Aberdeen Standard Physical Gold Shares ETF (NYSE Arca: SGOL) is a commodity grantor trust that holds physical gold bullion on behalf of shareholders. The Trust generates no operating revenue. Its sole expense is a Sponsor's fee, which totaled $5,596,000 for the year ended December 31, 2025, paid by transferring small amounts of physical gold to the Sponsor rather than collecting cash from shareholders. Each share represents a fractional interest in physical gold held in custody, and the net asset value of the Trust moves directly with the spot price of gold. Authorized Participants create and redeem baskets of shares in exchange for physical gold delivered or received on a loco London basis. The Trust has no directors, executive officers, or employees. Fees paid to KPMG LLP for audit services are borne by the Sponsor, not the Trust. The Trust's financial results for FY2025 reflect a total gain on investment in gold of $716,235,000, driven almost entirely by unrealized appreciation of $661,324,000 in the gold holdings.

Revenue model

The Trust collects no revenue. Its only expense is the Sponsor's fee, accrued daily and paid by transferring physical gold to the Sponsor. For FY2025, the Sponsor's fee was $5,596,000. Shareholders bear this cost indirectly through a gradual reduction in the gold backing each share.

Products and services

Physical gold bullion held in custody. Shares trade on a secondary market and each represents a fractional undivided interest in the Trust's gold holdings. Creation and redemption of share baskets is available exclusively to Authorized Participants, who deliver or receive physical gold on a loco London basis.

Customers and end markets

Retail and institutional investors seeking direct exposure to the spot price of gold without taking physical delivery. Authorized Participants, typically large financial institutions, are the only parties permitted to create or redeem share baskets directly with the Trust.

Value-chain role

Passive custodial vehicle. The Trust holds physical gold through a Custodian, with the Trustee maintaining DTC accounts for share settlement. The Sponsor manages Trust operations and pays operating expenses including audit fees. The Trust itself conducts no active trading, lending, or investment activity.

Geographic exposure

Gold is held on a loco London basis, consistent with standard OTC gold market practice. Secondary market trading occurs in the United States. The underlying OTC gold market operates across London, Zurich, New York, Dubai, and several Far East centers, as described in the FY2025 10-K.

Source: SEC 10-K, filed 2026-03-02

Industry: Commodity Contracts Brokers & Dealers