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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 March 31, 2023

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 

 

 

  

abrdn 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 abrdn ETFs Sponsor LLC    

1900 Market Street, Suite 200

Philadelphia, PA

(Address of principal executive offices)

  

19103

(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

abrdn 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 May 4, 2023, abrdn Precious Metals Basket ETF Trust had 11,250,000 abrdn Physical Precious Metals Basket Shares ETF outstanding.

 

 

 

 

abrdn Precious Metals Basket ETF Trust

 

FORM 10-Q

 

FOR THE QUARTER ENDED MARCH 31, 2023

 

INDEX

 

PART I. FINANCIAL INFORMATION  
   
Item 1. Financial Statements 1
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 12
   
Item 3. Quantitative and Qualitative Disclosures About Market Risk 14
   
Item 4. Controls and Procedures 14
   
PART II. OTHER INFORMATION  
   
Item 1. Legal Proceedings 15
   
Item 1A. Risk Factors 15
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15
   
Item 3. Defaults Upon Senior Securities 16
   
Item 4. Mine Safety Disclosures 16
   
Item 5. Other Information 16
   
Item 6. Exhibits 16
     
SIGNATURES   17

 

 

 

abrdn Precious Metals Basket ETF Trust

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Statements of Assets and Liabilities

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

 

   March 31, 2023   December 31, 2022 
(Amounts in 000’s of US$, except for Share and per Share data)          
ASSETS          
Gold (cost: March 31, 2023: $491,473; December 31, 2022: $505,331)  $606,488   $571,646 
Palladium (cost: March 31, 2023: $110,818; December 31, 2022: $114,018)   91,293    111,887 
Platinum (cost: March 31, 2023: $42,258; December 31, 2022: $43,476)   40,071    43,326 
Silver (cost: March 31, 2023: $242,562; December 31, 2022: $249,426)   268,299    276,717 
Total investment in Bullion   1,006,151    1,003,576 
Bullion receivable   9,142    4,438 
Total assets   1,015,293    1,008,014 
           
LIABILITIES          
Fees payable to Sponsor   521    513 
Total liabilities   521    513 
           
NET ASSETS(1)  $1,014,772   $1,007,501 

 

(1) Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at March 31, 2023 were 11,100,000 and at December 31, 2022 were 11,350,000. Net asset values per Share at March 31, 2023 and December 31, 2022 were $91.42 and $88.77, respectively.

 

See Notes to the Financial Statements

1 

 

abrdn Precious Metals Basket ETF Trust

 

Schedules of Investments

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

 

   March 31, 2023 
Description  oz   Cost   Fair Value   % of Net Assets 
Investment in Bullion (in 000’s of US$, except for oz and percentage data)
Gold   306,353.3   $491,473   $606,488    59.77%
Palladium   61,270.7    110,818    91,293    8.99%
Platinum   40,847.1    42,258    40,071    3.95%
Silver   11,232,955.4    242,562    268,299    26.44%
Total investment in Bullion   11,641,426.5   $887,111   $1,006,151    99.15%
Other assets less liabilities             8,621    0.85%
Net Assets            $1,014,772    100.00%
                     
   December 31, 2022 
Description  oz   Cost   Fair Value   % of Net Assets 
Investment in Bullion (in 000’s of US$, except for oz and percentage data)
Gold   315,173.6   $505,331   $571,646    56.73%
Palladium   63,034.7    114,018    111,887    11.11%
Platinum   42,023.2    43,476    43,326    4.30%
Silver   11,556,366.8    249,426    276,717    27.47%
Total investment in Bullion   11,976,598.3   $912,251   $1,003,576    99.61%
Other assets less liabilities             3,925    0.39%
Net Assets            $1,007,501    100.00%
                     

See Notes to the Financial Statements

2 

 

abrdn Precious Metals Basket ETF Trust

 

Statements of Operations (Unaudited)

For the three months ended March 31, 2023 and 2022

 

   Three Months Ended
March 31, 2023		   Three Months Ended
March 31, 2022		 
(Amounts in 000’s of US$, except for Share and per Share data)          
EXPENSES          
Sponsor’s Fee  $1,495   $1,540 
Total expenses   1,495    1,540 
           
Net investment loss   (1,495)   (1,540)
           
REALIZED AND UNREALIZED GAINS / (LOSSES)          
Realized gain on Bullion transferred to pay expenses   133    194 
Realized gain on Bullion distributed for the redemption of Shares   2,606    540 
Change in unrealized gain on investment in Bullion   27,714    75,203 
Total gain on investment in Bullion   30,453    75,937 
           
Change in net assets from operations  $28,958   $74,397 
           
Net increase / (decrease) in net assets per Share  $2.57   $6.66 
           
Weighted average number of Shares   11,254,444    11,162,778 

 

See Notes to the Financial Statements

3 

 

abrdn Precious Metals Basket ETF Trust

 

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2023 and 2022

 

   Three Months Ended March 31, 2023 
(Amounts in 000’s of US$, except for Share data)  Shares   Amount 
Opening balance at January 1, 2023   11,350,000   $1,007,501 
Net investment loss        (1,495)
Realized gain on investment in Bullion        2,739 
Change in unrealized gain on investment in Bullion        27,714 
Creations   100,000    9,142 
Redemptions   (350,000)   (30,829)
Closing balance at March 31, 2023   11,100,000   $1,014,772 

 

   Three Months Ended March 31, 2022 
(Amounts in 000’s of US$, except for Share data)  Shares   Amount 
Opening balance at January 1, 2022   10,900,000   $970,513 
Net investment loss        (1,540)
Realized gain on investment in Bullion        734 
Change in unrealized gain on investment in Bullion        75,203 
Creations   1,250,000    123,461 
Redemptions   (50,000)   (4,464)
Closing balance at March 31, 2022   12,100,000   $1,163,907 

