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

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each of the years in the three-year period ended December 31, 2021, 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, 2021, 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, 2022 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 tha (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, 2021 schedule of investments and in Note 2.2, the fair value of the Trust’s investment in gold is
$2,391,578 thousand, representing 100.01% of the Trust’s net assets, and 1,324,350.2 ounces of gold holdings. The investment in
gold was held by a third-party custodian (the custodian). We
identified the evaluation of the evidence pertaining to the existence of the gold holdings as a critical audit matter. Given the nature
and volume of the gold holdings, subjective auditor judgment was required to evaluate the extent and nature of evidence obtained to assess
the existence of gold held by the custodian. The
following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating
effectiveness of certain internal controls related to the critical audit matter. This included controls over (1) the comparison of the
Trust’s records of gold held to the custodian’s records, (2) the approval of gold deposits and withdrawals by the trustee
of the Trust and (3) the physical counts of the Trust’s gold holdings performed at the custodian’s locations by a third party
engaged by the Trust’s sponsor. We obtained a schedule directly from the custodian of the Trust’s gold holdings held by the
custodian as of December 31, 2021. We compared the total ounces on such schedule to the Trust’s record of gold holdings. We also
attended and observed a part of the physical counts of the Trust’s gold holdings. We obtained and read the physical count result
reports of the third party and reconciled those reports to both the Trust’s and custodian’s records. /s/
KPMG LLP We
have served as the Trust’s auditor since 2015. New York,
New York February 28, 2022 F- 2 Aberdeen Standard
Gold ETF Trust Statements
of Assets and Liabilities At
December 31, 2021 and 2020 December 31, 2021 December 31, 2020 (Amounts in 000’s of US$, except for Share and per Share data) ASSETS Investment in gold ( December 31, 2021: $ 2,033,883 ; December 31, 2020: $ 2,135,209 ) $ 2,391,578 $ 2,652,891 Total assets 2,391,578 2,652,891 LIABILITIES Fees payable to Sponsor 346 379 Total liabilities 346 379 NET ASSETS (1) $ 2,391,232 $ 2,652,512 (1) Authorized
share capital is unlimited with no par value per Share. Shares issued and outstanding at December 31, 2021 were 138,000,000 and at December 31, 2020 were 146,200,000 . Net asset values per Share at December 31, 2021 and December 31, 2020 were $ 17.33 and $ 18.14 , respectively. See
Notes to the Financial Statements F- 3 Aberdeen Standard
Gold ETF Trust Schedules
of Investments At
December 31, 2021 and 2020 December 31, 2021 Description oz Cost Fair Value % of Net Assets Investment
in gold (in 000’s of US$, except for oz and percentage data) Gold 1,324,350.2 $ 2,033,883 $ 2,391,578 100.01 % Total investment in gold 1,324,350.2 $ 2,033,883 $ 2,391,578 100.01 % Less liabilities ( 346 ) ( 0.01 )% Net Assets $ 2,391,232 100.00 % December 31, 2020 Description oz Cost Fair Value % of Net Assets Investment
in gold (in 000’s of US$, except for oz and percentage data) Gold 1,405,430.5 $ 2,135,209 $ 2,652,891 100.01 % Total investment in gold 1,405,430.5 $ 2,135,209 $ 2,652,891 100.01 % Less liabilities ( 379 ) ( 0.01 )% Net Assets $ 2,652,512 100.00 % See
Notes to the Financial Statements F- 4 Aberdeen Standard
Gold ETF Trust Statements
of Operations For
the years ended December 31, 2021, 2020, and 2019 Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 (Amounts in 000’s of US$, except for Share and per Share data) EXPENSES Sponsor’s Fee $ 4,122 $ 3,641 $ 1,680 Total expenses 4,122 3,641 1,680 Net investment loss ( 4,122 ) ( 3,641 ) ( 1,680 ) REALIZED AND UNREALIZED GAINS / (LOSSES) Realized gain on gold transferred to pay expenses 635 643 154 Realized gain on gold distributed for the redemption of Shares 32,491 30,873 8,541 Change in unrealized gain / (loss) on investment in gold ( 159,986 ) 335,873 146,664 Total gain / (loss) on investment in gold ( 126,860 ) 367,389 155,359 Change in net assets from operations $ ( 130,982 ) $ 363,748 $ 153,679 Net increase / (decrease) in net assets per Share (1) $ ( 0.93 ) $ 2.93 $ 2.09 Weighted average number of Shares (1) 140,204,658 124,112,022 73,381,967 (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. See
Notes to the Financial Statements F- 5 Aberdeen Standard
Gold ETF Trust Statements
of Changes in Net Assets For
the years ended December 31, 2021, 2020 and 2019 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 Net investment loss ( 4,122 ) Realized gain on investment in gold 33,126 Change in unrealized (loss) on investment in gold ( 159,986 ) Creations 7,200,000 128,307 Redemptions ( 15,400,000 ) ( 258,605 ) Closing balance at December 31, 2021 138,000,000 $ 2,391,232 Year Ended December 31, 2020 (Amounts in 000’s of US$, except for Share data) Shares Amount Opening balance at January 1, 2020 82,000,000 $ 1,195,897 Net investment loss ( 3,641 ) Realized gain on investment in gold 31,516 Change in unrealized gain on investment in gold 335,873 Creations 76,700,000 1,296,036 Redemptions ( 12,500,000 ) ( 203,169 ) Closing balance at December 31, 2020 146,200,000 $ 2,652,512 Year Ended December 31, 2019 (Amounts in 000’s of US$, except for Share data) Shares (1) Amount Opening balance at January 1, 2019 68,500,000 $ 846,716 Net investment loss ( 1,680 ) Realized gain on investment in gold 8,695 Change in unrealized gain on investment in gold 146,664 Creations 21,300,000 297,717 Redemptions ( 7,800,000 ) ( 102,215 ) Closing balance at December 31, 2019 82,000,000 $ 1,195,897 (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. See
Notes to the Financial Statements F- 6 Aberdeen Standard
Gold ETF Trust Financial
Highlights For
the years ended December 31, 2021, 2020 and 2019 Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Per Share Performance (for a Share outstanding throughout the entire period) (1) Net asset value per Share at beginning of period $ 18.14 $ 14.58 $ 12.36 Income from investment operatio Net investment loss ( 0.03 ) ( 0.03 ) ( 0.02 ) Total realized and unrealized gains or losses on investment in gold ( 0.78 ) 3.59 2.24 Change in net assets from operations ( 0.81 ) 3.56 2.22 Net asset value per Share at end of period $ 17.33 $ 18.14 $ 14.58 Weighted average number of Shares (1) 140,204,658 124,112,022 73,381,967 Expense ratio 0.17 % 0.17 % 0.17 % Net investment loss ratio ( 0.17 )% ( 0.17 )% ( 0.17 )% Total return, net asset value ( 4.47 )% 24.42 % 17.95 % (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. See
Notes to the Financial Statements F- 7 Aberdeen Standard Gold ETF Trust Notes to the Financial Statements 1. Organization The Aberdeen Standard
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 Aberdeen Standard Investments ETFs Sponsor LLC (the
“Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”). The Trust holds gold bullion
and issues Aberdeen Standard 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. (known as Aberdeen Standard Investments Inc. prior to January 1, 2022). abrdn Inc.
is a wholly-owned indirect subsidiary of abrdn (formerly known as Standard Life Aberdeen) plc. The Trust is governed by the Trust
Agreement. Effective
June 25, 2021, Christopher Demetriou resigned as President and Chief Executive Officer of the Sponsor. Mr. Demetriou had served
as Principal Executive Officer of the Registrant. Effective June 25, 2021, Steven Dunn was appointed President and Chief Executive
Officer of the Sponsor. Mr. Dunn will serve as Principal Executive Officer of the Registrant. The
investment objective of the Trust is for the Shares to reflect the performance of the price of gold, 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

