false 2023 FY --12-31 0001450923 Unlimited Unlimited

 2023-01-01

 2023-06-30

 2024-02-26

 2022-01-01

 currency: XAU

 currency: XAU

 2021-01-01
 2021-12-31

 2021-12-31

 2020-12-31

 sgol: SponsorMember

 sgol: SponsorMember

 us-gaap: FairValueInputsLevel1Member

 us-gaap: FairValueInputsLevel1Member

 utr:oz

 UNITED
STATES

SECURITIES AND EXCHANGE COMMISSION

 Washington,
D.C. 20549

 Form

 ANNUAL
 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For
 the fiscal year ended December 31, 2023

 or

 TRANSITION
 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For
 the Transition Period from __________________ to __________________

 Commission
File Number: 001-34441

 abrdn

 (Exact
name of registrant as specified in its charter)

 New
 York

 26-4587209

 (State
or other jurisdiction of incorporation or

 organization)

 (I.R.S.
 Employer Identification No.)

 c/o
 abrdn ETFs Sponsor LLC

 1900
Market Street, Suite 200

 Philadelphia,
 PA

 (Address
of principal executive offices)

 19103

 (Zip
Code)

 (844) 383-7289

 (Registrant's
telephone number, including area code)

 Securities
registered pursuant to Section 12(b) of the Act:

 Title
 of each class

 Trading
 Symbol(s)

 Name
of each exchange

 on
which registered

 abrdn
 Physical Gold Shares ETF

 SGOL

 NYSE
 Arca

by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No

by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit such files). Yes No

by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated
filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange
Act.

 Large
 Accelerated Filer

 Accelerated
 Filer

 Non-Accelerated
 Filer

 Smaller
 Reporting Company

 Emerging
 Growth Company

 If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.

 If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the
registrant included in the filing reflect the correction of an error to previously issued financial statements.

by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
 No

 Aggregate
market value of the registrant's shares outstanding held by non-affiliates of the registrant based upon the closing price
of a share on June 30, 2023 as reported by the NYSE Arca, Inc. on that date: $ 2,727,945,149.

 As
of February 26, 2024, abrdn Gold ETF Trust had 138,200,000 abrdn Physical Gold Shares ETF outstanding.

 DOCUMENTS
INCORPORATED BY REFERENCE: None

 FORWARD
LOOKING STATEMENTS

 This
Annual Report on Form 10-K contains various "forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private
Securities Litigation Reform Act of 1995, as amended. Forward-looking statements usually include the words, "anticipates,"
"believes," "estimates," "expects," "intends," "plans," "projects,"
"understands" and other words suggesting uncertainty. 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.

 Additional
significant uncertainties and other factors affecting forward-looking statements are presented in the Risk Factors section herein.

 TABLE
OF CONTENTS

 Item 1. Business

 Trust Objective

 Overview of the Gold Industry

 Operation of the Gold Bullion Market

 Secondary Market Trading

 Valuation of Gold and Computation of Net Asset Value

 Trust Expenses

 Creation and Redemption of Shares

 Creation and Redemption Transaction Fee

 The Sponsor

 The Trustee

 The Custodian

 Inspection of Gold

 Description of the Shares

 Custody of the Trust's Gold

 United States Federal Income Tax Consequences

 ERISA and Related Considerations

 Item 1A. Risk Factors

 Item 1B. Unresolved Staff Comments

 Item 1C. Cybersecurity

 Item 2. Properties

 Item 3. Legal Proceedings

 Item 4. Mine Safety Disclosure

 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A. Quantitative and Qualitative Disclosures about Market Risk

 Item 8. Financial Statements and Supplementary Data

 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A. Controls and Procedures

 Item 9B. Other Information

 Item 10. Directors, Executive Officers and Corporate Governance

 Item 11. Executive Compensation

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13. Certain Relationships and Related Transactions, and Director Independence

 Item 14. Principal Accounting Fees and Services

 Item 15. Exhibits, Financial Statement Schedule

 Item 16. Form 10K Summary

 PART
I

 Item
1. Business

 The
purpose of the abrdn Gold ETF Trust (the "Trust") is to own gold transferred to the Trust in exchange for shares
issued by the Trust ("Shares"). Each Share represents a fractional undivided beneficial interest in and ownership
of the Trust. The assets of the Trust consist solely of gold bullion. The Trust was formed on September 1, 2009
when an initial deposit of gold was made in exchange for the issuance of two Baskets (a "Basket" consists of 100,000
Shares).

 The
sponsor of the Trust is abrdn ETFs Sponsor LLC (the "Sponsor"). The trustee of the Trust is The Bank of New York Mellon
(the "Trustee") and the custodian is JPMorgan Chase Bank N.A., London Branch (the "Custodian").

 The
Trust's Shares at redeemable value increased from $2,442,782,637 at December 31, 2022 to $2,826,258,485 at December 31,
2023, the Trust's fiscal year end. Outstanding Shares in the Trust increased from 140,600,000 Shares at December 31, 2022
to 142,200,000 Shares at December 31, 2023.

 The
Trust is not managed like a corporation or an active investment vehicle. The Trust has no directors, officers or employees. It
does not engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price of gold.
The gold held by the Trust will only be delivered to pay the remuneration due to the Sponsor (the "Sponsor's
Fee"), distributed to Authorized Participants (defined below) in connection with the redemption of Baskets or sold (1) on
an as-needed basis to pay Trust expenses not assumed by the Sponsor, (2) in the event the Trust terminates and liquidates its
assets, or (3) as otherwise required by law or regulation.

 The
Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under
such act. The Trust does not and will not hold or trade in commodities futures contracts, "commodity interests" or
any other instruments regulated by the Commodity Exchange Act (the "CEA"), as administered by the Commodity Futures
Trading Commission (the "CFTC") and the National Futures Association ("NFA"). The Trust is not a commodity
pool for purposes of the CEA and the Shares are not "commodity interests," and neither the Sponsor nor the Trustee
is subject to regulation as a commodity pool operator or a commodity trading advisor in connection with the Shares. The Trust
has no fixed termination date.

 The
Sponsor of the registrant maintains an Internet website at www.abrdn.com/us/etf through which the registrant's annual reports
on Form 10-K, quarterly reports on Form 10-Q, and amendments to those reports filed or furnished pursuant to Section 13(a) or
15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are made available free of charge as soon as reasonably
practicable after they have been filed or furnished to the Securities and Exchange Commission (the "SEC"). Additional
information regarding the Trust may also be found on the SEC's EDGAR database at www.sec.gov.

 Trust
Objective

 The
investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less
the Trust's expenses. The Shares are intended to constitute a simple and cost-effective means of making an investment similar
to an investment in physical gold. An investment in physical gold requires expensive and sometimes complicated arrangements
in connection with the assay, transportation, warehousing and insurance of the metal. Traditionally, such expense and complications
have resulted in investments in physical gold being efficient only in amounts beyond the reach of many investors.

 The
Shares are intended to provide institutional and retail investors with a simple and cost-efficient means, with minimal credit
risk, of gaining investment benefits similar to those of holding gold bullion. The Shares offer an investment that:

 • Easily
Accessible and Relatively Cost Effective. Investors can access the gold bullion market through a traditional brokerage
account. The Sponsor believes that investors will be able to more effectively implement strategic and tactical asset allocation
strategies that use gold bullion by using the Shares instead of using the traditional means of purchasing, trading and holding gold
bullion and for many investors, transaction costs related to the Shares will be lower than those associated with the purchase,
storage and insurance of physical gold bullion.

 • Exchange
Traded and Transparent. The Shares trade on the NYSE Arca, providing investors with an efficient means to implement various
investment strategies. The Shares are eligible for margin accounts and are backed by the assets of the Trust and the Trust does
not hold or employ any derivative securities. Furthermore, the value of the Trust's holdings are reported on the Trust's
website daily.

 •
 Minimal Credit Risk. The Shares represent an interest in physical gold owned by the Trust (other than an amount held
in unallocated form which is not sufficient to make up a whole bar of which is held temporarily to effect a creation or redemption
of Shares). Physical gold of the Trust in the Custodian's possession is not subject to borrowing arrangements with
third parties. Other than the gold temporarily being held in an unallocated gold account with the Custodian, the physical gold
of the Trust is not subject to counterparty or credit risks. See "Risk Factors—Gold held in the Trust's unallocated gold
account and any Authorized Participant's unallocated gold account is not segregated from the Custodian's assets..."
 This contrasts with most other financial products that gain exposure to gold through the use of derivatives that are
subject to counterparty and credit risks.

 Investing
in the Shares does not insulate the investor from certain risks, including price volatility. See "Risk Factors."

 Overview
of the Gold Industry

 In
this annual report, the term "ounces" refers to fine troy ounces.

 Market
Participants

 The
participants in the world gold market may be classified in the following sectors: the mining and producer sector, the banking
sector, the official sector, the investment sector, and the manufacturing sector. A brief description of each follows.

 Mining
and Producer Sector

 This
group includes mining companies that specialize in gold and silver production, mining companies that produce gold as a by-product
of other production (such as a copper or silver producer), scrap merchants and recyclers.

 Banking
Sector

 Gold
bullion banks provide a variety of services to the gold market and its participants, thereby facilitating interactions between
other parties. Services provided by the gold bullion banking community include traditional banking products as well as mine financing,
physical gold purchases and sales, hedging and risk management, inventory management for industrial users and consumers, and gold
deposit and loan instruments.

 The
Official Sector

 The
official sector encompasses the activities of the various central banking operations of gold-holding countries. From 2009 to 2019,
the European Central Bank and other central banks of Europe operated under a series of four Central Bank Gold Agreements ("CBGA").
The CBGA limited the amount of gold that these banks were allowed to sell for the duration of each agreement, helping to stabilize
the gold market. The CBGA had the desired effect, and the gold market has become more balanced, eliminating the need for a formal
agreement going forward. According to statistics provided by the World Gold Council, as of Q4 2022, central banks are estimated
to hold approximately 35,715 tonnes ("tonne" refers to one metric tonne, which is equivalent to 1,000 kilograms or 32,151
troy ounces) of gold reserves, or approximately 17% of existing above-ground stocks.

 The
Investment Sector

 This
sector includes the investment and trading activities of both professional and private investors and speculators. These participants
range from large hedge and mutual funds to day-traders on futures exchanges, and retail-level coin collectors.

 The
Manufacturing Sector

 The
fabrication and manufacturing sector represents all the commercial and industrial users of gold for whom gold is a daily part
of their business. The jewelry industry is a large user of gold. Other industrial users of gold include the electronics and dental
industries.

 World
Gold Supply and Demand 2013-2022 (in tonnes)

 The
following table sets forth a summary of the world gold supply and demand for the period from 2013 to 2022 and is based on information
reported by the World Gold Council.

 (tonnes)

 2013

 2014

 2015

 2016

 2017

 2018

 2019

 2020

 2021

 2022

 Supply

 Mine production

 3,167

 3,270

 3,361

 3,515

 3,576

 3,656

 3,596

 3,482

 3,576

 3,625

 Net producer hedging

 (28)

 (26)

 (12)

 (39)

 (5)

 (13)

 Recycled gold

 1,195

 1,130

 1,067

 1,232

 1,112

 1,132

 1,276

 1,293

 1,136

 1,140

 Total supply

 4,334

 4,505

 4,441

 4,785

 4,663

 4,776

 4,878

 4,736

 4,707

 4,752

 Demand

 Jewellery fabrication

 2,735

 2,544

 2,479

 2,019

 2,257

 2,290

 2,152

 1,324

 2,230

 2,195

 Jewellery consumption

 2,726

 2,532

 2,459

 2,104

 2,241

 2,250

 2,127

 1,398

 2,148

 2,090

 Jewellery inventory

 (85)

 (74)

 Technology

 Electronics

 Other Industrial

 Dentistry

 Investment

 1,616

 1,315

 1,161

 1,275

 1,794

 1,113

 Total bar and coin

 1,730

 1,067

 1,091

 1,073

 1,044

 1,091

 1,180

 1,223

 Bars

 1,358

 Official Coins

 Medals/Imitation Coins

 ETFs & similar products

 (930)

 (163)

 (124)

 (190)

 (110)

 Central banks & other inst.

 1,082

 Gold demand

 4,520

 4,398

 4,358

 4,353

 4,284

 4,442

 4,358

 3,676

 4,001

 4,699

 OTC and other*

 (186)

 1,060

 Total demand

 4,334

 4,505

 4,441

 4,785

 4,663

 4,776

 4,878

 4,736

 4,707

 4,752

 LBMA Gold Price (US$/oz)

 1,411

 1,266

 1,160

 1,251

 1,257

 1,268

 1,393

 1,770

 1,799

 1,800

 Source: Metals Focus, Refinitiv GFMS, ICE Benchmark Administration, World Gold Council

 *This
 number captures demand in the OTC market (for which data is not readily available), changes to inventories on commodity exchanges,
 any unobserved changes in fabrication inventories and any statistical residual. It is the difference between total supply
 and gold demand.

 The
following are some of the main characteristics of the gold market illustrated by the table:

 One
factor which separates gold from other precious metals is that there are large above-ground stocks which can be quickly mobilized.
As a result of gold's liquidity, gold often acts more like a currency than a commodity.

 Over
the past ten years, (new) mine production of gold has experienced a modest rise of an average of 2.1% per annum. Of the three
sources of supply, mine production accounted for 76.3% in 2022. Recycled gold volumes have ranged from 1,067 tonnes to 1,637 tonnes
over the past 10 years.

 On
the demand side, jewelry is clearly the greatest source of demand. Industrial demand has fluctuated between 6.6% and 8.3%
of total demand over the past 10 years. Exchange traded product inventory build had seen strong growth through 2012, followed
by outflows in 2013, 2014 and 2015 as the price of gold fell by a cumulative 30% between 2013 and 2015. Exchange traded product
inventory build has been positive each year from 2016 to 2020, but experienced net outflows in 2021 and 2022. During the 2013 price crash, retail coin and
bar demand rose to a 10-year high as retail investors, especially from China, were enticed by the falling prices. Retail coin
and bar demand had tapered off into 2019 but has increased each year from 2020 to 2022. Demand from Central Banks and other institutions fluctuated between 8.8% and 14.8% from 2013 to 2019, before reaching a low of 6.9% in
2020. However, that figure increased to 11.2% in 2021 before reaching a high of 23% in 2022, at 1,082 tonnes.

 Historical
Chart of the Price of Gold

 The
price of gold is volatile and fluctuations are expected to have a direct impact on the value of the Shares. However, movements
in the price of gold in the past are not a reliable indicator of future movements. Movements may be influenced by various factors,
including announcements from central banks regarding a country's reserve gold holdings, agreements among central banks,
political uncertainties around the world, and economic concerns.

 The
following chart illustrates the movements in the price of an ounce of gold in U.S. Dollars from December 31, 2013 to December
31, 2023:

 Source:
Bloomberg, abrdn. Chart data from 12/31/2013 to 12/31/2023. Spot Gold Price = GOLDLNPM Index.

 The
price of gold tends to rise during periods of low real interest rates and high monetary expansion, as they are often associated with
currency debasement and systemic financial failures. The price of gold peaked at $1,943.20 per ounce in January 2021 as the
uncertainties regarding the pandemic drove prices higher. 2021 proved to be a volatile year for gold as major market events and
continued pandemic uncertainty, coupled with new variants, allowed gold to remain in the investment picture during the year.
Additionally, the trends of 3 years of investor outflows in global ETFs and net negative investor sentiment in gold futures
positioning reversed in 2016 and continued through 2021. Continued low real interest rates, tepid economic growth, and concerns
regarding the recovery of the pandemic were key tailwinds for gold that sparked a return of investor interest. 2022 proved to be
another volatile year for gold as the price climbed as high as $2,039.05 per ounce in the weeks following Russia's invasion of
Ukraine. Aggressive interest rate hikes by the U.S. Federal Reserve coupled and a strengthening of the US Dollar saw ETF holders
liquidate as the price of gold dropped as low as $1,628.75 per ounce on November 3, 2022. However, increased demand from central
banks, along with the weakening of the U.S. Dollar, sparked a fourth quarter rally that saw the price of gold climb to $1,813.75 per ounce to
close 2022.

 Similarly in 2023, economic and geopolitical factors continued
to drive volatility in the price of gold over the course of the year. While the central bank demand that sparked a fourth quarter rally remained strong
throughout the year, a weaker US Dollar and a drop in US 10-Year Treasury Yields caused the price of gold to reach $1,932.45 per ounce on January
26, 2023. However, the disappointing Chinese economic recovery drove the price as low as $1,810.95 per ounce on February 24, 2023, before
the US banking crisis increased the likelihood of US policy rate cuts and drove the spot price as high as $2,048.45 per ounce on April
13, 2023 as investors turned to gold in anticipation of lower interest rates. However, the subsequent interest rate hike by the US Federal Reserve in May contributed
to the price of gold falling as low as $1,899.60 per ounce on June 29th, 2023. The price of gold continued to fluctuate throughout the third quarter
as a weaker dollar and central bank purchasing drove the spot price back up to $1,976.10 per ounce on July 20, 2023, however the US Federal Reserve's final interest rate hike of the year on July 26 increased the probability of a policy rate mistake given mixed economic news leading the price
to close as low as $1,870.50 per ounce on September 29, 2023. The spot price of gold continued to fall at the start of the fourth quarter, reaching
as low as $1,818.95 per ounce on October 4, 2023, before the US Treasury shifted issuance to short duration bonds, lowering 10-year yields.
While treasury market yields moved lower, removing the risk of excessive policy rate tightening, tensions in the Middle East increased
with the attacks by Hamas on Israeli targets and civilians escalating the ongoing conflict between the two entities. Subsequently, the
spot price of gold climbed as high as $1,997.60 per ounce on October 30, 2023. The spot price of gold gave back some of its gains over
the first half of November before speculation of potential interest rate cuts in the US and Chinese economic stimulus drove the spot price
of gold to an all-time high of $2,078.40 per ounce on December 28, 2023.

 Operation
of the Gold Bullion Market

 The
global trade in gold consists of Over-the-Counter ("OTC") transactions in spot, forwards, and options and other
derivatives, together with exchange-traded futures and options.

 Global
Over-The-Counter Market

 The
OTC market trades on a 24-hour per day continuous basis and accounts for most global gold trading.

 Market
makers, as well as others in the OTC market, trade with each other and with their clients on a principal-to-principal basis. All
risks and issues of credit are between the parties directly involved in the transaction. Market makers include the market-making
members of the London Bullion Market Association ("LBMA"), the trade association that acts as the coordinator for
activities conducted on behalf of its members and other participants in the London bullion market. The eleven market-making members
of the LBMA are: BNP Paribas SA, Citibank N.A., Goldman Sachs International, HSBC Bank PLC, ICBC Standard Bank, JPMorgan Chase
Bank, Merrill Lynch International, Morgan Stanley & Co. International Plc, Standard Chartered Bank, Toronto-Dominion Bank and UBS AG.

 The
main centers of the OTC market for gold are London, Zurich and New York. Mining companies, central banks, manufacturers of jewelry
and industrial products, together with investors and speculators, tend to transact their business through one of these market
centers. Centers such as Dubai and several cities in the Far East also transact substantial OTC market business, typically involving
jewelry and small gold bars (1 kilogram or less) and will hedge their exposure by selling into one of these main OTC centers.
Bullion dealers have offices around the world and most of the world's major bullion dealers are either members or associate
members of the LBMA.

