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

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and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing
such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial
Reporting A company’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 generally accepted accounting principles. A company’s internal control over
financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (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 receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or disposition of the company’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 inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate. /s/ KPMG LLP New York, New York February 28, 2023 44 Item
9B. Other Information Not
applicable. 45 PART
III Item
10. Directors, Executive Officers and Corporate Governance The
Trust has no directors or executive officers. The biographies of the President and Chief Executive Officer of the Sponsor and
the Chief Financial Officer and Treasurer of the Sponsor are set out be Steven
Dunn – President and Chief Executive Officer Mr.
Dunn, CIMA®, is the Head of Exchange Traded Funds at abrdn Inc.. Mr. Dunn guides the firm's strategic direction and distribution
strategy for ETFs. Previously, he was a Director with Deutsche Asset and Wealth Management in charge of managing relationships
with US ETF Strategists and overseeing the Eastern Division sales team. Prior to that, Mr. Dunn was a consultant at Brandywine
Global Investment Management and has also held sales and distribution strategy positions at iShares, Blackrock and Vanguard. Mr.
Dunn holds a B.A. degree in Public Administration from Shippensburg University of Pennsylvania and has completed his MBA at Pennsylvania
State University. He holds the Series 7, 24, and 63 registrations as well as the Certified Investment Management Analyst®
(CIMA®). Andrea
Melia – Chief Financial Officer and Treasurer Ms.
Melia is Vice President and Senior Director of Product Management for abrdn Inc. Ms. Melia has managed the fund administration
team since joining abrdn Inc. in September 2009. Prior to joining abrdn Inc., Ms. Melia was Director of fund administration
and accounting oversight for Princeton Administrators LLC, a division of BlackRock Inc. and had worked with Princeton Administrators
since 1992. Ms. Melia holds a BS in Accounting from University of Scranton and a MBA from Rider University. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers. In connection with her retirement,
Andrea Melia has resigned as Chief Financial Officer and Treasurer of the Sponsor, to be effective on February 28, 2023, immediately after
the filing of this report. Ms. Melia has served as Principal Financial Officer of the Registrant. Brian Kordeck was appointed as Chief
Financial Officer and Treasurer of the Sponsor, to be effective on February 28, 2023, immediately after the filing of this report. Mr.
Kordeck will serve as Principal Financial Officer of the Registrant. Brian Kordeck, age 44, joined abrdn Inc. (the parent company of the
Sponsor) as a Senior Fund Administrator in 2013 and is currently a Senior Product Manager with the company. Prior to joining abrdn Inc.,
Mr. Kordeck held financial reporting manager roles at the Bank of New York Mellon and The Investment Fund for Foundations. Mr. Kordeck
began his career as an auditor with PricewaterhouseCoopers LLP, focusing on the investment management industry. Mr. Kordeck holds a BS
in Business Administration from La Salle University. As
described under Item 1 above, abrdn Inc. is the parent of the Sponsor. Item
11. Executive Compensation The
Trust has no directors or executive officers. The only ordinary expense paid by the Trust is the Sponsor’s Fee. Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Security
Ownership of Certain Beneficial Owners There
are no persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust. Security
Ownership of Management Not
applicable. Change
in Control Neither
the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust. 46 Item
13. Certain Relationships and Related Transactions, and Director Independence The
Trust has no directors or executive officers. 47 Item
14. Principal Accounting Fees and Services Fees
for services performed by KPMG LLP for the years ended December 31, 2022 and 2021 New
York, NY Auditor ID: 185 December 31, 2022 December 31, 2021 Audit fees – KPMG $ 77,250 $ 77,250 Audit related fees - KPMG 21,000 — $ 98,250 $ 77,250 Audit
Fees are fees paid by the Sponsor to KPMG LLP for professional services for the audit of the Trust’s financial statements
included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally provided
by the accountants in connection with regulatory filings or engagements. Audit Related Fees are paid by the Sponsor to KPMG LLP
for assurance and related services that are reasonably related to the performance of the audit or review of the Trust’s
financial statements. These services include the accountant providing a consent letter related to the Trust's registration statement
filing. Pre-Approval
Policies and Procedures As
referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures
with respect to fees paid to KPMG LLP. Such determinations are made by the Sponsor. 48 PART
IV Item
15. Exhibits, Financial Statement Schedules 1.
Financial Statements See
Index to Financial Statements on Page F-1 for a list of the financial statements being filed herein. 2.
Financial Statement Schedules Schedules
have been omitted since they are either not required, not applicable, or the information has otherwise been included. 3.
Exhibits Exhibit
No. Description 4.1(a) Depositary
Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No. 333-158221 on September 1,
2009 4.1(b) Amendment
to the Depositary Trust Agreement effective October 1, 2018, incorporated by reference to Exhibit 4.1 filed with Registration
Statement No. 333-234637 on November 12, 2019 4.1(c) Second
Amendment to the Depositary Trust Agreement effective December 1, 2018, incorporated by reference to Exhibit 4.1 filed with
the Trust’s Current Report on Form 8-K on December 6, 2018 4.1(d) Third
Amendment to the Depository Trust Agreement effective June 20, 2019, incorporated by reference to Exhibit 4.1 filed with the
Trust’s Current Report on Form 8-K on June 13, 2019 4.2 Form
of Authorized Participant Agreement, incorporated by reference to Exhibit 4.2 with Registration Statement No, 333-262463 on
February 1, 2022. 4.3 Certificate
of Beneficial Interest, incorporated by reference to Exhibit 4.3 filed with Registration Statement No. 333-158221 on September
1, 2009 10.1(a) Allocated
Account Agreement, incorporated by reference to Exhibit 10.1 filed with Registration Statement No. 333-158221 on September
1, 2009 10.1(b) Amendment
to the Allocated Account Agreement effective October 1, 2018, incorporated by reference to Exhibit 10.1 filed with the Trust’s
Current Report on Form 8-K on October 5, 2018 10.1(c) Amendment
to the Allocated Account Agreement and the Unallocated Account Agreement effective June 29, 2019, incorporated by reference
to Exhibit 10.1 field with the Trust’s Current Report on Form 8-K on June 13, 2019 10.1(d) Second
amendment to the Allocated Account Agreement effective June 5, 2020 incorporated by reference to Exhibit 10.1 filed with the
Trust’s Current Report on Form 8-K on June 11, 2020 10.2(a) Unallocated
Account Agreement, incorporated by reference to Exhibit 10.2 filed with Registration Statement No. 333-158221 on September
1, 2009 10.2(b) Amendment
to the Unallocated Account Agreement effective October 1, 2018, incorporated by reference to Exhibit 10.2 filed with the Trust’s
Current Report on Form 8-K on October 5, 2018 49 10.2(c) Second
amendment to the Unallocated Account Agreement effective June 5, 2020 incorporated by reference to Exhibit 10.2 filed with