 

See Notes to the Financial Statements

4 

 

abrdn Precious Metals Basket ETF Trust

 

Financial Highlights (Unaudited)

For the three months ended March 31, 2023 and 2022

 

   Three Months Ended
March 31, 2023		   Three Months Ended
March 31, 2022		 
Per Share Performance (for a Share outstanding throughout the entire period)          
Net asset value per Share at beginning of period  $88.77   $89.04 
Income from investment operations:          
Net investment loss   (0.13)   (0.14)
Total realized and unrealized gains or losses on investment in Bullion   2.78    7.29 
Change in net assets from operations   2.65    7.15 
           
Net asset value per Share at end of period  $91.42   $96.19 
           
Weighted average number of Shares   11,254,444    11,162,778 
           
Expense ratio(1)   0.60%   0.60%
           
Net investment loss ratio(1)   (0.60)%   (0.60)%
           
Total return, net asset value(2)   2.99%   8.03%

 

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

 

See Notes to the Financial Statements

5 

 

abrdn Precious Metals Basket ETF Trust

 

Notes to the Financial Statements (Unaudited) 

 

1.    Organization

 

The abrdn 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 abrdn ETFs Sponsor LLC (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”). The Trust holds Bullion  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 abrdn 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 abrdn Inc. abrdn Inc. is a wholly-owned indirect subsidiary of abrdn plc. The Trust is governed by the Trust Agreement.

 

Effective February 28, 2023, Andrea Melia resigned as Treasurer and Chief Financial Officer of the Sponsor. Ms. Melia had served as Principal Financial Officer of the Registrant. Effective February 28, 2023, Brian Kordeck was appointed Treasurer and Chief Financial Officer of the Sponsor. Mr. Kordeck will serve as Principal Financial 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 three months ended March 31, 2023, 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, 2022. The results of operations for the three months ended March 31, 2023 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.

 

6 

 

 

abrdn 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 March 31, 2023, approximately 0.84% of the Trust’s palladium and 0.83% of the Trust’s platinum was held by one or more sub-custodians. At March 31, 2023 none of the Trust’s gold or silver 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.

 

7 

 

abrdn Precious Metals Basket ETF Trust

 

Notes to the Financial Statements (Unaudited)

 

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$)  March 31, 2023   December 31,
2022		 
         
Level 1          
Investment in Bullion  $1,006,151   $1,003,576 

 

There were no transfers between levels during the three months ended March 31, 2023 or the year ended December 31, 2022.

                 

8 

 

 

abrdn Precious Metals Basket ETF Trust

 

Notes to the Financial Statements (Unaudited)

 

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 March 31, 2023, the Trust had $9,142,093 of Bullion receivable for the creation of Shares and no Bullion payable for the redemption of Shares. At December 31, 2022, the Trust had $4,438,006 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.

 

9 

 

abrdn Precious Metals Basket ETF Trust

 

Notes to the Financial Statements (Unaudited) 

 

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 March 31, 2023 or December 31, 2022.

 

2.6.    Investment in Bullion

 

Changes in ounces of Bullion and their respective values for the three months ended March 31, 2023 and 2022 are set out below:

 

   Three Months Ended March 31, 2023 
(Amounts in 000’s of US$, except for ounces data)        
Ounces of Bullion  Gold   Palladium   Platinum   Silver   Total 
Opening balance   315,173.6    63,034.7    42,023.2    11,556,366.8    11,976,598.3 
Creations   1,393.9    278.8    185.9    51,109.1    52,967.7 
Redemptions   (9,746.4)   (1,949.2)   (1,299.6)   (357,367.8)   (370,363.0)
Transfers of Bullion to pay expenses   (467.8)   (93.6)   (62.4)   (17,152.7)   (17,776.5)
Closing balance   306,353.3    61,270.7    40,847.1    11,232,955.4    11,641,426.5 
                          
Investment in Bullion                         
Opening balance  $571,646   $111,887   $43,326   $276,717   $1,003,576 
Creations   2,528    495    191    1,224    4,438 
Redemptions   (18,774)   (2,869)   (1,274)   (7,912)   (30,829)
Realized gain / (loss) on Bullion distributed for the redemption of Shares   3,138    (657)   (70)   195    2,606 
Transfers of Bullion to pay expenses   (878)   (157)   (64)   (388)   (1,487)
Realized gain / (loss) on Bullion transferred to pay expenses   128    (13)   —    18    133 
Change in unrealized gain / (loss) on investment in Bullion   48,700    (17,393)   (2,038)   (1,555)   27,714 
Closing balance  $606,488   $91,293   $40,071   $268,299   $1,006,151 

 

(Amounts in 000’s of US$, except for ounces data)  Three Months Ended March 31, 2022 
Ounces of Bullion  Gold   Palladium   Platinum   Silver   Total 
Opening balance   305,852.8    61,170.6    40,780.4    11,214,604.8    11,622,408.6 
Creations   35,017.2    7,003.4    4,669.0    1,283,964.5    1,330,654.1 
Redemptions   (1,402.1)   (280.4)   (187.0)   (51,412.5)   (53,282.0)
Transfers of Bullion to pay expenses   (453.4)   (90.7)   (60.5)   (16,625.7)   (17,230.3)
Closing balance   339,014.5    67,802.9    45,201.9    12,430,531.1    12,882,550.4 
                          
Investment in Bullion                         
Opening balance  $552,324   $120,690   $39,108   $258,889   $971,011 
Creations   68,151    18,126    4,957    32,227    123,461 
Redemptions   (2,561)   (533)   (185)   (1,185)   (4,464)
Realized gain / (loss) on Bullion distributed for the redemption of Shares   390    57    (9)   102    540 
Transfers of Bullion to pay expenses   (817)   (206)   (61)   (380)   (1,464)
Realized gain / (loss) on Bullion transferred to pay expenses   115    51    (2)   30    194 
Change in unrealized gain on investment in Bullion   40,815    14,982    625    18,781    75,203 
Closing balance  $658,417   $153,167   $44,433   $308,464   $1,164,481 

 

 

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 March 31, 2023 and 2022, the Sponsor’s Fee was $1,495,232 and $1,540,106, respectively.

