10-K/A: abrdn Gold ETF Trust Reports Soaring 2025 NAV and Gold Price Gains

abrdn Gold ETF Trust's net asset value surged 95.22% in 2025, driven by a 65% increase in gold prices, as detailed in its amended annual report.

Summary

• The abrdn Gold ETF Trust's Net Asset Value (NAV) increased by 95.22% from $3,756,119,448 at December 31, 2024, to $7,332,589,978 at December 31, 2025.
• The price per ounce of gold rose by 65.00% from $2,610.85 at December 31, 2024, to $4,307.95 at December 31, 2025.
• Outstanding Shares increased from 150,700,000 at December 31, 2024, to 178,600,000 at December 31, 2025, with 40,200,000 Shares created and 12,300,000 Shares redeemed during the year.
• The NAV per Share increased by 64.77% from $24.92 at December 31, 2024, to $41.06 at December 31, 2025.
• Net assets from operations for the year ended December 31, 2025, increased by $2,653,692,212.
• The Sponsor's Fee for 2025 was $9,255,459, representing an annualized rate of 0.17% of the Trust's Adjusted Net Asset Value (ANAV).
• The amendment (Form 10-K/A) was filed solely to include KPMG's audit report on the financial statements, which was inadvertently omitted from the original filing.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a strong positive report, primarily driven by the exceptional performance of gold prices in 2025, which directly benefits the Trust's NAV and Share value. The administrative nature of the amendment does not detract from the underlying robust financial results.

Positives

• The Trust's Net Asset Value (NAV) experienced a substantial 95.22% increase, reaching $7,332,589,978 by December 31, 2025.
• The underlying price of gold bullion, which the Trust tracks, saw a significant 65.00% rise to $4,307.95 per ounce by year-end 2025.
• Net assets from operations for the year ended December 31, 2025, showed a strong increase of $2,653,692,212.
• The Trust maintained effective disclosure controls and procedures and internal control over financial reporting as of December 31, 2025, as concluded by the Sponsor's management and attested by KPMG LLP.
• The Trust provides a simple and cost-effective means for investors to gain exposure to physical gold, with Shares trading on NYSE Arca and backed by physical gold bullion.
• Regular inspections of the Trust's gold holdings were conducted by an independent third-party, Bureau Veritas Commodities UK Ltd, on August 4, 2025, and January 5, 2026.

Negatives

• The Trust is a passive investment vehicle and does not engage in active management to mitigate losses from gold price changes, meaning investors are fully exposed to gold price volatility.
• Shareholders do not possess traditional corporate rights such as voting on most matters, electing directors, or receiving dividends.
• The Trust is not registered as an investment company under the Investment Company Act of 1940 or regulated as a commodity pool under the CEA, thus lacking certain regulatory protections.
• Gold held in unallocated accounts is not segregated from the Custodian's assets, exposing the Trust and Authorized Participants to credit risk in the event of the Custodian's insolvency.
• The Custodian's liability under the Custody Agreements is limited, and legal recourse under English law may be challenging for the Trust.
• The Trust does not insure its gold, and there is no assurance that the Custodian's insurance coverage is adequate or that sub-custodians are insured.
• Geopolitical events, such as the Russia-Ukraine war and associated sanctions, have caused and may continue to cause volatility in gold prices and disrupt supply chains.
• The amount of gold represented by each Share will continuously decrease over time due to the recurring Sponsor's Fee and potential sales for other Trust expenses, requiring gold price increases to maintain Share value.

