10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2021

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period  from                                        to                                            

Commission File Number: 001-34917 

ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

(Exact name of registrant as specified in its charter)

New York	27-2780046
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

c/o Aberdeen Standard Investments ETFs Sponsor LLC
712 Fifth Avenue, 49th Floor New York, NY (Address of principal executive offices)	10019 (Zip Code)

(844) 383-7289

(Registrant’s telephone number, including area code)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Aberdeen Standard Physical Precious Metals Basket Shares ETF	GLTR	NYSE Arca

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. 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). 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.

Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		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. ☐

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

As of November 3, 2021, Aberdeen Standard Precious Metals Basket ETF Trust had 11,000,000 Aberdeen Standard Physical Precious Metals Basket Shares ETF outstanding.

ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2021

INDEX

PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	15
Item 4.	Controls and Procedures	15
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	16
Item 1A.	Risk Factors	16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16
Item 3.	Defaults Upon Senior Securities	16
Item 4.	Mine Safety Disclosures	16
Item 5.	Other Information	16
Item 6.	Exhibits	17
SIGNATURES		18

ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Statements of Assets and Liabilities
At September 30, 2021 (Unaudited) and December 31, 2020

	September 30, 2021		December 31, 2020
(Amounts in 000’s of US$, except for Share and per Share data)
ASSETS
Gold (cost: September 30, 2021: $482,802; December 31, 2020: $342,738)	$	543,637	$	450,257
Palladium (cost: September 30, 2021: $106,024; December 31, 2020: $63,094)		118,472		111,729
Platinum (cost: September 30, 2021: $43,068; December 31, 2020: $31,656)		40,052		33,967
Silver (cost: September 30, 2021: $241,054; December 31, 2020: $165,638)		246,193		231,645
Total investment in Bullion		948,354		827,598
Bullion receivable		—		14,684
Total assets		948,354		842,282
LIABILITIES
Fees payable to Sponsor		472		414
Total liabilities		472		414
NET ASSETS(1)	$	947,882	$	841,868

(1) Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at September 30, 2021 were 11,100,000 and at December 31, 2020 were 8,600,000. Net asset values per Share at September 30, 2021 and December 31, 2020 were $85.39 and $97.89, respectively.

See Notes to the Financial Statements

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ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Schedules of Investments

At September 30, 2021 (Unaudited) and December 31, 2020

	September 30, 2021
Description	oz	Cost		Fair Value			% of Net Assets
Investment in Bullion (in 000’s of US$, except for oz and percentage data)
Gold	311,932.9	$	482,802	$	543,637			57.35	%
Palladium	62,386.6		106,024		118,472			12.50	%
Platinum	41,591.1		43,068		40,052			4.23	%
Silver	11,437,540.1		241,054		246,193			25.97	%
Total investment in Bullion	11,853,450.7	$	872,948	$	948,354			100.05	%
Less liabilities					(472	)		(0.05	)%
Net Assets				$	947,882			100.00	%

	December 31, 2020
Description	oz	Cost		Fair Value		% of Net Assets
Investment in Bullion (in 000’s of US$, except for oz and percentage data)
Gold	238,534.2	$	342,738	$	450,257		53.48	%
Palladium	47,706.9		63,094		111,729		13.27	%
Platinum	31,804.5		31,656		33,967		4.03	%
Silver	8,746,254.5		165,638		231,645		27.52	%
Total investment in Bullion	9,064,300.1	$	603,126	$	827,598		98.30	%
Other assets less liabilities					14,270		1.70	%
Net Assets				$	841,868		100.00	%

See Notes to the Financial Statements

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ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Statements of Operations (Unaudited)

For the three and nine months ended September 30, 2021 and 2020

	Three Months Ended September 30, 2021			Three Months Ended September 30, 2020			Nine Months Ended September 30, 2021			Nine Months Ended September 30, 2020
(Amounts in 000’s of US$, except for Share and per Share data)
EXPENSES
Sponsor’s Fee	$	1,574		$	1,035		$	4,334		$	2,634
Total expenses		1,574			1,035			4,334			2,634
Net investment loss		(1,574	)		(1,035	)		(4,334	)		(2,634	)
REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain on Bullion transferred to pay expenses		295			243			912			522
Realized gain on Bullion distributed for the redemption of Shares		4,716			—			13,411			4,680
Change in unrealized (loss) / gain on investment in Bullion		(116,045	)		77,619			(149,066	)		110,356
Change in unrealized (loss) on unsettled creations or redemptions		—			—			(28	)		—
Total (loss)/gain on investment in Bullion		(111,034	)		77,862			(134,771	)		115,558
Change in net assets from operations	$	(112,608	)	$	76,827		$	(139,105	)	$	112,924
Net increase / (decrease) in net assets per Share	$	(10.07	)	$	10.50		$	(13.74	)	$	16.29
Weighted average number of Shares		11,183,696			7,319,022			10,123,626			6,933,942

See Notes to the Financial Statements 

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ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Statements of Changes in Net Assets (Unaudited)

For the three and nine months ended September 30, 2021 and 2020

	Three Months Ended September 30, 2021					Three Months Ended September 30, 2020
(Amounts in 000’s of US$, except for Share data)	Shares			Amount		Shares		Amount
Opening balance	10,700,000		$	1,020,526		6,750,000	$	556,261
Net investment loss				(1,574	)			(1,035	)
Realized gain on investment in Bullion				5,011				243
Change in unrealized (loss)/gain on investment in Bullion				(116,045	)			77,619
Creations	750,000			72,203		1,200,000		117,611
Redemptions	(350,000	)		(32,239	)	—		—
Closing balance	11,100,000		$	947,882		7,950,000	$	750,699

	Nine Months Ended September 30, 2021					Nine Months Ended September 30, 2020
(Amounts in 000’s of US$, except for Share data)	Shares			Amount		Shares			Amount
Opening balance	8,600,000		$	841,868		6,550,000		$	499,078
Net investment loss				(4,334	)				(2,634	)
Realized gain on investment in Bullion				14,323					5,202
Change in unrealized (loss)/gain on investment in Bullion				(149,066	)				110,356
Change in unrealized (loss) on unsettled creations or redemptions				(28	)				—
Creations	3,250,000			315,511		1,950,000			179,000
Redemptions	(750,000	)		(70,392	)	(550,000	)		(40,303	)
Closing balance	11,100,000		$	947,882		7,950,000		$	750,699

See Notes to the Financial Statements

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ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Financial Highlights (Unaudited)

For the three and nine months ended September 30, 2021 and 2020

	Three Months Ended September 30, 2021			Three Months Ended September 30, 2020			Nine Months Ended September 30, 2021			Nine Months Ended September 30, 2020
Per Share Performance (for a Share outstanding throughout the entire period)
Net asset value per Share at beginning of period	$	95.38		$	82.41		$	97.89		$	76.20
Income from investment operations:
Net investment loss		(0.14	)		(0.14	)		(0.43	)		(0.38	)
Total realized and unrealized gains or losses on investment in Bullion		(9.85	)		12.16			(12.07	)		18.61
Change in net assets from operations		(9.99	)		12.02			(12.50	)		18.23
Net asset value per Share at end of period	$	85.39		$	94.43		$	85.39		$	94.43
Weighted average number of Shares		11,183,696			7,319,022			10,123,626			6,933,942
Expense ratio(1)		0.60	%		0.60	%		0.60	%		0.60	%
Net investment loss ratio(1)		(0.60	)%		(0.60	)%		(0.60	)%		(0.60	)%
Total return, net asset value(2)		(10.47	)%		14.59	%		(12.77	)%		23.92	%

(1)	Annualized for periods less than one year.
(2)	Total return is not annualized.

See Notes to the Financial Statements

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ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Notes to the Financial Statements (Unaudited)      

1.    Organization

The Aberdeen Standard Precious Metals Basket ETF Trust (the “Trust”) is a common law trust formed on October 18, 2010 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, palladium, platinum and silver in set ratios such that for every 0.03 ounces of gold it holds 1.1 ounces of silver, 0.004 ounces of platinum and 0.006 ounces of palladium (together, “Bullion”). The Trust issues Aberdeen Standard Physical Precious Metals Basket Shares ETF (“Shares”) in minimum blocks of 50,000 Shares (also referred to as “Baskets”) in exchange for deposits of Bullion and distributes Bullion 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 Aberdeen Standard Investments Inc. (“ASII”). ASII 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, silver, platinum and palladium, 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, silver, platinum and palladium markets through an investment in securities. The fiscal year end for the Trust is December 31.

The accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q. In the opinion of the Trust’s management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for the nine months ended September 30, 2021 and for all periods presented have been made.

These financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the operating results for the full year.

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.

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ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Notes to the Financial Statements (Unaudited)      

2.2.    Valuation of Bullion

The Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 

The Trust’s Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The Trust’s allocated Bullion may also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust’s Bullion in the Trust’s allocated account in the firm’s vault premises on a segregated basis and whose appointment has been approved by the Sponsor. At September 30, 2021, approximately 0.82% of the Trust’s palladium, 0.82% of the Trust’s platinum and 26.14% of the Trust’s silver was held by one or more sub-custodians. At September 30, 2021 none of the Trust’s gold was held by a sub-custodian.

The Trust’s Bullion is recorded, per individual metal type, at fair value. The cost of Bullion is determined according to the average cost method and the fair value is based on the relevant “London Metal Price” for each metal held by the Trust. This is the applicable “London Bullion Market Association (“LBMA”) PM Gold Price” for the price of an ounce of gold, the “LBMA Silver Price” for silver, and for platinum and palladium the applicable “London Metal Exchange (“LME”) PM Price”.

Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of Bullion transferred.

The LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration (“IBA”) equilibrium auction, an electronic, tradable and auditable over-the-counter auction market with the ability to settle trades in US Dollars, Euros or British Pounds for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading. The “London Metal Price” for gold held by the Trust is the LBMA PM Gold Price.

The IBA conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the nine LBMA authorized bullion banks and market makers participating in the auction and disseminated by major market vendors. The “London Metal Price” for silver held by the Trust is the LBMA Silver Price.

The LME is responsible for the administration of the electronic platinum and palladium bullion price fixing system (“LMEbullion”) as well as providing electronic market clearing processes for platinum and palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion establishes and publishes fixed prices for troy ounces of platinum and palladium twice each London trading day during fixing sessions beginning at 9:45 a.m. London time (the “LME AM Fix”) and 2:00 p.m. London time (the “LME PM Fix”). The “London Metal Price” for platinum and palladium held by the Trust is the LME PM Fix.

Once the value of Bullion has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust.

The Trust recognizes changes in fair value of the investment in Bullion as changes in unrealized gains or losses on investment in Bullion through the Statement of Operations.

The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee using the London Metal Price for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

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ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Notes to the Financial Statements (Unaudited)

Fair Value Hierarchy

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

– Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

– Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.

– Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The Trust’s investment in Bullion is classified as a level 1 asset, as its value is calculated using unadjusted quoted prices from primary market sources.

The categorization of the Trust’s assets is as shown below:

(Amounts in 000’s of US$)	September 30, 2021		December 31, 2020
Level 1
Investment in Bullion	$	948,354	$	827,598

There were no transfers between levels during the nine months ended September 30, 2021.

2.3.    Bullion Receivable and Payable

Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, ownership of Bullion is transferred within two business days of the trade date. At September 30, 2021, the Trust had no Bullion receivable or payable for the creation or redemption of Shares. At December 31, 2020, the Trust had $14,683,986 of Bullion receivable for the creation of Shares and no Bullion payable for the redemption of Shares.

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ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Notes to the Financial Statements (Unaudited)

2.4.    Creations and Redemptions of Shares

The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian or a Bullion clearing bank by an Authorized Participant.

The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes.

The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of Bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of Bullion.

As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.

2.5.    Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of September 30, 2021 or December 31, 2020.

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Notes to the Financial Statements (Unaudited)

2.6.    Investment in Bullion

Changes in ounces of Bullion and their respective values for the three and nine months ended September 30, 2021 and 2020 are set out below:

	Three Months Ended September 30, 2021
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		299,737.5			59,947.5			39,965.0			10,990,374.3			11,390,024.3
Creations		22,497.2			4,499.4			2,999.6			824,898.7			854,894.9
Redemptions		(9,835.0	)		(1,967.0	)		(1,311.0	)		(360,618.1	)		(373,731.1	)
Transfers of Bullion to pay expenses		(466.8	)		(93.3	)		(62.5	)		(17,114.8	)		(17,737.4	)
Closing balance		311,932.9			62,386.6			41,591.1			11,437,540.1			11,853,450.7
Investment in Bullion
Opening balance	$	528,482		$	162,278		$	42,323		$	283,167		$	1,016,250
Creations		40,431			12,245			3,225			21,071			76,972
Redemptions		(17,506	)		(4,702	)		(1,309	)		(8,722	)		(32,239	)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		2,283			1,359			(48	)		1,122			4,716
Transfers of Bullion to pay expenses		(835	)		(255	)		(66	)		(439	)		(1,595	)
Realized gain on Bullion transferred to pay expenses		116			98			1			80			295
Change in unrealized loss on investment in Bullion		(9,334	)		(52,551	)		(4,074	)		(50,086	)		(116,045	)
Closing balance	$	543,637		$	118,472		$	40,052		$	246,193		$	948,354

	Three Months Ended September 30, 2020
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		191,121.1			38,224.2			25,482.8			7,007,773.9			7,262,602.0
Creations		33,932.8			6,786.6			4,524.4			1,244,201.6			1,289,445.4
Redemptions		—			—			—			—			—
Transfers of Bullion to pay expenses		(298.3	)		(59.7	)		(39.8	)		(10,937.3	)		(11,335.1	)
Closing balance		224,755.6			44,951.1			29,967.4			8,241,038.2			8,540,712.3
Investment in Bullion
Opening balance	$	337,921		$	72,817		$	20,743		$	125,054		$	556,535
Creations		66,062			14,741			4,190			32,618			117,611
Redemptions		—			—			—			—			—
Realized gain on Bullion distributed for the redemption of Shares		—			—			—			—			—
Transfers of Bullion to pay expenses		(550	)		(119	)		(34	)		(243	)		(946	)
Realized gain / (loss) on Bullion transferred to pay expenses		149			50			(6	)		50			243
Change in unrealized gain on investment in Bullion		20,509			17,472			1,598			38,040			77,619
Closing balance	$	424,091		$	104,961		$	26,491		$	195,519		$	751,062

10 

	Nine Months Ended September 30, 2021
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		238,534.2			47,706.9			31,804.5			8,746,254.5			9,064,300.1
Creations		95,761.6			19,152.2			12,768.2			3,511,259.8			3,638,941.8
Redemptions		(21,117.4	)		(4,223.5	)		(2,815.3	)		(774,305.3	)		(802,461.5	)
Transfers of Bullion to pay expenses		(1,245.5	)		(249.0	)		(166.3	)		(45,668.9	)		(47,329.7	)
Closing balance		311,932.9			62,386.6			41,591.1			11,437,540.1			11,853,450.7
Investment in Bullion
Opening balance	$	450,257		$	111,729		$	33,967		$	231,645		$	827,598
Creations		173,811			49,868			14,449			92,038			330,166
Redemptions		(38,206	)		(10,050	)		(2,950	)		(19,186	)		(70,392	)
Realized gain on Bullion distributed for the redemption of Shares		6,338			3,498			83			3,492			13,411
Transfers of Bullion to pay expenses		(2,247	)		(648	)		(186	)		(1,194	)		(4,275	)
Realized gain on Bullion transferred to pay expenses		368			262			17			265			912
Change in unrealized loss on investment in Bullion		(46,684	)		(36,187	)		(5,328	)		(60,867	)		(149,066	)
Closing balance	$	543,637		$	118,472		$	40,052		$	246,193		$	948,354

	Nine Months Ended September 30, 2020
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		183,176.5			36,635.0			24,423.3			6,716,468.5			6,960,703.3
Creations		58,037.9			11,607.9			7,738.4			2,128,055.4			2,205,439.6
Redemptions		(15,590.6	)		(3,118.1	)		(2,078.7	)		(571,654.6	)		(592,442.0	)
Transfers of Bullion to pay expenses		(868.2	)		(173.7	)		(115.6	)		(31,831.1	)		(32,988.6	)
Closing balance		224,755.6			44,951.1			29,967.4			8,241,038.2			8,540,712.3
Investment in Bullion
Opening balance	$	277,466		$	69,790		$	23,251		$	121,199		$	491,706
Creations		105,062			26,262			7,130			48,165			186,619
Redemptions		(24,805	)		(5,947	)		(1,498	)		(8,053	)		(40,303	)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		4,473			2,608			(612	)		(1,789	)		4,680
Transfers of Bullion to pay expenses		(1,470	)		(376	)		(96	)		(576	)		(2,518	)
Realized gain / (loss) on Bullion transferred to pay expenses		330			190			(22	)		24			522
Change in unrealized gain on investment in Bullion		63,035			12,434			(1,662	)		36,549			110,356
Closing balance	$	424,091		$	104,961		$	26,491		$	195,519		$	751,062

2.7. Expenses / Realized Gains / Losses

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor.