 

At March 31, 2023 and at December 31, 2022, the fees payable to the Sponsor were $520,918 and $512,893, 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 months ended March 31, 2023 and 2022.

 

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.

 

10 

 

abrdn Precious Metals Basket ETF Trust

 

Notes to the Financial Statements (Unaudited)

 

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. 

 

 

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. 

 

11 

 

 

abrdn Precious Metals Basket ETF Trust

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 

This information should be read in conjunction with the financial statements and notes to the financial statements included in Item 1 of Part 1 of this Form 10-Q. The discussion and analysis that follows may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements may relate to the Trust’s financial condition, operations, future performance and business. These statements can be identified by the use of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or similar words and phrases. These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and expected future developments. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements, to conform such statements to actual results or to reflect a change in management’s expectations or predictions.

 

Introduction 

The Trust is a common law trust, formed under the laws of the state of New York on 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.

 

12 

 

 

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.

 

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 March 31, 2023

 

The Trust’s NAV increased from $1,007,501,383 at December 31, 2022 to $1,014,772,272 at March 31, 2023, a 0.72% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”), which rose 2.96% from $95.70 at December 31, 2022 to $98.53 at March 31, 2023 and a decrease in outstanding Shares, which fell from 11,350,000 Shares at December 31, 2022 to 11,100,000 Shares at March 31, 2023, as a result of 100,000 Shares (2 Baskets) being created and 350,000 Shares (7 Baskets) being redeemed.

 

The NAV per Share increased 2.99% from $88.77 at December 31, 2022 to $91.42 at March 31, 2023. The increase in the Trust’s NAV was net of the Sponsor’s Fee, which was $1,495,232 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.

 

The NAV per Share of $92.12 at January 18, 2023 was the highest during the quarter, compared with a low of $82.45 at March 8, 2023.

 

The increase in net assets from operations for the quarter ended March 31, 2023 was $28,958,218, resulting from a realized gain of $132,586 on the transfer of Bullion to pay expenses, a realized gain of $2,606,653 on Bullion distributed for the redemption of Shares, an increase in unrealized gain on investment in Bullion of $27,714,211, offset by the Sponsor’s Fee of $1,495,232. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2023.

 

The Quarter Ended March 31, 2022

 

The Trust’s NAV increased from $970,513,038 at December 31, 2021 to $1,163,906,466 at March 31, 2022, a 19.93% increase for the quarter. The increase in the Trust’s NAV resulted from an increase in the price per ounce of gold, silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”), which rose 8.20% from $95.24 at December 31, 2021 to $103.05 at March 31, 2022. There was an increase in outstanding Shares, which rose from 10,900,000 Shares at December 31, 2021 to 12,100,000 Shares at March 31, 2022, as a result of 1,250,000 Shares (25 Baskets) being created and 50,000 Shares (1 Basket) being redeemed.

 

13 

 

 

The NAV per Share increased 8.03% from $89.04 at December 31, 2021 to $96.19 at March 31, 2022. The Trust’s NAV per Share rose slightly less than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $1,540,106 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.

 

The NAV per Share of $105.06 at March 8, 2022 was the highest during the quarter, compared with a low of $87.07 at January 6, 2022.

 

The increase in net assets from operations for the quarter ended March 31, 2022 was $74,396,842, resulting from a realized gain of $194,469 on the transfer of Bullion to pay expenses, a realized gain of $539,953 on Bullion distributed for the redemption of Shares and a change in unrealized gain on investment in Bullion of $75,202,526, offset by the Sponsor’s Fee of $1,540,106.Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2022.

 

Liquidity & Capital Resources 

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

 

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s 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 March 31, 2023, the Trust did not have any cash balances.

 

Off-Balance Sheet Arrangements  

The Trust has no off-balance sheet arrangements.

 

Critical Accounting Policies 

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

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk 

Not applicable.

 

Item 4. Controls and Procedures 

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure.

 

Under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15d-15(e). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of March 31, 2023, the Trust’s disclosure controls and procedures were effective.

 

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

 

14 

 

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings 

None.

 

Item 1A. Risk Factors  

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

 

General Risks 

Armed conflict can result in significant disruptions to the commodities markets and could adversely affect the price of the Shares.

 

On February 24, 2022, Russia commenced an invasion of Ukraine. In response to such conflict or for other reasons, governments have imposed and may impose additional economic sanctions against Russia, certain other countries, entities and/or individuals. Economic sanctions and other similar governmental actions could, among other things, prevent or prohibit certain entities or individuals from participating in the bullion and commodities markets or otherwise impact the functioning of those markets. Such actions could affect the value of Bullion held by the Fund. Sanctions could also result in countermeasures or retaliatory actions, which may impact the value of Bullion. Although it is not possible to predict the impact that any sanctions and retaliatory actions may have on the Fund, such events could significantly harm the value of the Fund’s shares.

