abrdn Gold ETF Trust
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-07.
0001999371-26-017412
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001999371-26-024816
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 September 30, 2026
Current report
The Nine Months Ended September 30, 2026
Removed paragraphs (2)
Previous report
The Quarter EndedJune 30, 2026
Previous report
The Six Months Ended June 30, 2026
Reworded paragraphs (8)
Previous 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.
Current wording
The Trust’s NAV increased from $6,743,476,808 at June 30, 2026 to $7,167,043,311 at September 30, 2026, a 6.28% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 3.73% from $4,026.05 at June 30, 2026 to $4,176.30 at September 30, 2026, and an increase in outstanding Shares, which rose from 175,900,000 at June 30, 2026 to 180,300,000 at September 30, 2026 as a result of 5,700,000 Shares (57 Baskets) being created and 1,300,000 Shares (13 Baskets) being redeemed during the quarter.
Previous 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.
Current wording
The NAV per Share increased 3.68% from $38.34 at June 30, 2026 to $39.75 at September 30, 2026. 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 $3,098,084 for the quarter, or 0.17% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $44.40 at August 24, 2026 was the highest during the quarter, compared with a low of $38.02 at July 16, 2026.
Previous 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.
Current wording
The increase in net assets from operations for the quarter ended September 30, 2026 was $237,304,327 resulting from a realized gain of $1,471,733 on the transfer of gold to pay expenses, a realized gain of $24,063,768 on gold distributed for the redemption of Shares and a change in unrealized gain on investment in gold of $214,866,910, offset by the Sponsor's Fee of $3,098,084. Other than the Sponsor's Fee, the Trust had no expenses during the quarter ended September 30, 2026.
Previous 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.
Current wording
The Trust’s NAV decreased from $7,332,589,978 at December 31, 2025 to $7,167,043,311 at September 30, 2026, a 2.26% decrease for the period. The change in the Trust’s NAV resulted from a decrease in the price per ounce of gold, which fell 3.06% from$4,307.95 at December 31, 2025 to$4,176.30 at September 30, 2026, and an increase in outstanding Shares, which rose from 178,600,000 at December 31, 2025 to 180,300,000 at September 30, 2026 as a result of 11,200,000 Shares (112 Baskets) being created and 9,500,000 Shares (95 Baskets) being redeemed during the period.
Previous 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.
Current wording
The NAV per Share decreased 3.19% from $41.06 at December 31, 2025 to $39.75 at September 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 $9,817,413 for the period, 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 period, compared with a low of $38.11 at June 25, 2026.
Current wording
The NAV per Share of $51.50 at January 29, 2026 was the highest during the period, compared with a low of $38.02 at July 16, 2026.
Previous 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.
Current wording
The decrease in net assets from operations for the period ended September 30, 2026 was $254,864,466 resulting from a change in unrealized loss on investment in gold of $459,868,792 and the Sponsor’s Fee of $9,817,413, offset by a realized gain of $5,183,520 on the transfer of gold to pay expenses and a realized gain of $209,638,219 on gold distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2026.