The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.60% of the adjusted daily net asset value (“ANAV”) of the Trust, paid monthly in arrears. 

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses.

For the three months ended September 30, 2021 and 2020, the Sponsor’s Fee was $1,574,298 and $1,034,546, respectively.  For the nine months ended September 30, 2021 and 2020, the Sponsor’s Fee was $4,333,565 and $2,633,917, respectively.  

At September 30, 2021 and at December 31, 2020, the fees payable to the Sponsor were $472,351 and $414,184, respectively.

With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion. Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended September 30, 2021 and 2020.

Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Metal Price for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the London Metal Price for each metal held by the Trust used by the Trustee to value the Trust’s Bullion. A gain or loss is recognized based on the difference between the selling price and the average cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Realized gains and losses result from the transfer of Bullion for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average cost of Bullion transferred.

2.8. Subsequent Events

In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified. 

11 

ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Notes to the Financial Statements (Unaudited) 

3.    Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates may from time to time purchase or sell Bullion directly, for their own account, as agent for their customers and for accounts over which they exercise investment discretion. The Trustee’s and Custodian’s fees are paid by the Sponsor and are not separate expenses of the Trust. 

4.    Concentration of Risk

The Trust’s sole business activity is the investment in Bullion, and substantially all the Trust’s assets are holdings of Bullion, which creates a concentration of risk associated with fluctuations in the price of Bullion. Several factors could affect the price of Bullion, including: (i) global Bullion supply and demand, which is influenced by factors such as general changes in economic conditions, such as a recession or other economic downturn, recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand, central bank purchases and sales, and production and cost levels in major Bullion-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that Bullion will maintain its long-term value in terms of purchasing power in the future. In the event that the price of Bullion declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations. 

5.    Indemnification

Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. 

12 

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 October 18, 2010. 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 Bullion (consisting of gold, silver, platinum, palladium in specified proportions) and is expected to issue Baskets in exchange for deposits of Bullion and to distribute Bullion 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, silver, platinum and palladium in the proportions held by the Trust, less the Trust’s expenses. The Trust holds Bullion in a ratio such that for every 0.03 ounces of gold it holds 1.1 ounces of silver, 0.004 ounces of platinum and 0.006 ounces of palladium.  The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing in Bullion.

The Trust issues and redeems Shares only with Authorized Participants in exchange for Bullion and only in aggregations of 50,000 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 “GLTR”.

Valuation of Bullion 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 will evaluate the Bullion held by the Trust and determine both the ANAV and the NAV of the Trust.

At the Evaluation Time, the Trustee values the Trust’s Bullion on the basis of that day’s London Metal Price for such metal or, if no London Metal Price is made for a metal on such day or has not been announced by the Evaluation Time, the next most recent London Metal Price announced for such metal 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 applicable London Metal Price or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust’s Bullion is not an appropriate basis for evaluation of the Trust’s Bullion, 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 London Metal Price or such other publicly available price is not appropriate as a basis for evaluation of the Trust’s Bullion 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 Bullion 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 Bullion 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.

13 

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 Bullion 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 September 30, 2021

The Trust’s NAV decreased from $1,020,525,545 at June 30, 2021 to $947,881,649 at September 30, 2021, a 7.12% decrease for the quarter. The decrease in the Trust’s NAV resulted primarily from a decrease in the price per ounce of gold, silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”), which fell 10.32% from $101.71 at June 30, 2021 to $91.21 at September 30, 2021. There was an increase in outstanding Shares, which rose from 10,700,000 Shares at June 30, 2021 to 11,100,000 Shares at September 30, 2021, as a result of 750,000 Shares (15 Baskets) being created and 350,000 Shares (7 Baskets) being redeemed.

The NAV per Share decreased 10.47% from $95.38 at June 30, 2021 to $85.39 at September 30, 2021. The Trust’s NAV per Share fell slightly more than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $1,574,298 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.

The NAV per Share of $98.64 at July 6, 2021 was the highest during the quarter, compared with a low of $85.39 at September 30, 2021.

The decrease in net assets from operations for the quarter ended September 30, 2021 was $112,608,918, resulting from a realized gain of $295,224 on the transfer of Bullion to pay expenses and a realized gain of $4,715,560 on Bullion distributed for the redemption of Shares, offset by a change in unrealized loss on investment in Bullion of $116,045,404 and the Sponsor’s Fee of $1,574,298. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2021.

The Nine Months Ended September 30, 2021

The Trust’s NAV increased from $841,868,238 at December 31, 2020 to $947,881,649 at September 30, 2021, a 12.59% increase for the period. The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 8,600,000 Shares at December 31, 2020 to 11,100,000 Shares at September 30, 2021, a result of 3,250,000 Shares (65 Baskets) being created and 750,000 Shares (15 Baskets) being redeemed during the period. There was a decrease in the Proportionate Price which fell 12.37% from $104.09 at December 31, 2020 to $91.21 at September 30, 2021.

The NAV per Share decreased 12.77% from $97.89 at December 31, 2020 to $85.39 at September 30, 2021. The Trust’s NAV per Share fell slightly more than the Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $4,333,565 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.

14 

The NAV per Share of $102.92 at June 1, 2021 was the highest during the period, compared with a low of $85.39 at September 30, 2021.

The decrease in net assets from operations for the period ended September 30, 2021 was $139,104,584, resulting from a realized gain of $912,304 on the transfer of Bullion to pay expenses and a realized gain of $13,410,760 on Bullion distributed for the redemption of Shares, offset by a change in unrealized loss on investment in Bullion of $149,066,150, a change in unrealized loss on unsettled creations of $27,933 and the Sponsor’s Fee of $4,333,565. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2021.

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 Bullion, only in the specified proportion of gold, silver, platinum and palladium held by the Trust, as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell Bullion to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of Bullion to the Sponsor. At September 30, 2021, 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 September 30, 2021, 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 September 30, 2021 that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s internal control over financial reporting.

15 

PART II. OTHER INFORMATION

Item 1. Legal Proceedings 

None.

Item 1A. Risk Factors

Except for the risk factor set forth below, 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, 2020.

Effects of COVID-19 

The COVID-19 pandemic has caused major disruptions to economies and markets around the world, including the markets in which the Trust invests, and which has and may continue to negatively impact the value of certain of the Trust’s investments. Although vaccines for COVID-19 and variants thereof are becoming more widely available, the COVID-19 pandemic and impacts thereof may continue for an extended period of time and may vary from market to market. To the extent the impacts of COVID-19 continue, the Trust may experience negative impacts to its business that could exacerbate other risks to which the Trust is subject. Policy and legislative changes in countries around the world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes.

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 September 30, 2021:

15 Baskets were created.

7 Baskets were redeemed.

	Total Baskets	Total Shares	Average ounces of Bullion per Share
Period	Redeemed	Redeemed	Gold	Palladium	Platinum	Silver
July 2021	1	50,000	0.028	0.006	0.004	1.031
August 2021	5	250,000	0.028	0.006	0.004	1.030
September 2021	1	50,000	0.028	0.006	0.004	1.030
	7	350,000

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

16 

Item 6. Exhibits

31.1	Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Chief Executive Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Chief Financial Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	The following financial statements from the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in Inline XBRL: (i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial Statements.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Document
101.DEF	Inline XBRL Taxonomy Extension Definitions Document
101.LAB	Inline XBRL Taxonomy Extension Labels Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Document
104	The cover page from the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in Inline XBRL (included as Exhibit 101).

17 

ABERDEEN STANDARD PRECIOUS METALS BASKET 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.

		ABERDEEN STANDARD INVESTMENTS ETFS SPONSOR LLC
Date: November 5, 2021		/s/ Steven Dunn
		Steven Dunn*
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: November 5, 2021		/s/ Andrea Melia
		Andrea Melia*
		Chief Financial Officer and Treasurer
		(Principal Financial Officer and Principal Accounting Officer)
*	The Registrant is a trust and the persons are signing in their capacities as officers of Aberdeen Standard Investments ETFs Sponsor LLC, the Sponsor of the Registrant.

18 

EX-31.1

Aberdeen Standard Precious Metals Basket ETF Trust 10-Q 

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Steven Dunn, certify that:

1. I have reviewed this Report on Form 10-Q of Aberdeen Standard Precious Metals Basket ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2021	/s/ Steven Dunn*
	Steven Dunn**
	President and Chief Executive Officer
	(Principal Executive Officer)

* The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

** The Registrant is a trust and Mr. Dunn is signing in his capacity as an officer of Aberdeen Standard Investments ETFs Sponsor LLC, the Sponsor of the Registrant.

