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abrdn Gold ETF Trust – ‘10-Q’ for 3/31/23

On:  Monday, 5/8/23, at 6:29pm ET   ·   As of:  5/9/23   ·   For:  3/31/23   ·   Accession #:  1387131-23-6207   ·   File #:  1-34441

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/09/23  abrdn Gold ETF Trust              10-Q        3/31/23   33:1.4M                                   Quality EDGAR So… LLC/FA

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    269K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     15K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     15K 
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11: R1          Cover                                               HTML     65K 
12: R2          Statements of Assets and Liabilities (Unaudited)    HTML     42K 
13: R3          Statements of Assets and Liabilities (Unaudited)    HTML     30K 
                (Parenthetical)                                                  
14: R4          Schedules of Investments (Unaudited)                HTML     45K 
15: R5          Statements of Operations (Unaudited)                HTML     47K 
16: R6          Statements of Changes in Net Assets (Unaudited)     HTML     36K 
17: R7          Financial Highlights (Unaudited)                    HTML     32K 
18: R8          Organization                                        HTML     18K 
19: R9          Significant Accounting Policies                     HTML     67K 
20: R10         Related Parties                                     HTML     18K 
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22: R12         Indemnification                                     HTML     15K 
23: R13         Significant Accounting Policies (Policies)          HTML     81K 
24: R14         Significant Accounting Policies (Tables)            HTML     44K 
25: R15         Organization (Details Narrative)                    HTML     13K 
26: R16         The categorization of the Trust?s assets is as      HTML     16K 
                shown below (Details)                                            
27: R17         Changes in ounces of gold and their respective      HTML     33K 
                values for the three months ended March 31, 2023                 
                and 2022 are set out below (Details)                             
28: R18         Significant Accounting Policies (Details            HTML     32K 
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33: ZIP         XBRL Zipped Folder -- 0001387131-23-006207-xbrl      Zip     80K 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form  i 10-Q

or

Commission File Number:  i 001-34441 

 i abrdn Gold ETF Trust

(Exact name of registrant as specified in its charter)

 i (844)  i 383-7289

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  i Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  i Yes ☒   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes    ☒   i No

As of May 4, 2023, abrdn Gold ETF Trust had  i 147,800,000 abrdn Physical Gold Shares ETF outstanding.

abrdn Gold ETF Trust

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2023

INDEX

abrdn Gold ETF Trust

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Statements of Assets and Liabilities

At March 31, 2023 (Unaudited) and December 31, 2022

See Notes to the Financial Statements

abrdn Gold ETF Trust

Schedules of Investments

At March 31, 2023 (Unaudited) and December 31, 2022

See Notes to the Financial Statements

abrdn Gold ETF Trust

Statements of Operations (Unaudited)

For the three months ended March 31, 2023 and 2022

See Notes to the Financial Statements

abrdn Gold ETF Trust

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2023 and 2022

See Notes to the Financial Statements

abrdn Gold ETF Trust

Financial Highlights (Unaudited)

For the three months ended March 31, 2023 and 2022

See Notes to the Financial Statements

abrdn Gold ETF Trust

Notes to the Financial Statements (Unaudited)

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.

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, 2023

The Trust’s NAV increased from $2,442,782,637 at December 31, 2022 to $2,667,063,508 at March 31, 2023, a 9.18% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, which rose 9.15% from $1,813.75 at December 31, 2022 to $1,979.70 at March 31, 2023 and an increase in outstanding Shares, which rose from 140,600,000 at December 31, 2022 to 140,700,000 at March 31, 2023 as a result of 6,500,000 Shares (65 Baskets) being created and 6,400,000 Shares (64 Baskets) being redeemed during the quarter.

The NAV per Share increased 9.15% from $17.37 at December 31, 2022 to $18.96 at March 31, 2023. The Trust’s NAV per Share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,064,425 for the quarter, or 0.17% of the Trust’s ANAV on an annualized basis.

The NAV per Share of $19.09 at March 24, 2023 was the highest during the quarter, compared with a low of $17.34 at February 24, 2023.

The increase in net assets from operations for the quarter ended March 31, 2023 was $220,118,269, resulting from a realized gain of $147,575 on the transfer of gold to pay expenses, a realized gain of $18,622,665 on gold distributed for the redemption of Shares, an increase in unrealized gain on investment in gold of $202,412,454, offset by the Sponsor’s Fee of $1,064,425. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2023.

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 Shares at December 31, 2021 to 149,300,000 at March 31, 2022 as a result of 12,300,000 Shares (123 Baskets) being created and 1,000,000 Shares (10 Baskets) being redeemed during the quarter.

The NAV per Share increased 7.50% from $17.33 at December 31, 2021 to $18.63 at March 31, 2022. The Trust’s NAV per Share increased slightly less than the price per ounce of gold on a percentage basis due to the Sponsor’s Fee, which was $1,073,082 for the quarter, or 0.17% of the Trust’s ANAV on an annualized basis.

The NAV per Share of $19.56 at March 8, 2022 was the highest during the quarter, compared with a low of $17.16 at January 28, 2022.

The increase in net assets from operations for the quarter ended March 31, 2022 was $185,175,115, resulting from a realized gain of $159,172 on the transfer of gold to pay expenses, a realized gain of $3,764,141 on gold distributed for the redemption of Shares and an increase in unrealized gain on investment in gold of $182,324,884, offset by the Sponsor’s Fee of $1,073,082. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2022.

Liquidity & Capital Resources 

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee.

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell gold to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of gold to the Sponsor. At March 31, 2023, the Trust did not have any cash balances.

Off-Balance Sheet Arrangements  

The Trust has no off-balance sheet arrangements.

Critical Accounting Policies 

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Refer to Note 2 to the Financial Statements for further information on accounting policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk 

Not applicable.

Item 4. Controls and Procedures 

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’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 March 31, 2023, the Trust’s disclosure controls and procedures were effective.

There have been no changes in the Trust’s or Sponsor’s internal control over financial reporting during the quarter ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings 

None.

Item 1A. Risk Factors  

There have been no material changes to the risk factors previously disclosed in the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 

Item 2(a). None. 

Item 2(b). Not applicable. 

Item 2(c). For the three months ended March 31, 2023: 

65 Baskets were created. 

64 Baskets were redeemed.

Item 3. Defaults Upon Senior Securities 

None.

Item 4. Mine Safety Disclosures 

Not applicable.

Item 5. Other Information 

None.

Item 6. Exhibits 

abrdn Gold ETF Trust

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities thereunto duly authorized.

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing		Date		Other Filings
Filed as of:		5/9/23
Filed on:		5/8/23
		5/4/23
For Period end:		3/31/23		424I
		3/24/23
		2/28/23
		2/24/23
		1/1/23
		12/31/22		10-K
		3/31/22		10-Q
		3/8/22		424B3
		1/28/22
		1/1/22
		12/31/21		10-K,  10-K/A
		6/20/19
		9/1/09		S-1/A
				List all Filings

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Filing Submission 0001387131-23-006207   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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