 In
the OTC market, the standard size of gold trades between market makers ranges between 5,000 and 10,000 ounces. Bid-offer spreads
are typically 50 US cents per ounce. Certain dealers are willing to offer clients competitive prices for much larger volumes,
including trades over 100,000 ounces, although this will vary according to the dealer, the client and market conditions, as transaction
costs in the OTC market are negotiable between the parties and therefore vary widely. Cost indicators can be obtained from various
information service providers as well as dealers.

 Liquidity
in the OTC market can vary from time to time during the course of the 24-hour trading day. Fluctuations in liquidity are reflected
in adjustments to dealing spreads—the differential between a dealer's "buy" and "sell" prices.
The period of greatest liquidity in the gold market generally occurs at the time of day when trading in the European time zones
overlaps with trading in the United States, which is when OTC market trading in London, New York and other centers coincides with
futures and options trading on the Commodity Exchange, Inc. ("COMEX"), a designated contract market within the CME
Group. This period lasts for approximately four hours each New York business day morning.

 The
London Gold Bullion Market

 Although
the market for physical gold is distributed globally, most OTC market trades are cleared through London. In addition to coordinating
market activities, the LBMA acts as the principal point of contact between the market and its regulators. A primary function of
the LBMA is its involvement in the promotion of refining standards by maintenance of the "Good Delivery List," which
is a list of LBMA accredited refiners of gold. The LBMA also coordinates market clearing and vaulting, promotes good trading practices
and develops standard documentation.

 The
terms "loco London" gold and "loco Zurich" gold refer to gold physically held in London and Zurich, respectively,
that meets the specifications for weight, dimensions, fineness (or purity), identifying marks (including the assay stamp of a
LBMA acceptable refiner) and appearance set forth in "The Good Delivery Rules for Gold and Silver Bars" published
by the LBMA. Gold bars meeting these requirements are described in this annual report from time to time as "London Good
Delivery Bars." The unit of trade in London is the troy ounce, whose gram conversion is: 1,000 grams equals 32.1507465 troy
ounces and 1 troy ounce equals 31.1034768 grams. A London Good Delivery Bar is acceptable for delivery in settlement of a transaction
on the OTC market. Typically referred to as 400-ounce bars, a London Good Delivery Bar must contain between 350 and 430 fine troy
ounces of gold, with a minimum fineness (or purity) of 995 parts per 1,000 (99.5%), be of good appearance and be easy to handle
and stack. The fine gold content of a gold bar is calculated by multiplying the gross weight of the bar (expressed in units of
0.025 troy ounces) by the fineness of the bar. A London Good Delivery Bar must also bear the stamp of one of the refiners who
are on the LBMA approved list. Unless otherwise specified, the gold spot price always refers to that of a London Good Delivery
Bar. Business is generally conducted over the phone and through electronic dealing systems.

 On
March 20, 2015, ICE Benchmark Administration ("IBA") began administering the operation of an "equilibrium auction,"
which is an electronic, tradable and auditable, over-the-counter auction market with the ability to settle trades in US Dollars
("USD"), Euros or British Pounds for LBMA-authorized participating gold bullion banks or market makers ("gold
participants") that establishes a reference gold price for that day's trading. IBA's equilibrium auction is
the gold valuation replacement selected by the LBMA for the London gold fix previously determined by the London Gold Market Fixing
Ltd. that was discontinued on March 19, 2015. IBA's equilibrium auction, like the previous gold fixing process, establishes
and publishes fixed prices for troy ounces of gold twice each London trading day during fixing sessions beginning at 10:30 a.m.
London time (the "LBMA AM Gold Price") and 3:00 p.m. London time (the "LBMA PM Gold Price").

 Daily
during London trading hours the LBMA AM Gold Price and the LBMA PM Gold Price each provide reference gold prices for that day's
trading. Many long-term contracts will be priced on either the basis of the LBMA AM Gold Price or the LBMA PM Gold Price, and
market participants will usually refer to one or the other of these prices when looking for a basis for valuations. The LBMA AM
Gold Price and the LBMA PM Gold Price, determined according to the methodologies of IBA and disseminated electronically by IBA
to selected major market data vendors, such as Refinitiv and Bloomberg, are widely used benchmarks for daily gold prices and are
quoted by various financial information sources as the London gold fix was previously. The Trust values its gold on the basis
of the LBMA PM Gold Price.

 The
LBMA PM Gold Price is the result of an "equilibrium auction" because it establishes a price for a troy ounce of gold
that clears the maximum amount of bids and offers for gold entered by order-submitting gold participants each day. The opening
bid and subsequent bid prices are generated by an algorithm based method, and each auction is actively supervised by IBA staff.
There are currently 15 direct gold participants (Bank of China, Citibank N.A. London Branch, Coins 'N Things, Inc., DRW
Investments, LLC, Goldman Sachs, HSBC Bank USA NA, Industrial and Commercial Bank of China (ICBC), StoneX Financial Ltd., Jane
Street Global Trading, LLC, JPMorgan Chase Bank, N.A. London Branch, Koch Supply and Trading LP, Marex, Morgan Stanley, Standard
Chartered Bank and Toronto-Dominion Bank), and IBA uses ICE's front-end system, WebICE, as the technology platform that
allows direct participants as well as sponsored clients to manage their orders in the auction in real time via their own screens.

 The
IBA auction process begins with a notice of an auction round issued to gold participants before the commencement of the auction
round stating a gold price in U.S. Dollars, at which the auction round will be conducted. An auction round lasts 30 seconds. Gold
participants electronically place bid and offer orders at the round's stated price and indicate whether the orders are for
their own account or for the account of clients. Aggregate bid and offer volume will be shown live on WebICE, providing a level
playing field for all participants.

 At
the end of the auction round, the IBA system evaluates the equilibrium of the bid and offer orders submitted. If bid and offer
orders indicate an imbalance outside of acceptable tolerances established for the IBA system (normally 10,000 oz) (e.g., too many
purchase orders submitted compared to sell orders or vice versa), the auction chairman calculates a new auction round price principally
based on the volume weighting of bid and offer orders submitted in the immediately completed auction round. For instance, if the
order imbalance indicates that purchase orders (bids) outweigh sales orders (offers) then a new auction round price will be issued
that will be increased over that used in the prior auction round. Likewise, the new auction round price will be decreased from
the prior round's price if offers outweigh bids. To clear the imbalance, the IBA system then issues another notice of auction
round to gold participants at the newly calculated price. During this next 30 second auction round, gold participants again submit
orders, and after it ends, the IBA system evaluates for order imbalances. If order imbalances persist, a new auction price is
calculated and a further auction round will occur. This auction round process continues until an equilibrium within specified
tolerances is determined to exist. Once the IBA system determines that orders are in equilibrium within system tolerances, the
auction process ends and the equilibrium auction round price becomes the LBMA PM Gold Price.

 The
LBMA PM Gold Price and all bid and offer order information for all auction rounds become publicly available electronically via
IBA instantly after the conclusion of the equilibrium auction. Since April 1, 2015, the LBMA Gold Price has been regulated
by the Financial Conduct Authority ("FCA") in the United Kingdom ("UK"). IBA also has an Oversight Committee,
made up of market participants, industry bodies, direct participant representatives, infrastructure providers and IBA. The Oversight
Committee allows the LBMA to continue to have significant involvement in the oversight of the auction process, including, among
other matters, changes to the methodology and accreditation of direct participants. Additionally, IBA watches over the price discovery
process for the LBMA Gold Price and ensures that it meets the International Organization of Securities Commission's
(IOSCO) Principles for Financial Benchmarks, (the "IOSCO Principles").

 The
LBMA PM Gold Price is widely viewed as a full and fair representation of all or material market interest at the conclusion of
the equilibrium auction. IBA's LBMA PM Gold Price electronic auction methodology is similar to the non-electronic process
previously used to establish the London gold fix where the London gold fix process adjusted the gold price up or down until all
the buy and sell orders are matched, at which time the price was declared fixed. Nevertheless, the LBMA PM Gold Price has several
advantages over the previous London gold fix. The LBMA PM Gold Price auction process is fully transparent in real time to the
gold participants and, at the close of each equilibrium auction, to the general public.

 The
LBMA PM Gold Price auction process is also fully auditable by third parties since an audit trail exists from the time of each
notice of an auction round. Moreover, the LBMA PM Gold Price's audit trail and active, real time surveillance of the auction
process by IBA as well as FCA's oversight of IBA, deters manipulative and abusive conduct in establishing each day's
LBMA PM Gold Price.

 Since
March 20, 2015, the Sponsor determined that the London gold fix, which ceased to be published as of March 19, 2015, could no longer
serve as a basis for valuing gold bullion received upon purchase of the Trust's Shares, delivered upon redemption of the
Trust's Shares and otherwise held by the Trust on a daily basis, and that the LBMA PM Gold Price is an appropriate alternative
for determining the value of the Trust's gold each trading day. The Sponsor also determined that the LBMA PM Gold Price
fairly represents the commercial value of gold bullion held by the Trust and the "Benchmark Price" (as defined in
Trust Agreement) as of any day is the LBMA PM Gold Price for such day.

 The
Zurich Gold Bullion Market

 After
London, the second principal center for spot or physical gold trading is Zurich. For eight hours a day, trading occurs simultaneously
in London and Zurich—with Zurich normally opening and closing an hour earlier than London. During these hours, Zurich closely
rivals London in its influence over the spot price because of the importance of the three major Swiss banks—Credit Suisse,
Swiss Bank Corporation, and Union Bank of Switzerland (UBS)—in the physical gold market. Each of these banks has long maintained
its own refinery, often taking physical delivery of gold and processing it for other regional markets. The loco Zurich bullion
specification is the same as for the London bullion market, which allows for gold physically located in Zurich to be quoted loco
London and vice versa.

 Futures
Exchanges

 The
most significant gold futures exchanges are the COMEX, a designated contract market within the CME Group, and the Tokyo Commodity
Exchange ("TOCOM"). The COMEX is the largest exchange in the world for trading precious metals futures and options
and has been trading gold since 1974. The TOCOM has been trading gold since 1982. Trading on these exchanges is based on fixed
delivery dates and transaction sizes for the futures and options contracts traded. Trading costs are negotiable. As a matter of
practice, only a small percentage of the futures market turnover ever comes to physical delivery of the gold represented by the
contracts traded. Both exchanges permit trading on margin. Margin trading can add to the speculative risk involved given the potential
for margin calls if the price moves against the contract holder. The COMEX trades gold futures almost continuously (with one short
break in the evening) through its CME Globex electronic trading system and clears through its central clearing system. On June
6, 2003, TOCOM adopted a similar clearing system. In each case, the exchange acts as a counterparty for each member for clearing
purposes.

 Other
Exchanges

 There
are other gold exchange markets, such as the Istanbul Gold Exchange (trading gold since 1995), the Shanghai Gold Exchange (trading
gold since 2002), the Hong Kong Chinese Gold & Silver Exchange Society (trading gold since 1918) and the Singapore Mercantile
Exchange (trading gold since 2010).

 Market
Regulation

 The
global gold markets are overseen and regulated by both governmental and self-regulatory organizations. In addition, certain
trade associations have established rules and protocols for market practices and participants. In the United Kingdom, responsibility
for the regulation of the financial market participants, including the major participating members of the LBMA, falls under
the authority of the FCA as provided by the Financial Services and Markets Act 2000 ("FSM Act"). Under this
act, all U.K.-based banks, together with other investment firms, are subject to a range of requirements, including fitness and
properness, capital adequacy, liquidity, and systems and controls.

 The
FCA is responsible for regulating investment products, including derivatives, and those who deal in investment products. Regulation
of spot, commercial forwards, and deposits of gold not covered by the FSM Act is provided for by The London Code of Conduct
for Non-Investment Products, which was established by market participants in conjunction with the Bank of England.

 The
TOCOM has authority to perform financial and operational surveillance on its members' trading activities, scrutinize positions
held by members and large-scale customers, and monitor the price movements of futures markets by comparing them with cash and
other derivative markets' prices. To act as a Futures Commission Merchant Broker on the TOCOM, a broker must obtain a license
from Japan's Ministry of Economy, Trade and Industry ("METI"), the regulatory authority that oversees the operations
of the TOCOM.

 The
CFTC regulates trading in commodity contracts, such as futures, options and swaps. In addition, under the CEA, the CFTC has jurisdiction
to prosecute manipulation and fraud in any commodity (including precious metals) traded in interstate commerce as spot as well
as deliverable forwards. The CFTC is the exclusive regulator of U.S. commodity exchanges and clearing houses.

 Secondary
Market Trading

 While
the Trust's investment objective is for the Shares to reflect the performance of the price of gold bullion, less the
Trust's expenses, the Shares may trade in the secondary market on the NYSE Arca at prices that are lower or higher
relative to their net asset value (the value of the Trust's assets less its liabilities ("NAV")) per Share.
The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent
trading hours between the NYSE Arca, COMEX and the London and Zurich gold markets. While the Shares trade on the
NYSE Arca until 4:00 PM New York time, liquidity in the global gold market is reduced after the close of the COMEX at
1:30 PM New York time. As a result, during this time, trading spreads, and the resulting premium or discount, on the Shares
may widen.

 Valuation
of Gold and Computation of Net Asset Value

 On
each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m. New York time on such day
(the "Evaluation Time"), the Trustee evaluates the gold held by the Trust and determines both the adjusted net asset
value ("ANAV") and the NAV of the Trust.

 At
the Evaluation Time, the Trustee values the Trust's gold on the basis of that day's LBMA PM Gold Price (the USD price
for an ounce of gold set by the LBMA-accredited participating bullion banks or market makers in an electronic, tradable and auditable
over-the-counter auction operated by IBA at 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 PM Gold Price is made on such day or
has not been announced by the Evaluation Time the next most recent LBMA PM Gold Price determined prior to the Evaluation Time
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 PM Gold Price 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 PM Gold Price 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. See "Operation of the Gold Bullion Market -The London Gold Bullion Market" for a description
of the LBMA PM Gold Price.

 Once
the value of the gold has been determined, the Trustee subtracts all estimated accrued fees (other than the fees accruing
for such day on which the valuation takes place which are computed by reference to the value of the Trust or its assets),
expenses and other liabilities of the Trust from the total value of the gold and any other assets of the Trust. The
resulting figure is the ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsor's Fee.

 All
fees accruing for the day on which the valuation takes place which are computed by reference to the value of the Trust or
its assets are calculated using the ANAV calculated for such day on which the valuation takes place. The Trustee shall subtract
from the ANAV the amount of accrued fees so computed for such day and the resulting figure is the NAV of the Trust. The Trustee also
determines the NAV per Share by dividing the NAV of the Trust by the number of the Shares outstanding as of the close of trading
on the NYSE Arca (which includes the net number of any Shares created or redeemed on such evaluation day).

 Any
estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of computing the NAV of the Trust
and ANAV made by the Trustee in good faith shall be conclusive upon all persons interested in the Trust and no revision or correction
in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those
actually paid.

 The
Sponsor and the Shareholders may rely on any evaluation furnished by the Trustee, and the Sponsor has no responsibility for the
evaluation's accuracy. The determinations the Trustee makes will be made in good faith upon the basis of, and the Trustee
will not be liable for any errors contained in, information reasonably available to it. The Trustee will not be liable to the
Sponsor, DTC, Authorized Participants, the Shareholders or any other person for errors in judgment. However, the preceding liability
exclusion will not protect the Trustee against any liability resulting from bad faith or gross negligence in the performance of
its duties.

 Trust
Expenses

 The
Trust's only ordinary recurring expense is the Sponsor's Fee. In exchange for the Sponsor's Fee, the Sponsor
has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee's monthly fee
and out-of-pocket expenses, the Custodian's fee and reimbursement of the Custodian's expenses under the Custody Agreements,
Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses.

 The
Sponsor's Fee accrues daily at an annualized rate equal to 0.17% of the ANAV of the Trust and is payable monthly in arrears.
The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor's Fee at its discretion for a stated
period of time. Presently, the Sponsor does not intend to waive any of its fee.

 Furthermore,
the Sponsor may, in its sole discretion, agree to rebate all or a portion of the Sponsor's Fee attributable to Shares held
by institutional investors subject to minimum shareholding and lock up requirements as determined by the Sponsor to foster stability
in the Trust's asset levels. Any such rebate will be subject to negotiation and written agreement between the Sponsor and
the investor on a case by case basis. The Sponsor is under no obligation to provide any rebates of the Sponsor's Fee. Neither
the Trust nor the Trustee will be a party to any Sponsor's Fee rebate arrangements negotiated by the Sponsor. Any Sponsor's
Fee rebate shall be paid from the funds of the Sponsor and not from the assets of the Trust.

 The
Sponsor's Fee is paid by delivery of gold to an account maintained by the Custodian for the Sponsor on an unallocated basis,
monthly on the first business day of the month in respect of fees payable for the prior month. The delivery is of that number
of ounces of gold which equals the daily accrual of the Sponsor's Fee for such prior month calculated at the LBMA PM Gold
Price.

 The
Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell gold in such quantity
and at such times as may be necessary to permit payment in cash of Trust expenses not assumed by the Sponsor. The Trustee is authorized
to sell gold at such times and in the smallest amounts required to permit such payments as they become due, it being the intention
to avoid or minimize the Trust's holdings of assets other than gold. Accordingly, the amount of gold to be sold will vary
from time to time depending on the level of the Trust's expenses and the market price of gold. The Custodian is authorized
to purchase from the Trust, at the request of the Trustee, gold needed to cover Trust expenses not assumed by the Sponsor at the
price used by the Trustee to determine the value of the gold held by the Trust on the date of the sale.

 The
Sponsor's Fee for the year ended December 31, 2023 was $4,543,699 (December 31, 2022: $4,232,956; December 31, 2021: $4,122,059).

 Cash
held by the Trustee pending payment of the Trust's expenses will not bear any interest. Each delivery or sale of gold
by the Trust to pay the Sponsor's Fee or other Trust expenses will be a taxable event to Shareholders.

 Creation
and Redemption of Shares

 The
Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000 shares). The
creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of physical gold represented by the Baskets being created or redeemed, the amount of which is based on the combined
NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem
Baskets is properly received.

Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered
broker-dealers or other securities market participants, such as banks and other financial institutions, which are not required
to register as broker-dealers to engage in securities transactions, and (2) participants in DTC. To become an Authorized Participant,
a person must enter into an Authorized Participant Agreement with the Sponsor and the Trustee. The Authorized Participant Agreement
provides the procedures for the creation and redemption of Baskets and for the delivery of the gold and any cash required
for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended
by the Trustee and the Sponsor, without the consent of any Shareholder or Authorized Participant. Authorized Participants pay
a transaction fee of $500 to the Trustee for each order they place to create or redeem one or more Baskets. Authorized Participants
who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other form of compensation or inducement
of any kind from either the Sponsor or the Trust for serving as an Authorized Participant, and no such person has any obligation
or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares.

Participants are cautioned that some of their activities will result in their being deemed participants in a distribution in a
manner which would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of
the Securities Act.

 Prior
to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian
or a gold clearing bank to establish an Authorized Participant Unallocated Account in London or Zurich ("Authorized
Participant Unallocated Bullion Account Agreement"). Gold held in Authorized Participant Unallocated Accounts is typically
not segregated from the Custodian's or other gold clearing bank's assets, as a consequence of which an Authorized
Participant will have no proprietary interest in any specific bars of gold held by the Custodian or the clearing bank.
Credits to its Authorized Participant Unallocated Account are therefore at risk of the Custodian's or other gold clearing
bank's insolvency. No fees will be charged by the Custodian for the use of the Authorized Participant Unallocated Account
as long as the Authorized Participant Unallocated Account is used solely for gold transfers to and from the Trust Unallocated
Account and the Custodian (or one of its affiliates) receives compensation for maintaining the Trust Allocated Account. Authorized
Participants should be aware that the Custodian's liability threshold under the Authorized Participant Unallocated Bullion
Account Agreement is generally gross negligence, not negligence, which is the Custodian's liability threshold under the
Trust's Custody Agreements.