EX-31.2

Aberdeen Standard Precious Metals Basket ETF Trust 10-Q 

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Andrea Melia, certify that:

1. I have reviewed this Report on Form 10-Q of Aberdeen Standard Precious Metals Basket ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2021	/s/ Andrea Melia*
	Andrea Melia**
	Chief Financial Officer and Treasurer
	(Principal Financial Officer and Principal Accounting Officer)

* The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

** The Registrant is a trust and Ms. Melia is signing in her capacity as an officer of Aberdeen Standard Investments ETFs Sponsor LLC, the Sponsor of the Registrant.

EX-32.1

Aberdeen Standard Precious Metals Basket ETF Trust 10-Q 

 Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Aberdeen Standard Precious Metals Basket ETF Trust (the “Registrant”) on Form 10-Q for the quarter ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 5, 2021	/s/ Steven Dunn*
	Steven Dunn**
	President and Chief Executive Officer
	(Principal Executive Officer)

* The original executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

** The Registrant is a trust and Mr. Dunn is signing in his capacity as an officer of Aberdeen Standard Investments ETFs Sponsor LLC, the Sponsor of the Registrant.

EX-32.2

Aberdeen Standard Precious Metals Basket ETF Trust 10-Q 

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Aberdeen Standard Precious Metals Basket ETF Trust (the “Registrant”) on Form 10-Q for the quarter ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 5, 2021	/s/ Andrea Melia*
	Andrea Melia **
	Chief Financial Officer and Treasurer
	(Principal Financial Officer and Principal Accounting Officer)

* The original executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.

** The Registrant is a trust and Ms. Melia is signing in her capacity as an officer of Aberdeen Standard Investments ETFs Sponsor LLC, the Sponsor of the Registrant.

XML

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 03, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-34917
Entity Registrant Name	ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST
Entity Central Index Key	0001483386
Entity Tax Identification Number	27-2780046
Entity Incorporation, State or Country Code	NY
Entity Address, Address Line One	712 Fifth Avenue
Entity Address, Address Line Two	49th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	844
Local Phone Number	383-7289
Title of 12(b) Security	Aberdeen Standard Physical Precious Metals Basket Shares ETF
Trading Symbol	GLTR
Security Exchange Name	NYSEArca
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,000,000

XML

Statements of Assets and Liabilities (Unaudited) - USD ($)		Sep. 30, 2021	Dec. 31, 2020
ASSETS
Total investment in Bullion		$ 948,354,000	$ 827,598,000
Bullion receivable		0	14,683,986
Total assets		948,354,000	842,282,000
LIABILITIES
Fees payable to Sponsor		472,351	414,184
Total liabilities		472,000	414,000
NET ASSETS	[1]	947,882,000	841,868,000
Gold, Ounces
ASSETS
Total investment in Bullion		543,637,000	450,257,000
Palladium Ounces
ASSETS
Total investment in Bullion		118,472,000	111,729,000
Platinum, Ounces
ASSETS
Total investment in Bullion		40,052,000	33,967,000
Silver, Ounces
ASSETS
Total investment in Bullion		$ 246,193,000	$ 231,645,000

[1] Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at September 30, 2021 were 11,100,000 and at December 31, 2020 were 8,600,000. Net asset values per Share at September 30, 2021 and December 31, 2020 were $85.39 and $97.89, respectively.

XML

Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Total investment in bullion, at cost	$ 872,948	$ 603,126
Common stock, shares authorized	Unlimited	Unlimited
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued	11,100,000	8,600,000
Common stock, shares outstanding	11,100,000	8,600,000
Net asset value per share	$ 85.39	$ 97.89
Gold, Ounces
Total investment in bullion, at cost	$ 482,802	$ 342,738
Palladium Ounces
Total investment in bullion, at cost	106,024	63,094
Platinum, Ounces
Total investment in bullion, at cost	43,068	31,656
Silver, Ounces
Total investment in bullion, at cost	$ 241,054	$ 165,638

XML

Schedules of Investments (Unaudited) $ in Thousands		Sep. 30, 2021 USD ($) oz	Dec. 31, 2020 USD ($) oz
Investment in Bullion (oz) | oz		11,853,450.7	9,064,300.1
Cost		$ 872,948	$ 603,126
Fair Value		$ 948,354	$ 827,598
% of Net Assets		100.05%	98.30%
Other assets less liabilities		$ (472)	$ 14,270
Other assets less liabilities, % of Net Assets		(0.05%)	1.70%
Net Assets	[1]	$ 947,882	$ 841,868
Net Assets, % of Net Assets		100.00%	100.00%
Gold, Ounces
Investment in Bullion (oz) | oz		311,932.9	238,534.2
Cost		$ 482,802	$ 342,738
Fair Value		$ 543,637	$ 450,257
% of Net Assets		57.35%	53.48%
Palladium Ounces
Investment in Bullion (oz) | oz		62,386.6	47,706.9
Cost		$ 106,024	$ 63,094
Fair Value		$ 118,472	$ 111,729
% of Net Assets		12.50%	13.27%
Platinum, Ounces
Investment in Bullion (oz) | oz		41,591.1	31,804.5
Cost		$ 43,068	$ 31,656
Fair Value		$ 40,052	$ 33,967
% of Net Assets		4.23%	4.03%
Silver, Ounces
Investment in Bullion (oz) | oz		11,437,540.1	8,746,254.5
Cost		$ 241,054	$ 165,638
Fair Value		$ 246,193	$ 231,645
% of Net Assets		25.97%	27.52%

[1] Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at September 30, 2021 were 11,100,000 and at December 31, 2020 were 8,600,000. Net asset values per Share at September 30, 2021 and December 31, 2020 were $85.39 and $97.89, respectively.

XML

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
EXPENSES
Sponsor’s Fee	$ 1,574,298	$ 1,034,546	$ 4,333,565	$ 2,633,917
Total expenses	1,574,000	1,035,000	4,334,000	2,634,000
Net investment loss	(1,574,000)	(1,035,000)	(4,334,000)	(2,634,000)
REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain on Bullion transferred to pay expenses	295,000	243,000	912,000	522,000
Realized gain on Bullion distributed for the redemption of Shares	4,716,000		13,411,000	4,680,000
Change in unrealized (loss) / gain on investment in Bullion	(116,045,000)	77,619,000	(149,066,000)	110,356,000
Change in unrealized (loss) on unsettled creations or redemptions			(28,000)
Total (loss)/gain on investment in Bullion	(111,034,000)	77,862,000	(134,771,000)	115,558,000
Change in net assets from operations	$ (112,608,000)	$ 76,827,000	$ (139,105,000)	$ 112,924,000
Net increase / (decrease) in net assets per Share	$ (10.07)	$ 10.50	$ (13.74)	$ 16.29
Weighted average number of Shares	11,183,696	7,319,022	10,123,626	6,933,942

XML

Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Opening balance (in shares)	10,700,000	6,750,000	8,600,000	6,550,000
Opening balance	$ 1,020,526	$ 556,261	$ 841,868	$ 499,078
Net investment loss	(1,574)	(1,035)	(4,334)	(2,634)
Realized gain on investment in Bullion	5,011	243	14,323	5,202
Change in unrealized (loss) on investment in Bullion	(116,045)	77,619	(149,066)	110,356
Change in unrealized (loss) on unsettled creations or redemptions			$ (28)
Creations (in shares)	750,000	1,200,000	3,250,000	1,950,000
Creations	$ 72,203	$ 117,611	$ 315,511	$ 179,000
Redemptions (in shares)	(350,000)		(750,000)	(550,000)
Redemptions	$ (32,239)		$ (70,392)	$ (40,303)
Closing balance (in shares)	11,100,000	7,950,000	11,100,000	7,950,000
Closing balance	$ 947,882	$ 750,699	$ 947,882	$ 750,699

XML

Financial Highlights (Unaudited) - $ / shares		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Per Share Performance (for a Share outstanding throughout the entire period)
Net asset value per Share at beginning of period		$ 95.38	$ 82.41	$ 97.89	$ 76.20
Income from investment operations:
Net investment loss		(0.14)	(0.14)	(0.43)	(0.38)
Total realized and unrealized gains or losses on investment in Bullion		(9.85)	12.16	(12.07)	18.61
Change in net assets from operations		(9.99)	12.02	(12.50)	18.23
Net asset value per Share at end of period		$ 85.39	$ 94.43	$ 85.39	$ 94.43
Weighted average number of Shares		11,183,696	7,319,022	10,123,626	6,933,942
Expense ratio	[1]	0.60%	0.60%	0.60%	0.60%
Net investment loss ratio	[1]	(0.60%)	(0.60%)	(0.60%)	(0.60%)
Total return, net asset value	[2]	(10.47%)	14.59%	(12.77%)	23.92%

[1] Annualized for periods less than one year.