 

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

Item 2(a). None. 

Item 2(b). Not applicable. 

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

2 Baskets was created. 

7 Baskets were redeemed.

 

            Average ounces of Bullion per Share 

Period

  

Total Baskets

Redeemed

  

Total Shares 

Redeemed 

  

 

Gold

   Palladium   Platinum  

Silver

 
January 2023   —   —   —   —   —   — 
February 2023    2    100,000    0.028    0.006    0.004    1.022 
March 2023    5    250,000    0.028    0.006    0.004    1.021 
     7    350,000                     

 

15 

 

 

Item 3. Defaults Upon Senior Securities 

None.

 

Item 4. Mine Safety Disclosures 

Not applicable.

 

Item 5. Other Information 

None.

 

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 March 31, 2023, 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 March 31, 2023, formatted in Inline XBRL (included as Exhibit 101).
   

16 

 

abrdn 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.

 

    abrdn ETFs Sponsor LLC
     
  Date: May 8, 2023 /s/ Steven Dunn*
    Steven Dunn**
    President and Chief Executive Officer
    (Principal Executive Officer)
     
  Date: May 8, 2023 /s/ Brian Kordeck*
    Brian Kordeck**
    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 the persons are signing in their capacities as officers of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.
         

17 

 EX-31.1 2 ex31-1.htm CERTIFICATION

 

abrdn Precious Metals Basket ETF Trust

 

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 abrdn 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: May 8, 2023 /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 abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

 

 

 

 

 

 

 

 EX-31.2 3 ex31-2.htm CERTIFICATION

 

abrdn Precious Metals Basket ETF Trust

 

Exhibit 31.2

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

I, Brian Kordeck, certify that:

1. I have reviewed this Report on Form 10-Q of abrdn 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: May 8, 2023 /s/ Brian Kordeck*
  Brian Kordeck**
  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 Mr. Kordeck is signing in his capacity as an officer of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

 

 

 

 

 

 

 EX-32.1 4 ex32-1.htm CERTIFICATION

 

abrdn Precious Metals Basket ETF Trust

 

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 abrdn Precious Metals Basket ETF Trust (the “Registrant”) on Form 10-Q for the quarter ended March 31, 2023 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: May 8, 2023 /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 abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

 

 

 

 

 

 

 EX-32.2 5 ex32-2.htm CERTIFICATION

 

abrdn Precious Metals Basket ETF Trust

 

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 abrdn Precious Metals Basket ETF Trust (the “Registrant”) on Form 10-Q for the quarter ended March 31, 2023 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: May 8, 2023 /s/ Brian Kordeck*  
  Brian Kordeck**  
  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 Mr. Kordeck is signing in his capacity as an officer of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

 

 

 

 

 

