abrdn Gold ETF Trust

Previous wording

At the Evaluation Time, the Trustee values the Trust’s gold on the basis of that day’s LBMA PM Gold Price (the USD price for an ounce of gold set by the LBMA-accredited participating bullion banks or market makers in an electronic, tradable and auditable over-the-counter auction operated by IBA at 3:00 p.m. London time, on each London business day and disseminated electronically by IBA to selected major market data vendors, such as Refinitiv and Bloomberg). If no LBMA PM Gold Price is made on such day or has not been announced by the Evaluation Time, the next most recent LBMA PM Gold Price determined prior to the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the LBMA PM Gold Price or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust’s gold is not an appropriate basis for evaluation of the Trust’s gold, it shall identify an alternative basis for such evaluation to be employed by the Trustee. Neither the Trustee nor the Sponsor shall be liable to any person for the determination that the LBMA PM Gold Price or such other publicly available price is not appropriate as a basis for evaluation of the Trust’s gold or for any determination as to the alternative basis for such evaluation provided that such determination is made in good faith.

Current wording

At the Evaluation Time, the Trustee values the Trust’s gold on the basis of that day’s LBMA Gold Price PM (the USD price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 3:00 p.m. London time, on each London business day and disseminated electronically by IBA to selected major market data vendors, such as Refinitiv and Bloomberg). If no LBMA Gold Price PM is made on such day or has not been announced by the Evaluation Time, such day’s LBMA Gold Price AM (the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 10:30 a.m. London time on each London business day and disseminated electronically by IBA to selected major market data vendors, such as Refinitiv and Bloomberg) will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the LBMA Gold Price PM, the LBMA Gold Price AM or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust’s gold is not an appropriate basis for evaluation of the Trust’s gold, it shall identify an alternative basis for such evaluation to be employed by the Trustee. Neither the Trustee nor the Sponsor shall be liable to any person for the determination that the LBMA Gold Price PM, the LBMA Gold Price AM or such other publicly available price is not appropriate as a basis for evaluation of the Trust’s gold or for any determination as to the alternative basis for such evaluation provided that such determination is made in good faith.

Previous wording

Once the value of the gold has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liab,ilities of the Trust from the total value of the gold and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the adjusted net asset value (the “ANAV”) of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.

Current wording

Once the value of the gold has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the gold and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the adjusted net asset value (the “ANAV”) of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.

Previous wording

The Trust’s NAV increased from $2,442,782,637 at December 31, 2022 to $2,667,063,508 at March 31, 2023, a 9.18% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 9.15% from $1,813.75 at December 31, 2022 to $1,979.70 at March 31, 2023 and an increase in outstanding Shares, which rose from 140,600,000 at December 31, 2022 to 140,700,000 at March 31, 2023 as a result of 6,500,000 Shares (65 Baskets) being created and 6,400,000 Shares (64 Baskets) being redeemed during the quarter.

Current wording

The Trust’s NAV increased from $2,940,004,116 at March 31, 2024 to $3,142,436,160 at June 30, 2024, a 6.89% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 5.26% from $2,214.35 at March 31, 2024 to $2,330.90 at June 30, 2024, and an increase in outstanding Shares, which rose from 138,900,000 at March 31, 2024 to 141,100,000 at June 30, 2024 as a result of 3,100,000 Shares (31 Baskets) being created and 900,000 Shares (9 Baskets) being redeemed during the quarter.

Previous wording

The NAV per Share increased 6.49% from $19.88 at December 31, 2023 to $21.17 at March 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 $1,179,295 for the quarter, or 0.17% of the Trust’s ANAV on an annualized basis.

Current wording

The NAV per Share increased 5.20% from $21.17 at March 31, 2024 to $22.27 at June 30, 2024. The Trust’s NAV per Share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,321,114 for the quarter, or 0.17% of the Trust’s ANAV on an annualized basis.

Previous wording

The NAV per Share of $21.17 at March 31, 2024 was the highest during the quarter, compared with a low of $18.98 at February 14, 2024.

Current wording

The NAV per Share of $23.20 at May 21, 2024 was the highest during the quarter, compared with a low of $21.17 at April 1, 2024.

Previous wording

The increase in net assets from operations for the quarter ended March 31, 2024 was $176,681,976, resulting from a realized gain of $240,830 on the transfer of gold to pay expenses, a realized gain of $19,829,483 on gold distributed for the redemption of Shares, a change in unrealized gain on investment in gold of $157,687,484 and a change in unrealized gain on unsettled creations and redemptions of $103,475, offset by the Sponsor’s Fee of $1,179,295. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2024.

Current wording

The increase in net assets from operations for the quarter ended June 30, 2024 was $154,255,500 resulting from a realized gain of$368,864 on the transfer of gold to pay expenses, a realized gain of $5,885,171 on gold distributed for the redemption of Shares, and a change in unrealized gain on investment in gold of $149,426,554, offset by the Sponsor’s Fee of $1,321,114 and a change in unrealized loss on unsettled creations of $103,975. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2024.

Previous wording

The Trust’s NAV increased from $2,826,258,485 at December 31, 2023 to $2,940,004,116 at March 31, 2024, a 4.02% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 6.54% from $2,078.40 at December 31, 2023 to $2,214.35 at March 31, 2024 and a decrease in outstanding Shares, which fell from 142,200,000 at December 31, 2023 to 138,900,000 at March 31, 2024 as a result of 1,700,000 Shares (17 Baskets) being created and 5,000,000 Shares (50 Baskets) being redeemed during the quarter.

Current wording

The Trust’s NAV increased from $2,826,258,485 at December 31, 2023 to $3,142,436,160 at June 30, 2024, a 11.19% increase for the period. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 12.15% from $2,078.40 at December 31, 2023 to $2,330.90 at June 30, 2024, and a decrease in outstanding Shares, which fell from 142,200,000 at December 31, 2023 to 141,100,000 at June 30, 2024 as a result of 4,800,000 Shares (48 Baskets) being created and 5,900,000 Shares (59 Baskets) being redeemed during the period.

Previous wording

The NAV per Share increased 9.15% from $17.37 at December 31, 2022 to $18.96 at March 31, 2023. The Trust’s NAV per Share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,064,425 for the quarter, or 0.17% of the Trust’s ANAV on an annualized basis.

Current wording

The NAV per Share increased 12.02% from $19.88 at December 31, 2023 to $22.27 at June 30, 2024. The Trust’s NAV per Share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $2,500,409 for the period, or 0.17% of the Trust’s ANAV on an annualized basis.

Previous wording

The NAV per Share of $19.09 at March 24, 2023 was the highest during the quarter, compared with a low of $17.34 at February 24, 2023.

Current wording

The NAV per Share of $23.20 at May 21, 2024 was the highest during the period, compared with a low of $18.98 at February 14, 2024.

Previous wording

The increase in net assets from operations for the quarter ended March 31, 2023 was $220,118,269, resulting from a realized gain of $147,575 on the transfer of gold to pay expenses, a realized gain of $18,622,665 on gold distributed for the redemption of Shares, and an increase in unrealized gain on investment in gold of $202,412,454, offset by the Sponsor’s Fee of $1,064,425. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2023.

Current wording

The increase in net assets from operations for the period ended June 30, 2024 was $330,937,550, resulting from a realized gain of $610,093 on the transfer of gold to pay expenses, a realized gain of $25,714,329 on gold distributed for the redemption of Shares and a change in unrealized gain on investment in gold of $307,113,537, offset by the Sponsor’s Fee of $2,500,409. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2024.