325 · ETC | USD | 0.12% | 0.00% | — | 25.8 bn |
| AMUNDI PHYSICAL GOLD ETC (C) FR0013416716 · ETC | USD | 0.12% | 0.00% | -0.16% | 11.4 bn |
| Xtrackers IE Physical Gold ETC Securities DE000A2T0VU5 · ETC | USD | 0.11% | 0.00% | — | 5.9 bn |
| Xtrackers Physical Gold ETC (EUR) DE000A1E0HR8 · ETC | USD | 0.25% | 0.00% | — | 2.4 bn |
| Xtrackers Physical Gold EUR Hedged ETC DE000A1EK0G3 · ETC | EUR · hedged EUR | 0.59% | 0.00% | — | 2 bn |
| iShares Physical Gold GBP Hedged ETC IGLG · IE000Q2P3ZQ3 · ETC | GBP · hedged GBP | 0.25% | 0.07% | -0.40% | 1.2 bn |
| Invesco Physical Gold EUR Hedged ETC SGLE · XS2183935274 · ETC | EUR · hedged EUR | 0.12% | 0.15% | — | 1.2 bn |
| Xtrackers IE Physical Gold EUR Hedged ETC Securities DE000A2T5DZ1 · ETC | EUR · hedged EUR | 0.24% | 0.00% | — | 1.1 bn |
| iShares Physical Gold EUR Hedged ETC IGLD · IE0009JOT9U1 · ETC | EUR · hedged EUR | 0.25% | 0.00% | -0.43% | 699 m |
| Xtrackers IE Physical Gold GBP Hedged ETC Securities DE000A2UDH48 · ETC | GBP · hedged GBP | 0.24% | 0.00% | — | 486 m |
| Invesco Physical Gold GBP Hedged ETC SGLS · XS2183935605 · ETC | GBP · hedged GBP | 0.12% | 0.15% | — | 462 m |
| Xtrackers Physical Gold ETC GB00B5840F36 · ETC | USD | 0.25% | 0.00% | — | 434 m |
| Invesco Physical Gold II ETC G2LD · XS3384723154 · ETC | USD | 0.12% | 0.00% | — | 411 m |
| Xtrackers Physical Gold GBP Hedged ETC GB00B68FL050 · ETC | GBP · hedged GBP | 0.69% | 0.00% | — | 55 m |
| Product | Currency | TER | KID costs | 12-month TD | Assets |
|---|---|---|---|---|---|
| iShares Gold Producers UCITS ETF USD (Acc) SPGP · IE00B6R52036 · ETF | USD | 0.55% | 0.02% | -0.68% | 4.1 bn |
| Amundi Gold Miners UCITS ETF Dist CD91 · LU2611731824 · ETF | USD | 0.65% | 0.01% | -1.12% | 750 m |
| L&G Gold Mining UCITS ETF AUCO · IE00B3CNHG25 · ETF | USD | 0.60% | 0.08% | -0.53% | 549 m |
| UBS Solactive Global Pure Gold Miners UCITS ETF USD dis GOM · IE00B7KMNP07 · ETF | USD | 0.43% | 0.02% | +1.46% | 333 m |
| UBS Solactive US Listed Gold & Silver Miners UCITS ETF USD acc GSM · IE000EPIJ442 · ETF | USD | 0.36% | 0.00% | — | 84 m |
Want them in the screener, with every filter?
The ETF Screener lists ETCs and miners with total cost, KID risk, listing exchanges and a 12-month chart; every row links to the product page with year-by-year tracking difference and official documents.
Open the Screener on gold →Frequently asked questions
Why is physical gold an ETC and not an ETF?
UCITS rules require minimum diversification: a fund concentrated on a single commodity cannot be authorised as an ETF. Physical gold therefore lives as an ETC (Exchange Traded Commodity): a listed debt security, backed by bars held in vaults, tracking the gold price. It trades on exchange like an ETF, but the legal wrapper differs — and the tax differences follow from that.
How are gold ETCs and ETFs taxed in Italy?
ETC capital gains fall under «redditi diversi»: 26% rate, and they can offset carried-forward losses — including those generated by selling shares, bonds or ETFs at a loss. Gains on UCITS ETFs (such as miner funds) are «redditi di capitale»: still 26%, but they cannot offset losses. It is a structural difference between the two wrappers, not an issuer choice, and it applies to Italian tax residents: other countries treat gold ETCs under their own rules, in some cases more favourably. This is not tax advice: check your position with your intermediary or accountant.
Are gold ETCs and miner funds the same exposure?
No. A physical ETC follows the gold price; miner funds buy shares of gold-mining companies, whose earnings depend on the gold price but also on extraction costs, debt, management and countries of operation. Historically miner stocks amplify the metal’s moves in both directions, and they remain equity investments in every respect.
Is the currency-hedged class worth it?
Gold is priced in dollars: EUR-hedged classes neutralise EUR/USD at the cost of the hedge, visible in the tracking difference (more negative than unhedged classes). We record facts, not recommendations: the choice depends on the role currency plays in your portfolio; the numbers are in the table and on the product pages.
Does the ETC gold actually exist?
The physical ETCs on this page declare allocated bars with custodians, with bar lists published by the issuers. It remains a debt security: the holder has a claim on the collateral, not a bar at home. Structure, custodian and redemption mechanics are described in each product’s prospectus, linked from its page.
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