and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing

such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial

Reporting A company’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 generally accepted accounting principles. A company’s internal control over

financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,

accurately and fairly reflect the transactions and dispositions of the assets of the company; (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 receipts and expenditures of the company are being made only in

accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or

timely detection of unauthorized acquisition, use, or disposition of the company’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 inadequate because of changes in conditions, or that the degree of compliance with the policies or

procedures may deteriorate. /s/ KPMG LLP New York, New York February 28, 2023 44 Item

9B. Other Information Not

applicable. 45 PART

III Item

10. Directors, Executive Officers and Corporate Governance The

Trust has no directors or executive officers. The biographies of the President and Chief Executive Officer of the Sponsor and

the Chief Financial Officer and Treasurer of the Sponsor are set out be Steven

Dunn – President and Chief Executive Officer Mr.

Dunn, CIMA®, is the Head of Exchange Traded Funds at abrdn Inc.. Mr. Dunn guides the firm's strategic direction and distribution

strategy for ETFs. Previously, he was a Director with Deutsche Asset and Wealth Management in charge of managing relationships

with US ETF Strategists and overseeing the Eastern Division sales team. Prior to that, Mr. Dunn was a consultant at Brandywine

Global Investment Management and has also held sales and distribution strategy positions at iShares, Blackrock and Vanguard. Mr.

Dunn holds a B.A. degree in Public Administration from Shippensburg University of Pennsylvania and has completed his MBA at Pennsylvania

State University. He holds the Series 7, 24, and 63 registrations as well as the Certified Investment Management Analyst®

(CIMA®). Andrea

Melia – Chief Financial Officer and Treasurer Ms.

Melia is Vice President and Senior Director of Product Management for abrdn Inc. Ms. Melia has managed the fund administration

team since joining abrdn Inc. in September 2009. Prior to joining abrdn Inc., Ms. Melia was Director of fund administration

and accounting oversight for Princeton Administrators LLC, a division of BlackRock Inc. and had worked with Princeton Administrators

since 1992. Ms. Melia holds a BS in Accounting from University of Scranton and a MBA from Rider University. Departure of Directors or Principal Officers; Election of Directors;

Appointment of Principal Officers. In connection with her retirement,

Andrea Melia has resigned as Chief Financial Officer and Treasurer of the Sponsor, to be effective on February 28, 2023, immediately after

the filing of this report. Ms. Melia has served as Principal Financial Officer of the Registrant. Brian Kordeck was appointed as Chief

Financial Officer and Treasurer of the Sponsor, to be effective on February 28, 2023, immediately after the filing of this report. Mr.