 As
the terms of the Authorized Participant Unallocated Bullion Account Agreement differ in certain respects from the terms of the
Trust's Unallocated Account Agreement, potential Authorized Participants should review the terms of the Authorized Participant
Unallocated Bullion Account Agreement carefully. A copy of the Authorized Participant Agreement may be obtained by potential Authorized
Participants from the Trustee.

 Certain
Authorized Participants are expected to have the facility to participate directly in the physical gold market and the gold
futures markets. In some cases, an Authorized Participant may from time to time acquire gold from or sell gold to its
affiliated gold trading desk, which may profit in these instances. Each Authorized Participant must be registered as a broker-dealer
under the Securities Exchange Act of 1934 ("Exchange Act") and regulated by FINRA or be exempt from being or otherwise
not be required to be so regulated or registered, and must be qualified to act as a broker or dealer in the states or other
jurisdictions where the nature of its business so requires. Certain Authorized Participants are regulated under federal and state
banking laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal controls and information
barriers as it determines is appropriate in light of its own regulatory regime.

Participants may act for their own accounts or as agents for broker-dealers, custodians and other securities market participants
that wish to create or redeem Baskets. An order for one or more Baskets may be placed by an Authorized Participant on behalf of
multiple clients. As of the date of this report, Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC,
Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co. Inc., Scotia Capital (USA)
Inc., UBS Securities LLC and Virtu Americas, LLC have each signed an Authorized Participant Agreement with the Trust and,
upon the effectiveness of such agreement, may create and redeem Baskets as described above. Persons interested in purchasing Baskets
should contact the Sponsor or the Trustee to obtain the contact information for the Authorized Participants. Shareholders who
are not Authorized Participants are only able to redeem their Shares through an Authorized Participant.

 All gold is delivered
to the Trust and distributed by the Trust in unallocated form through credits and debits between Authorized Participant Unallocated
Accounts and the Trust Unallocated Account. Gold transferred from an Authorized Participant Unallocated Account to the Trust
in unallocated form will first be credited to the Trust Unallocated Account. Thereafter, the Custodian will allocate, or cause
the allocation by the Zurich Sub-Custodian, of specific bars of gold representing the amount of gold credited to the Trust
Unallocated Account (to the extent such amount is representable by whole gold bars) to the Trust Allocated Account. The movement
of gold is reversed for the distribution of gold to an Authorized Participant in connection with the redemption of Baskets.

 All
physical gold represented by a credit to any Authorized Participant Unallocated Account and to the Trust Unallocated Account
and all physical gold held in the Trust Allocated Account with the Custodian must be of at least a minimum fineness (or purity)
of 995 parts per 1,000 (99.5%) and otherwise conform to the rules, regulations practices and customs of the LBMA, including the
specifications for a London Good Delivery Bar.

 Under
the Authorized Participant Agreement, the Sponsor has agreed to indemnify the Authorized Participants against certain liabilities,
including liabilities under the Securities Act.

 Loco
London and Loco Zurich Gold Delivery Elections

Participants can elect to deliver gold loco London or loco Zurich in connection with the creation of a Basket. Authorized Participants
can also elect to receive delivery of gold loco London or loco Zurich in connection with the redemption of a Basket. A Basket
creation order that elects a loco London or loco Zurich delivery of gold will cause the Custodian to effect an allocation of such
gold to the Trust Allocated Account maintained by the Custodian in its London or Zurich vault premises or by the Zurich Sub-Custodian
in its Zurich vault premises. Likewise, a Basket redemption order that elects a loco London or loco Zurich delivery of gold will
cause the Custodian to effect a de-allocation of gold necessary to satisfy such redemption requests from the Trust Allocated Account
maintained by the Custodian or by the Zurich Sub-Custodian to the Trust Unallocated Account.

 In
the event that there is not sufficient gold in the Trust Allocated Account in London to satisfy loco London redemptions, the Custodian
shall de-allocate, or shall cause the Zurich Sub-Custodian to de-allocate, sufficient gold held by it for the Trust Allocated
Account in Zurich and cause a transfer of gold from the Trust Unallocated Account maintained by the Custodian in Zurich to the
Authorized Participant Unallocated Account maintained in London. Likewise, in the event that there is not sufficient gold in the
Trust Allocated Account in Zurich to satisfy loco Zurich redemptions, the Custodian will initiate the reverse procedure to transfer
gold from London to Zurich. These transfers between London and Zurich unallocated accounts will generally occur pursuant to loco
swap arrangements and will not expose the Authorized Participant or the Trust to any additional expense. The Custodian has assumed
the responsibility and expenses for loco swap transfers and shall bear any risk of loss related to the gold being transferred.
If no loco swap counter-party is available, the Custodian shall arrange, at its own expense and risk, for the physical transportation
of gold between the Custodian's Zurich vault premises and the Custodian's London vault premises. If such a loco swap
or physical transfer is necessary to effect a loco London or loco Zurich redemption, the settlement of loco London or loco Zurich
redemption deliveries may be delayed more than two, but not more than five, business days.

 The
following description of the procedures for the creation and redemption of Baskets is only a summary and an investor should refer
to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail.

 Creation
Procedures

 On
any business day, an Authorized Participant may place an order with the Trustee to create one or more Baskets. Creation and redemption
orders are accepted on "business days" the NYSE Arca is open for regular trading. Settlements of such orders requiring
receipt or delivery, or confirmation of receipt or delivery, of gold in the United Kingdom, Zurich or another jurisdiction will
occur on "business days" when (1) banks in the United Kingdom, Zurich and such other jurisdiction and (2) the London
and Zurich gold markets are regularly open for business. If such banks or the London or Zurich gold markets are not open for regular
business for a full day, such a day will only be a "business day" for settlement purposes if the settlement procedures
can be completed by the end of such day. Settlement of orders requiring receipt or delivery, or confirmation of receipt or delivery,
of Shares will occur, after confirmation of the applicable gold delivery, on "business days" when the NYSE Arca is
open for regular trading. Purchase orders must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open
for regular trading. In the event of a level 3 market-wide circuit breaker resulting in a trading halt for the remainder of the
trading day, the time of the market-wide trading halt is considered the close of regular trading and no creation orders for the
current trade date will be accepted after that time (the "cutoff"). Orders placed after the cutoff will be deemed
to be rejected and will not be processed. Orders should be placed in proper form on the following business day. Purchase orders
must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading.

 By
placing a purchase order, an Authorized Participant agrees to deposit gold with the Trust. Prior to the delivery of Baskets for
a purchase order, the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for the
purchase order.

 Determination
of required deposits

 The
amount of gold in the required deposit is determined by dividing the number of ounces of gold held by the Trust by the number
of Baskets outstanding, as adjusted for the amount of gold constituting estimated accrued but unpaid fees and expenses of the
Trust. Fractions of a fine ounce of gold smaller than 0.001 of a fine ounce which are included in the deposit amount are disregarded
in the foregoing calculation. All questions as to the composition of a Creation Basket Deposit will be finally determined by the
Trustee. The Trustee's determination of the Creation Basket Deposit shall be final and binding on all persons interested
in the Trust.

 Delivery
of required deposits

 An
Authorized Participant who places a purchase order is responsible for crediting its Authorized Participant Unallocated Account
with the required gold deposit amount by the second business day in London or Zurich, as applicable, following the purchase order
date. Upon receipt of the gold deposit amount, the Custodian, after receiving appropriate instructions from the Authorized Participant
and the Trustee, will transfer on the second business day following the purchase order date the gold deposit amount from the Authorized
Participant Unallocated Account to the Trust Unallocated Account and the Trustee will direct DTC to credit the number of Baskets
ordered to the Authorized Participant's DTC account. The expense and risk of delivery, ownership and safekeeping of gold
until such gold has been received by the Trust shall be borne solely by the Authorized Participant. The Trustee may accept delivery
of gold by such other means as the Sponsor, from time to time, may determine with the Trustee to be acceptable for the Trust,
provided that the same is disclosed in a prospectus relating to the Trust filed with the SEC pursuant to Rule 424 under the Securities
Act. If gold is to be delivered other than as described above, the Sponsor is authorized to establish such procedures and to appoint
such custodians and establish such custody accounts in addition to those described in this report, as the Sponsor determines to
be desirable.

 Acting
on standing instructions given by the Trustee, the Custodian will transfer the gold deposit amount from the Trust Unallocated
Account to the Trust Allocated Account by transferring gold bars from its inventory, or the inventory of the Zurich Sub-Custodian,
to the Trust Allocated Account. The Custodian uses commercially reasonable efforts to complete the transfer of gold to the Trust
Allocated Account prior to the time by which the Trustee is to credit the Basket to the Authorized Participant's DTC account;
if, however, such transfers have not been completed by such time, the number of Baskets ordered will be delivered against receipt
of the gold deposit amount in the Trust Unallocated Account, and all Shareholders will be exposed to the risks of unallocated
gold to the extent of that gold deposit amount until the Custodian completes the allocation process or a Zurich Sub-Custodian
completes the allocation process for the Custodian. See "Risk Factors—gold held in the Trust's unallocated gold
account and any Authorized Participant's unallocated gold account will not be segregated from the Custodian's assets...."

 Because
gold is only allocated in multiples of whole bars, the amount of gold allocated from the Trust Unallocated Account to the Trust
Allocated Account may be less than the total fine ounces of gold credited to the Trust Unallocated Account. Any balance will be
held in the Trust Unallocated Account. The Custodian uses commercially reasonable efforts to minimize the amount of gold held
in the Trust Unallocated Account; no more than 430 fine troy ounces of gold (maximum weight to make one London Good Delivery Bar)
is expected to be held in the Trust Unallocated Account at the close of each business day.

 Rejection
of purchase orders

 The
Trustee may reject a purchase order or a Creation Basket Deposit if such order or Creation Basket Deposit is not presented in
proper form as described in the Authorized Participant Agreement or if the fulfillment of the order, in the opinion of counsel,
might be unlawful. None of the Trustee, the Sponsor or the Custodian will be liable for the rejection of any purchase order or
Creation Basket Deposit.

 Redemption
Procedures

 The
procedures by which an Authorized Participant can redeem one or more Baskets will mirror the procedures for the creation of Baskets.
On any business day, an Authorized Participant may place an order with the Trustee to redeem one or more Baskets. Redemption orders
must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading. In the event of a level
3 market-wide circuit breaker resulting in a trading halt for the remainder of the trading day, the time of the market-wide trading
halt is considered the close of regular trading and no redemption orders for the current trade date will be accepted after that
time (the "cutoff"). Orders placed after the cutoff will be deemed to be rejected and will not be processed. Orders
should be placed in proper form on the following business day. A redemption order so received is effective on the date it is received
in satisfactory form by the Trustee. The redemption procedures allow Authorized Participants to redeem Baskets and do not entitle
an individual Shareholder to redeem any Shares in an amount less than a Basket, or to redeem Baskets other than through an Authorized
Participant.

 By
placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC's book entry
system to the Trust not later than the second business day following the effective date of the redemption order. Prior to the
delivery of the redemption distribution for a redemption order, the Authorized Participant must also have wired to the Trustee
the non-refundable transaction fee due for the redemption order.

 Determination
of redemption distribution

 The
redemption distribution from the Trust consists of a credit to the redeeming Authorized Participant's Authorized Participant
Unallocated Account, either loco London or loco Zurich, representing the amount of the gold held by the Trust evidenced by the
Shares being redeemed. Fractions of a fine ounce of gold included in the redemption distribution smaller than 0.001 of a fine
ounce are disregarded. Redemption distributions will be subject to the deduction of any applicable tax or other governmental charges
which may be due.

 Delivery
of redemption distribution

 The
redemption distribution due from the Trust will be delivered to the Authorized Participant on the second business day following
a loco Zurich redemption order date if, by 10:00 a.m. New York time on such second business day, the Trustee's DTC account
has been credited with the Baskets to be redeemed. The redemption distribution due from the Trust will be delivered to the Authorized
Participant on or before the fifth business day following a loco London redemption order date if, by 10:00 a.m. New York time
on the second business day after the loco London redemption order date, the Trustee's DTC account has been credited with
the Baskets to be redeemed. If a loco swap or physical transfer is necessary to effect a loco London or loco Zurich redemption,
the redemption distribution due from the Trust will be delivered to the Authorized Participant on or before the fifth business
day following such a loco London or loco Zurich redemption order date if, by 10:00 a.m. New York time on the second business day
after the loco London or loco Zurich redemption order date, the Trustee's DTC account has been credited with the Baskets
to be redeemed. In the event that, by 10:00 a.m. New York time on the second business day following the order date of a redemption
order, the Trustee's DTC account has not been credited with the total number of Shares corresponding to the total number
of Baskets to be redeemed pursuant to such redemption order, the Trustee shall send to the Authorized Participant and the Custodian
via fax or electronic mail message notice of such fact and the Authorized Participant shall have two business days following receipt
of such notice to correct such failure. If such failure is not cured within such two business day period, the Trustee (in consultation
with the Sponsor) will cancel such redemption order and will send via fax or electronic mail message notice of such cancellation
to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all costs incurred
by the Trust, the Trustee or the Custodian related to the cancelled order. The Trustee is also authorized to deliver the redemption
distribution notwithstanding that the Baskets to be redeemed are not credited to the Trustee's DTC account by 10:00 a.m.
New York time on the second business day following the redemption order date if the Authorized Participant has collateralized
its obligation to deliver the Baskets through DTC's book entry system on such terms as the Sponsor and the Trustee may from
time to time agree upon.

 The
Custodian transfers the redemption gold amount from the Trust Allocated Account to the Trust Unallocated Account and, thereafter,
to the redeeming Authorized Participant's Authorized Participant Unallocated Account. The Authorized Participant and the
Trust are each at risk in respect of gold credited to their respective unallocated accounts in the event of the Custodian's
insolvency. See "Risk Factors—gold held in the Trust's unallocated gold account and any Authorized Participant's
unallocated gold account is not segregated from the Custodian's assets...."

 As
with the allocation of gold to the Trust Allocated Account which occurs upon a purchase order, if in transferring gold from the
Trust Allocated Account to the Trust Unallocated Account in connection with a redemption order there is an excess amount of gold
transferred to the Trust Unallocated Account, the excess over the gold redemption amount will be held in the Trust Unallocated
Account. The Custodian uses commercially reasonable efforts to minimize the amount of gold held in the Trust Unallocated Account;
no more than 430 fine troy ounces of gold (maximum weight to make one London Good Delivery Bar) is expected to be held in the
Trust Unallocated Account at the close of each business day.

 Suspension
or rejection of redemption orders

 The
Trustee may, in its discretion, and will when directed by the Sponsor, suspend the right of redemption, or postpone the redemption
settlement date, (1) for any period during which the NYSE Arca is closed other than customary weekend or holiday closings, or
trading on the NYSE Arca is suspended or restricted or (2) for any period during which an emergency exists as a result of which
delivery, disposal or evaluation of gold is not reasonably practicable. None of the Sponsor, the Trustee or the Custodian are
liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

 The
Trustee will reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement
or if the fulfillment of the order, in the opinion of its counsel, might be unlawful.

 Creation
and Redemption Transaction Fe e

 To
compensate the Trustee for services in processing the creation and redemption of Baskets, an Authorized Participant is required
to pay a transaction fee to the Trustee of $500 per order to create or redeem Baskets. An order may include multiple Baskets.
The transaction fee may be reduced, increased or otherwise changed by the Trustee with the consent of the Sponsor. From time to
time, the Trustee, with the consent of the Sponsor, may waive all or a portion of the applicable transaction fee. The Trustee
shall notify DTC of any agreement to change the transaction fee and will not implement any increase in the fee for the redemption
of Baskets until 30 days after the date of the notice.

 The
Sponsor

 The
Trust's Sponsor is abrdn ETFs Sponsor LLC (known as Aberdeen Standard Investments ETFs Sponsor LLC prior to March 1, 2022 and
ETF Securities USA LLC prior to October 1, 2018), a Delaware limited liability company formed on June 17, 2009.

 The
Sponsor's office is located at c/o abrdn ETFs Sponsor LLC, 1900 Market Street, Suite 200, Philadelphia, PA 19103. Prior
to April 27, 2018, the Sponsor was wholly-owned by ETF Securities Limited, a Jersey, Channel Islands based company. Effective
April 27, 2018, ETF Securities Limited sold its membership interest in the Sponsor to abrdn Inc. (known as Aberdeen Standard Investments
Inc. prior to January 1, 2022), a Delaware corporation. As a result of the sale, abrdn Inc. became the sole member of the Sponsor.
abrdn Inc. is a wholly-owned indirect subsidiary of abrdn plc, which together with its affiliates and subsidiaries, is collectively
referred to as "abrdn." Under the Delaware Limited Liability Company Act and the governing documents of the Sponsor,
the sole member of the Sponsor, abrdn Inc., is not responsible for the debts, obligations and liabilities of the Sponsor solely
by reason of being the sole member of the Sponsor.

 The
Sponsor's Role

 The
Sponsor arranged for the creation of the Trust, and is responsible for the ongoing registration of the Shares for their public
offering in the United States and the listing of the Shares on the NYSE Arca. The Sponsor has agreed to assume the following administrative
and marketing expenses incurred by the Trust: the Trustee's monthly fee and out-of-pocket expenses, the Custodian's
fee and the reimbursement of the Custodian's expenses under the Custody Agreements, Exchange listing fees, SEC registration
fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. The Sponsor also paid the costs of
the Trust's organization and the initial sale of the Shares, including the applicable SEC registration fees.

 The
Sponsor does not exercise day-to-day oversight over the Trustee or the Custodian. The Sponsor may remove the Trustee and appoint
a successor Trustee (i) if the Trustee ceases to meet certain objective requirements (including the requirement that it have capital,
surplus and undivided profits of at least $150 million), (ii) if, having received written notice of a material breach of its obligations
under the Trust Agreement, the Trustee has not cured the breach within 30 days, or (iii) if the Trustee refuses to consent to
the implementation of an amendment to the Trust's initial Internal Control Over Financial Reporting. The Sponsor also has
the right to replace the Trustee during the 90 days following any merger, consolidation or conversion in which the Trustee is
not the surviving entity or, in its discretion, on the fifth anniversary of the creation of the Trust or on any subsequent third
anniversary thereafter. The Sponsor also has the right to approve any new or additional custodian that the Trustee may wish to
appoint and any new or additional sub-custodian, including the Zurich Sub-Custodian, that the Custodian may wish to appoint.

 The
Sponsor or one of its affiliates or agents (1) develops a marketing plan for the Trust on an ongoing basis, (2) prepares marketing
materials regarding the Shares, including the content of the Trust's website and (3) executes the marketing plan for the
Trust.

 The
Trustee

 The
Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers ("BNYM"),
serves as the Trustee. BNYM has a trust office at 2 Hanson Place, Brooklyn, New York 11217. BNYM is subject to supervision by
the New York State Financial Services Department and the Board of Governors of the Federal Reserve System. Information regarding
creation and redemption Basket composition, NAV of the Trust, transaction fees and the names of the parties that have each executed
an Authorized Participant Agreement may be obtained from BNYM. A copy of the Trust Agreement is available for inspection at BNYM's
trust office identified above. Under the Trust Agreement, the Trustee is required to have capital, surplus and undivided profits
of at least $150 million. As of December 31, 2023, the Trustee was in compliance with these conditions.

