abrdn Gold ETF Trust
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 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 2025-06-30; filed 2025-08-07.
0001999371-25-010847
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001999371-25-017265
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.
18 unchanged; 11 reworded; 1 added; 1 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 (1)
Current report
The Nine Months Ended September 30, 2025
Removed paragraphs (1)
Previous report
The Six Months Ended June 30, 2025
Reworded paragraphs (11)
Previous wording
Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “SGOL”.
Current wording
Shares of the Trust trade on the NYSE Arca, Inc. (“NYSE Arca”) under the symbol “SGOL”.
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 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.
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 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 $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.
Current wording
The Trust’s NAV increased from $5,167,662,679 at June 30, 2025 to $6,240,322,765 at September 30, 2025, a 20.76% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 16.36% from $3,287.45 at June 30, 2025 to $3,825.30 at September 30, 2025, and an increase in outstanding Shares, which rose from 164,800,000 at June 30, 2025 to 171,100,000 at September 30, 2025 as a result of 8,900,000 Shares (89 Baskets) being created and 2,600,000 Shares (26 Baskets) being redeemed during the quarter.
Previous 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.
Current wording
The NAV per Share increased 16.29% from $31.36 at June 30, 2025 to $36.47 at September 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 $2,400,923 for the quarter, or 0.17% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $36.49 at September 29, 2025 was the highest during the quarter, compared with a low of $31.46 at July 31, 2025.
Previous 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.
Current wording
The increase in net assets from operations for the quarter ended September 30, 2025 was $871,857,410 resulting from a realized gain of $960,892 on the transfer of gold to pay expenses, a realized gain of $39,403,439 on gold distributed for the redemption of Shares, a change in unrealized gain on investment in gold of $821,650,317, and a change in unrealized gain on unsettled creations in gold of $12,243,685, offset by the Sponsor’s Fee of $2,400,923. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2025.
Previous 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.
Current wording
The Trust’s NAV increased from $3,756,119,448 at December 31, 2024 to $6,240,322,765 at September 30, 2025, a 66.14% increase for the period. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 46.52% from $2,610.85 at December 31, 2024 to $3,825.30 at September 30, 2025, and an increase in outstanding Shares, which rose from 150,700,000 at December 31, 2024 to 171,100,000 at September 30, 2025 as a result of 31,800,000 Shares (318 Baskets) being created and 11,400,000 Shares (114 Baskets) being redeemed during the period.
Previous 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.
Current wording
The NAV per Share increased 46.35% from $24.92 at December 31, 2024 to $36.47 at September 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 $6,296,252 for the period, or 0.17% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $36.49 at September 29, 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 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.
Current wording
The increase in net assets from operations for the period ended September 30, 2025 was $1,864,970,257, resulting from a realized gain of $2,425,323 on the transfer of gold to pay expenses, a realized gain of $143,841,391 on gold distributed for the redemption of Shares a change in unrealized gain on investment in gold of $1,712,756,111, and a change in unrealized gain on unsettled creations in gold of $12,243,685, offset by the Sponsor’s Fee of $6,296,252. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2025.
Previous wording
The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee. The Trust’s only source of liquidity is its transfers and sales of gold.
Current wording
The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee. The Trust's only source of liquidity is its transfer and sales of gold.