each of the years in the three-year period ended December 31, 2021, 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, 2021, 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, 2022 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 tha (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, 2021 schedule of investments and in Note 2.2, the fair value of the Trust’s investment in gold is

$2,391,578 thousand, representing 100.01% of the Trust’s net assets, and 1,324,350.2 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, 2021. 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 count result

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, 2022 F- 2 Aberdeen Standard

Gold ETF Trust Statements

of Assets and Liabilities At

December 31, 2021 and 2020 December 31, 2021 December 31, 2020 (Amounts in 000’s of US$, except for Share and per Share data) ASSETS Investment in gold ( December 31, 2021: $ 2,033,883 ; December 31, 2020: $ 2,135,209 ) $ 2,391,578 $ 2,652,891 Total assets 2,391,578 2,652,891 LIABILITIES Fees payable to Sponsor 346 379 Total liabilities 346 379 NET ASSETS (1) $ 2,391,232 $ 2,652,512 (1) Authorized

share capital is unlimited with no par value per Share. Shares issued and outstanding at December 31, 2021 were 138,000,000 and at December 31, 2020 were 146,200,000 . Net asset values per Share at December 31, 2021 and December 31, 2020 were $ 17.33 and $ 18.14 , respectively. See

Notes to the Financial Statements F- 3 Aberdeen Standard

Gold ETF Trust Schedules

of Investments At

December 31, 2021 and 2020 December 31, 2021 Description oz Cost Fair Value % of Net Assets Investment

in gold (in 000’s of US$, except for oz and percentage data) Gold 1,324,350.2 $ 2,033,883 $ 2,391,578 100.01 % Total investment in gold 1,324,350.2 $ 2,033,883 $ 2,391,578 100.01 % Less liabilities ( 346 ) ( 0.01 )% Net Assets $ 2,391,232 100.00 % December 31, 2020 Description oz Cost Fair Value % of Net Assets Investment

in gold (in 000’s of US$, except for oz and percentage data) Gold 1,405,430.5 $ 2,135,209 $ 2,652,891 100.01 % Total investment in gold 1,405,430.5 $ 2,135,209 $ 2,652,891 100.01 % Less liabilities ( 379 ) ( 0.01 )% Net Assets $ 2,652,512 100.00 % See

