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some cases, such forward-looking statements can be identified by terminology such as “may,” “should,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“potential” or the negative of these terms or other comparable terminology. We remind readers that forward-looking
statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown
risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially
different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking
statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the
date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Introduction The
abrdn Gold ETF Trust (the “Trust”) is a trust formed under the laws of the State of New York. The Trust does not have
any officers, directors, or employees, and is administered by The Bank of New York Mellon (the “Trustee”) acting as
trustee pursuant to the Depositary Trust Agreement (the “Trust Agreement”) between the Trustee and abrdn ETFs Sponsor
LLC, the sponsor of the Trust (the “Sponsor”). The Trust issues Shares representing fractional undivided beneficial
interests in its net assets. The assets of the Trust consist of gold bullion held by a custodian as an agent of the Trust and
responsible only to the Trustee. The
Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect,
at any given time, the price of the gold bullion owned by the Trust, less the Trust’s liabilities (anticipated to be principally
for accrued operating expenses), divided by the number of outstanding Shares. The Trust does not engage in any activities designed
to obtain a profit from, or ameliorate losses caused by, changes in the price of gold. 37 The
Trust issues and redeems Shares only in exchange for gold, only in aggregations of 100,000 Shares effective November 4, 2019 (prior
to November 4, 2019, the number of Shares that constituted a Basket for creations and redemptions was 50,000 Shares) or integral
multiples thereof (each, a “Basket”), and only in transactions with registered broker-dealers or other securities
market participants not required to register as broker-dealers, such as a bank or other financial institution, that (1) are participants
in DTC and (2) have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such
dealers, the “Authorized Participants”). As of the date of this annual report the Authorized Participants that have
signed an Authorized Participant Agreement with the Trust are Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC,
HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC,
Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Americas, LLC. Shares
of the Trust trade on the NYSE Arca under the symbol “SGOL.” Investing
in the Shares does not insulate the investor from certain risks, including price volatility. The following table illustrates the
movement in the net asset value (“NAV”) of the Shares against the corresponding gold price (per 1/100 of an oz. of
gold) since incepti NAV
per Share vs. Gold Price from the September 9, 2009 (the Date of Inception) to December 31, 2022 (1) (1)
After the close of markets on November 1, 2019, the Trust effected a ten-for-one forward share split of the Shares issued by the
Trust (the "Split"). The information presented attributable to periods prior to the Split has been adjusted to reflect
the effects of the Split. The
divergence of the NAV per Share from the gold price over time reflects the cumulative effect of the Trust expenses that arise
if an investment had been held since inception. Critical
Accounting Policy The
financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United
States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s
financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting
policies. Below we describe the valuation of gold bullion, a critical accounting policy that we believe is important to understanding
the results of operations and financial position. In addition, please refer to Note 2 to the Financial Statements for further
discussion of the Trust's accounting policies. Valuation
of Gold Gold
is held by the Custodian on behalf of the Trust. Gold is recorded at fair value. The cost of gold is determined according to the
average cost method and the fair value is based on the LBMA PM Gold Price. Realized gains and losses on transfers of gold, or
gold distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and
cost of gold transferred. 38 December
31, 2022 December
31, 2021 December
31, 2020 (Amounts in 000's of US$) Investment in gold - cost $ 2,116,745 $ 2,033,883 $ 2,135,209 Unrealized gain on investment in gold 310,747 357,695 517,682 Investment in gold - fair value $ 2,427,492 $ 2,391,578 $ 2,652,891 Inspection of Gold Under the Custody Agreements, the Trustee, the Sponsor and the Trust’s