 The
Trustee's Role

 The
Trustee is generally responsible for the day-to-day administration of the Trust, including keeping the Trust's operational
records. The Trustee's principal responsibilities include (1) transferring the Trust's gold as needed to pay the
Sponsor's Fee in gold (gold transfers are expected to occur approximately monthly in the ordinary course), (2) valuing
the Trust's gold and calculating the NAV of the Trust and the NAV per Share, (3) receiving and processing orders from Authorized
Participants to create and redeem Baskets and coordinating the processing of such orders with the Custodian and DTC, (4) selling
the Trust's gold as needed to pay any extraordinary Trust expenses that are not assumed by the Sponsor, (5) when appropriate,
making distributions of cash or other property to Shareholders, and (6) receiving and reviewing reports from or on the Custodian's
custody of and transactions in the Trust's gold. The Trustee shall, with respect to directing the Custodian, act in accordance
with the instructions of the Sponsor. If the Custodian resigns, the Trustee shall appoint an additional or replacement Custodian
selected by the Sponsor.

 The
Trustee intends to regularly communicate with the Sponsor to monitor the overall performance of the Trust. The Trustee does not
monitor the performance of the Custodian, the Zurich Sub-Custodian, or any other sub-custodian other than to review the reports
provided by the Custodian pursuant to the Custody Agreements. The Trustee, along with the Sponsor, will liaise with the Trust's
legal, accounting and other professional service providers as needed. The Trustee will assist and support the Sponsor with the
preparation of all periodic reports required to be filed with the SEC on behalf of the Trust.

 The
Trustee's monthly fees and out-of-pocket expenses are paid by the Sponsor.

 Affiliates
of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own
account, as agent for their customers and for accounts over which they exercise investment discretion. Affiliates of the Trustee
are subject to the same transaction fee as other Authorized Participants.

 The
Custodian

 JPMorgan
Chase Bank, N.A. ("JPMorgan") serves as the Custodian of the Trust's gold. JPMorgan is a national banking association
organized under the laws of the United States of America. JPMorgan is subject to supervision by the Federal Reserve Bank of New
York and the Federal Deposit Insurance Corporation. JPMorgan's London office is regulated by the FCA and is located at 25
Bank Street, London, Canary Wharf, E14 5JP, United Kingdom. JPMorgan is a subsidiary of JPMorgan Chase & Co. While the United
Kingdom operations of the Custodian are regulated by the FCA, the custodial services provided by the Custodian and any sub-custodian,
including the Zurich Sub-Custodian under the Custody Agreements, are presently not a regulated activity subject to the supervision
and rules of the FCA. As of the date of the Custody Agreements, the Zurich Sub-Custodian selected by the Custodian was UBS AG,
which is located at 45 Bahnhofstrasse, 8001 Zurich, Switzerland.

 The
Custodian's Role

 The
Custodian is responsible for the safekeeping of the Trust's gold deposited with it by Authorized Participants in connection
with the creation of Baskets. The Custodian is also responsible for selecting the Zurich Sub-Custodian and its other direct sub-custodians,
if any. The Custodian facilitates the transfer of gold in and out of the Trust through the unallocated gold accounts it maintains
for each Authorized Participant and the unallocated and allocated gold accounts it maintains for the Trust. The Custodian holds
at its London, England vault premises, that portion of the Trust's allocated gold to be held in London. The Custodian and/or
the Zurich Sub-Custodian hold at their Zurich, Switzerland vault premises that portion of the Trust's allocated gold to
be held in Zurich. The Custodian is responsible for allocating specific bars of physical gold to the Trust's allocated gold
account. The Custodian provides the Trustee with regular reports detailing the gold transfers in and out of the Trust's
unallocated and allocated gold accounts and identifying the gold bars held in the Trust's allocated gold account.

 The
Custodian's fees and expenses under the Custody Agreements are paid by the Sponsor.

 The
Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell gold or Shares for their
own account, as agent for their customers and for accounts over which they exercise investment discretion. The Custodian and its
affiliates are subject to the same transaction fee as other Authorized Participants.

 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. Any such inspection rights with respect to the Zurich Sub-Custodian are expected
to be granted in accordance with the normal course of dealing between the Custodian and 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 sub-custodian, 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 July 7, 2023 and December 31, 2023.

 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, the Zurich Sub-Custodian, or any other 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.

of the Shares

 General

 The
Trustee is authorized under the Trust Agreement to create and issue an unlimited number of Shares. The Trustee creates Shares
only in Baskets (a Basket equals a block of 100,000 Shares) and only upon the order of an Authorized Participant. The Shares represent
units of fractional undivided beneficial interest in and ownership of the Trust and have no par value. Any creation and issuance
of Shares above the amount registered on the Trust's then-current and effective registration statement with the SEC will
require the registration of such additional Shares.

of Limited Rights

 The
Shares do not represent a traditional investment and Shareholders should not view them as similar to shares of a corporation operating
a business enterprise with management and a board of directors. Shareholders do not have the statutory rights normally associated
with the ownership of shares of a corporation, including, for example, the right to bring "oppression" or "derivative"
actions. All Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid and non-assessable
and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Trust Agreement. The Shares
do not entitle their holders to any conversion or pre-emptive rights, or, except as provided below, any redemption rights or rights
to distributions.

 Distributions

 If
the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction
of all outstanding liabilities of the Trust and the establishment of such reserves for applicable taxes, other governmental charges
and contingent or future liabilities as the Trustee shall determine. Shareholders of record on the record date fixed by the Trustee
for a distribution will be entitled to receive their pro rata portion of any distribution.

 Voting
and Approvals

 Under
the Trust Agreement, Shareholders have no voting rights, except in limited circumstances. The Trustee may terminate the Trust
upon the agreement of Shareholders owning at least 75% of the outstanding Shares. In addition, certain amendments to the Trust
Agreement require advance notice to the Shareholders before the effectiveness of such amendments, but no Shareholder vote or approval
is required for any amendment to the Trust Agreement.

 Redemption
of the Shares

 The
Shares may only be redeemed by or through an Authorized Participant and only in Baskets.

 Book-Entry
Form

 Individual
certificates will not be issued for the Shares. Instead, one or more global certificates is deposited by the Trustee with DTC
and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding
at any time. Under the Trust Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and
trust companies (DTC Participants), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC
Participant (Indirect Participants), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the
Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the book-entry system of DTC.
Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their
Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares.
Transfers will be made in accordance with standard securities industry practice.

 Custody
of the Trust's Gold

 Custody
of the gold bullion deposited with and held by the Trust is provided by the Custodian at the London, England vaults of the Custodian
or at the Zurich, Switzerland vaults of the Custodian and/or the Zurich Sub-Custodian, and by other sub-custodians on a temporary
basis. The Custodian is a market maker, clearer and approved weigher under the rules of the LBMA.

 The
Custodian is the custodian of the gold bullion credited to the Trust Allocated Account in accordance with the Custody Agreements.
The Custodian segregates the gold bullion credited to the Trust Allocated Account from any other precious metal it holds or holds
for others by entering appropriate entries in its books and records, and requires the Zurich Sub-Custodian to also segregate the
gold bullion that it holds from the other gold held by them for other customers of the Custodian and the Zurich Sub-Custodians'
other customers. The Custodian requires the Zurich Sub-Custodian to identify in its books and records the Trust as having the
rights to the gold bullion credited to its Trust Allocated Account. Under the Custody Agreements, the Trustee, the Sponsor and
the Trust's auditors and inspectors may inspect the vaults of the Custodian and the Zurich Sub-Custodian. See " Inspection
of Gold ".

 The
Custodian, as instructed by the Trustee on behalf of the Trust, is authorized to accept, on behalf of the Trust, deposits of gold
in unallocated form. Acting on standing instructions given by the Trustee specified in the Custody Agreements, the Custodian allocates,
or requires the Zurich Sub-Custodian to allocate, gold deposited in unallocated form with the Trust by selecting bars of gold
bullion for deposit to the Trust Allocated Account. All gold bullion allocated to the Trust must conform to the rules, regulations,
practices and customs of the LBMA, and the Custodian must replace any non-conforming gold bullion with conforming gold bullion
as soon as practical upon a determination by the Custodian any gold bullion is non-conforming.

 The
process of withdrawing gold from the Trust for a redemption of a Basket follows the same general procedure as for depositing gold
with the Trust for a creation of a Basket, only in reverse. Each transfer of gold between the Trust Allocated Account and
the Trust Unallocated Account connected with a creation or redemption of a Basket may result in a small amount of gold being
held in the Trust Unallocated Account after the completion of the transfer. In making deposits and withdrawals between the Trust
Allocated Account and the Trust Unallocated Account, the Custodian will use commercially reasonable efforts to minimize the amount
of gold held in the Trust Unallocated Account as of the close of each business day. See "Creation and Redemption of Shares."

 United
States Federal Income Tax Consequences

 The
following discussion of the material US federal income tax consequences generally applies to the purchase, ownership and disposition
of Shares by a US Shareholder (as defined below) and certain US federal income tax consequences that may apply to an investment
in Shares by a Non-US Shareholder (as defined below). The discussion is based on the United States Internal Revenue Code of 1986
as amended (the "Code"). The discussion below is based on the Code, United States Treasury Regulations ("Treasury
Regulations") promulgated under the Code and judicial and administrative interpretations of the Code, all as in effect on
the date of this annual report and all of which are subject to change either prospectively or retroactively. The tax treatment
of Shareholders may vary depending upon their own particular circumstances. Certain Shareholders (including broker-dealers, traders,
banks and other financial institutions, insurance companies, real estate investment trusts, tax-exempt entities, Shareholders
whose functional currency is not the U.S. Dollar or other investors with special circumstances) may be subject to special rules
not discussed below. In addition, the following discussion applies only to investors who hold Shares as "capital assets"
within the meaning of Code section 1221 and not as part of a straddle, hedging transaction or a conversion or constructive sale
transaction. Moreover, the discussion below does not address the effect of any state, local or foreign tax law or any transfer
tax on an owner of Shares. Purchasers of Shares are urged to consult their own tax advisors with respect to all federal, state,
local and foreign tax law or any transfer tax considerations potentially applicable to their investment in Shares.

 For
purposes of this discussion, a "US Shareholder" is a Shareholder that is:

 • An
individual who is a citizen or resident of the United States;

 • A
corporation (or other entity treated as a corporation for US federal tax purposes) created or organized in or under the laws of
the United States or any political subdivision thereof;

 • An
estate, the income of which is includible in gross income for US federal income tax purposes regardless of its source; or

 • A
trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one
or more US persons have the authority to control all substantial decisions of the trust.

 Taxation
of the Trust

 The
Trust is classified as a "grantor trust" for US federal income tax purposes. As a result, the Trust itself is not
subject to US federal income tax. Instead, the Trust's income and expenses "flow through" to the Shareholders,
and the Trustee reports the Trust's income, gains, losses and deductions to the Internal Revenue Service ("IRS")
on that basis.

 A
Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership for
US federal tax purposes) generally is considered a "Non-US Shareholder" for purposes of this discussion. For US federal
income tax purposes, the treatment of any beneficial owner of an interest in a partnership, including any entity treated as a
partnership for US federal income tax purposes, generally depends upon the status of the partner and upon the activities of the
partnership. Partnerships and partners in partnerships should consult their tax advisors about the US federal income tax consequences
of purchasing, owning and disposing of Shares.

 Taxation
of US Shareholders

generally are treated, for US federal income tax purposes, as if they directly owned a pro rata share of the underlying assets
held by the Trust. Shareholders are also treated as if they directly received their respective pro rata share of the Trust's
income, if any, and as if they directly incurred their respective pro rata share of the Trust's expenses. In the case of
a Shareholder that purchases Shares for cash, its initial tax basis in its pro rata share of the assets held in the Trust at the
time it acquires its Shares is equal to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares
as part of a creation of a Basket, the delivery of gold to the Trust in exchange for the Shares is not a taxable event to
the Shareholder, and the Shareholder's tax basis and holding period for the Shares are the same as its tax basis and holding
period for the gold delivered in exchange therefore (except to the extent of any cash contributed for such Shares). For purposes
of this discussion, it is assumed that all of a Shareholder's Shares are acquired on the same date and at the same price
per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should
consult their tax advisors.

 When
the Trust sells or transfers gold, for example to pay expenses, a Shareholder generally will recognize gain or loss in an amount
equal to the difference between (1) the Shareholder's pro rata share of the amount realized by the Trust upon the sale or
transfer and (2) the Shareholder's tax basis for its pro rata share of the gold that was sold or transferred. Such gain
or loss will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder has a holding period
in its Shares of longer than one year. A Shareholder's tax basis for its share of any gold sold by the Trust generally will
be determined by multiplying the Shareholder's total basis for its Shares immediately prior to the sale, by a fraction the
numerator of which is the amount of gold sold, and the denominator of which is the total amount of the gold held by the Trust
immediately prior to the sale. After any such sale, a Shareholder's tax basis for its pro rata share of the gold remaining
in the Trust will be equal to its tax basis for its Shares immediately prior to the sale, less the portion of such basis allocable
to its share of the gold that was sold.

 Upon
a Shareholder's sale of some or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the gold
held in the Trust at the time of the sale. Accordingly, the Shareholder generally will recognize a gain or loss on the sale
in an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholder's
tax basis for the Shares sold, as determined in the manner described in the preceding paragraph.

 A
redemption of some or all of a Shareholder's Shares in exchange for the underlying gold represented by the Shares redeemed
generally will not be a taxable event to the Shareholder. The Shareholder's tax basis for the gold received in the
redemption generally will be the same as the Shareholder's tax basis for the Shares redeemed. The Shareholder's holding
period with respect to the gold received should include the period during which the Shareholder held the Shares redeemed.
A subsequent sale of the gold received by the Shareholder will be a taxable event.

 An
Authorized Participant and other investors may be able to re-invest, on a tax-deferred basis, in-kind redemption proceeds received
from exchange-traded products that are substantially similar to the Trust in the Trust's Shares. Authorized Participants
and other investors should consult their tax advisors as to whether and under what circumstances the reinvestment in the Shares
of proceeds from substantially similar exchange-traded products can be accomplished on a tax-deferred basis.

 Under
current law, gains recognized by individuals, estates or trusts from the sale of "collectibles," including physical
gold, held for more than one year are taxed at a maximum federal income tax rate of 28%, rather than the 20% rate applicable to
most other long-term capital gains. For these purposes, gains recognized by an individual upon the sale of Shares held for more
than one year, or attributable to the Trust's sale of any physical gold which the Shareholder is treated (through its
ownership of Shares) as having held for more than one year, generally will be taxed at a maximum rate of 28%. The tax rates for
capital gains recognized upon the sale of assets held by an individual US Shareholder for one year or less or by a corporate taxpayer
are generally the same as those at which ordinary income is taxed.

 In
addition, high-income individuals and certain trusts and estates are subject to a 3.8% Medicare contribution tax that is imposed
on net investment income and gain. Shareholders should consult their tax advisor regarding this tax.

 Brokerage
Fees and Trust Expenses

 Any
brokerage or other transaction fees incurred by a Shareholder in purchasing Shares is treated as part of the Shareholder's
tax basis in the Shares. Similarly, any brokerage fee incurred by a Shareholder in selling Shares reduces the amount realized
by the Shareholder with respect to the sale.

will be required to recognize a gain or loss upon a sale of gold by the Trust (as discussed above), even though some or all of
the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata share
of each expense incurred by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals,
estates or trusts, however, may be required to treat some or all of the expenses of the Trust, to the extent that such expenses
may be deducted, as miscellaneous itemized deductions. Miscellaneous itemized deductions, including expenses for the production
of income, will not be deductible for either regular federal income tax or alternative minimum tax purposes for taxable years
beginning after December 31, 2017 and before January 1, 2026 and thereafter generally are (i) deductible only to the extent that
the aggregate of a Shareholder's miscellaneous itemized deductions exceeds 2% of such Shareholder's adjusted gross income for
federal income tax purposes, (ii) not deductible for the purposes of the alternative minimum tax and (iii) are subject to the
overall limitation on itemized deductions under the Code.

 Investment
by Regulated Investment Companies

 Mutual
funds and other investment vehicles which are "regulated investment companies" within the meaning of Code section
851 should consult with their tax advisors concerning (1) the likelihood that an investment in Shares, although they are a "security"
within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying gold for purposes
of Code section 851(b), and (2) the extent to which an investment in Shares might nevertheless be consistent with preservation
of their qualification under Code section 851. In administrative guidance, the IRS stated that it will no longer issue rulings
under Code section 851(b) relating to the determination of whether or not an instrument or position is a "security",
but, instead, intends to defer to guidance from the SEC for such determination.

 United
States Information Reporting and Backup Withholding Tax for US and Non-US Shareholders

 The
Trustee or the appropriate broker will file certain information returns with the IRS, and provides certain tax-related information
to Shareholders, in accordance with applicable Treasury Regulations. Each Shareholder will be provided with information regarding
its allocable portion of the Trust's annual income (if any) and expenses.

 A
US Shareholder may be subject to US backup withholding tax in certain circumstances unless it provides its taxpayer identification
number and complies with certain certification procedures. Non-US Shareholders may have to comply with certification procedures
to establish that they are not a US person in order to avoid the backup withholding tax.

 The
amount of any backup withholding tax will be allowed as a credit against a Shareholder's US federal income tax liability
and may entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS.

 Income
Taxation of Non-US Shareholders

 The
Trust does not expect to generate taxable income except for gains (if any) upon the sale of gold. A Non-US Shareholder generally
is not subject to US federal income tax with respect to gains recognized upon the sale or other disposition of Shares, or upon
the sale of gold by the Trust, unless (1) the Non-US Shareholder is an individual and is present in the United States for
183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States
sources; or (2) the gain is effectively connected with the conduct by the Non-US Shareholder of a trade or business in the United
States.

 Taxation
in Jurisdictions other than the United States

 Prospective
purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their
own tax advisers as to the tax consequences, under the laws of such jurisdiction (or any other jurisdiction not being the United
States to which they are subject), of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular,
as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale,
redemption or other dealing.

 ERISA
and Related Considerations

 The
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and/or Code section 4975 impose certain requirements
on certain employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities,
Keogh plans, and certain commingled investment vehicles or insurance company general or separate accounts in which such plans
or arrangements are invested (collectively, "Plans"), and on persons who are fiduciaries with respect to the investment
of "plan assets" of a Plan. Government plans and some church plans are not subject to the fiduciary responsibility
provisions of ERISA or the provisions of section 4975 of the Code, but may be subject to substantially similar rules under other
federal law, or under state or local law ("Other Law").

 In
contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should
carefully consider, taking into account the facts and circumstances of the Plan and the "Risk Factors" discussed above
and whether such investment is consistent with its fiduciary responsibilities under ERISA or Other Law, including, but not limited
to: (1) whether the investment is permitted under the Plan's governing documents, (2) whether the fiduciary has the authority
to make the investment, (3) whether the investment is consistent with the Plan's funding objectives, (4) the tax effects
of the investment on the Plan, and (5) whether the investment is prudent considering the factors discussed in this report. In
addition, ERISA and Code section 4975 prohibit a broad range of transactions involving assets of a plan and persons who are "parties
in interest" under ERISA or "disqualified persons" under section 4975 of the Code. A violation of these rules
may result in the imposition of significant excise taxes and other liabilities. Plans subject to Other Law may be subject to similar
restrictions.