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Shell Company Report Document Shell Company Event Date Document Period Start Date Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Current Fiscal Year End Date Entity File Number Entity Registrant Name Entity Central Index Key Entity Primary SIC Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code Country Region City Area Code Local Phone Number Extension Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Title of 12(g) Security Security Reporting Obligation Annual Information Form Audited Annual Financial Statements Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Document Accounting Standard Other Reporting Standard Item Number Entity Shell Company Entity Public Float Entity Bankruptcy Proceedings, Reporting Current Entity Common Stock, Shares Outstanding Documents Incorporated by Reference [Text Block] Statement [Table] Statement [Line Items] ASSETS Total investment in Bullion Bullion receivable Total assets LIABILITIES Fees payable to Sponsor Total liabilities NET ASSETS Total investment in bullion, at cost Common stock, shares authorized Common stock, no par value (in dollars per share) Common stock, shares outstanding Common stock, shares issued Net asset value per share (in dollars per share) Investment in Bullion Cost Fair Value Fair Value, % of Net Assets Less liabilities Less liabilities, % of Net Assets Net Assets Net Assets, % of Net Assets 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unrealized gains or losses on investment in Bullion Change in net assets from operations Net asset value per Share at end of period Expense ratio Net investment loss ratio Total return, net asset value Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization Accounting Policies [Abstract] Significant Accounting Policies Related Party Transactions [Abstract] Related Parties Risks and Uncertainties [Abstract] Concentration of Risk Commitments and Contingencies Disclosure [Abstract] Indemnification Basis of Accounting Valuation of Bullion Bullion Receivable and Payable Creations and Redemptions of Shares Income Taxes Investment in Bullion Expenses / Realized Gains / Losses Subsequent Events The categorization of the Trust’s assets is as shown below: Changes in ounces of Bullion and their respective values for the three months ended March 31, 2023 and 2022 are set out below: Investment holding ratio Minimum block of shares issued redeemed against palladium Fair Value, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Investment in bullion Opening balance Creations Redemptions Transfers of Bullion to pay expenses Closing balance Opening balance Creations Redemptions Realized gain / (loss) on Bullion distributed for the redemption of Shares Transfers of Bullion to pay expenses Realized gain / (loss) on Bullion transferred to pay expenses Closing balance Percentage of assets held by sub-custodians Bullion payable Minimum block of shares issued redeemed against bullion Reserve for uncertain tax positions Maximum sponsor fee for legal expenses Sponsor's Fee All other expenses Annualized rate of sponsor's fee. Annualized net investment loss ratio. Total return, net asset value. Minimum block of shares issued redeemed against gold. Disclosure of valuation of bullion policy. Disclosure of bullion receivable and payable policy. Disclosure of creation and redemptions of shares policy. Disclosure of expenses policy. Tabular disclosure of movement in the investment in bullion in the Trust. Creations ounces of bullion. Redemptions ounces of bullion. Transfers of bullion ounces. Creations value of bullion. Value of bullion distributed for redemption of shares excluding bullion payable. Cost of Bullion transferred to pay Trust's expenses. Percentage of asset being held by trust. Amount of bullion payable at market value as of the reporting date. Maximum sponsor fee for legal expenses. The net gain or loss in the period on bullion. Net Assets, Percentage of Net Assets. Net investment gain (loss). The amount of bullion receivable at market value. Change in unrealized gain (loss) on investment in Bullion. Realized gain (loss) on bullion distributed for redemption of shares. Net realized and unrealized gains and losses on investment in Bullion per share. Change in net assets from operations per share. Net investment income (loss) per share. Represents annualized rate of sponsor's fee before waiver. Sponsor's fees gross. Amount of sponsor fees waived. Ratio of the investment holdings. Assets Liabilities Operating Expenses Total gain on investment in gold Net Income (Loss) Attributable to Parent Shares, Outstanding Equity, Attributable to Parent Stock Redeemed or Called During Period, Shares Stock Redeemed or Called During Period, Value Net investment income (loss) per share Change in net assets from operations per share Investment, Policy [Policy Text Block] Creations value of bullion Creations value of bullion [Default Label] Value of bullion distributed for redemption of shares excluding bullion payable Transfers of Bullion to pay expenses [Default Label] EX-101.PRE 10 gltr-20230331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 11 R1.htm IDEA: XBRL DOCUMENT v3.23.1
Cover - shares
 3 Months Ended
Mar. 31, 2023
May 04, 2023
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Mar. 31, 2023  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2022  
Current Fiscal Year End Date --12-31  
Entity File Number 001-34917  
Entity Registrant Name abrdn 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 1900 Market Street  
Entity Address, Address Line Two Suite 200  
Entity Address, City or Town Philadelphia  
Entity Address, State or Province PA  
Entity Address, Postal Zip Code 19103  
City Area Code (844)  
Local Phone Number 383-7289  
Title of 12(b) Security abrdn 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   11,250,000
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Statements of Assets and Liabilities (Unaudited) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Total investment in Bullion $ 1,006,151,000 $ 1,003,576,000
Bullion receivable 9,142,093 4,438,006
Total assets 1,015,293,000 1,008,014,000
LIABILITIES    
Fees payable to Sponsor 520,918 512,893
Total liabilities 521,000 513,000
NET ASSETS [1] 1,014,772,000 1,007,501,000
Gold, Ounces    
ASSETS    
Total investment in Bullion 606,488,000 571,646,000
Palladium Ounces    
ASSETS    
Total investment in Bullion 91,293,000 111,887,000
Platinum, Ounces    
ASSETS    
Total investment in Bullion 40,071,000 43,326,000
Silver, Ounces    
ASSETS    
Total investment in Bullion $ 268,299,000 $ 276,717,000
[1] Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at March 31, 2023 were 11,100,000 and at December 31, 2022 were 11,350,000. Net asset values per Share at March 31, 2023 and December 31, 2022 were $91.42 and $88.77, respectively.
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.23.1
Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Total investment in bullion, at cost $ 887,111 $ 912,251
Common stock, shares authorized Unlimited Unlimited
Common stock, no par value (in dollars per share) $ 0 $ 0
Common stock, shares outstanding 11,100,000 11,350,000
Common stock, shares issued 11,100,000 11,350,000
Net asset value per share (in dollars per share) $ 91.42 $ 88.77
Gold, Ounces    
Total investment in bullion, at cost $ 491,473 $ 505,331
Palladium Ounces    
Total investment in bullion, at cost 110,818 114,018
Platinum, Ounces    
Total investment in bullion, at cost 42,258 43,476
Silver, Ounces    
Total investment in bullion, at cost $ 242,562 $ 249,426
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Schedules of Investments (Unaudited)
$ in Thousands
Mar. 31, 2023
USD ($)
oz
Dec. 31, 2022
USD ($)
oz
Investment in Bullion | oz 11,641,426.5 11,976,598.3
Cost $ 887,111 $ 912,251
Fair Value $ 1,006,151 $ 1,003,576
Fair Value, % of Net Assets 99.15% 99.61%
Less liabilities $ 8,621 $ 3,925
Less liabilities, % of Net Assets 0.85% 0.39%
Net Assets [1] $ 1,014,772 $ 1,007,501
Net Assets, % of Net Assets 100.00% 100.00%
Gold, Ounces    
Investment in Bullion | oz 306,353.3 315,173.6
Cost $ 491,473 $ 505,331
Fair Value $ 606,488 $ 571,646
Fair Value, % of Net Assets 59.77% 56.73%
Palladium Ounces    
Investment in Bullion | oz 61,270.7 63,034.7
Cost $ 110,818 $ 114,018
Fair Value $ 91,293 $ 111,887
Fair Value, % of Net Assets 8.99% 11.11%
Platinum, Ounces    
Investment in Bullion | oz 40,847.1 42,023.2
Cost $ 42,258 $ 43,476
Fair Value $ 40,071 $ 43,326
Fair Value, % of Net Assets 3.95% 4.30%
Silver, Ounces    
Investment in Bullion | oz 11,232,955.4 11,556,366.8
Cost $ 242,562 $ 249,426
Fair Value $ 268,299 $ 276,717
Fair Value, % of Net Assets 26.44% 27.47%
[1] Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at March 31, 2023 were 11,100,000 and at December 31, 2022 were 11,350,000. Net asset values per Share at March 31, 2023 and December 31, 2022 were $91.42 and $88.77, respectively.
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Statements of Operations (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
EXPENSES    
Sponsor’s Fee $ 1,495,232 $ 1,540,106
Total expenses 1,495,000 1,540,000
Net investment loss (1,495,000) (1,540,000)
REALIZED AND UNREALIZED GAINS / (LOSSES)    
Realized gain on Bullion transferred to pay expenses 133,000 194,000
Realized gain on Bullion distributed for the redemption of Shares 2,606,000 540,000
Change in unrealized gain on investment in Bullion 27,714,000 75,203,000
Total gain on investment in Bullion 30,453,000 75,937,000
Change in net assets from operations $ 28,958,000 $ 74,397,000
Net increase / (decrease) in net assets per Share $ 2.57 $ 6.66
Weighted average number of Shares 11,254,444 11,162,778
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Statements of Changes in Net Assets (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]    
Opening balance (in shares) 11,350,000 10,900,000
Opening balance $ 1,007,501 $ 970,513
Net investment loss (1,495) (1,540)
Realized gain on investment in Bullion 2,739 734
Change in unrealized gain / (loss) on investment in Bullion $ 27,714 $ 75,203
Creations (in shares) 100,000 1,250,000
Creations $ 9,142 $ 123,461
Redemptions (in shares) (350,000) (50,000)
Redemptions $ (30,829) $ (4,464)
Closing balance (in shares) 11,100,000 12,100,000
Closing balance $ 1,014,772 $ 1,163,907
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Financial Highlights (Unaudited) - $ / shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Per Share Performance (for a Share outstanding throughout the entire period)    
Net asset value per Share at beginning of period $ 88.77 $ 89.04
Income from investment operations:    
Net investment loss (0.13) (0.14)
Total realized and unrealized gains or losses on investment in Bullion 2.78 7.29
Change in net assets from operations 2.65 7.15
Net asset value per Share at end of period $ 91.42 $ 96.19
Weighted average number of Shares 11,254,444 11,162,778
Expense ratio [1] 0.60% 0.60%
Net investment loss ratio [1] (0.60%) (0.60%)
Total return, net asset value [2] 2.99% 8.03%
[1] Annualized for periods less than one year.
[2] Total return is not annualized.
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Organization
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization

1.    Organization

 

The abrdn 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 abrdn ETFs Sponsor LLC (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”). The Trust holds Bullion  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 abrdn 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 abrdn Inc. abrdn Inc. is a wholly-owned indirect subsidiary of abrdn plc. The Trust is governed by the Trust Agreement.

 

Effective February 28, 2023, Andrea Melia resigned as Treasurer and Chief Financial Officer of the Sponsor. Ms. Melia had served as Principal Financial Officer of the Registrant. Effective February 28, 2023, Brian Kordeck was appointed Treasurer and Chief Financial Officer of the Sponsor. Mr. Kordeck will serve as Principal Financial 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 three months ended March 31, 2023, 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, 2022. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results for the full year.
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.23.1
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023, approximately 0.84% of the Trust’s palladium and 0.83% of the Trust’s platinum was held by one or more sub-custodians. At March 31, 2023 none of the Trust’s gold or silver 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$)  March 31, 2023   December 31,
2022		 
         
Level 1          
Investment in Bullion  $1,006,151   $1,003,576 

 

There were no transfers between levels during the three months ended March 31, 2023 or the year ended December 31, 2022.

                 

 

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 March 31, 2023, the Trust had $9,142,093 of Bullion receivable for the creation of Shares and no Bullion payable for the redemption of Shares. At December 31, 2022, the Trust had $4,438,006 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 March 31, 2023 or December 31, 2022.

 

2.6.    Investment in Bullion

 

Changes in ounces of Bullion and their respective values for the three months ended March 31, 2023 and 2022 are set out below:

 

   Three Months Ended March 31, 2023 
(Amounts in 000’s of US$, except for ounces data)        
Ounces of Bullion  Gold   Palladium   Platinum   Silver   Total 
Opening balance   315,173.6    63,034.7    42,023.2    11,556,366.8    11,976,598.3 
Creations   1,393.9    278.8    185.9    51,109.1    52,967.7 
Redemptions   (9,746.4)   (1,949.2)   (1,299.6)   (357,367.8)   (370,363.0)
Transfers of Bullion to pay expenses   (467.8)   (93.6)   (62.4)   (17,152.7)   (17,776.5)
Closing balance   306,353.3    61,270.7    40,847.1    11,232,955.4    11,641,426.5 
                          
Investment in Bullion                         
Opening balance  $571,646   $111,887   $43,326   $276,717   $1,003,576 
Creations   2,528    495    191    1,224    4,438 
Redemptions   (18,774)   (2,869)   (1,274)   (7,912)   (30,829)
Realized gain / (loss) on Bullion distributed for the redemption of Shares   3,138    (657)   (70)   195    2,606 
Transfers of Bullion to pay expenses   (878)   (157)   (64)   (388)   (1,487)
Realized gain / (loss) on Bullion transferred to pay expenses   128    (13)   —    18    133 
Change in unrealized gain / (loss) on investment in Bullion   48,700    (17,393)   (2,038)   (1,555)   27,714 
Closing balance  $606,488   $91,293   $40,071   $268,299   $1,006,151 

 

(Amounts in 000’s of US$, except for ounces data)  Three Months Ended March 31, 2022 
Ounces of Bullion  Gold   Palladium   Platinum   Silver   Total 
Opening balance   305,852.8    61,170.6    40,780.4    11,214,604.8    11,622,408.6 
Creations   35,017.2    7,003.4    4,669.0    1,283,964.5    1,330,654.1 
Redemptions   (1,402.1)   (280.4)   (187.0)   (51,412.5)   (53,282.0)
Transfers of Bullion to pay expenses   (453.4)   (90.7)   (60.5)   (16,625.7)   (17,230.3)
Closing balance   339,014.5    67,802.9    45,201.9    12,430,531.1    12,882,550.4 
                          