Risks

• The value of the Shares relates directly to the value of the gold held by the Trust, and fluctuations in the price of gold could materially adversely affect an investment in the Shares.
• Factors such as global gold supply and demand, inflation expectations, currency exchange rates, interest rates, investment activities of hedge funds and commodity funds, and global political/economic events can affect gold prices.
• There is no assurance that gold will maintain its long-term value in terms of purchasing power in the future.
• A significant increase in gold hedging activity by gold producers or a negative shift in speculator/investor sentiment towards gold could cause a decline in world gold prices.
• Crises may motivate large-scale sales of gold, which could have a short-term negative impact on gold prices.
• Large redemptions of other exchange-traded vehicles (ETVs) tracking gold markets could negatively affect physical gold bullion prices.
• Unanticipated operational or trading problems with the Trust's mechanics or Share trading could have a material adverse effect.
• Discrepancies, disruptions, or unreliability of the LBMA Gold Price PM could impact the value of the Trust's gold and the market price of the Shares.
• Difficulties in the creation and redemption process could eliminate arbitrage opportunities, causing the Share price to fall independently of gold prices.
• A possible short squeeze due to a sudden increase in demand for Shares that largely exceeds supply may lead to price volatility in the Shares.
• The withdrawal of one or more Authorized Participants could decrease the liquidity of the Shares.
• Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act of 1940 or the protections afforded by the CEA.
• The Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders, such as when gold prices are low.
• The lack of an active trading market for the Shares may result in losses on investment at the time of disposition.
• An investment in the Shares may be adversely affected by competition from other methods of investing in gold.
• The amount of gold represented by each Share will decrease over the life of the Trust due to the recurring deliveries of gold necessary to pay the Sponsor's Fee and potential sales for other expenses.
• An increase in Trust expenses not assumed by the Sponsor, or unexpected liabilities, will require the Trustee to sell larger amounts of gold, accelerating the decrease in gold per Share.
• The sale of the Trust's gold to pay expenses at a time of low gold prices could adversely affect the value of the Shares.
• The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor or the Trustee under the Trust Agreement.
• The Shares may trade at a price which is at, above, or below the NAV per Share, and any discount or premium may widen due to non-concurrent trading hours.
• Purchasing activity in the gold market associated with the creation of Baskets may temporarily increase the price of gold, which may then decline.
• The Fund is subject to responsible sourcing due diligence risk, as the LBMA's Gold Guidance may not work as intended or be less effective for recycled gold.
• The Trust's gold may be subject to loss, damage, theft, or restriction on access.
• The Trust lacks insurance protection, and Shareholders have limited rights of legal recourse against the Trust, Trustee, Sponsor, Custodian, and any sub-custodian.
• The Custodian's limited liability under the Custody Agreements and English law may impair the Trust's ability to recover losses, even in the event of fraud.
• The obligations of the Custodian are governed by English law, which may frustrate the Trust in attempting to seek legal redress.
• The Trust may not have adequate sources of recovery if its gold is lost, damaged, stolen, or destroyed.
• Shareholders and Authorized Participants lack the right under the Custody Agreements to assert claims directly against the Custodian and any sub-custodian.
• Limited oversight of sub-custodians by the Trustee and Custodian could result in losses.
• Sub-custodian obligations are based on LBMA rules and London bullion market customs, not contractual arrangements, potentially hindering recovery of damages.
• Gold bullion allocated to the Trust may not meet London Good Delivery Standards, potentially causing a loss if Baskets are issued against non-conforming gold.
• Gold held in the Trust's unallocated gold account and any Authorized Participants' unallocated gold account will not be segregated from the Custodian's assets, posing insolvency risk.
• The Trustee relies on information from the Custodian that is subject to confirmation, and incorrect information could lead to Baskets being issued for an incorrect amount of gold.
• The Trust relies on the information and technology systems of its service providers, which could be adversely affected by cybersecurity attacks or other disruptions.
• War, major terrorist attacks, geopolitical events (e.g., Russia-Ukraine war), and public health emergencies may cause volatility in gold prices, market access restrictions, and supply chain disruptions.
• Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust.

Future Outlook

The filing contains forward-looking statements that are merely predictions and inherently subject to uncertainties and risks, with no obligation for the Trust to publicly release revisions. StockSavvy.ai notes that the market narrative at the start of 2025 anticipated potential U.S. tariffs leading to a recession and aggressive interest rate cuts, which could drive interest in gold ETFs. Central bank demand for gold as a foreign exchange reserve diversifier, particularly away from U.S. dollars and treasuries due to tariff and sanction threats, is expected to continue. Early signs also indicated an uptick in gold demand from Chinese insurance companies. U.S. employment numbers revised dramatically lower were expected to necessitate Federal Reserve rate cuts, further boosting investment demand for gold. These factors collectively contributed to a powerful rally in gold prices into the end of September 2025 and a sustained rally into year-end.

Management Comments

• The Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that, as of December 31, 2025, the Trust's disclosure controls and procedures were effective.
• The Chief Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trust's internal control over financial reporting as of December 31, 2025, and concluded that the Trust maintained effective internal control over financial reporting.