[2] Total return is not annualized.

XML

Organization

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1.    Organization

The Aberdeen Standard Precious Metals Basket ETF Trust (the “Trust”) is a common law trust formed on October 18, 2010 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, palladium, platinum and silver in set ratios such that for every 0.03 ounces of gold it holds 1.1 ounces of silver, 0.004 ounces of platinum and 0.006 ounces of palladium (together, “Bullion”). The Trust issues Aberdeen Standard Physical Precious Metals Basket Shares ETF (“Shares”) in minimum blocks of 50,000 Shares (also referred to as “Baskets”) in exchange for deposits of Bullion and distributes Bullion 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 Aberdeen Standard Investments Inc. (“ASII”). ASII 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, silver, platinum and palladium, 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, silver, platinum and palladium markets through an investment in securities. The fiscal year end for the Trust is December 31.

The accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q. In the opinion of the Trust’s management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for the nine months ended September 30, 2021 and for all periods presented have been made.

These financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the operating results for the full year.

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

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 of Bullion

The Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 

The Trust’s Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The Trust’s allocated Bullion may also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust’s Bullion in the Trust’s allocated account in the firm’s vault premises on a segregated basis and whose appointment has been approved by the Sponsor. At September 30, 2021, approximately 0.82% of the Trust’s palladium, 0.82% of the Trust’s platinum and 26.14% of the Trust’s silver was held by one or more sub-custodians. At September 30, 2021 none of the Trust’s gold was held by a sub-custodian.

The Trust’s Bullion is recorded, per individual metal type, at fair value. The cost of Bullion is determined according to the average cost method and the fair value is based on the relevant “London Metal Price” for each metal held by the Trust. This is the applicable “London Bullion Market Association (“LBMA”) PM Gold Price” for the price of an ounce of gold, the “LBMA Silver Price” for silver, and for platinum and palladium the applicable “London Metal Exchange (“LME”) PM Price”.

Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of Bullion transferred.

The LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration (“IBA”) equilibrium auction, an electronic, tradable and auditable over-the-counter auction market with the ability to settle trades in US Dollars, Euros or British Pounds for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading. The “London Metal Price” for gold held by the Trust is the LBMA PM Gold Price.

The IBA conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the nine LBMA authorized bullion banks and market makers participating in the auction and disseminated by major market vendors. The “London Metal Price” for silver held by the Trust is the LBMA Silver Price.

The LME is responsible for the administration of the electronic platinum and palladium bullion price fixing system (“LMEbullion”) as well as providing electronic market clearing processes for platinum and palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion establishes and publishes fixed prices for troy ounces of platinum and palladium twice each London trading day during fixing sessions beginning at 9:45 a.m. London time (the “LME AM Fix”) and 2:00 p.m. London time (the “LME PM Fix”). The “London Metal Price” for platinum and palladium held by the Trust is the LME PM Fix.

Once the value of Bullion has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust.

The Trust recognizes changes in fair value of the investment in Bullion as changes in unrealized gains or losses on investment in Bullion through the Statement of Operations.

The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee using the London Metal Price for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

Fair Value Hierarchy

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

– Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

– Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.

– Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The Trust’s investment in Bullion is classified as a level 1 asset, as its value is calculated using unadjusted quoted prices from primary market sources.

The categorization of the Trust’s assets is as shown below:

(Amounts in 000’s of US$)	September 30, 2021		December 31, 2020
Level 1
Investment in Bullion	$	948,354	$	827,598

There were no transfers between levels during the nine months ended September 30, 2021.

2.3.    Bullion Receivable and Payable

Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, ownership of Bullion is transferred within two business days of the trade date. At September 30, 2021, the Trust had no Bullion receivable or payable for the creation or redemption of Shares. At December 31, 2020, the Trust had $14,683,986 of Bullion receivable for the creation of Shares and no Bullion payable for the redemption of Shares.

2.4.    Creations and Redemptions of Shares

The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian or a Bullion clearing bank by an Authorized Participant.

The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes.

The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of Bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of Bullion.

As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.

2.5.    Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of September 30, 2021 or December 31, 2020.

2.6.    Investment in Bullion

Changes in ounces of Bullion and their respective values for the three and nine months ended September 30, 2021 and 2020 are set out below:

	Three Months Ended September 30, 2021
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		299,737.5			59,947.5			39,965.0			10,990,374.3			11,390,024.3
Creations		22,497.2			4,499.4			2,999.6			824,898.7			854,894.9
Redemptions		(9,835.0	)		(1,967.0	)		(1,311.0	)		(360,618.1	)		(373,731.1	)
Transfers of Bullion to pay expenses		(466.8	)		(93.3	)		(62.5	)		(17,114.8	)		(17,737.4	)
Closing balance		311,932.9			62,386.6			41,591.1			11,437,540.1			11,853,450.7
Investment in Bullion
Opening balance	$	528,482		$	162,278		$	42,323		$	283,167		$	1,016,250
Creations		40,431			12,245			3,225			21,071			76,972
Redemptions		(17,506	)		(4,702	)		(1,309	)		(8,722	)		(32,239	)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		2,283			1,359			(48	)		1,122			4,716
Transfers of Bullion to pay expenses		(835	)		(255	)		(66	)		(439	)		(1,595	)
Realized gain on Bullion transferred to pay expenses		116			98			1			80			295
Change in unrealized loss on investment in Bullion		(9,334	)		(52,551	)		(4,074	)		(50,086	)		(116,045	)
Closing balance	$	543,637		$	118,472		$	40,052		$	246,193		$	948,354

	Three Months Ended September 30, 2020
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		191,121.1			38,224.2			25,482.8			7,007,773.9			7,262,602.0
Creations		33,932.8			6,786.6			4,524.4			1,244,201.6			1,289,445.4
Redemptions		—			—			—			—			—
Transfers of Bullion to pay expenses		(298.3	)		(59.7	)		(39.8	)		(10,937.3	)		(11,335.1	)
Closing balance		224,755.6			44,951.1			29,967.4			8,241,038.2			8,540,712.3
Investment in Bullion
Opening balance	$	337,921		$	72,817		$	20,743		$	125,054		$	556,535
Creations		66,062			14,741			4,190			32,618			117,611
Redemptions		—			—			—			—			—
Realized gain on Bullion distributed for the redemption of Shares		—			—			—			—			—
Transfers of Bullion to pay expenses		(550	)		(119	)		(34	)		(243	)		(946	)
Realized gain / (loss) on Bullion transferred to pay expenses		149			50			(6	)		50			243
Change in unrealized gain on investment in Bullion		20,509			17,472			1,598			38,040			77,619
Closing balance	$	424,091		$	104,961		$	26,491		$	195,519		$	751,062

	Nine Months Ended September 30, 2021
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		238,534.2			47,706.9			31,804.5			8,746,254.5			9,064,300.1
Creations		95,761.6			19,152.2			12,768.2			3,511,259.8			3,638,941.8
Redemptions		(21,117.4	)		(4,223.5	)		(2,815.3	)		(774,305.3	)		(802,461.5	)
Transfers of Bullion to pay expenses		(1,245.5	)		(249.0	)		(166.3	)		(45,668.9	)		(47,329.7	)
Closing balance		311,932.9			62,386.6			41,591.1			11,437,540.1			11,853,450.7
Investment in Bullion
Opening balance	$	450,257		$	111,729		$	33,967		$	231,645		$	827,598
Creations		173,811			49,868			14,449			92,038			330,166
Redemptions		(38,206	)		(10,050	)		(2,950	)		(19,186	)		(70,392	)
Realized gain on Bullion distributed for the redemption of Shares		6,338			3,498			83			3,492			13,411
Transfers of Bullion to pay expenses		(2,247	)		(648	)		(186	)		(1,194	)		(4,275	)
Realized gain on Bullion transferred to pay expenses		368			262			17			265			912
Change in unrealized loss on investment in Bullion		(46,684	)		(36,187	)		(5,328	)		(60,867	)		(149,066	)
Closing balance	$	543,637		$	118,472		$	40,052		$	246,193		$	948,354

	Nine Months Ended September 30, 2020
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		183,176.5			36,635.0			24,423.3			6,716,468.5			6,960,703.3
Creations		58,037.9			11,607.9			7,738.4			2,128,055.4			2,205,439.6
Redemptions		(15,590.6	)		(3,118.1	)		(2,078.7	)		(571,654.6	)		(592,442.0	)
Transfers of Bullion to pay expenses		(868.2	)		(173.7	)		(115.6	)		(31,831.1	)		(32,988.6	)
Closing balance		224,755.6			44,951.1			29,967.4			8,241,038.2			8,540,712.3
Investment in Bullion
Opening balance	$	277,466		$	69,790		$	23,251		$	121,199		$	491,706
Creations		105,062			26,262			7,130			48,165			186,619
Redemptions		(24,805	)		(5,947	)		(1,498	)		(8,053	)		(40,303	)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		4,473			2,608			(612	)		(1,789	)		4,680
Transfers of Bullion to pay expenses		(1,470	)		(376	)		(96	)		(576	)		(2,518	)
Realized gain / (loss) on Bullion transferred to pay expenses		330			190			(22	)		24			522
Change in unrealized gain on investment in Bullion		63,035			12,434			(1,662	)		36,549			110,356
Closing balance	$	424,091		$	104,961		$	26,491		$	195,519		$	751,062

2.7. Expenses / Realized Gains / Losses

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor.