auditors and inspectors may, only up to twice a year, visit the premises of the Custodian and the Zurich Sub-Custodian for the purpose
of examining the Trust’s gold and certain related records maintained by the Custodian. Under the Allocated Account Agreement, the
Custodian agreed to procure similar inspection rights from the Zurich Sub-Custodian. Visits by auditors and inspectors to the Zurich Sub-Custodian’s
facilities will be arranged through the Custodian. Other than with respect to the Zurich Sub-Custodian, the Trustee and the Sponsor have
no right to visit the premises of any sub-custodian for the purposes of examining the Trust’s gold or any records maintained by
the subcustodian and no sub-custodian is obligated to cooperate in any review the Trustee or the Sponsor may wish to conduct of the facilities,
procedures, records or creditworthiness of such sub-custodian. The Sponsor has exercised its right to visit the Custodian in order to
examine the gold and the records maintained by the Custodian. An inspection was conducted by Bureau Veritas Commodities UK Ltd, a leading
commodity inspection and testing company retained by the Sponsor, as of June 30, 2022 and December 31, 2022. There can be no guarantee that the Sponsor or the Trust’s auditors
and inspectors will be able to perform physical inspections of the Trust’s gold as planned. Local policies, regulations, or ordinances,
as well as polices or restrictions adopted by the Custodian or a sub-custodian, may temporarily prevent, or otherwise impair the ability
of, the Sponsor or the Trust’s auditors and inspectors, from performing a physical inspection of the Trust’s gold on a desired
date. In those situations, the Sponsor or the Trust’s auditors and inspectors may seek to verify the gold held by the Trust by alternate
means, including through virtual inspections of the Trust’s gold and/or a review of pertinent records. Liquidity The
Trust is not aware of any trends, demands, conditions, 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 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. The
Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to
pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell gold to pay the Sponsor’s
Fee but will pay the Sponsor’s Fee through in-kind transfers of gold to the Sponsor. At December 31, 2022 and
2021, the Trust did not have any cash balances. Review
of Financial Results Financial
Highlights Year
Ended December 31, 2022 Year
Ended December 31, 2021 Year
Ended December 31, 2020 (Amounts in 000's of US$) Total gain/(loss) on gold $ (13,134 ) $ (126,860 ) $ 367,389 Net change assets from operations $ (17,367 ) $ (130,982 ) $ 363,748 Net cash provided by operating activities $ — $ — $ — The
net asset value (“NAV”) of the Trust is obtained by subtracting the Trust’s expenses and liabilities on any day
from the value of the gold owned by the Trust plus any gold receivable on that day; the NAV per Share is obtained by dividing the
NAV of the Trust on a given day by the number of Shares outstanding on that day. The
year ended December 31, 2022 The
Trust’s NAV increased from $2,391,232,291 at December 31, 2021 to $2,442,782,637 at December 31, 2022, a 2.16% increase
for the year. The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from
138,000,000 Shares at December 31, 2021 to 140,600,000 Shares at December 31, 2022, a result of 22,200,000 Shares (222 Baskets)
being created and 19,600,000 Shares (196 Baskets) being redeemed during the year. There was also an increase in the price per
ounce of gold, which rose 0.44% from $1,805.85 at December 31, 2021 to $1,813.75 at December 31, 2022. The
NAV per Share increased 0.23% from $17.33 at December 31, 2021 to $17.37 at December 31, 2022. 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 $4,232,956
for the year, or 0.17% of the Trust’s ANAV. 39 The
NAV per Share of $19.56 at March 8, 2022 was the highest during the year, compared with a low of $15.61 at November 3, 2022. The
decrease in net assets from operations for the year ended December 31, 2022 was $17,367,008, resulting from a realized gain of
$555,841 on the transfer of gold to pay expenses and a realized gain of $33,257,612 on gold distributed for the redemption of
Shares, offset by a change in unrealized loss on investment of gold of $46,947,505 and the Sponsor’s Fee of $4,232,956.
Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2022. The
year ended December 31, 2021 The
Trust’s NAV decreased from $2,652,511,503 at December 31, 2020 to $2,391,232,291 at December 31, 2021, a 9.85% decrease
for the year. The decrease in the Trust’s NAV resulted primarily from a decrease in the price per ounce of gold, which fell