Revenue sources: Primarily from investments in physical gold.

TOP 3 markets:

1. USA: approx. 45%
2. Europe: approx. 30%
3. Asia: approx. 15%

The abrdn Physical Gold Shares ETF generates its revenue mainly through investments in physical gold. As it is a commodity ETF, the revenues are not industry-specific but result from the performance of gold itself.

The USA represents the largest market, followed by Europe and Asia. These markets are significant for the ETF as they constitute the largest investor bases for gold ETFs, which is reflected in the percentage shares. Demand in these regions is driven by economic stability, inflation protection, and currency hedging.

Production Sites: Not applicable

The abrdn Gold ETF Trust - abrdn Physical Gold Shares ETF (ARCA:SGOL) is an exchange-traded fund (ETF) that holds physical gold. Since this is a financial product, the company does not produce physical products in the traditional sense. The ETF invests in physical gold stored in vaults, typically in secure locations such as Switzerland or London.

The management and storage of the gold are handled by specialized service providers who are responsible for the security and integrity of the holdings.

Strategy for Future Growth:

1. Diversification of Investment Products: abrdn Gold ETF Trust plans to expand its offering of physical precious metal ETFs to provide investors with a wider range of options.

2. Increasing Market Presence: Through intensified marketing and distribution activities, the awareness of the SGOL ETF is to be increased, especially in emerging markets.

3. Cost Efficiency: The company is focusing on reducing operating costs to be able to offer competitive fee structures, which is attractive to investors.

4. Sustainability Initiatives: Introduction of ESG criteria (Environmental, Social, and Governance) into their investment strategies to meet the growing demands of investors who value sustainable investments.

These strategies aim to promote the growth of the abrdn Gold ETF Trust and strengthen its position in the market for physical precious metal ETFs.

Main Commodity: Gold

The abrdn Physical Gold Shares ETF (ARCA: SGOL) primarily invests in physical gold. The ETF holds physical gold bars that are stored in vaults.

Countries of Origin:

• Switzerland
• Great Britain
• Canada

The ETF mainly sources its gold from established markets like Switzerland, known for its refineries and storage facilities. Great Britain and Canada are also significant players in the gold market, both in production and trade.

These countries are known for their stable political and economic conditions, which are crucial for the storage and trade of gold. The ETF does not import any other commodities or materials, as it focuses exclusively on physical gold.

Assets Under Management (AUM): approximately 2.5 billion USD (2023)
Expense Ratio: 0.17% (2023)
Gold Holdings: approximately 1.2 million ounces (2023)

The abrdn Gold ETF Trust, known as abrdn Physical Gold Shares ETF (ARCA:SGOL), offers investors a cost-effective way to invest in physical gold. A key competitive advantage of SGOL lies in its low expense ratio of 0.17%, which is considered very competitive compared to other gold ETFs in the market.

Additionally, SGOL benefits from the direct physical backing of gold, strengthening investors' confidence as they know their investments are backed by actual gold holdings. The ETF is also listed on the ARCA exchange, providing it with high liquidity and accessibility for investors.

SGOL's competitive advantage is further supported by its strong market position and efficient cost structure, making it an attractive option for investors looking to invest in gold without bearing high management costs.

Institutional Investor Share: approximately 70% (estimated, 2025)

Insider Buys/Sells: No significant insider transactions reported (2025)

The abrdn Physical Gold Shares ETF (ARCA:SGOL) is a popular investment instrument for institutional investors looking to invest in physical gold. The estimated institutional investor share of about 70% reflects confidence in the stability and security of the gold market.

Insider transactions are less relevant for ETFs as they are a fund that holds physical gold rather than a company with operational business. Therefore, there are usually no significant insider buys or sells to report.

Market share of abrdn Physical Gold Shares ETF (SGOL): Estimated 8% (2025)

Main competitors and their market shares:

1. SPDR Gold Shares (GLD): 35%
2. iShares Gold Trust (IAU): 25%
3. Invesco DB Gold Fund (DGL): 10%
4. abrdn Physical Gold Shares ETF (SGOL): 8%
5. GraniteShares Gold Trust (BAR): 7%
6. VanEck Merk Gold Trust (OUNZ): 5%
7. ProShares Ultra Gold (UGL): 4%
8. Goldman Sachs Physical Gold ETF (AAAU): 3%
9. Perth Mint Physical Gold ETF (PMGOLD): 2%
10. Sprott Physical Gold Trust (PHYS): 1%

Economic moat of abrdn Physical Gold Shares ETF (SGOL):

Compared to its competitors, SGOL has a relatively small economic moat. The main advantage of SGOL lies in its physical gold backing, which is attractive to investors who value actual gold holdings.

However, GLD and IAU have a significant advantage due to their size, liquidity, and broad market acceptance. These ETFs offer higher trading volumes and lower cost structures, making them equally appealing to institutional and retail investors.

In summary, while SGOL holds a certain market share, it lacks a significant economic moat compared to leading ETFs like GLD and IAU. The competition has a stronger competitive advantage due to their established market positions and economies of scale.

Gold Price (2025): $1,950 per ounce (estimated)

Inflation Rate (USA, 2024): 3.2%

Economic Growth (USA, 2024): 2.1%

The abrdn Physical Gold Shares ETF (SGOL) offers investors a direct investment in physical gold, which is considered a safe haven in times of economic uncertainty. The price of gold is influenced by factors such as inflation, geopolitical tensions, and currency stability.

In 2025, the gold price is estimated to be around $1,950 per ounce, slightly above the average of recent years. Given a moderate inflation rate of 3.2% in the USA and an economic growth of 2.1%, gold could continue to be an attractive investment option for investors looking to hedge their portfolios against inflation.

The SGOL ETF offers the advantage of low management costs and a direct link to the gold price, without the risks and costs of physically storing gold. In an environment where uncertainty in financial markets remains high, the ETF could be a meaningful addition to a diversified portfolio.

However, investors should consider their risk tolerance and investment goals, as the price of gold can be volatile and influenced by global economic and political developments.

Dividend payment: No

The abrdn Gold ETF Trust - abrdn Physical Gold Shares ETF (ARCA:SGOL) does not pay a dividend.

This is typical for physical gold ETFs, as they invest in physical gold and do not generate income in the form of dividends. Instead, the value of the ETF reflects the price development of gold. Investors who invest in these ETFs typically do so to benefit from the appreciation of gold value, rather than receiving regular income through dividends.