The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.60% of the adjusted daily net asset value (“ANAV”) of the Trust, paid monthly in arrears. 

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses.

For the three months ended September 30, 2021 and 2020, the Sponsor’s Fee was $1,574,298 and $1,034,546, respectively.  For the nine months ended September 30, 2021 and 2020, the Sponsor’s Fee was $4,333,565 and $2,633,917, respectively.  

At September 30, 2021 and at December 31, 2020, the fees payable to the Sponsor were $472,351 and $414,184, respectively.

With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion. Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended September 30, 2021 and 2020.

Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Metal Price for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the London Metal Price for each metal held by the Trust used by the Trustee to value the Trust’s Bullion. A gain or loss is recognized based on the difference between the selling price and the average cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Realized gains and losses result from the transfer of Bullion for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average cost of Bullion transferred.

2.8. Subsequent Events

In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified. 

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Related Parties

9 Months Ended

Sep. 30, 2021

Related Party Transactions [Abstract]

Related Parties

3.    Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates may from time to time purchase or sell Bullion directly, for their own account, as agent for their customers and for accounts over which they exercise investment discretion. The Trustee’s and Custodian’s fees are paid by the Sponsor and are not separate expenses of the Trust. 

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Concentration of Risk

9 Months Ended

Sep. 30, 2021

Risks and Uncertainties [Abstract]

Concentration of Risk

4.    Concentration of Risk

The Trust’s sole business activity is the investment in Bullion, and substantially all the Trust’s assets are holdings of Bullion, which creates a concentration of risk associated with fluctuations in the price of Bullion. Several factors could affect the price of Bullion, including: (i) global Bullion supply and demand, which is influenced by factors such as general changes in economic conditions, such as a recession or other economic downturn, recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand, central bank purchases and sales, and production and cost levels in major Bullion-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that Bullion will maintain its long-term value in terms of purchasing power in the future. In the event that the price of Bullion declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations. 

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Indemnification

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Indemnification

5.    Indemnification

Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. 

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Accounting

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.

Valuation of Bullion

2.2.    Valuation of Bullion

The Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 

The Trust’s Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England vaulting premises on a segregated basis. The Trust’s allocated Bullion may also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust’s Bullion in the Trust’s allocated account in the firm’s vault premises on a segregated basis and whose appointment has been approved by the Sponsor. At September 30, 2021, approximately 0.82% of the Trust’s palladium, 0.82% of the Trust’s platinum and 26.14% of the Trust’s silver was held by one or more sub-custodians. At September 30, 2021 none of the Trust’s gold was held by a sub-custodian.

The Trust’s Bullion is recorded, per individual metal type, at fair value. The cost of Bullion is determined according to the average cost method and the fair value is based on the relevant “London Metal Price” for each metal held by the Trust. This is the applicable “London Bullion Market Association (“LBMA”) PM Gold Price” for the price of an ounce of gold, the “LBMA Silver Price” for silver, and for platinum and palladium the applicable “London Metal Exchange (“LME”) PM Price”.

Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of Bullion transferred.

The LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration (“IBA”) equilibrium auction, an electronic, tradable and auditable over-the-counter auction market with the ability to settle trades in US Dollars, Euros or British Pounds for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading. The “London Metal Price” for gold held by the Trust is the LBMA PM Gold Price.

The IBA conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the nine LBMA authorized bullion banks and market makers participating in the auction and disseminated by major market vendors. The “London Metal Price” for silver held by the Trust is the LBMA Silver Price.

The LME is responsible for the administration of the electronic platinum and palladium bullion price fixing system (“LMEbullion”) as well as providing electronic market clearing processes for platinum and palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion establishes and publishes fixed prices for troy ounces of platinum and palladium twice each London trading day during fixing sessions beginning at 9:45 a.m. London time (the “LME AM Fix”) and 2:00 p.m. London time (the “LME PM Fix”). The “London Metal Price” for platinum and palladium held by the Trust is the LME PM Fix.

Once the value of Bullion has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust.

The Trust recognizes changes in fair value of the investment in Bullion as changes in unrealized gains or losses on investment in Bullion through the Statement of Operations.

The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee using the London Metal Price for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

Fair Value Hierarchy

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

– Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

– Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.

– Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The Trust’s investment in Bullion is classified as a level 1 asset, as its value is calculated using unadjusted quoted prices from primary market sources.

The categorization of the Trust’s assets is as shown below:

(Amounts in 000’s of US$)	September 30, 2021		December 31, 2020
Level 1
Investment in Bullion	$	948,354	$	827,598

There were no transfers between levels during the nine months ended September 30, 2021.

Bullion Receivable and Payable

2.3.    Bullion Receivable and Payable

Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, ownership of Bullion is transferred within two business days of the trade date. At September 30, 2021, the Trust had no Bullion receivable or payable for the creation or redemption of Shares. At December 31, 2020, the Trust had $14,683,986 of Bullion receivable for the creation of Shares and no Bullion payable for the redemption of Shares.

Creations and Redemptions of Shares

2.4.    Creations and Redemptions of Shares

The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 50,000 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian or a Bullion clearing bank by an Authorized Participant.

The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes.

The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of Bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of Bullion.

As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.

Income Taxes

2.5.    Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of September 30, 2021 or December 31, 2020.

Investment in Bullion

2.6.    Investment in Bullion

Changes in ounces of Bullion and their respective values for the three and nine months ended September 30, 2021 and 2020 are set out below:

	Three Months Ended September 30, 2021
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		299,737.5			59,947.5			39,965.0			10,990,374.3			11,390,024.3
Creations		22,497.2			4,499.4			2,999.6			824,898.7			854,894.9
Redemptions		(9,835.0	)		(1,967.0	)		(1,311.0	)		(360,618.1	)		(373,731.1	)
Transfers of Bullion to pay expenses		(466.8	)		(93.3	)		(62.5	)		(17,114.8	)		(17,737.4	)
Closing balance		311,932.9			62,386.6			41,591.1			11,437,540.1			11,853,450.7
Investment in Bullion
Opening balance	$	528,482		$	162,278		$	42,323		$	283,167		$	1,016,250
Creations		40,431			12,245			3,225			21,071			76,972
Redemptions		(17,506	)		(4,702	)		(1,309	)		(8,722	)		(32,239	)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		2,283			1,359			(48	)		1,122			4,716
Transfers of Bullion to pay expenses		(835	)		(255	)		(66	)		(439	)		(1,595	)
Realized gain on Bullion transferred to pay expenses		116			98			1			80			295
Change in unrealized loss on investment in Bullion		(9,334	)		(52,551	)		(4,074	)		(50,086	)		(116,045	)
Closing balance	$	543,637		$	118,472		$	40,052		$	246,193		$	948,354

	Three Months Ended September 30, 2020
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		191,121.1			38,224.2			25,482.8			7,007,773.9			7,262,602.0
Creations		33,932.8			6,786.6			4,524.4			1,244,201.6			1,289,445.4
Redemptions		—			—			—			—			—
Transfers of Bullion to pay expenses		(298.3	)		(59.7	)		(39.8	)		(10,937.3	)		(11,335.1	)
Closing balance		224,755.6			44,951.1			29,967.4			8,241,038.2			8,540,712.3
Investment in Bullion
Opening balance	$	337,921		$	72,817		$	20,743		$	125,054		$	556,535
Creations		66,062			14,741			4,190			32,618			117,611
Redemptions		—			—			—			—			—
Realized gain on Bullion distributed for the redemption of Shares		—			—			—			—			—
Transfers of Bullion to pay expenses		(550	)		(119	)		(34	)		(243	)		(946	)
Realized gain / (loss) on Bullion transferred to pay expenses		149			50			(6	)		50			243
Change in unrealized gain on investment in Bullion		20,509			17,472			1,598			38,040			77,619
Closing balance	$	424,091		$	104,961		$	26,491		$	195,519		$	751,062

