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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2019

or

oTRANSITION 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

(I.R.S. Employer Identification No.)

organization)

c/o Aberdeen Standard Investments ETFs Sponsor LLC

712 Fifth Avenue, 49th Floor

New York, NY

10019

(Address of principal executive offices)

(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 x No o

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 x No o

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.

x

Large Accelerated Filer

o

Accelerated Filer

x

Non Accelerated Filer

o

Smaller Reporting Company

o

Emerging Growth Company

o

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.

o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

As of November 6, 2019, Aberdeen Standard Precious Metals Basket ETF Trust had 6,150,000 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, 2019

INDEX

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

1

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

14

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

16

Item 4.

Controls and Procedures

16

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

17

Item 1A.

Risk Factors

17

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

17

Item 3.

Defaults Upon Senior Securities

17

Item 4.

Mine Safety Disclosures

17

Item 5.

Other Information

17

Item 6.

Exhibits

18

SIGNATURES


ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Statements of Assets and Liabilities
At September 30, 2019 (Unaudited) and December 31, 2018

September 30, 2019

December 31, 2018

(Amounts in 000's of US$, except for Share and per Share data)

ASSETS

Investment in Bullion

Gold (cost: September 30, 2019: $216,573; December 31, 2018: $200,683)

$

255,582

$

208,722

Silver (cost: September 30, 2019: $108,206; December 31, 2018: $102,655)

108,869

92,347

Platinum (cost: September 30, 2019: $23,688; December 31, 2018: $22,888)

20,649

17,241

Palladium (cost: September 30, 2019: $29,795; December 31, 2018: $25,204)

57,610

41,137

Total investment in Bullion

442,710

359,447

Total Assets

442,710

359,447

LIABILITIES

Fees payable to Sponsor

216

183

Total Liabilities

216

183

NET ASSETS (1)

$

442,494

$

359,264

(1)Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at September 30, 2019 were 6,050,000 and at December 31, 2018 were 5,700,000. Net asset values per Share at September 30, 2019 and December 31, 2018 were $73.14 and $63.03, respectively.

See Notes to the Financial Statements


1


ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Schedules of Investments
At September 30, 2019 (Unaudited) and December 31, 2018

September 30, 2019

Description

oz

Cost

Fair Value

% of Net Assets

Investment in Bullion (in 000's of US$, except for oz and percentage data)

Gold

172,074.5

$

216,573

$

255,582

57.76%

Silver

6,309,395.3

108,206

108,869

24.60%

Platinum

22,943.1

23,688

20,649

4.67%

Palladium

34,414.6

29,795

57,610

13.02%

Total investment in Bullion

$

378,262

$

442,710

100.05%

Liabilities

(216)

(0.05)%

Net assets

$

442,494

100.00%

December 31, 2018

Description

oz

Cost

Fair Value

% of Net Assets

Investment in Bullion (in 000's of US$, except for oz and percentage data)

Gold

162,854.5

$

200,683

$

208,722

58.10%

Silver

5,971,327.0

102,655

92,347

25.70%

Platinum

21,713.7

22,888

17,241

4.80%

Palladium

32,570.6

25,204

41,137

11.45%

Total investment in Bullion

$

351,430

$

359,447

100.05%

Liabilities

(183)

(0.05)%

Net assets

$

359,264

100.00%

See Notes to the Financial Statements


2


ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Statements of Operations (Unaudited)
For the three and nine months ended September 30, 2019 and 2018

Three Months

Three Months

Nine Months

Nine Months

Ended

Ended

Ended

Ended

September 30, 2019

September 30, 2018

September 30, 2019

September 30, 2018

(Amounts in 000's of US$, except for Share and per Share data)

EXPENSES

Sponsor's Fee

$

615

$

500

$

1,702

$

1,619

Total expenses

615

500

1,702

1,619

Net investment loss

(615)

(500)

(1,702)

(1,619)

REALIZED AND UNREALIZED GAINS / (LOSSES)

Realized gain / (loss) on Bullion transferred to pay expenses

60

(11)

99

40

Realized gain / (loss) on Bullion distributed for the redemption of Shares

579

(896)

1,807

377

Change in unrealized gain / (loss) on investment in Bullion

29,649

(15,760)

56,431

(34,906)

Total gain / (loss) on investment in Bullion

30,288

(16,667)

58,337

(34,489)

Change in net assets from operations

$

29,673

$

(17,167)

$

56,635

$

(36,108)

Net increase / (decrease) in net assets per Share

$

5.16

$

(3.11)

$

9.99

$

(6.31)

Weighted average number of Shares

5,751,630

5,516,848

5,669,963

5,721,612

See Notes to the Financial Statements


3


ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Statement of Changes in Net Assets (Unaudited)
For the three and nine months ended September 30, 2019 and 2018

Three Months Ended

Three Months Ended

September 30, 2019

September 30, 2018

(Amounts in 000's of US$, except for Share data)

Shares

Amount

Shares

Amount

Opening balance

5,600,000

$

379,615

5,600,000

$

343,626

Net investment loss

(615)