Kordeck will serve as Principal Financial Officer of the Registrant. Brian Kordeck, age 44, joined abrdn Inc. (the parent company of the

Sponsor) as a Senior Fund Administrator in 2013 and is currently a Senior Product Manager with the company. Prior to joining abrdn Inc.,

Mr. Kordeck held financial reporting manager roles at the Bank of New York Mellon and The Investment Fund for Foundations. Mr. Kordeck

began his career as an auditor with PricewaterhouseCoopers LLP, focusing on the investment management industry. Mr. Kordeck holds a BS

in Business Administration from La Salle University. As

described under Item 1 above, abrdn Inc. is the parent of the Sponsor. Item

11. Executive Compensation The

Trust has no directors or executive officers. The only ordinary expense paid by the Trust is the Sponsor’s Fee. Item

12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Security

Ownership of Certain Beneficial Owners There

are no persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust. Security

Ownership of Management Not

applicable. Change

in Control Neither

the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust. 46 Item

13. Certain Relationships and Related Transactions, and Director Independence The

Trust has no directors or executive officers. 47 Item

14. Principal Accounting Fees and Services Fees

for services performed by KPMG LLP for the years ended December 31, 2022 and 2021 New

York, NY Auditor ID: 185 December 31, 2022 December 31, 2021 Audit fees – KPMG $ 77,250 $ 77,250 Audit related fees - KPMG 21,000 — $ 98,250 $ 77,250 Audit

Fees are fees paid by the Sponsor to KPMG LLP for professional services for the audit of the Trust’s financial statements

included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally provided

by the accountants in connection with regulatory filings or engagements. Audit Related Fees are paid by the Sponsor to KPMG LLP

for assurance and related services that are reasonably related to the performance of the audit or review of the Trust’s

financial statements. These services include the accountant providing a consent letter related to the Trust's registration statement

filing. Pre-Approval

Policies and Procedures As

referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures

with respect to fees paid to KPMG LLP. Such determinations are made by the Sponsor. 48 PART

IV Item

15. Exhibits, Financial Statement Schedules 1.

Financial Statements See

Index to Financial Statements on Page F-1 for a list of the financial statements being filed herein. 2.

Financial Statement Schedules Schedules

have been omitted since they are either not required, not applicable, or the information has otherwise been included. 3.

Exhibits Exhibit

No. Description 4.1(a) Depositary

Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No. 333-158221 on September 1,

2009 4.1(b) Amendment

to the Depositary Trust Agreement effective October 1, 2018, incorporated by reference to Exhibit 4.1 filed with Registration

Statement No. 333-234637 on November 12, 2019 4.1(c) Second

Amendment to the Depositary Trust Agreement effective December 1, 2018, incorporated by reference to Exhibit 4.1 filed with

the Trust’s Current Report on Form 8-K on December 6, 2018 4.1(d) Third

Amendment to the Depository Trust Agreement effective June 20, 2019, incorporated by reference to Exhibit 4.1 filed with the

Trust’s Current Report on Form 8-K on June 13, 2019 4.2 Form

of Authorized Participant Agreement, incorporated by reference to Exhibit 4.2 with Registration Statement No, 333-262463 on

February 1, 2022. 4.3 Certificate

of Beneficial Interest, incorporated by reference to Exhibit 4.3 filed with Registration Statement No. 333-158221 on September

1, 2009 10.1(a) Allocated

Account Agreement, incorporated by reference to Exhibit 10.1 filed with Registration Statement No. 333-158221 on September

1, 2009 10.1(b) Amendment

to the Allocated Account Agreement effective October 1, 2018, incorporated by reference to Exhibit 10.1 filed with the Trust’s

Current Report on Form 8-K on October 5, 2018 10.1(c) Amendment

to the Allocated Account Agreement and the Unallocated Account Agreement effective June 29, 2019, incorporated by reference

to Exhibit 10.1 field with the Trust’s Current Report on Form 8-K on June 13, 2019 10.1(d) Second

amendment to the Allocated Account Agreement effective June 5, 2020 incorporated by reference to Exhibit 10.1 filed with the

Trust’s Current Report on Form 8-K on June 11, 2020 10.2(a) Unallocated

Account Agreement, incorporated by reference to Exhibit 10.2 filed with Registration Statement No. 333-158221 on September

1, 2009 10.2(b) Amendment

to the Unallocated Account Agreement effective October 1, 2018, incorporated by reference to Exhibit 10.2 filed with the Trust’s

Current Report on Form 8-K on October 5, 2018 49 10.2(c) Second

amendment to the Unallocated Account Agreement effective June 5, 2020 incorporated by reference to Exhibit 10.2 filed with