abrdn Gold ETF Trust
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 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-Q
Period ended 2025-03-31; filed 2025-05-08.
0001999371-25-005700
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001999371-25-010847
Item 2. 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 30 previous paragraphs and 30 current paragraphs.
20 unchanged; 8 reworded; 2 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 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 (2)
Current report
The Quarter Ended June 30, 2025
Current report
The Six Months Ended June 30, 2025
Removed paragraphs (2)
Previous report
The Quarter EndedMarch 31, 2025
Previous report
The Quarter EndedMarch 31, 2024
Reworded paragraphs (8)
Previous wording
The Trust’s NAV increased from $3,756,119,448 at December 31, 2024 to $4,806,666,963 at March 31, 2025, an 27.97% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 19.31% from $2,610.85 at December 31, 2024 to $3,115.10 at March 31, 2025, and an increase in outstanding Shares, which rose from 150,700,000 at December 31, 2024 to 161,700,000 at March 31, 2025 as a result of 13,800,000 Shares (138 Baskets) being created and 2,800,000 Shares (28 Baskets) being redeemed during the quarter.
Current wording
The Trust’s NAV increased from $4,806,666,963 at March 31, 2025 to $5,167,662,679 at June 30, 2025, a 7.51% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 5.53% from $3,115.10 at March 31, 2025 to $3,287.45 at June 30, 2025, and an increase in outstanding Shares, which rose from 161,700,000 at March 31, 2025 to 164,800,000 at June 30, 2025 as a result of 9,100,000 Shares (91 Baskets) being created and 6,000,000 Shares (60 Baskets) being redeemed during the quarter.
Previous wording
The NAV per Share increased 19.30% from $24.92 at December 31, 2024 to $29.73 at March 31, 2025. 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 $1,780,514 for the quarter, or 0.17% of the Trust’s ANAV on an annualized basis.
Current wording
The NAV per Share increased 5.48% from $29.73 at March 31, 2025 to $31.36 at June 30, 2025. 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 $2,114,816 for the quarter, or 0.17% of the Trust’s ANAV on an annualized basis.
Previous wording
The NAV per Share of $29.73 at March 31, 2025 was the highest during the quarter, compared with a low of $25.14 at January 6, 2025.
Current wording
The NAV per Share of $32.77 at June 13, 2025 was the highest during the quarter, compared with a low of $28.77 at April 8, 2025.
Previous wording
The increase in net assets from operations for the quarter ended March 31, 2025 was $737,787,001 resulting from a realized gain of $605,773 on the transfer of gold to pay expenses, a realized gain of $28,901,370 on gold distributed for the redemption of Shares, and a change in unrealized gain on investment in gold of $710,060,373 offset by the Sponsor’s Fee of $1,780,514. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2025.
Current wording
The increase in net assets from operations for the quarter ended June 30, 2025 was $255,325,845 resulting from a realized gain of $858,658 on the transfer of gold to pay expenses, a realized gain of $75,536,582 on gold distributed for the redemption of Shares, and a change in unrealized gain on investment in gold of $181,045,421, offset by the Sponsor’s Fee of $2,114,816. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2025.
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 $3,756,119,448 at December 31, 2024 to $5,167,662,679 at June 30, 2025, a 37.58% increase for the period. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 25.91% from $2,610.85 at December 31, 2024 to $3,287.45 at June 30, 2025, and an increase in outstanding Shares, which rose from 150,700,000 at December 31, 2024 to 164,800,000 at June 30, 2025 as a result of 22,900,000 Shares (229 Baskets) being created and 8,800,000 Shares (88 Baskets) being redeemed during the period.
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 25.84% from $24.92 at December 31, 2024 to $31.36 at June 30, 2025. 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 $3,895,330 for the period, 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 $32.77 at June 13, 2025 was the highest during the period, compared with a low of $24.92 at January 1, 2025.
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 period ended June 30, 2025 was $993,112,846, resulting from a realized gain of $1,464,431 on the transfer of gold to pay expenses, a realized gain of $104,437,952 on gold distributed for the redemption of Shares and a change in unrealized gain on investment in gold of $891,105,793, offset by the Sponsor’s Fee of $3,895,330. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2025.