Investment in Bullion                         
Opening balance  $552,324   $120,690   $39,108   $258,889   $971,011 
Creations   68,151    18,126    4,957    32,227    123,461 
Redemptions   (2,561)   (533)   (185)   (1,185)   (4,464)
Realized gain / (loss) on Bullion distributed for the redemption of Shares   390    57    (9)   102    540 
Transfers of Bullion to pay expenses   (817)   (206)   (61)   (380)   (1,464)
Realized gain / (loss) on Bullion transferred to pay expenses   115    51    (2)   30    194 
Change in unrealized gain on investment in Bullion   40,815    14,982    625    18,781    75,203 
Closing balance  $658,417   $153,167   $44,433   $308,464   $1,164,481 

 

 

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 March 31, 2023 and 2022, the Sponsor’s Fee was $1,495,232 and $1,540,106, respectively.

 

At March 31, 2023 and at December 31, 2022, the fees payable to the Sponsor were $520,918 and $512,893, 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 months ended March 31, 2023 and 2022.

 

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. 

 
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.23.1
Related Parties
 3 Months Ended
Mar. 31, 2023
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. 
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.23.1
Concentration of Risk
 3 Months Ended
Mar. 31, 2023
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. 
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.23.1
Indemnification
 3 Months Ended
Mar. 31, 2023
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. 
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.23.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023, approximately 0.84% of the Trust’s palladium and 0.83% of the Trust’s platinum was held by one or more sub-custodians. At March 31, 2023 none of the Trust’s gold or silver 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$)  March 31, 2023   December 31,
2022		 
         
Level 1          
Investment in Bullion  $1,006,151   $1,003,576 

 

There were no transfers between levels during the three months ended March 31, 2023 or the year ended December 31, 2022.
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 March 31, 2023, the Trust had $9,142,093 of Bullion receivable for the creation of Shares and no Bullion payable for the redemption of Shares. At December 31, 2022, the Trust had $4,438,006 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 March 31, 2023 or December 31, 2022.
Investment in Bullion

2.6.    Investment in Bullion

 

Changes in ounces of Bullion and their respective values for the three months ended March 31, 2023 and 2022 are set out below:

 

   Three Months Ended March 31, 2023 
(Amounts in 000’s of US$, except for ounces data)        
Ounces of Bullion  Gold   Palladium   Platinum   Silver   Total 
Opening balance   315,173.6    63,034.7    42,023.2    11,556,366.8    11,976,598.3 
Creations   1,393.9    278.8    185.9    51,109.1    52,967.7 
Redemptions   (9,746.4)   (1,949.2)   (1,299.6)   (357,367.8)   (370,363.0)
Transfers of Bullion to pay expenses   (467.8)   (93.6)   (62.4)   (17,152.7)   (17,776.5)
Closing balance   306,353.3    61,270.7    40,847.1    11,232,955.4    11,641,426.5 
                          
Investment in Bullion                         
Opening balance  $571,646   $111,887   $43,326   $276,717   $1,003,576 
Creations   2,528    495    191    1,224    4,438 
Redemptions   (18,774)   (2,869)   (1,274)   (7,912)   (30,829)
Realized gain / (loss) on Bullion distributed for the redemption of Shares   3,138    (657)   (70)   195    2,606 
Transfers of Bullion to pay expenses   (878)   (157)   (64)   (388)   (1,487)
Realized gain / (loss) on Bullion transferred to pay expenses   128    (13)   —    18    133 
Change in unrealized gain / (loss) on investment in Bullion   48,700    (17,393)   (2,038)   (1,555)   27,714 
Closing balance  $606,488   $91,293   $40,071   $268,299   $1,006,151 

 

(Amounts in 000’s of US$, except for ounces data)  Three Months Ended March 31, 2022 
Ounces of Bullion  Gold   Palladium   Platinum   Silver   Total 
Opening balance   305,852.8    61,170.6    40,780.4    11,214,604.8    11,622,408.6 
Creations   35,017.2    7,003.4    4,669.0    1,283,964.5    1,330,654.1 
Redemptions   (1,402.1)   (280.4)   (187.0)   (51,412.5)   (53,282.0)
Transfers of Bullion to pay expenses   (453.4)   (90.7)   (60.5)   (16,625.7)   (17,230.3)
Closing balance   339,014.5    67,802.9    45,201.9    12,430,531.1    12,882,550.4 
                          
Investment in Bullion                         
Opening balance  $552,324   $120,690   $39,108   $258,889   $971,011 
Creations   68,151    18,126    4,957    32,227    123,461 
Redemptions   (2,561)   (533)   (185)   (1,185)   (4,464)
Realized gain / (loss) on Bullion distributed for the redemption of Shares   390    57    (9)   102    540 
Transfers of Bullion to pay expenses   (817)   (206)   (61)   (380)   (1,464)
Realized gain / (loss) on Bullion transferred to pay expenses   115    51    (2)   30    194 
Change in unrealized gain on investment in Bullion   40,815    14,982    625    18,781    75,203 
Closing balance  $658,417   $153,167   $44,433   $308,464   $1,164,481 

 
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 March 31, 2023 and 2022, the Sponsor’s Fee was $1,495,232 and $1,540,106, respectively.

 

At March 31, 2023 and at December 31, 2022, the fees payable to the Sponsor were $520,918 and $512,893, 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 months ended March 31, 2023 and 2022.

