8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 27, 2018

ETFS PRECIOUS METALS BASKET TRUST

(Exact name of registrant as specified in its charter)

New York

(State or other jurisdiction of incorporation)

001-34917	27-2780046
(Commission File Number)	(IRS Employer Identification No.)

c/o ETF Securities USA LLC 405 Lexington Avenue New York, NY	10174
(Address of Principal Executive Offices)	(Zip Code)

(646) 846-3130

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2).

Emerging growth company ☐

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. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective April 27, 2018, in connection with the acquisition by Aberdeen Asset Management Inc. (“AAMI”) as described under Item 8.01 below, Graham Tuckwell resigned as President and Chief Executive Officer of the Sponsor and Christopher Foulds resigned as Chief Financial Officer and Treasurer of the Sponsor. Mr. Tuckwell had served as Principal Executive Officer of the Registrant and Mr. Foulds had served as Principal Financial Officer and Principal Accounting Officer of the Registrant.

Effective April 27, 2018, also in connection with the acquisition by AAMI as described under Item 8.01 below, Christopher Demetriou was appointed President and Chief Executive Officer of the Sponsor and Andrea Melia was appointed as Chief Financial Officer and Treasurer of the Sponsor. Mr. Demetriou will serve as Principal Executive Officer of the Registrant and Ms. Melia will serve as Principal Financial Officer and Principal Accounting Officer of the Registrant.

Christopher Demetriou, age 34, has served as CEO – Americas for AAMI since April 2018. Mr. Demetriou previously held the position of Deputy CEO – Americas for AAMI from December 2016 to April 2018, CFO – Americas from January 2016 to December 2016, and Head of Finance – Americas from June 2014 to January 2016. Mr. Demetriou joined AAMI in June 2014, as a result of Aberdeen’s acquisition of SVG, a FTSE 250 private equity investor based in London. While at SVG, from June 2010 to June 2014, Mr. Demetriou was Group Financial Controller and Deputy Head of Strategy. Prior to that, Mr. Demetriou worked at Ernst and Young, specializing in Asset and Wealth Management audits and transactions.

Andrea Melia, age 48, currently serves as Vice President and Head of Fund Operations, Traditional Assets – Americas for AAMI. Ms. Melia has managed the fund administration team since joining AAMI in 2009. Prior to joining Aberdeen, 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.

As described under Item 8.01 below, AAMI is the parent of the Sponsor. 

Item 8.01 Other Events.

The Registrant, ETFS Precious Metals Basket Trust (the “Trust”), is a common law trust formed on September 1, 2009 under New York law. The Trust’s sponsor is ETF Securities USA LLC (the “Sponsor”). The Sponsor is a Delaware limited liability company formed on June 17, 2009 by ETF Securities Limited.

Effective April 27, 2018, ETF Securities Limited sold its membership interest in the Sponsor and in the Marketing Agent, ETF Securities (US) LLC, to AAMI, a Delaware corporation. As a result of the sale, AAMI became the sole member of the Sponsor and the Marketing Agent. AAMI is a wholly-owned indirect subsidiary of Standard Life Aberdeen plc, which together with its affiliates and subsidiaries, is collectively referred to as “Aberdeen.” Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Asset Management Inc., Aberdeen Asset Managers Ltd., Aberdeen Asset Management Ltd., Aberdeen Asset Management Asia Ltd., Aberdeen Asset Capital Management, LLC, Standard Life Investments (Corporate Funds) Ltd., and Standard Life Investments (USA) Ltd.

A copy of the April 27, 2018 press release announcing the acquisition of the Sponsor by Aberdeen is filed as Exhibit 99.1 hereto.

The Sponsor’s office is c/o AAMI, which has its principal place of business at 1735 Market Street, 32nd Floor, Philadelphia, Pennsylvania 19103 and its telephone number is (844) 383-7289.

The internet address of the Trust’s website is www.etfus.com. The Trust’s website provides ongoing pricing information for gold, silver, platinum and palladium prices and the shares in the Trust. In addition, the Trust posts on its website (www.etfsus.com) its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after the Sponsor, on behalf of the Trust, electronically files such material with, or furnishes it to, the Securities and Exchange Commission. The Trust’s website and the information contained on that site, or connected to that site, are not incorporated herein.

Item 9.01	Financial Statements and Exhibits
Exhibit 99.1	Press Release dated April 27, 2018

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 hereunto duly authorized.

	ETFS PRECIOUS METALS BASKET TRUST
	By:	ETF Securities USA, Sponsor of the ETFS
		Precious Metals Basket Trust
Date: May 3, 2018	By:	/s/ Andrea Melia
		Andrea Melia
		Chief Financial Officer and Treasurer*

* The Registrant is a trust and Ms. Melia is signing in her capacities as officer of ETF Securities USA LLC, the Sponsor of the Registrant.

EX-99.1

ETFS Precious Metals Basket Trust 8-K

Exhibit 99.1

PRESS RELEASE  

For immediate release

April 27, 2018

ABERDEEN STANDARD INVESTMENTS BROADENS U.S. BUSINESS WITH ADDITION OF ETF SECURITIES U.S.