	Nine Months Ended September 30, 2021
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		238,534.2			47,706.9			31,804.5			8,746,254.5			9,064,300.1
Creations		95,761.6			19,152.2			12,768.2			3,511,259.8			3,638,941.8
Redemptions		(21,117.4	)		(4,223.5	)		(2,815.3	)		(774,305.3	)		(802,461.5	)
Transfers of Bullion to pay expenses		(1,245.5	)		(249.0	)		(166.3	)		(45,668.9	)		(47,329.7	)
Closing balance		311,932.9			62,386.6			41,591.1			11,437,540.1			11,853,450.7
Investment in Bullion
Opening balance	$	450,257		$	111,729		$	33,967		$	231,645		$	827,598
Creations		173,811			49,868			14,449			92,038			330,166
Redemptions		(38,206	)		(10,050	)		(2,950	)		(19,186	)		(70,392	)
Realized gain on Bullion distributed for the redemption of Shares		6,338			3,498			83			3,492			13,411
Transfers of Bullion to pay expenses		(2,247	)		(648	)		(186	)		(1,194	)		(4,275	)
Realized gain on Bullion transferred to pay expenses		368			262			17			265			912
Change in unrealized loss on investment in Bullion		(46,684	)		(36,187	)		(5,328	)		(60,867	)		(149,066	)
Closing balance	$	543,637		$	118,472		$	40,052		$	246,193		$	948,354

	Nine Months Ended September 30, 2020
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		183,176.5			36,635.0			24,423.3			6,716,468.5			6,960,703.3
Creations		58,037.9			11,607.9			7,738.4			2,128,055.4			2,205,439.6
Redemptions		(15,590.6	)		(3,118.1	)		(2,078.7	)		(571,654.6	)		(592,442.0	)
Transfers of Bullion to pay expenses		(868.2	)		(173.7	)		(115.6	)		(31,831.1	)		(32,988.6	)
Closing balance		224,755.6			44,951.1			29,967.4			8,241,038.2			8,540,712.3
Investment in Bullion
Opening balance	$	277,466		$	69,790		$	23,251		$	121,199		$	491,706
Creations		105,062			26,262			7,130			48,165			186,619
Redemptions		(24,805	)		(5,947	)		(1,498	)		(8,053	)		(40,303	)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		4,473			2,608			(612	)		(1,789	)		4,680
Transfers of Bullion to pay expenses		(1,470	)		(376	)		(96	)		(576	)		(2,518	)
Realized gain / (loss) on Bullion transferred to pay expenses		330			190			(22	)		24			522
Change in unrealized gain on investment in Bullion		63,035			12,434			(1,662	)		36,549			110,356
Closing balance	$	424,091		$	104,961		$	26,491		$	195,519		$	751,062

Expenses / Realized Gains / Losses

2.7. Expenses / Realized Gains / Losses

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor.

The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.60% of the adjusted daily net asset value (“ANAV”) of the Trust, paid monthly in arrears. 

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses.

For the three months ended September 30, 2021 and 2020, the Sponsor’s Fee was $1,574,298 and $1,034,546, respectively.  For the nine months ended September 30, 2021 and 2020, the Sponsor’s Fee was $4,333,565 and $2,633,917, respectively.  

At September 30, 2021 and at December 31, 2020, the fees payable to the Sponsor were $472,351 and $414,184, respectively.

With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion. Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended September 30, 2021 and 2020.

Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the London Metal Price for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the London Metal Price for each metal held by the Trust used by the Trustee to value the Trust’s Bullion. A gain or loss is recognized based on the difference between the selling price and the average cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Realized gains and losses result from the transfer of Bullion for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average cost of Bullion transferred.

Subsequent Events

2.8. Subsequent Events

In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified. 

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Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

The categorization of the Trust’s assets is as shown below:

The categorization of the Trust’s assets is as shown below:

(Amounts in 000’s of US$)	September 30, 2021		December 31, 2020
Level 1
Investment in Bullion	$	948,354	$	827,598

Changes in ounces of Bullion and their respective values for the three and nine months ended September 30, 2021 and 2020 are set out below:

Changes in ounces of Bullion and their respective values for the three and nine months ended September 30, 2021 and 2020 are set out below:

	Three Months Ended September 30, 2021
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		299,737.5			59,947.5			39,965.0			10,990,374.3			11,390,024.3
Creations		22,497.2			4,499.4			2,999.6			824,898.7			854,894.9
Redemptions		(9,835.0	)		(1,967.0	)		(1,311.0	)		(360,618.1	)		(373,731.1	)
Transfers of Bullion to pay expenses		(466.8	)		(93.3	)		(62.5	)		(17,114.8	)		(17,737.4	)
Closing balance		311,932.9			62,386.6			41,591.1			11,437,540.1			11,853,450.7
Investment in Bullion
Opening balance	$	528,482		$	162,278		$	42,323		$	283,167		$	1,016,250
Creations		40,431			12,245			3,225			21,071			76,972
Redemptions		(17,506	)		(4,702	)		(1,309	)		(8,722	)		(32,239	)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		2,283			1,359			(48	)		1,122			4,716
Transfers of Bullion to pay expenses		(835	)		(255	)		(66	)		(439	)		(1,595	)
Realized gain on Bullion transferred to pay expenses		116			98			1			80			295
Change in unrealized loss on investment in Bullion		(9,334	)		(52,551	)		(4,074	)		(50,086	)		(116,045	)
Closing balance	$	543,637		$	118,472		$	40,052		$	246,193		$	948,354

	Three Months Ended September 30, 2020
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		191,121.1			38,224.2			25,482.8			7,007,773.9			7,262,602.0
Creations		33,932.8			6,786.6			4,524.4			1,244,201.6			1,289,445.4
Redemptions		—			—			—			—			—
Transfers of Bullion to pay expenses		(298.3	)		(59.7	)		(39.8	)		(10,937.3	)		(11,335.1	)
Closing balance		224,755.6			44,951.1			29,967.4			8,241,038.2			8,540,712.3
Investment in Bullion
Opening balance	$	337,921		$	72,817		$	20,743		$	125,054		$	556,535
Creations		66,062			14,741			4,190			32,618			117,611
Redemptions		—			—			—			—			—
Realized gain on Bullion distributed for the redemption of Shares		—			—			—			—			—
Transfers of Bullion to pay expenses		(550	)		(119	)		(34	)		(243	)		(946	)
Realized gain / (loss) on Bullion transferred to pay expenses		149			50			(6	)		50			243
Change in unrealized gain on investment in Bullion		20,509			17,472			1,598			38,040			77,619
Closing balance	$	424,091		$	104,961		$	26,491		$	195,519		$	751,062

	Nine Months Ended September 30, 2021
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		238,534.2			47,706.9			31,804.5			8,746,254.5			9,064,300.1
Creations		95,761.6			19,152.2			12,768.2			3,511,259.8			3,638,941.8
Redemptions		(21,117.4	)		(4,223.5	)		(2,815.3	)		(774,305.3	)		(802,461.5	)
Transfers of Bullion to pay expenses		(1,245.5	)		(249.0	)		(166.3	)		(45,668.9	)		(47,329.7	)
Closing balance		311,932.9			62,386.6			41,591.1			11,437,540.1			11,853,450.7
Investment in Bullion
Opening balance	$	450,257		$	111,729		$	33,967		$	231,645		$	827,598
Creations		173,811			49,868			14,449			92,038			330,166
Redemptions		(38,206	)		(10,050	)		(2,950	)		(19,186	)		(70,392	)
Realized gain on Bullion distributed for the redemption of Shares		6,338			3,498			83			3,492			13,411
Transfers of Bullion to pay expenses		(2,247	)		(648	)		(186	)		(1,194	)		(4,275	)
Realized gain on Bullion transferred to pay expenses		368			262			17			265			912
Change in unrealized loss on investment in Bullion		(46,684	)		(36,187	)		(5,328	)		(60,867	)		(149,066	)
Closing balance	$	543,637		$	118,472		$	40,052		$	246,193		$	948,354