(500)

Realized gain / (loss) on investment in Bullion

639

(907)

Change in unrealized gain / (loss) on investment in Bullion

29,649

(15,760)

Creations

500,000

36,905

50,000

2,883

Redemptions

(50,000)

(3,699)

(200,000)

(11,489)

Closing balance

6,050,000

$

442,494

5,450,000

$

317,853

Nine Months Ended

Nine Months Ended

September 30, 2019

September 30, 2018

(Amounts in 000's of US$, except for Share data)

Shares

Amount

Shares

Amount

Opening balance

5,700,000

$

359,264

5,600,000

$

361,932

Net investment loss

(1,702)

(1,619)

Realized gain on investment in Bullion

1,906

417

Change in unrealized gain / (loss) on investment in Bullion

56,431

(34,906)

Creations

800,000

56,164

700,000

45,094

Redemptions

(450,000)

(29,569)

(850,000)

(53,065)

Closing balance

6,050,000

$

442,494

5,450,000

$

317,853

See Notes to the Financial Statements


4


ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Financial Highlights (Unaudited)
For the three and nine months ended September 30, 2019 and 2018

Three Months

Three Months

Nine Months

Nine Months

Ended

Ended

Ended

Ended

September 30, 2019

September 30, 2018

September 30, 2019

September 30, 2018

Per Share Performance (for a Share outstanding throughout the entire period)

Net asset value per Share at beginning of period

$

67.79

$

61.36

$

63.03

$

64.63

Income from investment operations:

Net investment loss

(0.11)

(0.09)

(0.30)

(0.28)

Total realized and unrealized gains or losses on investment in Bullion

5.46

(2.95)

10.41

(6.03)

Change in net assets from operations

5.35

(3.04)

10.11

(6.31)

Net asset value per Share at end of period

$

73.14

$

58.32

$

73.14

$

58.32

Weighted average number of Shares

5,751,630

5,516,848

5,669,963

5,721,612

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)

7.89%

(4.95)%

16.04%

(9.76)%

(1)Annualized for periods of less than one year.

(2)Total return is not annualized.

See Notes to the Financial Statements

5


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 an investment 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, silver, platinum and palladium in set ratios (together, “Bullion”) and 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 Standard Life Aberdeen plc. The Trust is governed by the Trust Agreement.

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 the Form 10-Q. In the opinion of management of the Sponsor, 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, 2019 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, 2018. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the operating results for the full year.

6


ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Notes to the Financial Statements (Unaudited)

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.

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 allocated platinum and palladium may also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust’s platinum and palladium in the Trust’s allocated account in the firm’s Zurich, Switzerland vault premises on a segregated basis and whose appointment has been approved by the Sponsor (the “Zurich Sub-Custodian”). At September 30, 2019, approximately 1.50% of the Trust’s platinum and 1.68% of the Trust’s palladium was held by the Zurich Sub-Custodian. At September 30, 2019 no gold or silver was held by the Zurich 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 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. Prior to October 2, 2017, the LBMA Silver Price auction was operated by CME Group Inc. and Thomson Reuters. 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.

7


ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Notes to the Financial Statements (Unaudited)

2. Significant Accounting Policies (Continued)

2.2. Valuation of Bullion (Continued)

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 investment in Bullion is classified as a level 2 asset, as the Trust’s investment in Bullion is calculated using primary market pricing sources supported by observable, verifiable inputs.

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

(Amounts in 000's of US$)

September 30, 2019

December 31, 2018

Level 2

Investment in Bullion

$

442,710

$

359,447

There were no transfers between levels during the nine months ended September 30, 2019 or the year ended December 31, 2018.


8


ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Notes to the Financial Statements (Unaudited)

2. Significant Accounting Policies (Continued)

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, 2019 and December 31, 2018, the Trust had no Bullion receivable or payable for the creation or 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 registered as a 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 (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 of each metal. 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 each metal.

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, 2019 and December 31, 2018.


9


ABERDEEN STANDARD PRECIOUS METALS BASKET ETF TRUST

Notes to the Financial Statements (Unaudited)

2. Significant Accounting Policies (Continued)

2.6. Investment in Bullion

Changes in ounces of Bullion and their respective values for the three and nine months ended September 30, 2019 and 2018 are set out below:

(Amounts in 000's of US$, except for ounces data)

Three Months Ended September 30, 2019

Ounces of Bullion

Gold

Silver

Platinum

Palladium

Total

Opening balance

159,518.4

5,849,005.8

21,268.9

31,903.3

6,061,696.4

Creations

14,220.7

521,425.7

1,896.1

2,844.1

540,386.6

Redemptions

(1,421.7)

(52,128.6)

(189.6)

(284.3)

(54,024.2)

Transfers of Bullion to pay expenses

(242.9)

(8,907.6)

(32.3)

(48.5)

(9,231.3)

Closing balance

172,074.5

6,309,395.3

22,943.1

34,414.6

6,538,827.5

Investment in Bullion

Opening balance

$

224,762

$

89,022

$