Aberdeen Standard Investments (ASI) today announced that it has acquired the U.S. business of specialist commodity Exchange Traded Product (ETP) provider ETF Securities.

The in-fill acquisition, for an undisclosed amount, further broadens ASI’s suite of investment capabilities with the addition of a range of commodity-based Exchange Traded Funds (ETFs). It also provides the platform and expertise to enable ASI to grow its existing Smart Beta capability by launching strategies within an ETF vehicle structure. This means ASI is now able to offer investment solutions across all vehicle types, strengthening its ability to meet the evolving, bespoke needs of clients.

Chris Demetriou, Chief Executive-Americas at Aberdeen Standard Investments commented:

“The needs of our clients are evolving, and we need to be able to offer the full range of solutions to our clients. For some, active solutions will be right and, for others, passive and Smart Beta options will be the solution. ASI has been offering passive, quant and Smart Beta solutions to clients for some years now, managing over $84 billion in assets in these strategies. The expansion of our capabilities into the ETF space shows our commitment to providing the largest range of solutions to our clients in the U.S.”

The specific funds being acquired are: ETFS Bloomberg All Commodity Strategy K-1 Free ETF (BCI), ETFS Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD), ETFS Bloomberg Energy Commodity Longer Dated Strategy K-1 Free ETF (BEF), ETFS Physical Swiss Gold Shares (SGOL), ETFS Physical Platinum Shares (PPLT), ETFS Physical Silver Shares (SIVR), ETFS Physical Precious Metals Basket Shares (GLTR), ETFS Physical Palladium Shares (PALL).

ETF Securities’ U.S. operations currently manage $2.8 billion as of April 26, 2018.

Ends

*Target returns and income are not guaranteed to be achieved

PRESS RELEASE  

Media enquiries:

Katie Cowley (U.S.)

215-405-2423

Katie.Cowley@aberdeenstandard.com

James Thorneley (UK)

+44 (0)20 7463 6323

james.thorneley@aberdeenstandard.com

Notes to editors

● Aberdeen Standard Investments has relationships with around 500 financial sponsors across approximately 1000 funds globally.

● Aberdeen Standard Investments is a leading global asset manager dedicated to creating long-term value for our clients, and is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments.

● With over 1,000 investment professionals we manage $684.6 billion* of assets worldwide. We have clients in 80 countries supported by 50 relationship offices. This ensures we are close to our clients and the markets in which they invest.

● We are high-conviction; long-term investors who believe teamwork and collaboration are the key to delivering repeatable, superior investment performance. We are resolute in our commitment to active asset management.

● Aberdeen Standard Investments is the asset management business of Standard Life Aberdeen plc, one of the world’s largest investment companies.

● Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange. The Standard Life Aberdeen group was formed by the merger of Standard Life plc and Aberdeen Asset Management PLC on 14 August 2017.

*Standard Life Aberdeen AUM/AUA is US$778.8 billion as of December 31, 2017.

Important Information

Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Asset Management Inc., Aberdeen Asset Managers Ltd., Aberdeen Asset Management Ltd., Aberdeen Asset Management Asia Ltd., Aberdeen Asset Capital Management, LLC, Standard Life Investments (Corporate Funds) Ltd., and Standard Life Investments (USA) Ltd.

ALPS Distributors, Inc. is the marketing agent for ETFS Silver Trust, ETFS Gold Trust, ETFS Platinum Trust, ETFS Palladium Trust and the ETFS Precious Metals Basket Trust. ALPS Distributors, Inc. is the distributor for ETFS Bloomberg All Commodity Longer Dated Strategy K 1 Free ETF, ETFS Bloomberg All Commodity Strategy K 1 Free ETF and ETFS Bloomberg Energy Commodity Longer Dated Strategy K 1 Free ETF.

Risk Warnings: Exchange-traded securities may or may not be suitable for a particular investor. The price of exchange-traded securities may go up or down and an investor may not get back the amount invested.

*Target returns and income are not guaranteed to be achieved

PRESS RELEASE  

Exchange-traded securities are priced in either US dollars or Euros and the value of the investment in other currencies will be affected by exchange rate movements. To the extent exchange traded securities are traded in other currencies, their value may also be affected by exchange rate movements. Futures trading is speculative and may result in losses.

Past performance is not necessarily indicative of future results. Restricted Investors: The distribution of the Prospectus and the offering, sale and delivery of exchange traded securities in certain jurisdictions may be restricted by law. Any subscription for exchange traded securities should be made on the basis of the Prospectus.

Disclaimer: Any investment in exchange traded securities carries with it certain risks, including those risks set out in the Prospectus. You should obtain your own independent financial, taxation and legal advice before making any decisions about any investment in exchange traded securities. This information is not an offer for exchange traded securities and should not be used as the basis for any investment decision.

The Prospectuses for the exchange traded securities can be downloaded from www.etfsus.com

This information does not constitute financial product advice. There are risks associated with investing including possible loss of principal.

ALPS is not affiliated with ETF Securities or Aberdeen

*Target returns and income are not guaranteed to be achieved