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 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.

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

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.

Current wording

The Trust’s NAV decreased from $7,866,952,936 at March 31, 2026 to $6,743,476,808 at June 30, 2026, a 14.28% decrease for the quarter. The change in the Trust’s NAV resulted from a decrease in the price per ounce of gold, which fell 12.64% from $4,608.35 at March 31, 2026 to $4,026.05 at June 30, 2026, and a decrease in outstanding Shares, which fell from 179,200,000 at March 31, 2026 to 175,900,000 at June 30, 2026 as a result of 1,300,000 Shares (13 Baskets) being created and 4,600,000 Shares (46 Baskets) being redeemed during the quarter.

Previous 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.

Current wording

The NAV per Share decreased 12.67% from $43.90 at March 31, 2026 to $38.34 at June 30, 2026. The Trust’s NAV per Share fell slightly more than the price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $3,272,416 for the quarter, or 0.17% of the Trust’s ANAV on an annualized basis.

Previous 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.

Current wording

The NAV per Share of $46.39 at April 17, 2026 was the highest during the quarter, compared with a low of $38.11 at June 25, 2026.

Previous 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.

Current wording

The decrease in net assets from operations for the quarter ended June 30, 2026 was $ 989,228,618 resulting from a change in unrealized loss on investment in gold of $1,083,735,703 and the Sponsor’s Fee of $3,272,416, offset by a realized gain of $1,880,689 on the transfer of gold to pay expenses and a realized gain of $95,898,812 on gold distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2026.

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 decreased from $7,332,589,978 at December 31, 2025 to $6,743,476,808 at June 30, 2026, an 8.03% decrease for the period. The change in the Trust’s NAV resulted from a decrease in the price per ounce of gold, which fell 6.54% from$4,307.95 at December 31, 2025 to$4,026.05 at June 30, 2026, and a decrease in outstanding Shares, which fell from 178,600,000 at December 31, 2025 to 175,900,000 at June 30, 2026 as a result of 5,500,000 Shares (55 Baskets) being created and 8,200,000 Shares (82 Baskets) being redeemed during the period.

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 decreased 6.62% from $41.06 at December 31, 2025 to $38.34 at June 30, 2026. The Trust’s NAV per Share fell slightly more than the price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $6,719,329 for the period, 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 $51.50 at January 29, 2026 was the highest during the period, compared with a low of $38.11 at June 25, 2026.

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 decrease in net assets from operations for the period ended June 30, 2026 was $492,168,793 resulting from a change in unrealized loss on investment in gold of $674,735,702 and the Sponsor’s Fee of $6,719,329, offset by a realized gain of $3,711,787 on the transfer of gold to pay expenses and a realized gain of $185,574,451 on gold distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2026.