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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. The |
year ended December 31, 2020 The |
Trust’s NAV increased from $1,195,896,624 at December 31, 2019 to $ 2,652,511,503 at December 31, 2020, a 121.80% increase |
for the year. The increase in the Trust’s NAV resulted primarily from an increase in the price per ounce of gold, which |
rose 24.61% from $1,514.75 at December 31, 2019 to $1,887.60 at December 31, 2020 and an increase in outstanding Shares, which |
rose from 82,000,000 Shares at December 31, 2019 to 146,200,000 Shares at December 31, 2020, a result of 76,700,000 Shares (767 |
Baskets) being created and 12,500,000 Shares (125 Baskets) being redeemed during the year. The |
NAV per Share increased 24.42% from $14.58 at December 31, 2019 to $18.14 at December 31, 2020. 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 $3,640,527 |
for the year, or 0.17% of the Trust’s ANAV. The |
NAV per Share of $19.88 at August 6, 2020 was the highest during the year, compared with a low of $14.19 at March 19, 2020. The |
increase in net assets from operations for the year ended December 31, 2020 was $363,748,468, resulting from a realized gain of |
$642,860 on the transfer of gold to pay expenses, a realized gain of $30,872,826 on gold distributed for the redemption of Shares, |
a change in unrealized gain on investment of gold of $335,873,309, offset by the Sponsor’s Fees of $3,640,527. Other than |
the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2020. Off-Balance |
Sheet Arrangements The |
Trust is not a party to any off-balance sheet arrangements. 40 Item |
7A. Quantitative and Qualitative Disclosures about Market Risk The |
Trust Agreement does not authorize the Trustee to borrow for payment of the Trust’s ordinary expenses. The Trust does not |
engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related |
market risk. The Trust invests in no derivative financial instruments and has no foreign operations or long-term debt instruments. Item |
8. Financial Statements and Supplementary Data (Unaudited) Quarterly |
Income Statements Year |
Ended December 31, 2022 Three months ended Year ended March 31 June 30 September 30 December 31 December 31 (Amounts |
in 000's of US$, except for Share and per Share data) EXPENSES Sponsor's Fee $ 1,073 $ 1,146 $ 1,029 $ 985 $ 4,233 Total expenses 1,073 1,146 1,029 985 4,233 Net investment loss (1,073 ) (1,146 ) (1,029 ) (985 ) (4,233 ) REALIZED AND UNREALIZED GAINS / (LOSSES) Realized gain on gold transferred to pay expenses 159 210 124 63 556 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 gain/(loss) 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/(decrease) 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 Year |
Ended December 31, 2021 Three months ended Year ended March 31 June 30 September 30 December 31 December 31 (Amounts |
in 000's of US$, except for Share and per Share data) EXPENSES Sponsor's Fee $ 1,051 $ 1,015 $ 1,028 $ 1,028 $ 4,122 Total expenses 1,051 1,015 1,028 1,028 4,122 Net investment loss (1,051 ) (1,015 ) (1,028 ) (1,028 ) (4,122 ) REALIZED AND UNREALIZED GAINS / (LOSSES) Realized gain on gold transferred to pay expenses 195 141 157 142 635 Realized gain on gold distributed for the redemption of Shares 20,641 6,102 3,685 2,063 32,491 Change in unrealized gain and loss on investment in gold (298,124 ) 87,618 (30,782 ) 81,302 (159,986 ) Total (loss)/gain on investment in gold (277,288 ) 93,861 (26,940 ) 83,507 (126,860 ) Change in net assets from operations $ (278,339 ) $ 92,846 $ (27,968 ) $ 82,479 $ (130,982 ) Net increase in net assets per Share $ (1.91 ) $ 0.67 $ (0.20 ) $ 0.60 $ (0.93 ) Weighted average number of Shares 145,787,778 138,387,912 138,592,391 138,152,174 140,204,658 41 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, 2022, 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, 2022. 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 tha (1) |
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of |
the Trust’s assets; 42 (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, 2022. 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, 2022. 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, 2022. 43 Report of Independent |
Registered Public Accounting Firm To the Sponsor, Trustee and Shareholders abrdn Gold |
ETF Tru 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, 2022, 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, 2022, 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, 2022 and 2021, 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, 2022, and the related notes (collectively, the financial |
statements), and our report dated February 28, 2023 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 |
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