Hi,
PHAU is a physically backed gold ETF denominated in USD and PHGP is the same product except it's denominated is GBP. Therefore, can anyone explain why PHGP underperforms PHAU? For instance, PHAU is up 30% year on year whereas PHGP is up 20%. Sterling is acutally stronger against the USD year on year, so it can't be anything to do with currency exposure.
Many thanks
PHAU is a physically backed gold ETF denominated in USD and PHGP is the same product except it's denominated is GBP. Therefore, can anyone explain why PHGP underperforms PHAU? For instance, PHAU is up 30% year on year whereas PHGP is up 20%. Sterling is acutally stronger against the USD year on year, so it can't be anything to do with currency exposure.
Many thanks
