Hello,
I'm looking at:
- [SGLP](https://www.justetf.com/uk/etf-profile.html?isin=IE00B579F325)
- [SGLN](https://www.justetf.com/uk/etf-profile.html?isin=IE00B4ND3602)
They both have 0.12% TER, and their returns seem identical as they both track the spot price of gold (in USD). Both seem to be domiciled in Ireland. and both are issued by Invesco.
The question then is, what is their difference?
In the description of SGLP:
> The ETC replicates the performance of the underlying index with a collateralised debt obligation which is backed by physical holdings of the precious metal.
And for SGLN:
> The iShares Physical Gold ETC is the largest ETC that tracks the Gold index. The ETC replicates the performance of the underlying index with a collateralised debt obligation which is backed by physical holdings of the precious metal.
I am curious as to how I should interpret this. Both seem to use "collateralised debt obligation" which seems to suggest that they are not 100% physical gold backed, but rather structure their debt in some type of way. Is that significant?
In short:
1. How are they really different?
2. What could I read in the justETF page to spot the difference?