Industry Context

StockSavvy.ai notes that the gold market is influenced by a diverse set of participants, including mining, banking, official (central banks), investment, and manufacturing sectors. Central banks, holding approximately 36,492 tonnes of gold reserves as of Q4 2025, are increasingly diversifying away from U.S. Dollars and Treasuries, driven by geopolitical risks such as sanctions and tariffs. This trend, coupled with growing interest from institutional investors like Chinese insurance companies, provides a significant tailwind for gold demand. While jewelry remains the largest demand component, investment demand, particularly through ETFs, has shown volatility, with net outflows from 2021-2024, but a strong resurgence in 2025. The LBMA Gold Price PM, regulated by the FCA, serves as the global benchmark, ensuring transparency and auditable pricing in the predominantly OTC market.

Comparison to Industry Standards

• The Trust's valuation methodology relies on the LBMA Gold Price PM, which is a widely accepted industry benchmark for daily gold prices, ensuring consistency with global standards.
• The Sponsor's Fee of 0.17% is a standard expense ratio for gold ETFs, reflecting the cost of administration and custody, and is comparable to other passively managed physical gold ETFs.
• The Trust's adherence to LBMA's Good Delivery Rules for gold bars and the Responsible Sourcing Programme aligns with industry best practices for ethical sourcing and supply chain integrity, although the filing notes inherent risks in verifying 100% ethical sourcing.
• The Trust's operational structure, involving Authorized Participants for creation and redemption of Baskets, is standard for exchange-traded products, facilitating arbitrage to keep the Share price aligned with NAV, similar to other commodity ETFs like SPDR Gold Shares (GLD) or iShares Gold Trust (IAU).

Corporate Governance

Related Party Transactions

• The Sponsor (abrdn ETFs Sponsor LLC) and the Trustee (The Bank of New York Mellon) are considered related parties to the Trust.
• The Trust pays the Sponsor a monthly fee (Sponsor's Fee) at an annualized rate of 0.17% of the ANAV, paid in-kind through transfers of gold.
• The Sponsor assumes various administrative and marketing expenses of the Trust, including Trustee fees, Custodian fees, exchange listing fees, SEC registration fees, printing/mailing costs, audit fees, and up to $100,000 per annum in legal expenses.
• Affiliates of the Trustee and the Custodian may act as Authorized Participants or engage in gold/Share trading for their own accounts or as agents for clients, subject to the same transaction fees as other Authorized Participants.

Stakeholder Impact

• **Shareholders**: Directly benefit from the significant increase in gold prices and the Trust's NAV, but remain exposed to gold price volatility and the passive nature of the investment.
• **Authorized Participants**: Continue to facilitate the creation and redemption of Baskets, earning transaction fees, but bear risks associated with unallocated gold accounts and market liquidity.
• **Sponsor**: Benefits from increased Sponsor's Fees due to the higher NAV, while continuing its role in marketing and administrative oversight.
• **Trustee**: Continues its day-to-day administrative responsibilities, including gold valuation and transaction processing, with its fees covered by the Sponsor.
• **Custodian**: Continues to provide safekeeping for the Trust's gold, with its fees covered by the Sponsor, but operates under limited liability and English law jurisdiction.

Next Steps

• The Trust will continue its ongoing operations, including the daily valuation of gold, calculation of NAV, and processing of creation and redemption orders from Authorized Participants.
• The Sponsor will continue to assume administrative and marketing expenses, and the Trustee will manage the day-to-day administration of the Trust.

Key Dates

Recommendation

The abrdn Gold ETF Trust (SGOL) demonstrated exceptional performance in 2025, with its NAV and gold holdings experiencing substantial growth. This reflects a strong year for gold as an asset class, driven by geopolitical factors and expectations of interest rate movements. As a passive investment vehicle, SGOL's performance is directly tied to the price of gold bullion. While the past year's performance is impressive, the recommendation is 'hold' for a seasoned investor. This is because the Trust's value is inherently volatile, mirroring gold's price fluctuations, and it does not offer active management to mitigate risks. Investors seeking gold exposure have seen significant gains, but future performance will depend entirely on the unpredictable movements of the gold market. The administrative nature of this amendment does not introduce new fundamental drivers for a 'buy' or 'sell' decision, but rather confirms the strong historical performance and operational integrity.

Keywords

Gold ETF, SGOL, abrdn Gold ETF Trust, Physical Gold, SEC Filing, Annual Report, Gold Price, Net Asset Value, Investment Trust, Commodity ETF, LBMA Gold Price, Financial Performance, Asset Management, Exchange Traded Fund