 It
is anticipated that the Shares will constitute "publicly offered securities" as defined in the Department of Labor
"Plan Asset Regulations," §2510.3-101 (b)(2) as modified by section 3(42) of ERISA. Accordingly, pursuant to
the Plan Asset Regulations, only Shares purchased by a Plan, and not an interest in the underlying assets held in the Trust, should
be treated as assets of the Plan, for purposes of applying the "fiduciary responsibility" rules of ERISA and the "prohibited
transaction" rules of ERISA and the Code. Fiduciaries of plans subject to Other Law should consult legal counsel to determine
whether there would be a similar result under the Other Law.

 Investment
by Certain Retirement Plans

 Code
section 408(m) provides that the acquisition of a "collectible" by an individual retirement account ("IRA")
or a participant-directed account maintained under any plan that is tax-qualified under Code section 401(a) ("Tax Qualified
Account") is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom
the Tax Qualified Account is maintained, of an amount equal to the cost to the account of acquiring the collectible. The term
"collectible" is defined to include, with certain exceptions, "any metal or gem". The IRS has issued several
private letter rulings to the effect that a purchase by an IRA, or by a participant-directed account under a Code section 401(a)
plan, of publicly-traded shares in a trust holding gold will not be treated as resulting in a taxable distribution to the IRA
owner or Tax Qualified Account participant under Code section 408(m). However the private letter rulings provide that, if any
of the Shares so purchased are distributed from the IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account participant,
or if any gold is received by such IRA or Tax Qualified Account upon the redemption of any of the Shares purchased by it,
the Shares or gold so distributed will be subject to federal income tax in the year of distribution, to the extent provided
under the applicable provisions of Code sections 408(d), 408(m) or 402. Accordingly, potential IRA or Tax Qualified Account investors
are urged to consult with their own professional advisors concerning the treatment of an investment in Shares under Code section
408(m).

 Item
1A. Risk Factors

should consider carefully the risks described below before making an investment decision. Shareholders should also refer to the
other information included in this report, including the Trust's financial statements and the related notes.

 RISKS
RELATED TO GOLD

 The
price of gold may be affected by the sale of ETVs tracking the gold markets.

 To
the extent existing exchange traded vehicles ("ETVs") tracking the gold markets represent a significant proportion
of demand for physical gold bullion, large redemptions of the securities of these ETVs could negatively affect physical gold bullion
prices and the price and NAV of the Shares.

 Crises
may motivate large-scale sales of gold which could decrease the price of gold and adversely affect an investment in the Shares.

 The
possibility of large-scale distress sales of gold in times of crisis may have a short-term negative impact on the price of gold
and adversely affect an investment in the Shares. For example, the 2008 financial credit crisis resulted in significantly depressed
prices of gold largely due to forced sales and deleveraging from institutional investors such as hedge funds and pension funds.
Crises in the future may impair gold's price performance which would, in turn, adversely affect an investment in the Shares.

 Several
factors may have the effect of causing a decline in the prices of gold and a corresponding decline in the price of Shares. Among
them:

A significant increase in gold hedging activity by gold producers. Should there be an increase in the level of hedge activity
of gold producing companies, it could cause a decline in world gold prices, adversely affecting the price of the Shares.

A significant change in the attitude of speculators, investors and central banks towards gold. Should the speculative community
take a negative view towards gold or central banking authorities determine to sell national gold reserves, either event could
cause a decline in world gold prices, negatively impacting the price of the Shares.

A widening of interest rate differentials between the cost of money and the cost of gold could negatively affect the price of
gold which, in turn, could negatively affect the price of the Shares.

A combination of rising money interest rates and a continuation of the current low cost of borrowing gold could improve the economics
of selling gold forward. This could result in an increase in hedging by gold mining companies and short selling by speculative
interests, which would negatively affect the price of gold. Under such circumstances, the price of the Shares would be similarly
affected.

 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.

 The
Shares are designed to mirror as closely as possible the performance of the price of gold bullion, and the value of the Shares
relates directly to the value of the gold held by the Trust, less the Trust's liabilities (including estimated accrued but
unpaid expenses). The price of gold has fluctuated widely over the past several years. Several factors may affect the price of
gold, including:

 Global gold supply
 and demand, which is influenced by such factors as forward selling by gold producers, purchases made by gold producers to
 unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries
 such as China, Australia, Russia and the United States;

 Investors' expectations
 with respect to the rate of inflation;

 Currency exchange rates;

 Interest rates;

 Investment and trading
 activities of hedge funds and commodity funds; and

 Global or regional
 political, economic or financial events and situations.

 A significant change
 in investor interest, including in response to online campaigns or other activities specifically targeting investments in
 gold.

 In
addition, investors should be aware that there is no assurance that gold will maintain its long-term value in terms of purchasing
power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares
to decline proportionately.

 RISKS
RELATED TO THE SHARES

 The
sale of the Trust's gold to pay expenses not assumed by the Sponsor at a time of low gold prices could adversely affect
the value of the Shares.

 The
Trustee sells gold held by the Trust to pay Trust expenses not assumed by the Sponsor on an as-needed basis irrespective of then-current
gold prices. The Trust is not actively managed and no attempt will be made to buy or sell gold to protect against or to take advantage
of fluctuations in the price of gold. Consequently, the Trust's gold may be sold at a time when the gold price is low, resulting
in a negative effect on 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.

 Under
the Trust Agreement, each of the Sponsor and the Trustee has a right to be indemnified from the Trust for any liability or expense
it incurs without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard on its part. That
means the Sponsor or the Trustee may require the assets of the Trust to be sold in order to cover losses or liability suffered
by it. Any sale of that kind would reduce the NAV of the Trust and the value of the Shares.

 The
Shares may trade at a price which is at, above or below the NAV per Share and any discount or premium in the trading price relative
to the NAV per Share may widen as a result of non-concurrent trading hours between the NYSE Arca and London, Zurich and COMEX.

 The
Shares may trade at, above or below the NAV per Share. The NAV per Share fluctuates with changes in the market value of the Trust's
assets. The trading price of the Shares fluctuates in accordance with changes in the NAV per Share as well as market supply and
demand. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent
trading hours between the NYSE Arca and the major gold markets. While the Shares trade on the NYSE Arca until 4:00 p.m. New York
time, liquidity in the market for gold is reduced after the close of the major world gold markets, including London, Zurich and
the COMEX. As a result, during this time, trading spreads, and the resulting premium or discount on the Shares, may widen.

 A
possible "short squeeze" due to a sudden increase in demand of Shares that largely exceeds supply may lead to price
volatility in the Shares.

 Investors
may purchase Shares to hedge existing gold exposure or to speculate on the price of gold. Speculation on the price of gold may
involve long and short exposures. To the extent aggregate short exposure exceeds the number of Shares available for purchase (for
example, in the event that large redemption requests by Authorized Participants dramatically affect Share liquidity), investors
with short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders. Those repurchases may in turn,
dramatically increase the price of the Shares until additional Shares are created through the creation process. This is often
referred to as a "short squeeze." A short squeeze could lead to volatile price movements in Shares that are not directly
correlated to the price of gold.

 Purchasing
activity in the gold market associated with the purchase of Baskets from the Trust may cause a temporary increase in the price
of gold. This increase may adversely affect an investment in the Shares.

 Purchasing
activity associated with acquiring the gold required for deposit into the Trust in connection with the creation of Baskets may
temporarily increase the market price of gold, which will result in higher prices for the Shares. Temporary increases in the market
price of gold may also occur as a result of the purchasing activity of other market participants. Other gold market participants
may attempt to benefit from an increase in the market price of gold that may result from increased purchasing activity of gold
connected with the issuance of Baskets. Consequently, the market price of gold may decline immediately after Baskets
are created. If the price of gold declines, the trading price of the Shares may also decline.

 The
Shares and their value could decrease if unanticipated operational or trading problems arise.

 There
may be unanticipated problems or issues with respect to the mechanics of the Trust's operations and the trading of the Shares
that could have a material adverse effect on an investment in the Shares. In addition, although the Trust is not actively "managed"
by traditional methods, to the extent that unanticipated operational or trading problems or issues arise, the Sponsor's
past experience and qualifications may not be suitable for solving these problems or issues.

 Discrepancies,
disruptions or unreliability of the LBMA PM Gold Price could impact the value of the Trust's gold and the market price of
the Shares.

 The
Trustee values the Trust's gold pursuant to the LBMA PM Gold Price. In the event that the LBMA PM Gold Price proves to be
an inaccurate benchmark, or the LBMA PM Gold Price varies materially from the prices determined by other mechanisms for valuing
gold, the value of the Trust's gold and the market price of the Shares could be adversely impacted. Any future developments
in the LBMA PM Gold Price, to the extent it has a material impact on the LBMA PM Gold Price, could adversely impact the value
of the Trust's gold and the market price of the Shares. It is possible that electronic failures or other unanticipated events
may occur that could result in delays in the announcement of, or the inability of the benchmark to produce, the LBMA PM Gold Price
on any given date. Furthermore, any actual or perceived disruptions that result in the perception that the LBMA PM Gold Price
is vulnerable to actual or attempted manipulation could adversely affect the behavior of market participants, which may have an
effect on the price of gold. If the LBMA PM Gold Price is unreliable for any reason, the price of gold and the market price for
the Shares may decline or be subject to greater volatility.

 If
the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions
intended to keep the price of the Shares closely linked to the price of gold may not exist and, as a result, the price of the
Shares may fall.

 If
the processes of creation and redemption of Shares (which depend on timely transfers of gold to and by the Custodian) encounter
any unanticipated difficulties, potential market participants who would otherwise be willing to purchase or redeem Baskets to
take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying
gold may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. If
this is the case, the liquidity of Shares may decline and the price of the Shares may fluctuate independently of the price of
gold and may fall. Additionally, redemptions could be suspended for any period during which (1) the NYSE Arca is closed (other
than customary weekend or holiday closings) or trading on the NYSE Arca is suspended or restricted, or (2) an emergency exists
as a result of which delivery, disposal or evaluation of the gold is not reasonably practicable.

 The
liquidity of the Shares may be affected by the withdrawal from participation of one or more Authorized Participants.

 In
the event that one or more Authorized Participants having substantial interests in Shares or otherwise responsible for a significant
portion of the Shares' daily trading volume on the Exchange withdraw from participation, the liquidity of the Shares will
likely decrease which could adversely affect the market price of the Shares and result in Shareholders incurring a loss on their
investment.

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 Commodity Exchange Act ("CEA").

 The
Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under
such act. Consequently, Shareholders do not have the regulatory protections provided to investors in investment companies.
The Trust does not and will not hold or trade in commodity futures contracts, "commodity interests" or any other instruments
regulated by the CEA, as administered by the CFTC and the National Futures Association ("NFA"). Furthermore, the Trust
is not a commodity pool for purposes of the CEA and the Shares are not "commodity interests", and neither the Sponsor
nor the Trustee is subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in connection
with the Trust or the Shares. Consequently, Shareholders do not have the regulatory protections provided to investors in CEA-regulated
instruments or commodity pools operated by registered commodity pool operators or advised by registered commodity trading
advisors.

 The
Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.

 If
the Trust is required to terminate and liquidate, such termination and liquidation could occur at a time which is disadvantageous
to Shareholders, such as when gold prices are lower than the gold prices at the time when Shareholders purchased their
Shares. In such a case, when the Trust's gold is sold as part of the Trust's liquidation, the resulting proceeds
distributed to Shareholders will be less than if gold prices were higher at the time of sale.

 The
lack of an active trading market for the Shares may result in losses on investment at the time of disposition of the Shares.

 Although
Shares are listed for trading on the NYSE Arca, it cannot be assumed that an active trading market for the Shares will be maintained.
If an investor needs to sell Shares at a time when no active market for Shares exists, such lack of an active market will most
likely adversely affect the price the investor receives for the Shares (assuming the investor is able to sell them).

do not have the rights enjoyed by investors in certain other vehicles.

 As
interests in an investment trust, the Shares have none of the statutory rights normally associated with the ownership of shares
of a corporation (including, for example, the right to bring "oppression" or "derivative" actions). In
addition, the Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors
or approve amendments to the Trust Agreement and do not receive dividends).

 An
investment in the Shares may be adversely affected by competition from other methods of investing in gold.

 The
Trust competes with other financial vehicles, including traditional debt and equity securities issued by companies in the gold
industry and other securities backed by or linked to gold, direct investments in gold and investment vehicles similar to
the Trust. Market and financial conditions, and other conditions beyond the Sponsor's control, may make it more attractive
to invest in other financial vehicles or to invest in gold directly, which could limit the market for the Shares and reduce
the liquidity of the Shares.

 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 in-kind and potential sales of gold to pay in cash the Trust expenses not assumed
by the Sponsor. Without increases in the price of gold sufficient to compensate for that decrease, the price of the Shares
will also decline proportionately over the life of the Trust.

 The
amount of gold represented by each Share decreases each day by the Sponsor's Fee. In addition, although the Sponsor
has agreed to assume all organizational and certain administrative and marketing expenses incurred by the Trust (the Trustee's
monthly fee and out-of-pocket expenses, the Custodian's fee and reimbursement of the Custodian's expenses under the Custody Agreements,
Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses),
in exceptional cases certain Trust expenses may need to be paid by the Trust. Because the Trust does not have any income, it must
either make payments in-kind by deliveries of gold (as is the case with the Sponsor's Fee) or it must sell gold
to obtain cash (as in the case of any exceptional expenses). The result of these sales of gold and recurring deliveries
of gold to pay the Sponsor's Fee in-kind is a decrease in the amount of gold represented by each Share. New deposits
of gold, received in exchange for new Shares issued by the Trust, will not reverse this trend.

 A
decrease in the amount of gold represented by each Share results in a decrease in each Share's price even if the price
of gold bullion does not change. To retain the Share's original price, the price of gold must increase. Without
that increase, the lesser amount of gold represented by the Share will have a correspondingly lower price. If this increase
does not occur, or is not sufficient to counter the lesser amount of gold represented by each Share, Shareholders will sustain
losses on their investment in Shares.

 An
increase in Trust expenses not assumed by the Sponsor, or the existence of unexpected liabilities affecting the Trust, will require
the Trustee to sell larger amounts of gold, and will result in a more rapid decrease of the amount of gold represented by
each Share and a corresponding decrease in its value.

 RISKS
RELATED TO THE CUSTODY OF GOLD

 The
Trust's gold may be subject to loss, damage, theft or restriction on access.

 There
is a risk that part or all of the Trust's gold could be lost, damaged or stolen. Access to the Trust's gold
could also be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these
events may adversely affect the operations of the Trust and, consequently, an investment in the Shares.

 The
Trust's lack of insurance protection and the Shareholders' limited rights of legal recourse against the Trust, the
Trustee, the Sponsor, the Custodian, the Zurich Sub-Custodian and any other sub-custodian exposes the Trust and its Shareholders
to the risk of loss of the Trust's gold for which no person is liable.

 The
Trust does not insure its gold. The Custodian maintains insurance with regard to its business on such terms and conditions as
it considers appropriate in connection with its custodial obligations and is responsible for all costs, fees and expenses arising
from the insurance policy or policies. The Trust is not a beneficiary of any such insurance and does not have the ability to dictate
the existence, nature or amount of coverage. Therefore, Shareholders cannot be assured that the Custodian maintains adequate insurance
or any insurance with respect to the gold held by the Custodian on behalf of the Trust. In addition, the Custodian and the
Trustee do not require the Zurich Sub-Custodian or any other direct or indirect sub-custodians to be insured or bonded with respect
to their custodial activities or in respect of the gold held by them on behalf of the Trust. Further, Shareholders'
recourse against the Trust, the Trustee and the Sponsor under New York law, the Custodian, the Zurich Sub-Custodian and any other
sub-custodian under English law, and any other sub-custodian under the law governing their custody operations is limited. Consequently,
a loss may be suffered with respect to the Trust's gold which is not covered by insurance and for which no person is
liable in damages.

 The
Custodian's limited liability under the Custody Agreements and English law may impair the ability of the Trust to recover
losses concerning its gold and any recovery may be limited, even in the event of fraud, to the market value of the gold
at the time the fraud is discovered.

 The
liability of the Custodian is limited under the Custody Agreements. Under the Custody Agreements between the Trustee and the Custodian
which establish the Trust's unallocated gold account ("Unallocated Account") and the Trust's allocated gold
account ("Allocated Account"), the Custodian is only liable for losses that are the direct result of its own negligence,
fraud or willful default in the performance of its duties. Any such liability is further limited to the market value of the gold
lost or damaged at the time such negligence, fraud or willful default is discovered by the Custodian provided the Custodian notifies
the Trust and the Trustee promptly after the discovery of the loss or damage. Under each Authorized Participant Unallocated Bullion
Account Agreement (between the Custodian and an Authorized Participant establishing an Authorized Participant Unallocated Account),
the Custodian is not contractually or otherwise liable for any losses suffered by any Authorized Participant or Shareholder that
are not the direct result of its own gross negligence, fraud or willful default in the performance of its duties under such agreement,
and in no event will its liability exceed the market value of the balance in the Authorized Participant Unallocated Account at
the time such gross negligence, fraud or willful default is discovered by the Custodian. For any Authorized Participant Unallocated
Bullion Account Agreement between an Authorized Participant and another gold clearing bank, the liability of the gold clearing
bank to the Authorized Participant may be greater or lesser than the Custodian's liability to the Authorized Participant
described in the preceding sentence, depending on the terms of the agreement. In addition, the Custodian will not be liable for
any delay in performance or any non-performance of any of its obligations under the Allocated Account Agreement, the Unallocated
Account Agreement or the Authorized Participant Unallocated Bullion Account Agreement by reason of any cause beyond its reasonable
control, including acts of God, war or terrorism. As a result, the recourse of the Trustee or a Shareholder, under English law,
is limited. Furthermore, under English common law, the Custodian, the Zurich Sub-Custodian, or any other sub-custodian will
not be liable for any delay in the performance or any non-performance of its custodial obligations by reason of any cause beyond
its reasonable control.

 The
obligations of the Custodian, the Zurich Sub-Custodian and any other sub-custodians are governed by English law, which may
frustrate the Trust in attempting to seek legal redress against the Custodian, the Zurich Sub-Custodian or any other
sub-custodian concerning its gold.

 The
obligations of the Custodian under the Custody Agreements are, and the Authorized Participant Unallocated Bullion Account
Agreements may be, governed by English law. The Custodian has entered into arrangements with the Zurich Sub-Custodian and may
enter into arrangements with any other sub-custodians for the custody or temporary holding of the Trust's gold,
which arrangements may also be governed by English law. The Trust is a New York common law trust. Any United States, New York
or other court situated in the United States may have difficulty interpreting English law (which, insofar as it relates to custody
arrangements, is largely derived from court rulings rather than statute), LBMA rules or the customs and practices in the
London custody market. It may be difficult or impossible for the Trust to sue the Zurich Sub-Custodian or any other sub-custodian
in a United States, New York or other court situated in the United States. In addition, it may be difficult, time consuming and/or
expensive for the Trust to enforce in a foreign court a judgment rendered by a United States, New York or other court situated
in the United States.

 Although
the relationship between the Custodian and the Zurich Sub-Custodian concerning the Trust's allocated gold is expressly
governed by English law, a court hearing any legal dispute concerning their arrangement may disregard that choice of law and apply
Swiss law, in which case the ability of the Trust to seek legal redress against the Zurich Sub-Custodian may be frustrated.