	Nine Months Ended September 30, 2020
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		183,176.5			36,635.0			24,423.3			6,716,468.5			6,960,703.3
Creations		58,037.9			11,607.9			7,738.4			2,128,055.4			2,205,439.6
Redemptions		(15,590.6	)		(3,118.1	)		(2,078.7	)		(571,654.6	)		(592,442.0	)
Transfers of Bullion to pay expenses		(868.2	)		(173.7	)		(115.6	)		(31,831.1	)		(32,988.6	)
Closing balance		224,755.6			44,951.1			29,967.4			8,241,038.2			8,540,712.3
Investment in Bullion
Opening balance	$	277,466		$	69,790		$	23,251		$	121,199		$	491,706
Creations		105,062			26,262			7,130			48,165			186,619
Redemptions		(24,805	)		(5,947	)		(1,498	)		(8,053	)		(40,303	)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		4,473			2,608			(612	)		(1,789	)		4,680
Transfers of Bullion to pay expenses		(1,470	)		(376	)		(96	)		(576	)		(2,518	)
Realized gain / (loss) on Bullion transferred to pay expenses		330			190			(22	)		24			522
Change in unrealized gain on investment in Bullion		63,035			12,434			(1,662	)		36,549			110,356
Closing balance	$	424,091		$	104,961		$	26,491		$	195,519		$	751,062

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Organization (Details Narrative)	9 Months Ended
	Sep. 30, 2021 oz shares
Minimum block of shares issued redeemed against bullion | shares	50,000
Gold, Ounces
Investment holding ratio	0.03
Silver, Ounces
Investment holding ratio	1.1
Platinum, Ounces
Investment holding ratio	0.004
Palladium Ounces
Investment holding ratio	0.006

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The categorization of the Trust’s assets is as shown below: (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in Bullion	$ 948,354	$ 827,598

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Changes in ounces of Bullion and their respective values for the three and nine months ended September 30, 2021 and 2020 are set out below: (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021 USD ($) oz	Sep. 30, 2020 USD ($) oz	Sep. 30, 2021 USD ($) oz	Sep. 30, 2020 USD ($) oz
Opening balance | oz	11,390,024.3	7,262,602.0	9,064,300.1	6,960,703.3
Creations | oz	854,894.9	1,289,445.4	3,638,941.8	2,205,439.6
Redemptions | oz	(373,731.1)		(802,461.5)	(592,442.0)
Transfers of Bullion to pay expenses | oz	(17,737.4)	(11,335.1)	(47,329.7)	(32,988.6)
Closing balance | oz	11,853,450.7	8,540,712.3	11,853,450.7	8,540,712.3
Opening balance	$ 1,016,250	$ 556,535	$ 827,598	$ 491,706
Creations	76,972	117,611	330,166	186,619
Redemptions	(32,239)		(70,392)	(40,303)
Realized gain / (loss) on Bullion distributed for the redemption of Shares	4,716		13,411	4,680
Transfers of Bullion to pay expenses	(1,595)	(946)	(4,275)	(2,518)
Realized gain / (loss) on Bullion transferred to pay expenses	295	243	912	522
Change in unrealized gain on investment in Bullion	(116,045)	77,619	(149,066)	110,356
Closing balance	$ 948,354	$ 751,062	$ 948,354	$ 751,062
Gold, Ounces
Opening balance | oz	299,737.5	191,121.1	238,534.2	183,176.5
Creations | oz	22,497.2	33,932.8	95,761.6	58,037.9
Redemptions | oz	(9,835.0)		(21,117.4)	(15,590.6)
Transfers of Bullion to pay expenses | oz	(466.8)	(298.3)	(1,245.5)	(868.2)
Closing balance | oz	311,932.9	224,755.6	311,932.9	224,755.6
Opening balance	$ 528,482	$ 337,921	$ 450,257	$ 277,466
Creations	40,431	66,062	173,811	105,062
Redemptions	(17,506)		(38,206)	(24,805)
Realized gain / (loss) on Bullion distributed for the redemption of Shares	2,283		6,338	4,473
Transfers of Bullion to pay expenses	(835)	(550)	(2,247)	(1,470)
Realized gain / (loss) on Bullion transferred to pay expenses	116	149	368	330
Change in unrealized gain on investment in Bullion	(9,334)	20,509	(46,684)	63,035
Closing balance	$ 543,637	$ 424,091	$ 543,637	$ 424,091
Palladium Ounces
Opening balance | oz	59,947.5	38,224.2	47,706.9	36,635.0
Creations | oz	4,499.4	6,786.6	19,152.2	11,607.9
Redemptions | oz	(1,967.0)		(4,223.5)	(3,118.1)
Transfers of Bullion to pay expenses | oz	(93.3)	(59.7)	(249.0)	(173.7)
Closing balance | oz	62,386.6	44,951.1	62,386.6	44,951.1
Opening balance	$ 162,278	$ 72,817	$ 111,729	$ 69,790
Creations	12,245	14,741	49,868	26,262
Redemptions	(4,702)		(10,050)	(5,947)
Realized gain / (loss) on Bullion distributed for the redemption of Shares	1,359		3,498	2,608
Transfers of Bullion to pay expenses	(255)	(119)	(648)	(376)
Realized gain / (loss) on Bullion transferred to pay expenses	98	50	262	190
Change in unrealized gain on investment in Bullion	(52,551)	17,472	(36,187)	12,434
Closing balance	$ 118,472	$ 104,961	$ 118,472	$ 104,961
Platinum, Ounces
Opening balance | oz	39,965.0	25,482.8	31,804.5	24,423.3
Creations | oz	2,999.6	4,524.4	12,768.2	7,738.4
Redemptions | oz	(1,311.0)		(2,815.3)	(2,078.7)
Transfers of Bullion to pay expenses | oz	(62.5)	(39.8)	(166.3)	(115.6)
Closing balance | oz	41,591.1	29,967.4	41,591.1	29,967.4
Opening balance	$ 42,323	$ 20,743	$ 33,967	$ 23,251
Creations	3,225	4,190	14,449	7,130
Redemptions	(1,309)		(2,950)	(1,498)
Realized gain / (loss) on Bullion distributed for the redemption of Shares	(48)		83	(612)
Transfers of Bullion to pay expenses	(66)	(34)	(186)	(96)
Realized gain / (loss) on Bullion transferred to pay expenses	1	(6)	17	(22)
Change in unrealized gain on investment in Bullion	(4,074)	1,598	(5,328)	(1,662)
Closing balance	$ 40,052	$ 26,491	$ 40,052	$ 26,491
Silver, Ounces
Opening balance | oz	10,990,374.3	7,007,773.9	8,746,254.5	6,716,468.5
Creations | oz	824,898.7	1,244,201.6	3,511,259.8	2,128,055.4
Redemptions | oz	(360,618.1)		(774,305.3)	(571,654.6)
Transfers of Bullion to pay expenses | oz	(17,114.8)	(10,937.3)	(45,668.9)	(31,831.1)
Closing balance | oz	11,437,540.1	8,241,038.2	11,437,540.1	8,241,038.2
Opening balance	$ 283,167	$ 125,054	$ 231,645	$ 121,199
Creations	21,071	32,618	92,038	48,165
Redemptions	(8,722)		(19,186)	(8,053)
Realized gain / (loss) on Bullion distributed for the redemption of Shares	1,122		3,492	(1,789)
Transfers of Bullion to pay expenses	(439)	(243)	(1,194)	(576)
Realized gain / (loss) on Bullion transferred to pay expenses	80	50	265	24
Change in unrealized gain on investment in Bullion	(50,086)	38,040	(60,867)	36,549
Closing balance	$ 246,193	$ 195,519	$ 246,193	$ 195,519

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Significant Accounting Policies (Details Narrative) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Bullion receivable		$ 0		$ 0		$ 14,683,986
Bullion payable		0		$ 0		0
Minimum block of shares issued redeemed against bullion				50,000
Reserve for uncertain tax positions		$ 0		$ 0		0
Expense ratio	[1]	0.60%	0.60%	0.60%	0.60%
Maximum sponsor fee for legal expenses				$ 100,000
Sponsor's Fee		$ 1,574,298	$ 1,034,546	4,333,565	$ 2,633,917
Fees payable to Sponsor		472,351		472,351		$ 414,184
All other expenses		$ 0	$ 0	$ 0	$ 0
Palladium Ounces
Percentage of assets held by sub-custodians		0.82%		0.82%
Platinum, Ounces
Percentage of assets held by sub-custodians		0.82%		0.82%
Silver, Ounces
Percentage of assets held by sub-custodians		26.14%		26.14%
Gold, Ounces
Percentage of assets held by sub-custodians		0.00%		0.00%

[1] Annualized for periods less than one year.