At a glance
SGOL charges 0.17% a year, below the 0.21% average of the 7 funds most like it (the 3rd cheapest of 7). It has $6.74B in assets, the 5th largest of that group. Over the past year it returned +1.7% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +26.3% a year. At its worst it fell 12.6% in the 2020 crash (S&P 500: 33.7%) and 20.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 14 months after the lows.
The short version
abrdn Physical Gold Shares ETF (SGOL) is a grantor trust that holds only physical gold bullion. Its goal is to track the price of gold, minus expenses. Its 0.17% annual sponsor fee is below the 0.21% average of similar gold-holding funds and far below SPDR Gold Shares (GLD) at 0.40%. SPDR Gold MiniShares (GLDM) and iShares Gold Trust Micro (IAUM) cost less. SGOL pays no income.
Price history
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SGOL +1.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SGOL price data to Oct 27, 2026 | -5.9% | +1.7% | +26.3% | +17.5% | +12.1% | +8.3% |
- Over the year to Oct 27, 2026, SGOL returned +1.7%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +17.5% and its 10-year +12.1%.
- In the 2020 COVID crash it fell 12.6% and regained its old high 0.7 months after the low.
- Its worst full calendar year was 2013 (-28.3%); its best was 2025 (+64.0%).
- The deepest fall in its price history was 45.5% (Aug 22, 2011 to Dec 17, 2015), recovered by Jul 28, 2020.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -5.9% |
| 2025 | +64.0% |
| 2024 | +26.9% |
| 2023 | +13.0% |
| 2022 | -0.5% |
| 2021 | -3.9% |
| 2020 | +25.0% |
| 2019 | +18.2% |
| 2018 | -1.9% |
| 2017 | +12.9% |
| 2016 | +8.0% |
| 2015 | -10.7% |
| 2014 | -2.1% |
| 2013 | -28.3% |
| 2012 | +6.6% |
| 2011 | +9.6% |
| 2010 | +29.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 3.7% over that stretch · deepest drop along the way 12.6%, back to its old high 0.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.2% over that stretch · deepest drop along the way 20.9%, back to its old high 14.2 months after the low |
What's inside
The trust holds physical gold directly, worth $6.74B as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
SGOL does not follow an index, and no manager picks its holdings. Its shares are issued by the abrdn Gold ETF Trust, and the trust owns nothing but gold bullion. According to its annual report filed March 2, 2026, the aim is for the shares to reflect the price of gold bullion, less the trust's expenses. The trust has no directors, officers or employees. It does not trade to profit from gold price moves or to limit losses from them.
Large dealers called Authorized Participants create and redeem shares in blocks of 100,000, known as Baskets, by delivering or receiving gold. This keeps the share price close to the value of the metal. A custodian holds the gold, and it is not lent out. During creations and redemptions, a small amount may sit for a short time in an "unallocated" account, meaning gold not tied to specific bars. That portion carries the custodian's credit risk. The trust holds no futures or other derivatives.
Gold earns no income, so the trust pays its 0.17% sponsor fee by handing over gold. As a result, the gold behind each share shrinks slightly over time. The trust is registered under the Securities Act of 1933, not the Investment Company Act of 1940, so it lacks some protections that most ETFs offer. In the US, long-term gains may be taxed at the collectibles rate of up to 28%.
What it really costs
- SGOL charges 0.17% a year, versus an average of 0.21% for the similar funds below (3rd of 7, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Physically backed precious-metal trusts are taxed like the metal itself: in the US, long-term gains can be taxed at the collectibles rate of up to 28% rather than the usual capital-gains rates.
In a retirement portfolio
Gold often moves differently from stocks and bonds, but SGOL pays no income and still fell sharply in some market crises, so it fits better as a small diversifier than as a dependable hedge.
