abrdn Gold ETF Trust
For the period ended Mar 31, 2026. Filed May 8, 2026.
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.
Mar 31, 2026 · Filed May 8, 2026
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 2025-09-30; filed 2025-11-07.
0001999371-25-017265
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001999371-26-010359
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.
19 unchanged; 10 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 Quarter Ended March 31, 2025
Removed paragraphs (1)
Previous report
The Nine Months Ended September 30, 2025
Reworded paragraphs (10)
Previous 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.
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 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
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.
Current wording
The Trust’s NAV increased from $7,332,589,978 at December 31, 2025 to $7,866,952,936 at March 31, 2026, an 7.29% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 6.97% from $4,307.95 at December 31, 2025 to $4,608.35 at March 31, 2026, and an increase in outstanding Shares, which rose from 178,600,000 at December 31, 2025 to 179,200,000 at March 31, 2026 as a result of 4,200,000 Shares (42 Baskets) being created and 3,600,000 Shares (36 Baskets) being redeemed during the quarter.
Previous 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.
Current wording
The NAV per Share increased 6.92% from $41.06 at December 31, 2025 to $43.90 at March 31, 2026. 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 $3,446,914 for the quarter, or 0.17% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $51.50 at January 29, 2026 was the highest during the quarter, compared with a low of $41.48 at January 2, 2026.
Previous 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.
Current wording
The increase in net assets from operations for the quarter ended March 31, 2026 was $497,059,823 resulting from a realized gain of $1,831,098 on the transfer of gold to pay expenses, a realized gain of $89,675,639 on gold distributed for the redemption of Shares, and a change in unrealized gain on investment in gold of $409,000,000 offset by the Sponsor’s Fee of $3,446,914. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2026.
Previous 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.
Current 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.
Previous 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.
Current 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.
Previous 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.
Current 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.
Previous 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.
Current 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.
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 transfer 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 transfers and sales of gold.