Notes to the Financial Statements F- 4 Aberdeen Standard

Gold ETF Trust Statements

of Operations For

the years ended December 31, 2021, 2020, and 2019 Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 (Amounts in 000’s of US$, except for Share and per Share data) EXPENSES Sponsor’s Fee $ 4,122 $ 3,641 $ 1,680 Total expenses 4,122 3,641 1,680 Net investment loss ( 4,122 ) ( 3,641 ) ( 1,680 ) REALIZED AND UNREALIZED GAINS / (LOSSES) Realized gain on gold transferred to pay expenses 635 643 154 Realized gain on gold distributed for the redemption of Shares 32,491 30,873 8,541 Change in unrealized gain / (loss) on investment in gold ( 159,986 ) 335,873 146,664 Total gain / (loss) on investment in gold ( 126,860 ) 367,389 155,359 Change in net assets from operations $ ( 130,982 ) $ 363,748 $ 153,679 Net increase / (decrease) in net assets per Share (1) $ ( 0.93 ) $ 2.93 $ 2.09 Weighted average number of Shares (1) 140,204,658 124,112,022 73,381,967 (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. See

Notes to the Financial Statements F- 5 Aberdeen Standard

Gold ETF Trust Statements

of Changes in Net Assets For

the years ended December 31, 2021, 2020 and 2019 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 Net investment loss ( 4,122 ) Realized gain on investment in gold 33,126 Change in unrealized (loss) on investment in gold ( 159,986 ) Creations 7,200,000 128,307 Redemptions ( 15,400,000 ) ( 258,605 ) Closing balance at December 31, 2021 138,000,000 $ 2,391,232 Year Ended December 31, 2020 (Amounts in 000’s of US$, except for Share data) Shares Amount Opening balance at January 1, 2020 82,000,000 $ 1,195,897 Net investment loss ( 3,641 ) Realized gain on investment in gold 31,516 Change in unrealized gain on investment in gold 335,873 Creations 76,700,000 1,296,036 Redemptions ( 12,500,000 ) ( 203,169 ) Closing balance at December 31, 2020 146,200,000 $ 2,652,512 Year Ended December 31, 2019 (Amounts in 000’s of US$, except for Share data) Shares (1) Amount Opening balance at January 1, 2019 68,500,000 $ 846,716 Net investment loss ( 1,680 ) Realized gain on investment in gold 8,695 Change in unrealized gain on investment in gold 146,664 Creations 21,300,000 297,717 Redemptions ( 7,800,000 ) ( 102,215 ) Closing balance at December 31, 2019 82,000,000 $ 1,195,897 (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. See

Notes to the Financial Statements F- 6 Aberdeen Standard

Gold ETF Trust Financial

Highlights For

the years ended December 31, 2021, 2020 and 2019 Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Per Share Performance (for a Share outstanding throughout the entire period) (1) Net asset value per Share at beginning of period $ 18.14 $ 14.58 $ 12.36 Income from investment operatio Net investment loss ( 0.03 ) ( 0.03 ) ( 0.02 ) Total realized and unrealized gains or losses on investment in gold ( 0.78 ) 3.59 2.24 Change in net assets from operations ( 0.81 ) 3.56 2.22 Net asset value per Share at end of period $ 17.33 $ 18.14 $ 14.58 Weighted average number of Shares (1) 140,204,658 124,112,022 73,381,967 Expense ratio 0.17 % 0.17 % 0.17 % Net investment loss ratio ( 0.17 )% ( 0.17 )% ( 0.17 )% Total return, net asset value ( 4.47 )% 24.42 % 17.95 % (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. See

Notes to the Financial Statements F- 7 Aberdeen Standard Gold ETF Trust Notes to the Financial Statements 1. Organization The Aberdeen Standard

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 Aberdeen Standard Investments ETFs Sponsor LLC (the

“Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”). The Trust holds gold bullion

and issues Aberdeen Standard 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. (known as Aberdeen Standard Investments Inc. prior to January 1, 2022). abrdn Inc.

is a wholly-owned indirect subsidiary of abrdn (formerly known as Standard Life Aberdeen) plc. The Trust is governed by the Trust

Agreement. Effective

June 25, 2021, Christopher Demetriou resigned as President and Chief Executive Officer of the Sponsor. Mr. Demetriou had served

as Principal Executive Officer of the Registrant. Effective June 25, 2021, Steven Dunn was appointed President and Chief Executive

Officer of the Sponsor. Mr. Dunn will serve as Principal Executive Officer of the Registrant. The

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