arcee-ai/sec-data-mini · Datasets at Hugging Face

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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 three months ended March
31, 2022 and 2021. 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. 10 abrdn
Gold ETF Trust Notes
to the Financial Statements (Unaudited) 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. 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, includin (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. 11 abrdn
Gold ETF Trust Item
2. 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 in Item
1 of Part 1 of this Form 10-Q. The discussion and analysis that follows may contain 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. These forward-looking statements may relate to the
Trust’s financial condition, operations, future performance and business. These statements can be identified by the use
of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”,
“estimate”, “predict”, “potential” or similar words and phrases. These statements are based
upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and
expected future developments. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements,
to conform such statements to actual results or to reflect a change in management’s expectations or predictions. Introduction The
Trust is a common law trust, formed under the laws of the state of New York on September 1, 2009. The Trust is not managed
like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered
by the Trustee pursuant to the Trust Agreement. 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. It does not hold or trade in commodity futures contracts, nor is it
a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing
Shares. The
Trust holds gold and is expected to issue Baskets in exchange for deposits of gold and to distribute gold in connection
with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the
Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold, less the
Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost effective investment
relative to traditional means of investing in gold. The
Trust issues and redeems Shares only with Authorized Participants in exchange for gold and only in aggregations of 100,000
Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee. Shares
of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “SGOL”. 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 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 afternoon
session of the ICE Benchmark Administration (“IBA”) equilibrium auction). 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. Once
the value of the gold has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees
accruing for such day on which the valuation takes place that 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 all other assets of the Trust (other than
any amounts credited to the Trust’s reserve account, if established). The resulting figure is the adjusted net asset value
(the “ANAV”) of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee. 12 All
fees accruing for the day on which the valuation takes place that are computed by reference to the value of the Trust or its assets
are calculated using the ANAV calculated for such day. The Trustee subtracts 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). The
Trustee’s estimation of accrued but unpaid fees, expenses and liabilities is 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
NAV of the Trust is obtained by subtracting the Trust’s liabilities on any day from the value of the gold owned and receivable
by the Trust 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
Quarter Ended March 31, 2022 The
Trust’s NAV increased from $2,391,232,291 December 31, 2021 to $ 2,781,130,613 at March 31, 2022 a 16.31% increase for the
quarter. The increase in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 7.55% from
$1,805.85 at December 31, 2021 to $1,942.15 at March 31, 2022. There was an increase in outstanding Shares, which rose from 138,000,000

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 three months ended March

31, 2022 and 2021. 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. 10 abrdn

Gold ETF Trust Notes

to the Financial Statements (Unaudited) 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. 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, includin (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. 11 abrdn

Gold ETF Trust Item

2. 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 in Item

1 of Part 1 of this Form 10-Q. The discussion and analysis that follows may contain 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. These forward-looking statements may relate to the

Trust’s financial condition, operations, future performance and business. These statements can be identified by the use

of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”,

“estimate”, “predict”, “potential” or similar words and phrases. These statements are based

upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and

expected future developments. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements,

to conform such statements to actual results or to reflect a change in management’s expectations or predictions. Introduction The

Trust is a common law trust, formed under the laws of the state of New York on September 1, 2009. The Trust is not managed

like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered

by the Trustee pursuant to the Trust Agreement. 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. It does not hold or trade in commodity futures contracts, nor is it

a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing

Shares. The

Trust holds gold and is expected to issue Baskets in exchange for deposits of gold and to distribute gold in connection

with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the

Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold, less the

Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost effective investment

relative to traditional means of investing in gold. The

Trust issues and redeems Shares only with Authorized Participants in exchange for gold and only in aggregations of 100,000

Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee. Shares

of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “SGOL”. 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 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 afternoon

session of the ICE Benchmark Administration (“IBA”) equilibrium auction). 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. Once

the value of the gold has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees

accruing for such day on which the valuation takes place that 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 all other assets of the Trust (other than

any amounts credited to the Trust’s reserve account, if established). The resulting figure is the adjusted net asset value

(the “ANAV”) of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee. 12 All

fees accruing for the day on which the valuation takes place that are computed by reference to the value of the Trust or its assets

are calculated using the ANAV calculated for such day. The Trustee subtracts 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). The

Trustee’s estimation of accrued but unpaid fees, expenses and liabilities is 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

NAV of the Trust is obtained by subtracting the Trust’s liabilities on any day from the value of the gold owned and receivable

by the Trust 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

Quarter Ended March 31, 2022 The

Trust’s NAV increased from $2,391,232,291 December 31, 2021 to $ 2,781,130,613 at March 31, 2022 a 16.31% increase for the

quarter. The increase in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 7.55% from

$1,805.85 at December 31, 2021 to $1,942.15 at March 31, 2022. There was an increase in outstanding Shares, which rose from 138,000,000