SGOL can give a portfolio gold exposure that does not depend on company earnings or interest payments. Its record in downturns is mixed. The fund launched in 2009, after most of the 2008 crisis. In the 2020 COVID crash it fell 12.6% between March 9 and March 19, then recovered by April 9. In the 2022 bear market it dropped 20.9% from March to September 2022 and did not recover until December 2023. Its worst calendar year was 2013, at -28.3%. Its deepest drop was 45.5%, from August 2011 to December 2015, and it did not regain that peak until July 2020. SGOL has recorded no distributions, so any cash drawn from it means cashing out shares, possibly at a loss in a bad stretch. The fee is 0.17%. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want gold bullion exposure through a regular brokerage account, without storing or insuring bars and coins themselves.
- Cost-conscious investors comparing gold trusts: SGOL's 0.17% fee is below GLD's 0.40%, IAU's 0.25% and the 0.21% peer average.
- Long-term investors adding a small diversifying position who can sit through deep drops, such as its 45.5% decline from 2011 to 2015.
Look elsewhere if
- Retirees who need regular income: SGOL has recorded no distributions, so the only way to get cash from it is to cash out shares.
- Investors who want the lowest-cost physical gold fund: GLDM charges 0.10% and IAUM 0.09%, compared with SGOL's 0.17%.
- Taxable investors who are uneasy with collectibles tax treatment of up to 28%, or with a grantor trust outside the 1940 Act.
Close alternatives
Matched by other funds that hold gold directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SGOL this fund | 0.17% | $6.74B | +1.7% | +26.3% |
| GLD SPDR Gold Shares | 0.4% | $130.10B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $60.11B | -1.6% | +25.4% |
| GLDM SPDR Gold MiniShares Trust | 0.1% | $27.30B | -1.5% | +25.6% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| IAUM iShares Gold Trust Micro ETF of Benef Inter… | 0.09% | $6.31B | +1.8% | +26.4% |
| OUNZ VanEck Merk Gold ETF | 0.25% | $2.54B | +1.6% | +26.2% |
| AAAU Goldman Sachs Physical Gold ETF | 0.18% | $2.40B | +1.6% | +26.3% |
Questions investors ask
Does SGOL pay dividends?
No. SGOL has recorded no distributions. The trust holds only gold bullion, and gold produces no interest or dividends. The trust pays its 0.17% sponsor fee by handing over small amounts of gold rather than from income, so the gold behind each share slowly declines. All returns come from changes in the price of gold. Investors who need regular income would have to cash out shares or rely on other holdings.
What's the difference between SGOL and GLD?
Both are grantor trusts that hold physical gold and aim to track its price, so their returns are similar. The main differences are cost and size. SGOL's sponsor fee is 0.17%, compared with 0.40% for SPDR Gold Shares (GLD). As of June 30, 2026, GLD held about $130.1 billion in assets and SGOL about $6.7 billion. SGOL's three-year annualized return was 26.3% as of October 27, 2026. GLD's was 25.6% as of October 29, 2026.
Is SGOL backed by real gold?
Yes. According to its annual report, the trust's assets consist solely of gold bullion held by a custodian, and that gold is not lent to third parties. The trust holds no futures or other derivatives. A small amount can sit for a short time in an unallocated account during share creations and redemptions, and that portion carries the custodian's credit risk. The trust's gold was valued at about $6.74 billion as of June 30, 2026.
How is SGOL taxed?
In the US, SGOL is taxed much like owning gold directly. Because it is a physically backed precious-metal trust, long-term gains can be taxed at the collectibles rate of up to 28%, rather than the usual long-term capital-gains rates. It has recorded no distributions, so taxes generally come up when shares are disposed of. SGOL is a grantor trust, not a 1940 Act fund. A tax professional can explain how this applies to a specific account.
How has SGOL performed over the long run?
As of October 27, 2026, SGOL's price-based return was 1.7% over one year, 17.5% a year over five years and 12.1% a year over ten years. Returns have swung widely. It gained about 64% in 2025 and was down 5.89% for 2026 through October 27. Its worst calendar year was 2013, at -28.3%. Its price swings over the past year were about 28.8% on an annualized basis, which is high for a long-term holding.