 The
obligations of the Zurich Sub-Custodian under its arrangement with the Custodian with respect to the Trust's allocated gold
is expressly governed by English law. Nevertheless, a court in the United States, England or Switzerland may determine that English
law should not apply and, instead, apply Swiss law to that arrangement. Not only might it be difficult or impossible for a United
States or English court to apply Swiss law to the Zurich Sub-Custodian's arrangement, but application of Swiss law may, among
other things, alter the relative rights and obligations of the Custodian and the Zurich Sub-Custodian to the extent that a loss
to the Trust's gold may not have adequate or any legal redress. Further, the ability of the Trust to seek legal redress
against the Zurich Sub-Custodian may be frustrated by application of Swiss law.

 The
Trust may not have adequate sources of recovery if its gold is lost, damaged, stolen or destroyed.

 If
the Trust's gold is lost, damaged, stolen or destroyed under circumstances rendering a party liable to the Trust, the
responsible party may not have the financial resources sufficient to satisfy the Trust's claim. For example, as to a particular
event of loss, the only source of recovery for the Trust might be limited to the Custodian, the Zurich Sub-Custodian or any other
sub-custodian or, to the extent identifiable, other responsible third parties (e.g., a thief or terrorist), any of which may not
have the financial resources (including liability insurance coverage) to satisfy a valid claim of the Trust.

and Authorized Participants lack the right under the Custody Agreements to assert claims directly against the Custodian, the Zurich
Sub-Custodian, and any other sub-custodian.

 Neither
the Shareholders nor any Authorized Participant have a right under the Custody Agreements to assert a claim of the Trust against
the Custodian, the Zurich Sub-Custodian, or any other sub-custodian. Claims under the Custody Agreements may only be asserted
by the Trustee on behalf of the Trust.

 The
Custodian may be reliant to use the Zurich Sub-Custodian for the safekeeping of all or a substantial portion of the Trust's
gold. Furthermore, the Custodian has limited obligations to oversee or monitor the Zurich Sub-Custodian. As a result, failure
by any Zurich Sub-Custodian to exercise due care in the safekeeping of the Trust's gold could result in a loss to the Trust.

 Gold
generally trades on a loco London or loco Zurich basis whereby the physical gold is held in vaults located in London or Zurich
or is transferred into accounts established in London or Zurich. The Custodian has a vault in Zurich and is able to use the Zurich
Sub-Custodian for the safekeeping of all or a substantial portion of the Trust's allocated gold. Other than obligations
to (1) use reasonable care in appointing the Zurich Sub-Custodian, (2) require any Zurich Sub-Custodian to segregate the gold
held by it for the Trust from any other gold held by it for the Custodian and any other customers of the Custodian by making appropriate
entries in its books and records and (3) ensure that the Zurich Sub-Custodian provides confirmation to the Trustee that it has
undertaken to segregate the gold held by it for the Trust, the Custodian is not liable for the acts or omissions of the Zurich
Sub-Custodian. Other than as described above, the Custodian does not undertake to monitor the performance by the Zurich Sub-Custodian
of its custody functions. The Trustee's obligation to monitor the performance of the Custodian is limited to receiving and
reviewing the reports of the Custodian. The Trustee does not monitor the performance of the Zurich Sub-Custodian or any other
sub-custodian. In addition, the ability of the Trustee and the Sponsor to monitor the performance of the Custodian may be limited
because under the Custody Agreements, the Trustee and the Sponsor have only limited rights to visit the premises of the Custodian
or the Zurich Sub-Custodian for the purpose of examining the Trust's gold and certain related records maintained by the
Custodian or Zurich Sub-Custodian.

 As
a result of the above, any failure by any Zurich Sub-Custodian to exercise due care in the safekeeping of the Trust's gold
may not be detectable or controllable by the Custodian or the Trustee and could result in a loss to the Trust.

 Because
the Trustee does not, and the Custodian has limited obligations to, oversee and monitor the activities of sub-custodians who may
hold the Trust's gold, failure by the sub-custodians to exercise due care in the safekeeping of the Trust's gold could
result in a loss to the Trust.

 Under
the Allocated Account Agreement, the Custodian may appoint from time to time one or more sub-custodians to hold the Trust's
gold on a temporary basis pending delivery to the Custodian. The custodian does not currently use a sub-custodian, but may use
LBMA clearing members that provide bullion vaulting and clearing services to third parties. The Custodian has selected the Zurich
Sub-Custodian, and the Zurich Sub-Custodian may maintain custody of all of the Trust's allocated gold for the Custodian.
The Custodian is required under the Allocated Account Agreement to use reasonable care in appointing the Zurich Sub-Custodian
and any other sub-custodians, making the Custodian liable only for negligence or bad faith in the selection of such sub-custodians,
and has an obligation to use commercially reasonable efforts to obtain delivery of the Trust's gold from any sub-custodians
appointed by the Custodian. Otherwise, the Custodian is not liable for the acts or omissions of its sub-custodians. These sub-custodians
may in turn appoint further sub-custodians, but the Custodian is not responsible for the appointment of these further sub-custodians.
The Custodian does not undertake to monitor the performance by sub-custodians of their custody functions or their selection
of further sub-custodians. The Trustee does not monitor the performance of the Custodian other than to review the reports
provided by the Custodian pursuant to the Custody Agreements and does not undertake to monitor the performance of any sub-custodian.
Furthermore, except for the Zurich Sub-Custodian, the Trustee may 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 sub-custodian, and no sub-custodian will
be obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness
of such sub-custodian. In addition, the ability of the Trustee to monitor the performance of the Custodian may be limited
because under the Allocated Account Agreement and the Unallocated Account Agreement the Trustee has only limited rights to 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 and the Zurich Sub-Custodian. See "Custody of the Trust's Gold" for more
information about sub-custodians that may hold the Trust's gold.

 The
obligations of any sub-custodian of the Trust's gold are not determined by contractual arrangements but by LBMA
rules and London bullion market customs and practices, which may prevent the Trust's recovery of damages for losses on its
gold custodied with sub-custodians.

 Except
for the Custodian's arrangement with the Zurich Sub-Custodian, there are expected to be no written contractual arrangements
between sub-custodians that hold the Trust's gold and the Trustee or the Custodian because traditionally such arrangements
are based on the LBMA's rules and on the customs and practices of the London bullion market. In the event of a legal dispute
with respect to or arising from such arrangements, it may be difficult to define such customs and practices. The LBMA's
rules may be subject to change outside the control of the Trust. Under English law, neither the Trustee nor the Custodian would
have a supportable breach of contract claim against a sub-custodian for losses relating to the safekeeping of gold.
If the Trust's gold is lost or damaged while in the custody of a sub-custodian, the Trust may not be able to recover
damages from the Custodian or the sub-custodian. Whether a sub-custodian will be liable for the failure of sub-custodians
appointed by it to exercise due care in the safekeeping of the Trust's gold will depend on the facts and circumstances of
the particular situation. Shareholders cannot be assured that the Trustee will be able to recover damages from sub-custodians
whether appointed by the Custodian or by another sub-custodian for any losses relating to the safekeeping of gold by
such sub-custodians.

 Gold
bullion allocated to the Trust in connection with the creation of a Basket may not meet the London Good Delivery Standards and,
if a Basket is issued against such gold, the Trust may suffer a loss.

 Neither
the Trustee nor the Custodian independently confirms the fineness of the physical gold allocated to the Trust in connection with
the creation of a Basket. The gold bullion allocated to the Trust by the Custodian may be different from the reported fineness
or weight required by the LBMA's standards for gold bars delivered in settlement of a gold trade (London Good Delivery Standards),
the standards required by the Trust. If the Trustee nevertheless issues a Basket against such gold, and if the Custodian fails
to satisfy its obligation to credit the Trust the amount of any deficiency, the Trust may suffer a loss.

 Gold
held in the Trust's unallocated gold account and any Authorized Participant's unallocated gold account is not segregated
from the Custodian's assets. If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the
Trust or any Authorized Participant. In addition, in the event of the Custodian's insolvency, there may be a delay and costs
incurred in identifying the bullion held in the Trust's allocated gold account.

 Gold
which is part of a deposit for a purchase order or part of a redemption distribution is held for a time in the Trust Unallocated
Account and, previously or subsequently in, the Authorized Participant Unallocated Account of the purchasing or redeeming Authorized
Participant. During those times, the Trust and the Authorized Participant, as the case may be, have no proprietary rights to any
specific bars of gold held by the Custodian and are each an unsecured creditor of the Custodian with respect to the amount of
gold held in such unallocated accounts. In addition, if the Custodian fails to allocate the Trust's gold in a timely manner,
in the proper amounts or otherwise in accordance with the terms of the Unallocated Account Agreement, or if a sub-custodian fails
to so segregate gold held by it on behalf of the Trust, unallocated gold will not be segregated from the Custodian's assets,
and the Trust will be an unsecured creditor of the Custodian with respect to the amount so held in the event of the insolvency
of the Custodian. In the event the Custodian becomes insolvent, the Custodian's assets might not be adequate to satisfy
a claim by the Trust or the Authorized Participant for the amount of gold held in their respective unallocated gold accounts.

 In
the case of the insolvency of the Custodian, a liquidator may seek to freeze access to the gold held in all of the accounts
held by the Custodian, including the Trust Allocated Account. Although the Trust would be able to claim ownership of properly
allocated gold, the Trust could incur expenses in connection with asserting such claims, and the assertion of such a claim by
the liquidator could delay creations and redemptions of Baskets.

 In
issuing Baskets, the Trustee relies on certain information received from the Custodian which is subject to confirmation after
the Trustee has relied on the information. If such information turns out to be incorrect, Baskets may be issued in exchange for
an amount of gold which is more or less than the amount of gold which is required to be deposited with the Trust.

 The
Custodian's definitive records are prepared after the close of its business day. However, when issuing Baskets, the Trustee
relies on information reporting the amount of gold credited to the Trust's accounts which it receives from the Custodian
during the business day and which is subject to correction during the preparation of the Custodian's definitive records
after the close of business. If the information relied upon by the Trustee is incorrect, the amount of gold actually received
by the Trust may be more or less than the amount required to be deposited for the issuance of Baskets.

 GENERAL
RISKS

 The
Trust relies on the information and technology systems of the Trustee, the Custodian, the Marketing Agent and, the Sponsor which
could be adversely affected by information systems interruptions, cybersecurity attacks or other disruptions which could have
a material adverse effect on the Trust's record keeping and operations.

 The
Custodian, the Trustee and the Marketing Agent depend upon information technology infrastructure, including network, hardware
and software systems to conduct their business as it relates to the Trust. A cybersecurity incident, or a failure to protect their
computer systems, networks and information against cybersecurity threats, could result in a loss of information and adversely
impact their ability to conduct their business, including their business on behalf of the Trust. Despite implementation of network
and other cybersecurity measures, their security measures may not be adequate to protect against all cybersecurity threats.

 War,
a major terrorist attack and other geopolitical events, including but not limited to the war between Russia and Ukraine, outbreaks
or public health emergencies (as declared by the World Health Organization), the continuation or expansion of war or other hostilities,
or a prolonged government shutdown may cause volatility in the price of Bullion due to the importance of a country or region to
the Bullion markets, market access restrictions imposed on some local Bullion producers and refiners, potential impacts to global
transportation and shipping and other supply chain disruptions. These events are unpredictable and may lead to extended periods
of price volatility.

 The
operations of the Trust, the exchanges, brokers and counterparties with which the Trust does business, and the markets in which
the Trust does business, could be severely disrupted in the event of war, a major terrorist attack and other geopolitical events,
including but not limited to, the war between Russia and Ukraine, outbreaks or public health emergencies (as declared by the World
Health Organization), the continuation or expansion of war or other hostilities, or a prolonged government shutdown. Such events
may cause volatility in the price of Bullion due to the importance of a country or region to the Bullion markets, market access
restrictions imposed on some local Bullion producers and refiners, or potential impacts to global transportation, shipping, and
other supply chain disruptions.

 In
late February 2022, Russia invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other
countries in the region and in the West. The responses of countries and political bodies to Russia's actions, the larger
overarching tensions, and Ukraine's military response and the potential for wider conflict may increase financial market
volatility generally, have severe adverse effects on regional and global economic markets, and cause volatility in the price of
gold and the share price of the Trust. The conflict in Ukraine, along with global political fallout and implications including
sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict beyond Ukraine's borders,
could disturb the Bullion markets. Russia is one of the world's largest producers of gold, palladium, platinum and silver.
On March 7, 2022, the LBMA suspended its accreditation of six Russian refiners of gold and silver, and, on April 8, 2022, the
LPPM suspended its accreditation of two Russian refiners of platinum and palladium. The LBMA and LPPM each stated that existing
bars produced by the refiners before their suspension will still be accepted as good delivery. Following an announcement at the
G7 Summit to collectively ban the import of Russian gold, the UK passed regulations which prohibit the direct or indirect (i)
import of gold that originated in Russia, (ii) acquisition of gold that originated in Russia or is located in Russia and (iii)
supply or delivery of gold that originated in Russia, all after July 21, 2022. Similarly, US regulations prohibit the import of
gold of Russian origin into the United States on or after June 28, 2022 and EU regulations prohibit the direct or indirect import,
purchase or transfer of gold if it originates in Russia and has been exported from Russia after July 22, 2022.

 War
and other geopolitical events in eastern Europe, including but not limited to Russia and Ukraine, may cause volatility in commodity
prices including precious metals prices. These events are unpredictable and may lead to extended periods of price volatility.

 The
Trust may be negatively impacted by the effects of the spread of illnesses or other public health emergencies on the global economy
and the markets and service providers relevant to the performance of the Trust.

 The COVID-19 pandemic has adversely affected the economies of many nations and the entire global economy as well as
individual issuers, assets and capital markets and could continue to, and other future public health emergencies could, have serious
negative effects on social, economic and financial systems, including significant uncertainty and volatility in the financial
markets. For instance, the suspension of operations of mines, refineries and vaults that extract, produce or store gold, restrictions
on travel that delay or prevent the transportation of gold, and an increase in demand for gold may disrupt supply chains
for gold, which could cause secondary market spreads to widen and compromise the Trust's ability to settle transactions on time. Any
inability of the Trust to issue or redeem Shares or the Custodian or any sub-custodian to receive or deliver gold as a result
of an infectious disease outbreak or public health emergency
will negatively affect the Trust's operations. Future infectious illness outbreaks or other public health emergencies
could have similar or other unforeseen impacts and may exacerbate pre-existing political, social and economic risks in certain
countries or globally, which could adversely affect the value of the Shares.

 A
prolonged COVID-19 pandemic or other future public health emergencies could result in an increase the Trust's costs and
affect liquidity in the market for gold, as well as the correlation between the price of the Shares and the net asset value
of the Trust, any of which could adversely affect the value of your Shares. In addition, the COVID-19 pandemic or other future
public health emergencies could impair the information technology and other operational systems upon which the Trust's service
providers, including the Sponsor, the Trustee and the Custodian, rely, and could otherwise disrupt the ability of employees of
the Trust's service providers to perform essential tasks on behalf of the Trust. Governmental and quasi-governmental authorities
and regulators throughout the world have at times responded to major economic disruptions with a variety of fiscal and monetary
policy changes, including, but not limited to, direct capital infusions into companies and other issuers, new monetary tools and
lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, is likely
to increase volatility in the market for gold, which could adversely affect the price of the Shares.

 Further,
the COVID-19 pandemic or other future public health emergencies could interfere with or prevent the operation of the electronic
auction hosted by IBA
 to determine the LBMA PM Gold Price, which the Trustee uses to value the gold held by the
Trust and calculate the net asset value of the Trust. The COVID-19 pandemic or other future public health emergencies could also
cause the closure of futures exchanges, which could eliminate the ability of Authorized Participants to hedge purchases of Baskets,
increasing trading costs of Shares and resulting in a sustained premium or discount in the Shares. Each of these outcomes would
negatively impact the Trust.

 Potential
conflicts of interest may arise among the Sponsor or its affiliates and the Trust.

 Conflicts
of interest may arise among the Sponsor and its affiliates, on the one hand, and the Trust and its Shareholders, on the other
hand. As a result of these conflicts, the Sponsor may favor its own interests and the interests of its affiliates over the Trust
and its Shareholders. As an example, the Sponsor, its affiliates and their officers and employees are not prohibited from engaging
in other businesses or activities, including those that might be in direct competition with the Trust.

 Item
1B. Unresolved Staff Comments

 None.

 Item
1C. Cybersecurity

 Cybersecurity

 The
Trust, through its service providers, has processes in place to assess, identify and manage material risks from cybersecurity
threats. The Trust's business is dependent on the communications and information systems of the Trustee, the Sponsor, the
Custodian and other third-party service providers. The Trustee is responsible for day-to-day administration of the Trust and has
implemented a cybersecurity program that applies to the Trustee and its business, including the administration of the Trust.

 Cybersecurity
Program Overview

 The
Trustee has instituted a cybersecurity program designed to identify, assess and mitigate cyber risks applicable to the administration by the Trustee of the Trust.
The cyber risk management program involves risk assessments, implementation of security measures and ongoing monitoring of systems
and networks, including networks on which the Trust relies. The Trustee actively monitors the current threat landscape to seek
to identify material risks arising from new and evolving cybersecurity threats, including material risks faced by the Trust.

 The
Trust relies on the Trustee, the Sponsor and the Custodian to engage external experts, including cybersecurity assessors, risk
management and information technology professionals, attorneys, consultants and auditors to evaluate cybersecurity measures and
risk management processes, including those applicable to the Trust.

 Board
Oversight of Cybersecurity Risks

 The
Trust has no board of trustees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust relies
on the Trustee, the Sponsor and the Custodian for oversight of cybersecurity risks applicable to the Trust.

 Management's
Role in Cybersecurity Risk Management

 The
Trust has no officers or employees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust
relies on the Trustee, the Sponsor and the Custodian for management of cybersecurity risks applicable to the Trust.

 Assessment
of Cybersecurity Risk

 The
potential impact of risks from cybersecurity threats to the Trust are assessed by the Trustee, the Sponsor, the Custodian and
third-party service providers on an ongoing basis, and how such risks could materially affect the Trust's objective, operational
results and financial condition are regularly evaluated. During the reporting period, the Trustee has not identified any risks
from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Trustee believes have materially
affected, or are reasonably likely to materially affect, the Trust, including its objective, operational results and financial
condition.

 Item
2. Properties

 Not
applicable.

 Item
3. Legal Proceedings

 None

 Item
4. Mine Safety Disclosure

 Not
applicable.

 PART
II

 Item
5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 The
Trust was formed on September 1, 2009 (the "Date of Inception") following an initial deposit of gold. The Trust's
Shares have been listed on the NYSE Arca under the symbol SGOL since its initial public offering on September 9, 2009. The following
tables set out the range of high and low closing prices for the Shares as reported for NYSE Arca transactions for each of the
quarters during the years ended December 31, 2023 and 2022:

 Fiscal Year Ended December 31, 2023: Quarter Ended

 High

 Low

 March 31, 2023

 $
 19.13

 $
 17.34

 June 30, 2023

 $
 19.63

 $
 18.25

 September 30, 2023

 $
 18.94

 $
 17.69

 $
 19.87

 $
 17.41

 Fiscal Year Ended December 31, 2022: Quarter Ended

 High

 Low

 March 31, 2022

 $
 19.69

 $
 17.16

 June 30, 2022

 $
 18.98

 $
 17.33

 September 30, 2022

 $
 17.30

 $
 15.57

 $
 17.56

 $
 15.58

 The
number of outstanding Shares of the Trust as of February 26, 2024 was 138,200,000.

