abrdn Gold ETF Trust
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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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.
FY2025 · Filed Mar 2, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-02.
0001999371-26-004879
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 40 previous paragraphs and 39 current paragraphs.
34 unchanged; 1 reworded; 4 added; 5 removed; 0 previous and 0 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 (4)
Current report
The Trust’s NAV increased from $3,756,119,448 at December 31, 2024 to $7,332,589,978 at December 31, 2025, a 95.22% increase for the year. The change in the Trust’s NAV resulted from an increase in outstanding Shares, which rose from 150,700,000 Shares at December 31, 2024 to 178,600,000 at December 31, 2025, a result of 40,200,000 Shares (402 Baskets) being created and 12,300,000 Shares (123 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 65.00% from $2,610.85 at December 31, 2024 (AM Auction Price) to $4,307.95 at December 31, 2025.
Current report
The NAV per Share increased 64.77% from $24.92 at December 31, 2024 to $41.06 at December 31, 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 $9,255,459 for the year, or 0.17% of the Trust’s ANAV.
Current report
The NAV per Share of $42.70 at December 24, 2025 was the highest during the year, compared with a low of $25.14 at January 6, 2025.
Current report
The increase in net assets from operations for the year ended December 31, 2025 was $2,653,692,212, resulting from a realized gain of $3,756,229 on the transfer of gold to pay expenses, a realized gain of $161,708,401 on gold distributed for the redemption of Shares and a change in unrealized gain on investment of gold of $2,497,483,041, offset by the Sponsor’s Fee of $9,255,459. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2025.
Removed paragraphs (5)
Previous report
Financial Highlights
Previous report
The Trust’s NAV increased from $2,391,232,291 at December 31, 2021 to $2,442,782,637 at December 31, 2022, a 2.16% increase for the year. The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 138,000,000 Shares at December 31, 2021 to 140,600,000 Shares at December 31, 2022, a result of 22,200,000 Shares (222 Baskets) being created and 19,600,000 Shares (196 Baskets) being redeemed during the year. There was also an increase in the price per ounce of gold, which rose 0.36% from $1,805.85 at December 31, 2021 to $1,813.75 at December 31, 2022.
Previous report
The NAV per Share increased 0.23% from $17.33 at December 31, 2021 to $17.37 at December 31, 2022. 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 $4,232,956 for the year, or 0.17% of the Trust’s ANAV.
Previous report
The NAV per Share of $19.56 at March 8, 2022 was the highest during the year, compared with a low of $15.61 at November 3, 2022.
Previous report
The decrease in net assets from operations for the year ended December 31, 2022 was $17,367,008, resulting from a realized gain of $555,841 on the transfer of gold to pay expenses and a realized gain of $33,257,612 on gold distributed for the redemption of Shares, offset by a change in unrealized loss on investment of gold of $46,947,505, and the Sponsor’s Fee of $4,232,956. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2022.
Reworded paragraphs (1)
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 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.
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, 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.