level 1 asset, as its value is calculated using unadjusted quoted prices from primary market sources. F- 9 abrdn Gold ETF Trust Notes to the Financial Statements The categorization of the Trust’s assets is as shown be December 31, 2022 December 31, 2021 (Amounts in 000’s of US$) Level 1 Investment in gold $ 2,427,492 $ 2,391,578 There were no transfers between levels during the years ended December 31, 2022 and 2021. 2.3. Gold Receivable and Payable Gold receivable or payable represents the quantity of gold