 Monthly
Share Price

 The
following table sets forth, for each of the most recent six months, the high and low closing prices of the Shares, as reported
for NYSE Arca transactions.

 Month

 High

 Low

 August 2023

 $
 18.60

 $
 18.07

 September 2023

 $
 18.56

 $
 17.69

 October 2023

 $
 19.20

 $
 17.41

 November 2023

 $
 19.56

 $
 18.52

 December 2023

 $
 19.87

 $
 18.93

 January 2024

 $
 19.68

 $
 19.17

 Issuer
Purchase of Equity Securities

 The
Trust issues and redeems Shares only with Authorized Participants in exchange for gold, only in aggregations of 100,000 Shares,
referred to as a Basket. A list of current Authorized Participants is available from the Sponsor or the Trustee and is included
in Item 7 of this report. Although the Trust does not purchase Shares directly from its Shareholders, in connection with the redemption
of Baskets, the Trust redeemed as follows during the years ended December 31, 2023 and 2022:

 Month

 Total number of Shares redeemed

 Average ounces of gold per share

 January 2023

 5,500,000

 February 2023

 —

 —

 March 2023

 900,000

 April 2023

 —

 —

 May 2023

 —

 —

 June 2023

 1,000,000

 July 2023

 1,200,000

 August 2023

 2,800,000

 September 2023

 200,000

 October 2023

 1,300,000

 November 2023

 1,300,000

 December 2023

 —

 —

 Total

 14,200,000

 Month

 Total number of Shares redeemed

 Average ounces of gold per share

 January 2022

 —

 —

 February 2022

 —

 —

 March 2022

 1,000,000

 April 2022

 —

 —

 May 2022

 3,000,000

 June 2022

 1,200,000

 July 2022

 3,600,000

 August 2022

 1,500,000

 September 2022

 3,300,000

 October 2022

 2,400,000

 November 2022

 3,600,000

 December 2022

 —

 —

 Total

 19,600,000

 Item
7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 This
information should be read in conjunction with the financial statements and notes to the financial statements included with this
report. The discussion and analysis that follows may contain statements that relate to future events or future performance. In
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.

 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 Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan
Securities LLC, Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co. Inc., 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 inception:

 NAV
per Share vs. Gold Price from the September 9, 2009 (the Date of Inception) to December 31, 2023 (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.

31, 2023

31, 2022

31, 2021

 (Amounts in 000's of US$)

 Investment in gold - cost

 $
 2,207,626

 $
 2,116,745

 $
 2,033,883

 Unrealized gain on investment in gold

 619,041

 310,747

 357,695

 Investment in gold- fair value

 $

 $

 $
 2,391,578

 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 sub-custodian 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 July 7, 2023 and December 31, 2023.

 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, 2023 and
2022, the Trust did not have any cash balances.

 Review
of Financial Results

 Financial
Highlights

 Year
Ended December 31, 2023

 Year
Ended December 31, 2022

 Year
Ended December 31, 2021

 (Amounts in 000's of US$)

 Total gain/(loss) on gold

 $
 350,287

 $
 (13,134
)

 $
 (126,860
)

 Net change assets from operations

 $
 345,743

 $
 (17,367
)

 $
 (130,982
)

 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, 2023

 The
Trust's NAV increased from $2,442,782,637 at December 31, 2022 to $2,826,258,485 at December 31, 2023, a 15.70% increase
for the year. The change in the Trust's NAV resulted from an increase in outstanding Shares, which rose from 140,600,000
Shares at December 31, 2022 to 142,200,000 Shares at December 31, 2023, a result of 15,800,000 Shares (158 Baskets) being created
and 14,200,000 Shares (142 Baskets) being redeemed during the year and an increase in the price per ounce of gold, which rose
14.59% from $1,813.75 at December 31, 2022 to $2,078.40 at December 31, 2023.

 The
NAV per Share increased 14.45% from $17.37 at December 31, 2022 to $19.88 at December 31, 2023. 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 $4,543,699
for the year, or 0.17% of the Trust's ANAV.

 The
NAV per Share of $19.88 at December 28, 2023 was the highest during the year, compared with a low of $17.34 at February 24, 2023.

 The
increase in net assets from operations for the year ended December 31, 2023 was $345,743,513, resulting from a realized gain of
$723,330 on the transfer of gold to pay expenses, a realized gain of $41,270,381 on gold distributed for the redemption of Shares
and a change in unrealized gain on investment of gold of $308,293,501, offset by the Sponsor's Fee of $4,543,699. Other
than the Sponsor's Fee, the Trust had no expenses during the year ended December 31, 2023.

 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 0.36% 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.

 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
4.33% from $1,887.60 at December 31, 2020 to $1,805.85 at December 31, 2021. There was also a decrease in outstanding Shares,
which fell from 146,200,000 Shares at December 31, 2020 to 138,000,000 Shares at December 31, 2021, a result of 7,200,000 Shares
(72 Baskets) being created and 15,400,000 Shares (154 Baskets) being redeemed during the year.

 The
NAV per Share decreased 4.47% from $18.14 at December 31, 2020 to $17.33 at December 31, 2021. 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 $4,122,059
for the year, or 0.17% of the Trust's ANAV.

 The
NAV per Share of $18.68 at January 4, 2021 was the highest during the year, compared with a low of $16.18 at March 30, 2021.

 The
decrease in net assets from operations for the year ended December 31, 2021 was $130,981,959, resulting from a realized gain of
$635,467 on the transfer of gold to pay expenses and a realized gain of $32,491,117 on gold distributed for the redemption of
Shares, offset by a change in unrealized loss on investment of gold of $159,986,484, and the Sponsor's Fee of $4,122,059.
Other than the Sponsor's Fee, the Trust had no expenses during the year ended December 31, 2021.

 Off-Balance
Sheet Arrangements

 The
Trust is not a party to any off-balance sheet arrangements.

 Item
7A. Quantitative and Qualitative Disclosures about Market Risk

 The
Trust Agreement does not authorize the Trustee to borrow for payment of the Trust's ordinary expenses. The Trust does not
engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related
market risk. The Trust invests in no derivative financial instruments and has no foreign operations or long-term debt instruments.

 Item
8. Financial Statements and Supplementary Data (Unaudited)

 Quarterly
Income Statements

 Year
Ended December 31, 2023

 Three months ended

 Year ended

 (Amounts in 000's of US$, except for Share and per Share data)

 March 31

 June 30

 September 30

 December 31

 December 31

 EXPENSES

 Sponsor's Fee

 $
 1,064

 $
 1,160

 $
 1,151

 $
 1,169

 $
 4,544

 Total expenses

 1,064

 1,160

 1,151

 1,169

 4,544

 (1,064
)

 (1,160
)

 (1,151
)

 (1,169
)

 (4,544
)

 REALIZED AND UNREALIZED GAINS / (LOSSES)

 Realized gain on gold transferred to pay expenses

 Realized gain on gold distributed for the redemption of Shares

 18,623

 2,983

 11,594

 8,070

 41,270

 Change in unrealized gain and loss on investment in gold

 202,412

 (100,629
)

 (69,008
)

 275,519

 308,294

 Change in unrealized gain and loss on unsettled creations or redemptions

 —

 —

 (6
)

 —

 Total gain/(loss) on investment in gold

 221,182

 (97,437
)

 (57,218
)

 283,760

 350,287

 Change in net assets from operations

 $
 220,118

 $
 (98,597
)

 $
 (58,369
)

 $
 282,591

 $
 345,743

 Net increase/(decrease) in net assets per Share

 $
 1.59

 $
 (0.67
)

 $
 (0.40
)

 $
 1.98

 $
 2.41

 Weighted average number of Shares

 138,665,556

 147,010,989

 145,738,043

 142,850,000

 143,583,562

 Year
Ended December 31, 2022

 Three months ended

 Year ended

 (Amounts in 000's of US$, except for Share and per Share data)

 March 31

 June 30

 September 30

 December 31

 December 31

 EXPENSES

 Sponsor's Fee

 $
 1,073

 $
 1,146

 $
 1,029

 $

 $
 4,233

 Total expenses

 1,073

 1,146

 1,029

 4,233

 (1,073
)

 (1,146
)

 (1,029
)

 (985
)

 (4,233
)

 REALIZED AND UNREALIZED GAINS / (LOSSES)

 Realized gain on gold transferred to pay expenses

 Realized gain on gold distributed for the redemption of Shares

 3,764

 10,754

 11,881

 6,859

 33,258

 Change in unrealized gain and loss on investment in gold

 182,325

 (193,623
)

 (215,404
)

 179,754

 (46,948
)

 Total (loss)/gain on investment in gold

 186,248

 (182,659
)

 (203,399
)

 186,676

 (13,134
)

 Change in net assets from operations

 $
 185,175

 $
 (183,805
)

 $
 (204,428
)

 $
 185,691

 $
 (17,367
)

 Net increase in net assets per Share

 $
 1.30

 $
 (1.22
)

 $
 (1.42
)

 $
 1.34

 $
 (0.12
)

 Weighted average number of Shares

 142,513,333

 150,567,033

 144,409,783

 138,241,304

 143,922,466

 Note:
Quarterly balances may not add to totals due to independent rounding.

 The
financial statements required by Regulation S-X, together with the report of the Trust's independent registered public accounting
firm appear on pages F-1 to F-13 of this filing.

 Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 None.

 Item
9A. Controls and Procedures

 Conclusion
Regarding the Effectiveness of Disclosure Controls and Procedures

 The
Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its
Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission's rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and
Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required
disclosure.

 Under
the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the
Sponsor conducted an evaluation of the Trust's disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e)
and 15d-15(e). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded
that, as of December 31, 2023, the Trust's disclosure controls and procedures were effective.

 Internal
controls over financial reporting have been maintained throughout the Trust's fiscal year ended December 31, 2023. There
have been no changes that have materially affected, or are reasonably likely to materially affect, the Trust's or Sponsor's
internal control over financial reporting.

 Management's
Report on Internal Control over Financial Reporting

 The
Sponsor's management is responsible for establishing and maintaining adequate internal control over financial reporting,
as defined under Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust's internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control
over financial reporting includes those policies and procedures that:

 (1) pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
Trust's assets;

 (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that the Trust's receipts and expenditures are being made only in accordance
with appropriate authorizations; and

 (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust's
assets that could have a material effect on the financial statements.

 Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 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, 2023. In making this assessment, they used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013). Their
assessment included an evaluation of the design of the Trust's internal control over financial reporting and testing of
the operational effectiveness of its internal control over financial reporting. Based on their assessment and those criteria,
the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal
control over financial reporting as of December 31, 2023.

 KPMG
LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this
Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trust's
internal control over financial reporting as of December 31, 2023.

 Report
of Independent Registered Public Accounting Firm

 To
the Sponsor, Trustee and Shareholders abrdn Gold ETF Trust:

 Opinion
on Internal Control Over Financial Reporting

 We
have audited abrdn Gold ETF Trust's (known as Aberdeen Standard Gold ETF Trust prior to March 31, 2022) (the Trust) internal control
over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013)
 issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Trust maintained, in all material
respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control
– Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

 We
also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements
of assets and liabilities of the Trust, including the schedules of investments, as of December 31, 2023 and 2022, the related statements
of operations and changes in net assets and the financial highlights for each of the years in the three-year period ended December 31,
2023, and the related notes (collectively, the financial statements), and our report dated February 28, 2024 expressed an unqualified
opinion on those financial statements.

 Basis
for Opinion

 The
Trust's management is responsible for maintaining effective internal control over financial reporting and for its assessment of
the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control
over Financial Reporting. Our responsibility is to express an opinion on the Trust's internal control over financial reporting
based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the
Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.

 We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit
of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing
the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based
on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe
that our audit provides a reasonable basis for our opinion.

 Definition
and Limitations of Internal Control Over Financial Reporting

 A
company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only
in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect
on the financial statements.

 Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.

 /s/
KPMG LLP

 New
York, New York

February 28, 2024

 PART
III

 Item
9B. Other Information

 No
officers or directors of the Trust have adopted, modified or terminated trading plans under either a Rule 10b5-1 or non-Rule 10b5-1
trading arrangement for the year ended December 31, 2023.

 Item
10. Directors, Executive Officers and Corporate Governance

 The
Trust has no directors or executive officers. The biographies of the President and Chief Executive Officer of the Sponsor and
the Chief Financial Officer and Treasurer of the Sponsor are set out below:

 Steven
Dunn – President and Chief Executive Officer

 Mr.
Dunn, CIMA, is the Head of Exchange Traded Funds at abrdn Inc.. Mr. Dunn guides the firm's strategic direction and distribution
strategy for ETFs. Previously, he was a Director with Deutsche Asset and Wealth Management in charge of managing relationships
with US ETF Strategists and overseeing the Eastern Division sales team. Prior to that, Mr. Dunn was a consultant at Brandywine
Global Investment Management and has also held sales and distribution strategy positions at iShares, Blackrock and Vanguard. Mr.
Dunn holds a B.A. degree in Public Administration from Shippensburg University of Pennsylvania and has completed his MBA at Pennsylvania
State University. He holds the Series 7, 24, and 63 registrations as well as the Certified Investment Management Analyst
(CIMA).

 Brian
Kordeck – Chief Financial Officer and Treasurer

 Brian
Kordeck joined abrdn Inc. (the parent company of the Sponsor) as a Senior Fund Administrator in 2013 and is currently
a Senior Product Manager with the company. Prior to joining abrdn Inc., Mr. Kordeck held financial reporting manager roles at
the Bank of New York Mellon and The Investment Fund for Foundations. Mr. Kordeck began his career as an auditor with
PricewaterhouseCoopers LLP, focusing on the investment management industry. Mr. Kordeck holds a BS in Business Administration
from La Salle University.

 Departure
of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

 In
connection with her retirement, Andrea Melia resigned as Chief Financial Officer and Treasurer of the Sponsor, effective on
February 28, 2023. Ms. Melia served as Principal Financial Officer of the Registrant.

 Brian
Kordeck was appointed as Chief Financial Officer and Treasurer of the Sponsor, effective on February 28, 2023. Mr. Kordeck serves
as Principal Financial Officer of the Registrant.

 As
described under Item 1 above, abrdn Inc. is the parent of the Sponsor.

 Item
11. Executive Compensation

 The
Trust has no directors or executive officers. The only ordinary expense paid by the Trust is the Sponsor's Fee.

 Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Security
Ownership of Certain Beneficial Owners

 There
are no persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust.

 Security
Ownership of Management

 Not
applicable.

 Change
in Control

 Neither
the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust.

 Item
13. Certain Relationships and Related Transactions, and Director Independence

 The
Trust has no directors or executive officers.

 Item
14. Principal Accounting Fees and Services

 Fees
for services performed by KPMG LLP for the years ended December 31, 2023 and 2022

 New
York, NY Auditor ID: 185

 Audit fees – KPMG

 $
 85,000

 $
 77,250

 Audit related fees - KPMG

 —

 21,000

 $
 85,000

 $
 98,250

 Audit
Fees are fees paid by the Sponsor to KPMG LLP for professional services for the audit of the Trust's financial statements
included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally provided
by the accountants in connection with regulatory filings or engagements. Audit Related Fees are paid by the Sponsor to KPMG LLP
for assurance and related services that are reasonably related to the performance of the audit or review of the Trust's
financial statements. These services include the accountant providing a consent letter related to the Trust's registration statement
filing.

 Pre-Approval
Policies and Procedures

 As
referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures
with respect to fees paid to KPMG LLP. Such determinations are made by the Sponsor.

 PART
IV

 Item
15. Exhibits, Financial Statement Schedules

 1.
Financial Statements

 See
Index to Financial Statements on Page F-1 for a list of the financial statements being filed herein.

 2.
Financial Statement Schedules

 Schedules
have been omitted since they are either not required, not applicable, or the information has otherwise been included.

 3.
Exhibits

 Exhibit
 No.

 4.1(a)

 Depositary
 Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No. 333-158221 on September 1,
 2009

 4.1(b)

 Amendment
 to the Depositary Trust Agreement incorporated by reference to Exhibit 4.1 filed with Registration
 Statement No. 333-234637 on November 12, 2019

 4.1(c)

 Second
 Amendment to the Depositary Trust Agreement incorporated by reference to Exhibit 4.1 filed with
 the Trust's Current Report on Form 8-K on December 6, 2018

 4.1(d)

 Third
 Amendment to the Depository Trust Agreement incorporated by reference to Exhibit 4.1 filed with the
 Trust's Current Report on Form 8-K on June 13, 2019

 4.1(e)

 Fourth Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trust's Current Report on Form 8-K on March 14, 2022

 4.2

 Form of Authorized Participant Agreement, incorporated by reference to Exhibit 4.2 with Registration Statement No. 333-267881 on October 14, 2022

 4.3

 Certificate
 of Beneficial Interest, incorporated by reference to Exhibit 4.3 filed with Registration Statement No. 333-158221 on September
 1, 2009

 10.1(a)

 Allocated
 Account Agreement, incorporated by reference to Exhibit 10.1 filed with Registration Statement No. 333-158221 on September
 1, 2009

 10.1(b)

 Amendment
 to the Allocated Account Agreement incorporated by reference to Exhibit 10.1 filed with the Trust's
 Current Report on Form 8-K on October 5, 2018

 10.1(c)

 Amendment
 to the Allocated Account Agreement and the Unallocated Account Agreement incorporated by reference
 to Exhibit 10.1 field with the Trust's Current Report on Form 8-K on June 13, 2019

 10.1(d)

 Third Amendment to the Allocated Account Agreement incorporated by reference to Exhibit 10.1 filed with the
 Trust's Current Report on Form 8-K on June 11, 2020

 10.1(e)

 Fourth Amendment to the Allocated Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trust's Current Report on Form 8-K on March 14, 2022

 10.2(a)

 Unallocated
 Account Agreement, incorporated by reference to Exhibit 10.2 filed with Registration Statement No. 333-158221 on September
 1, 2009

 10.2(b)

 Amendment
 to the Unallocated Account Agreement incorporated by reference to Exhibit 10.2 filed with the Trust's
 Current Report on Form 8-K on October 5, 2018

 10.2(c)

 Amendment to the Allocated Account Agreement and the Unallocated Account Agreement, is included in is Exhibit 10.1(c)

 10.2(d)

 Third Amendment to the Unallocated Account Agreement effective June 5, 2020 incorporated by reference to Exhibit 10.2 filed with
 the Trust's Current Report on Form 8-K on June 11, 2020

 10.2(e)

 Fourth Amendment to the Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trust's Current Report on Form 8-K on March 14, 2022

 10.3

 Depository
 Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No. 333-158221 on September 1, 2009

 10.4(a)

 Marketing
 Agent Agreement, incorporated by reference to Exhibit 10.4 filed with Registration Statement No. 333-158221 on September 1,
 2009

 10.4(b)

 Novation
 of and Amendment No. 1 to the Marketing Agent Agreement incorporated by reference to Exhibit
 10.4(b) filed with the Trust's Annual Report on Form 10-K on February 28, 2019.

 23.1

 Consent of KPMG LLP, Independent Registered Public Accounting Firm

 31.1

 Chief Executive Officer's Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 31.2

 Chief Financial Officer's Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 32.1

 Chief Executive Officer's Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 32.2

 Chief Financial Officer's Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 97.1

 Policy for Recovery of Erroneously Awarded Compensation is filed herewith

 The following financial statements from the
 Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial
 Statements.

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 Document

 The cover page from the Trust's Annual

 Item
16. Form 10-K Summary

 Not
applicable.

