abrdn Gold ETF Trust
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 28, 2025
SGOL$38.70-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-02-29.
0001999371-24-002921
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2024-12-31; filed 2025-02-28.
0001839882-25-012451
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 42 previous paragraphs and 40 current paragraphs.
31 unchanged; 5 reworded; 3 added; 5 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
The Trust’s NAV increased from $2,826,258,485 at December 31, 2023 to $3,756,119,448 at December 31, 2024, a 32.90% increase for the year. The change in the Trust’s NAV resulted from an increase in outstanding Shares, which rose from 142,200,000 Shares at December 31, 2023 to 150,700,000 Shares at December 31, 2024, a result of 17,600,000 Shares (176 Baskets) being created and 9,100,000 Shares (91 Baskets) being redeemed during the year. There was also an increase in the price per ounce of gold which contributed to the increase in the Trust’s NAV, which rose 25.62% from $2,078.40 at December 31, 2023 to $2,610.85 at December 31, 2024 (AM Auction Price).
Current report
The NAV per Share increased 25.35% from $19.88 at December 31, 2023 to $24.92 at December 31, 2024. The Trust’s NAV per Share rose slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $5,595,961 for the year, or 0.17% of the Trust’s ANAV.
Current report
The NAV per Share of $26.53 at October 30, 2024 was the highest during the year, compared with a low of $18.98 at February 14, 2024.
Removed paragraphs (5)
Previous report
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Previous report
Review of Financial Results
Previous report
The Trust’s NAV decreased from $2,652,511,503 at December 31, 2020 to $2,391,232,291 at December 31, 2021, a 9.85% decrease for the year. The decrease in the Trust’s NAV resulted primarily from a decrease in the price per ounce of gold, which fell 4.33% from $1,887.60 at December 31, 2020 to $1,805.85 at December 31, 2021. There was also a decrease in outstanding Shares, which fell from 146,200,000 Shares at December 31, 2020 to 138,000,000 Shares at December 31, 2021, a result of 7,200,000 Shares (72 Baskets) being created and 15,400,000 Shares (154 Baskets) being redeemed during the year.
Previous report
The NAV per Share decreased 4.47% from $18.14 at December 31, 2020 to $17.33 at December 31, 2021. The Trust’s NAV per Share fell slightly more than the price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $4,122,059 for the year, or 0.17% of the Trust’s ANAV.
Previous report
The NAV per Share of $18.68 at January 4, 2021 was the highest during the year, compared with a low of $16.18 at March 30, 2021.
Reworded paragraphs (5)
Previous wording
(1)After the close of markets on November 1, 2019, the Trust effected a ten-for-one forward share split of the Shares issued by the Trust (the “Split”). The information presented attributable to periods prior to the Split has been adjusted to reflect the effects of the Split.
Current wording
(1) After the close of markets on November 1, 2019, the Trust effected a ten-for-one forward share split of the Shares issued by the Trust (the "Split"). The information presented attributable to periods prior to the Split has been adjusted to reflect the effects of the Split.
Previous wording
Gold is held by the Custodian on behalf of the Trust. Gold is recorded at fair value. The cost of gold is determined according to the average cost method and the fair value is based on the LBMA PM Gold Price. Realized gains and losses on transfers of gold, or gold distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and cost of gold transferred.
Current wording
Gold is held by the Custodian on behalf of the Trust. Gold is recorded at fair value. The cost of gold is determined according to the average cost method and the fair value is based on the LBMA Gold Price PM or the LBMA Gold Price AM if no LBMA Gold Price PM is available. If neither price is available for that day, the Trust will value its gold based on the most recently announced LBMA Gold Price PM or LBMA Gold Price AM. Realized gains and losses on transfers of gold, or gold distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and cost of gold transferred.
Previous wording
Under the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors and inspectors may, only up to twice a year, visit the premises of the Custodian and the Zurich Sub-Custodian for the purpose of examining the Trust’s gold and certain related records maintained by the Custodian. Under the Allocated Account Agreement, the Custodian agreed to procure similar inspection rights from the Zurich Sub-Custodian. Visits by auditors and inspectors to the Zurich Sub-Custodian’s facilities will be arranged through the Custodian. Other than with respect to the Zurich Sub-Custodian, the Trustee and the Sponsor have no right to visit the premises of any sub-custodian for the purposes of examining the Trust’s gold or any records maintained by the sub-custodian and no sub-custodian is obligated to cooperate in any review the Trustee or the Sponsor may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian.
Current wording
Under the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors and inspectors may, only up to twice a year, visit the premises of the Custodian for the purpose of examining the Trust’s gold and certain related records maintained by the Custodian. The Trustee and the Sponsor have no right to visit the premises of any sub-custodian for the purposes of examining the Trust’s gold or any records maintained by the sub-custodian and no sub-custodian is obligated to cooperate in any review the Trustee or the Sponsor may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian.
Previous wording
The net asset value (“NAV”) of the Trust is obtained by subtracting the Trust’s expenses and liabilities on any day from the value of the gold owned by the Trust plus any gold receivable on that day; the NAV per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.
Current wording
The net asset value of the Trust will be obtained by subtracting the Trust’s expenses and liabilities on any day from the value of the gold owned by the Trust on that day; the NAV per Share will be obtained by dividing the net asset value of the Trust on a given day by the number of Shares outstanding on that day. On each day on which the Exchange is open for regular trading, the Trustee will determine the net asset value of the Trust and the NAV per Share as promptly as practicable after 4:00 p.m. (New York time). The Trustee will value the Trust’s gold on the basis of LBMA Gold Price PM. If there is no LBMA Gold Price PM on any day, the Trustee is authorized to use the LBMA Gold Price AM announced on that day. If neither price is available for that day, the Trustee will value the Trust’s gold based on the most recently announced LBMA Gold Price PM or LBMA Gold Price AM. If the Sponsor determines that such price is inappropriate to use, the Sponsor will identify an alternate basis for evaluation to be employed by the Trustee. Further, the Sponsor may instruct the Trustee to use on an on-going basis a different publicly available price which the Sponsor determines to fairly represent the commercial value of the Trust’s gold.
Previous wording
The increase in net assets from operations for the year ended December 31, 2023 was $345,743,513, resulting from a realized gain of $723,330 on the transfer of gold to pay expenses, a realized gain of $41,270,381 on gold distributed for the redemption of Shares and a change in unrealized gain on investment of gold of $308,293,501, offset by the Sponsor’s Fee of $4,543,699. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2023.
Current wording
The increase in net assets from operations for the year ended December 31, 2023 was $345,743,513, resulting from a realized gain of $723,330 on the transfer of gold to pay expenses and a realized gain of $41,270,381 on gold distributed for the redemption of Shares and a change in unrealized gain on investment of gold of $308,293,501, offset by the Sponsor’s Fee of $4,543,699. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2023.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The increase in net assets from operations for the year ended December 31, 2024 was $710,639,056, resulting from a realized gain of $1,604,086 on the transfer of gold to pay expenses, a realized gain of $53,307,136 on gold distributed for the redemption of Shares and a change in unrealized gain on investment of gold of $661,323,795, offset by the Sponsor’s Fee of $5,595,961. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2024.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The decrease in net assets from operations for the year ended December 31, 2021 was $130,981,959, resulting from a realized gain of $635,467 on the transfer of gold to pay expenses and a realized gain of $32,491,117 on gold distributed for the redemption of Shares, offset by a change in unrealized loss on investment of gold of $159,986,484, and the Sponsor’s Fee of $4,122,059. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2021.