 ABRDN
GOLD ETF TRUST
 Financial Statements as of December 31, 2023

 Page

 Report
 of Independent Registered Public Accounting Firm

 of Assets and Liabilities at December 31, 2023 and 2022

 Schedules
 of Investments at December 31, 2023 and 2022

 of Operations for the years ended December 31, 2023, 2022 and 2021

 of Changes in Net Assets for the years ended December 31, 2023, 2022 and 2021

 Financial
 Highlights for the years ended December 31, 2023, 2022 and 2021

 Notes

 F- 1

 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To
the Sponsor, Trustee and Shareholders

abrdn Gold ETF Trust:

 Opinion
on the Financial Statements

 We
have audited the accompanying statements of assets and liabilities of abrdn Gold ETF Trust (known as Aberdeen Standard Gold ETF Trust
prior to March 31, 2022) (the Trust) including the schedules of investments, as of December 31, 2023 and 2022, the related statements
of operations and changes in net assets and the financial highlights for each of the years in the three-year period ended December 31,
2023, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all
material respects, the financial position of the Trust as of December 31, 2023 and 2022, and the results of its operations, changes in
its net assets and financial highlights for each of the years in the three-year period ended December 31, 2023, in conformity with U.S.
generally accepted accounting principles.

 We
also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Trust's
internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 28,
2024 expressed an unqualified opinion on the effectiveness of the Trust's internal control over financial reporting.

 Basis
for Opinion

 These
financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial
statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect
to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.

 We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.

 Critical
Audit Matter

 The
critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated
or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

 Evaluation
of the evidence pertaining to the existence of the gold holdings

 As
presented on the December 31, 2023 schedule of investments and in Note 2.2, the fair value of the Trust's investment in gold is $2,826,667
thousand, representing 100.01% of the Trust's net assets, and 1,360,020.7 ounces of gold holdings. The investment in gold was held by
a third-party custodian (the custodian).

 We
identified the evaluation of the evidence pertaining to the existence of the gold holdings as a critical audit matter. Given the nature
and volume of the gold holdings, subjective auditor judgment was required to evaluate the extent and nature of evidence obtained to assess
the existence of gold held by the custodian.

 The
following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating
effectiveness of certain internal controls related to the critical audit matter. This included controls over (1) the comparison of the
Trust's records of gold held to the custodian's records, (2) the approval of gold deposits and withdrawals by the trustee of the Trust
and (3) the physical counts of the Trust's gold holdings performed at the custodian's locations by a third party engaged by the Trust's
sponsor. We obtained a schedule directly from the custodian of the Trust's gold holdings held by the custodian as of December 31, 2023.
We compared the total ounces on such schedule to the Trust's record of gold holdings.

 We
also attended and observed a part of the physical counts of the Trust's gold holdings. We obtained and read the physical counts results
reports of the third party and reconciled those reports to both the Trust's and custodian's records.

 /s/
KPMG LLP

 We
have served as the Trust's auditor since 2015.

 New
York, New York

 February
28, 2024

 F- 2

 abrdn

of Assets and Liabilities

 At
December 31, 2023 and 2022

 (Amounts in 000's of US$, except for Share and per Share data)

 ASSETS

 Investment in gold (cost: December 31, 2023: $ 2,207,626; December 31, 2022: $ 2,116,745)

 $

 $

 Gold receivable

 —

 15,637

 Total assets

 2,443,129

 LIABILITIES

 Fees payable to Sponsor

 Total liabilities

 NET ASSETS (1)

 $
 2,826,258

 $
 2,442,783

 (1)

 share capital is unlimited with no par value per Share. Shares issued and outstanding at December 31, 2023 were 142,200,000
 and at December 31, 2022 were 140,600,000. Net asset values per Share at December 31, 2023 and December 31, 2022 were $ 19.88
 and $ 17.37, respectively.

 See

 F- 3

 abrdn

 Schedules
of Investments

 At
December 31, 2023 and 2022

 oz

 Cost

 Fair Value

 % of Net Assets

 Investment in gold (in 000's of US$, except for oz and percentage data)

 Gold

 1,360,020.7

 $
 2,207,626

 $

 100.01
 %

 Total investment in gold

 1,360,020.7

 $
 2,207,626

 $

 100.01
 %

 Less liabilities

 ( 409
)

 ( 0.01
)%

 Net Assets

 $
 2,826,258

 100.00
 %

 oz

 Cost

 Fair Value

 % of Net Assets

 Investment in gold (in 000's of US$, except for oz and percentage data)

 Gold

 1,338,383.1

 $
 2,116,745

 $

 99.37
 %

 Total investment in gold

 1,338,383.1

 $
 2,116,745

 $

 99.37
 %

 Other assets less liabilities

 15,291

 0.63
 %

 Net Assets

 $
 2,442,783

 100.00
 %

 See

 F- 4

 abrdn

of Operations

 For
the years ended December 31, 2023, 2022, and 2021

 December 31, 2021

 (Amounts in 000's of US$, except for Share and per Share data)

 EXPENSES

 Sponsor's Fee

 $
 4,544

 $
 4,233

 $
 4,122

 Total expenses

 4,544

 4,233

 4,122

 ( 4,544
)

 ( 4,233
)

 ( 4,122
)

 REALIZED AND UNREALIZED GAINS / (LOSSES)

 Realized gain on gold transferred to pay expenses

 Realized gain on gold distributed for the redemption of Shares

 41,270

 33,258

 32,491

 Change in unrealized gain / (loss) on investment in gold

 308,294

 ( 46,948
)

 ( 159,986
)

 Total gain / (loss) on investment in gold

 350,287

 ( 13,134
)

 ( 126,860
)

 Change in net assets from operations

 $
 345,743

 $
 ( 17,367
)

 $
 ( 130,982
)

 Net increase / (decrease) in net assets per Share

 $
 2.41

 $
 ( 0.12
)

 $
 ( 0.93
)

 Weighted average number of Shares

 143,583,562

 143,922,466

 140,204,658

 See

 F- 5

 abrdn

of Changes in Net Assets

 For
the years ended December 31, 2023, 2022 and 2021

 Year Ended December 31, 2023

 (Amounts in 000's of US$, except for Share data)

 Shares

 Amount

 Opening balance at January 1, 2023

 140,600,000

 $
 2,442,783

 ( 4,544
)

 Realized gain on investment in gold

 41,993

 Change in unrealized gain on investment in gold

 308,294

 15,800,000

 297,378

 ( 14,200,000
)

 ( 259,646
)

 Closing balance at December 31, 2023

 142,200,000

 $
 2,826,258

 Year Ended December 31, 2022

 (Amounts in 000's of US$, except for Share data)

 Shares

 Amount

 Opening balance at January 1, 2022

 138,000,000

 $
 2,391,232

 ( 4,233
)

 Realized gain on investment in gold

 33,814

 Change in unrealized (loss) on investment in gold

 ( 46,948
)

 22,200,000

 397,785

 ( 19,600,000
)

 ( 328,867
)

 Closing balance at December 31, 2022

 140,600,000

 $
 2,442,783

 Year Ended December 31, 2021

 (Amounts in 000's of US$, except for Share data)

 Shares

 Amount

 Opening balance at January 1, 2021

 146,200,000

 $
 2,652,512

 ( 4,122
)

 Realized gain on investment in gold

 33,126

 Change in unrealized (loss) on investment in gold

 ( 159,986
)

 7,200,000

 128,307

 ( 15,400,000
)

 ( 258,605
)

 Closing balance at December 31, 2021

 138,000,000

 $
 2,391,232

 See

 F- 6

 abrdn

 Financial
Highlights

 For
the years ended December 31, 2023, 2022 and 2021

 December 31, 2021

 Per
Share Performance (for a Share outstanding throughout the entire period)

 Net asset value per Share at beginning of period

 $
 17.37

 $
 17.33

 $
 18.14

 Income from investment operations:

 ( 0.03
)

 ( 0.03
)

 ( 0.03
)

 Total realized and unrealized gains or losses on investment in gold

 2.54

 0.07

 ( 0.78
)

 Change in net assets from operations

 2.51

 0.04

 ( 0.81
)

 Net asset value per Share at end of period

 $
 19.88

 $
 17.37

 $
 17.33

 Weighted average number of Shares

 143,583,562

 143,922,466

 140,204,658

 Expense ratio

 0.17
 %

 0.17
 %

 0.17
 %

 Net investment loss ratio

 ( 0.17
)%

 ( 0.17
)%

 ( 0.17
)%

 Total return, net asset value

 14.45
 %

 0.23
 %

 ( 4.47
)%

 See

 F- 7

 abrdn

 1. Organization

 The abrdn
Gold ETF Trust (the "Trust") is a common law trust formed on September 1, 2009 under New York law pursuant
to a depositary trust agreement (the "Trust Agreement") executed by abrdn ETFs Sponsor LLC (the "Sponsor")
and The Bank of New York Mellon as Trustee (the "Trustee"). The Trust holds gold and issues abrdn Physical
Gold Shares ETF ("Shares") in minimum blocks of 100,000 Shares (also referred to as "Baskets") in
exchange for deposits of gold and distributes gold in connection with the redemption of Baskets. Shares represent
units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is
a Delaware limited liability company and a wholly-owned subsidiary of abrdn Inc., which is a wholly-owned indirect subsidiary
of abrdn plc. The Trust is governed by the Trust Agreement.

 Effective
February 28, 2023, Andrea Melia resigned as Treasurer and Chief Financial Officer of the Sponsor. Ms. Melia had served as Principal
Financial Officer of the Registrant. Effective February 28, 2023, Brian Kordeck was appointed Treasurer and Chief Financial Officer
of the Sponsor. Mr. Kordeck will serve as Principal Financial Officer of the Registrant.

 The
investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the
Trust's expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the
Shares (a "Shareholder") an opportunity to participate in the gold market through an investment in
securities.

 2. Significant
Accounting Policies

 The
preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements
to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Trust.

 2.1. Basis
of Accounting

 The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board ("FASB") Accounting
Standards Codification ("ASC") 946, Financial Services—Investment Companies, and has concluded that for
reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under
the Investment Company Act of 1940 and is not required to register under such act.

 2.2. Valuation
of Gold

 The
Trust follows the provisions of ASC 820, Fair Value Measurement ("ASC 820"). ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.

 The
Trust's gold is held by JPMorgan Chase Bank, N.A. (the "Custodian"), on behalf of the Trust, at its London,
England and Zurich, Switzerland vaulting premises and may also be held at the Zurich, Switzerland vaulting premises of UBS AG,
or any other firm selected by the Custodian, to hold the Trust's gold in the Trust's allocated account in the firm's vault premises
on a segregated basis. Effective as of the close of business June 20, 2019, the Sponsor approved the addition of London,
England as a location where the Custodian may custody allocated gold bullion deposited with and held by the Trust. At December
31, 2023, none of the Trust's gold was held by a sub-custodian.

 F- 8

 abrdn

 Notes

 The
Trust's 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 London Bullion Market Association ("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 average cost of gold transferred.

 The
LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration ("IBA") equilibrium
auction, an electronic, tradable and auditable over-the-counter auction market with the ability to participate in US Dollars,
Euros or British Pounds for LBMA-authorized participating gold bullion banks or market makers that establishes a reference
gold price for that day's trading.

 Once
the value of gold has been determined, the net asset value (the "NAV") is computed by the Trustee by deducting
all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the "Sponsor's
Fee"), from the fair value of the gold and all other assets held by the Trust.

 The
Trust recognizes changes in fair value of the investment in gold as changes in unrealized gains or losses on investment in gold
through the Statement of Operations.

 The
per Share amount of gold exchanged for a purchase or redemption is calculated daily by the Trustee using the LBMA PM Gold
Price to calculate the gold amount in respect of any liabilities for which covering gold sales have not yet been made,
and represents the per Share amount of gold held by the Trust, after giving effect to its liabilities, to cover expenses
and liabilities and any losses that may have occurred.

 Fair
Value Hierarchy

 ASC
820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs
are as follows:

 – Level
1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

 – Level
2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly
or indirectly. These inputs may include quoted prices for the identical instrument on
an inactive market, prices for similar instruments and similar data.

 – Level
3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing
the Trust's own assumptions about the assumptions that a market participant would use in valuing the asset or liability,
and that would be based on the best information available.

 To
the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination
of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for
instruments categorized in level 3.

 The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.

 The
Trust's investment in gold is classified as a level 1 asset, as its value is calculated using unadjusted
quoted prices from primary market sources.

 F- 9

 abrdn

 Notes

 The
categorization of the Trust's assets is as shown below:

 (Amounts in 000's of US$)

31, 2023

31, 2022

 Level 1

 Investment in gold

 $

 $

 There were no transfers between levels during the years ended December 31, 2023 and 2022.

 2.3. Gold
Receivable and Payable

 Gold receivable
or payable represents the quantity of gold covered by contractually binding orders for the creation or redemption of Shares
respectively, where the gold has not yet been transferred to or from the Trust's account. Generally, ownership of gold
is transferred within two business days of the trade date. At December 31, 2023, the Trust had no gold receivable or payable
for the creation or redemption of Shares. At December 31, 2022, the Trust had $ 15,636,662 of gold receivable
for the creation of Shares and no gold payable for the redemption of Shares.

 2.4. Creations
and Redemptions of Shares

 The
Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000
Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase
or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer
or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer
to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized
Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account
with the Trust's Custodian or other gold bullion clearing bank. An Authorized Participant Agreement is an agreement
entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption
of Baskets and for the delivery of the gold required for such creations and redemptions. An Authorized Participant Unallocated
Account is an unallocated gold account, either loco London or loco Zurich, established with the Custodian or a gold bullion
clearing bank by an Authorized Participant.

 The
creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of gold represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV
of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem
Baskets is properly received.

Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement
period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective
account receivable and/or payable will be recorded. When gold is exchanged in settlement of a redemption, it is considered
a sale of gold for financial statement purposes.

 F- 10

 abrdn

 Notes

 The
amount of gold represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As
a result, the value attributed to the creation or redemption of Shares may differ from the value of gold to be delivered
or distributed by the Trust. In order to ensure that the correct amount of gold is available at all times to back the Shares,
the Sponsor accepts an adjustment to its Sponsor Fee in the event of any shortfall or excess on each transaction. For each transaction,
this amount is not more than 1/1000th of an ounce of gold.

 As
the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding
Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.

 2.5. Income
Taxes

 The
Trust is classified as a "grantor trust" for U.S. federal income tax purposes. As a result, the Trust itself will
not be subject to U.S. federal income tax. Instead, the Trust's income and expenses will "flow through" to the
Shareholders, and the Trustee will report the Trust's proceeds, income, deductions, gains, and losses to the Internal Revenue
Service on that basis.

 The
Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined
that no reserves for uncertain tax positions are required as of December 31, 2023 or December 31, 2022.

 2.6. Investment
in Gold

 Changes
in ounces of gold and their respective values for the years ended December 31, 2023 and 2022 are set out below:

 Year
Ended December 31, 2023

 Year
Ended December 31, 2022

 (Amounts in 000's of US$, except for ounces data)

 Ounces of gold

 Opening balance

 1,338,383.1

 1,324,350.2

 159,902.9

 204,255.2

 ( 135,932.8
)

 ( 187,874.4
)

 Transfers of gold to pay expenses

 ( 2,332.5
)

 ( 2,347.9
)

 Closing balance

 1,360,020.7

 1,338,383.1

 Investment in gold

 Opening balance

 $

 $
 2,391,578

 313,015

 382,148

 ( 259,646
)

 ( 328,867
)

 Realized gain on gold distributed for the redemption of Shares

 41,270

 33,258

 Transfers of gold to pay expenses

 ( 4,481
)

 ( 4,233
)

 Realized gain on gold transferred to pay expenses

 Change in unrealized gain / (loss) on investment in gold

 308,294

 ( 46,948
)

 Closing balance

 $

 $

 F- 11

 abrdn

 Notes

 2.7. Expenses
/ Realized Gains / Losses

The primary expense of the Trust is the Sponsor's Fee, which is paid by the Trust through in-kind transfers of gold to the
Sponsor.

 The
Trust will transfer gold to the Sponsor to pay the Sponsor's Fee that accrues daily at an annualized rate equal to
 0.17 % of the adjusted daily net asset value ("ANAV") of the Trust, paid monthly in arrears.

 The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee's monthly
fee and out of pocket expenses, the Custodian's fee and the reimbursement of the Custodian's expenses, exchange listing
fees, United States Securities and Exchange Commission (the "SEC") registration fees, printing and mailing costs,
audit fees and up to $ 100,000 per annum in legal expenses.

 For
the year ended December 31, 2023, 2022 and 2021, the Sponsor's Fee was $ 4,543,699, $ 4,232,956 and
$ 4,122,059, respectively.

 At December
31, 2023 and at December 31, 2022, the fees payable to the Sponsor were $ 408,442 and $ 346,303, respectively.

 With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust's gold as necessary to pay these expenses. When selling gold to pay expenses, the Trustee will
endeavor to sell the smallest amounts of gold needed to pay these expenses in order to minimize the Trust's holdings
of assets other than gold. Other than the Sponsor's Fee, the Trust had no expenses during the years ended December
31, 2023 and 2022.

 Unless
otherwise directed by the Sponsor, when selling gold the Trustee will endeavor to sell at the price established by the LBMA
PM Gold Price. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects
to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such gold only if the
sale transaction is made at the next LBMA PM Gold Price or such other publicly available price that the Sponsor deems fair, in
each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and
the average cost of the gold sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason
of any sale.

 Realized
gains and losses result from the transfer of gold for Share redemptions and / or to pay expenses and are recognized on a
trade date basis as the difference between the fair value and average cost of gold transferred.

 2.8. Subsequent
Events

 In
accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust's management has evaluated
the possibility of subsequent events impacting the Trust's financial statements through the filing date. During this period,
no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

 3. Related
Parties

 The
Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates
may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers
and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates
may from time to time purchase or sell gold directly, for their own account, as agent for their customers and for accounts
over which they exercise investment discretion. The Trustee's and Custodian's fees are paid by the Sponsor and are
not separate expenses of the Trust.

 F- 12

 abrdn

 Notes

 4. Concentration
of Risk

 The
Trust's sole business activity is the investment in gold, and substantially all the Trust's assets are holdings
of gold, which creates a concentration of risk associated with fluctuations in the price of gold. Several factors could affect
the price of gold, including: (i) global gold supply and demand, which is influenced by factors such as forward selling by gold
producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and
cost levels in major global gold-producing countries; (ii) investors' expectations with respect to the rate of inflation;
(iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds;
and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that gold
will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines,
the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material
effect on the Trust's financial position and results of operations.

 5. Indemnification

 Under
the Trust's organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members,
managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it
incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard
on its part of its obligations and duties under the Trust's organizational documents. The Trust's maximum exposure
under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

 F- 13

 abrdn

 SIGNATURES

 Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned in the capacities thereunto duly authorized.

 abrdn
 ETFs Sponsor LLC

 Date:
 February 28, 2024

 /s/
 Steven Dunn*

 Steven
 Dunn **

 President
 and Chief Executive Officer

 (Principal
 Executive Officer)

 Date:
 February 28, 2024

 /s/
 Brian Kordeck*

 Brian
 Kordeck **

 Chief
 Financial Officer and Treasurer

 (Principal
Financial Officer and Principal Accounting Officer)

 *

 The originally executed copy of this
Certification will be maintained at the Sponsor's offices and will be made available for inspection upon request.

 **

 The Registrant is a trust and the persons are signing in their capacities as officers of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

 F- 14