 

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. 
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.23.1
Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2023
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$)  March 31, 2023   December 31,
2022		 
         
Level 1          
Investment in Bullion  $1,006,151   $1,003,576 
Changes in ounces of Bullion and their respective values for the three months ended March 31, 2023 and 2022 are set out below:

Changes in ounces of Bullion and their respective values for the three months ended March 31, 2023 and 2022 are set out below:

 

   Three Months Ended March 31, 2023 
(Amounts in 000’s of US$, except for ounces data)        
Ounces of Bullion  Gold   Palladium   Platinum   Silver   Total 
Opening balance   315,173.6    63,034.7    42,023.2    11,556,366.8    11,976,598.3 
Creations   1,393.9    278.8    185.9    51,109.1    52,967.7 
Redemptions   (9,746.4)   (1,949.2)   (1,299.6)   (357,367.8)   (370,363.0)
Transfers of Bullion to pay expenses   (467.8)   (93.6)   (62.4)   (17,152.7)   (17,776.5)
Closing balance   306,353.3    61,270.7    40,847.1    11,232,955.4    11,641,426.5 
                          
Investment in Bullion                         
Opening balance  $571,646   $111,887   $43,326   $276,717   $1,003,576 
Creations   2,528    495    191    1,224    4,438 
Redemptions   (18,774)   (2,869)   (1,274)   (7,912)   (30,829)
Realized gain / (loss) on Bullion distributed for the redemption of Shares   3,138    (657)   (70)   195    2,606 
Transfers of Bullion to pay expenses   (878)   (157)   (64)   (388)   (1,487)
Realized gain / (loss) on Bullion transferred to pay expenses   128    (13)   —    18    133 
Change in unrealized gain / (loss) on investment in Bullion   48,700    (17,393)   (2,038)   (1,555)   27,714 
Closing balance  $606,488   $91,293   $40,071   $268,299   $1,006,151 

 

(Amounts in 000’s of US$, except for ounces data)  Three Months Ended March 31, 2022 
Ounces of Bullion  Gold   Palladium   Platinum   Silver   Total 
Opening balance   305,852.8    61,170.6    40,780.4    11,214,604.8    11,622,408.6 
Creations   35,017.2    7,003.4    4,669.0    1,283,964.5    1,330,654.1 
Redemptions   (1,402.1)   (280.4)   (187.0)   (51,412.5)   (53,282.0)
Transfers of Bullion to pay expenses   (453.4)   (90.7)   (60.5)   (16,625.7)   (17,230.3)
Closing balance   339,014.5    67,802.9    45,201.9    12,430,531.1    12,882,550.4 
                          
Investment in Bullion                         
Opening balance  $552,324   $120,690   $39,108   $258,889   $971,011 
Creations   68,151    18,126    4,957    32,227    123,461 
Redemptions   (2,561)   (533)   (185)   (1,185)   (4,464)
Realized gain / (loss) on Bullion distributed for the redemption of Shares   390    57    (9)   102    540 
Transfers of Bullion to pay expenses   (817)   (206)   (61)   (380)   (1,464)
Realized gain / (loss) on Bullion transferred to pay expenses   115    51    (2)   30    194 
Change in unrealized gain on investment in Bullion   40,815    14,982    625    18,781    75,203 
Closing balance  $658,417   $153,167   $44,433   $308,464   $1,164,481 
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.23.1
Organization (Details Narrative)
 3 Months Ended
Mar. 31, 2023
oz
shares
Minimum block of shares issued redeemed against palladium | shares 50,000
Gold, Ounces  
Investment holding ratio 0.03
Silver, Ounces  
Investment holding ratio 1.1
Platinum, Ounces  
Investment holding ratio 0.004
Palladium Ounces  
Investment holding ratio 0.006
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.23.1
The categorization of the Trust’s assets is as shown below: (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investment in bullion $ 1,006,151 $ 1,003,576
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.23.1
Changes in ounces of Bullion and their respective values for the three months ended March 31, 2023 and 2022 are set out below: (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
oz
Mar. 31, 2022
USD ($)
oz
Opening balance | oz 11,976,598.3 11,622,408.6
Creations | oz 52,967.7 1,330,654.1
Redemptions | oz (370,363.0) (53,282.0)
Transfers of Bullion to pay expenses | oz (17,776.5) (17,230.3)
Closing balance | oz 11,641,426.5 12,882,550.4
Opening balance $ 1,003,576 $ 971,011
Creations 4,438 123,461
Redemptions (30,829) (4,464)
Realized gain / (loss) on Bullion distributed for the redemption of Shares 2,606 540
Transfers of Bullion to pay expenses (1,487) (1,464)
Realized gain / (loss) on Bullion transferred to pay expenses 133 194
Change in unrealized gain on investment in Bullion 27,714 75,203
Closing balance $ 1,006,151 $ 1,164,481
Gold, Ounces    
Opening balance | oz 315,173.6 305,852.8
Creations | oz 1,393.9 35,017.2
Redemptions | oz (9,746.4) (1,402.1)
Transfers of Bullion to pay expenses | oz (467.8) (453.4)
Closing balance | oz 306,353.3 339,014.5
Opening balance $ 571,646 $ 552,324
Creations 2,528 68,151
Redemptions (18,774) (2,561)
Realized gain / (loss) on Bullion distributed for the redemption of Shares 3,138 390
Transfers of Bullion to pay expenses (878) (817)
Realized gain / (loss) on Bullion transferred to pay expenses 128 115
Change in unrealized gain on investment in Bullion 48,700 40,815
Closing balance $ 606,488 $ 658,417
Palladium Ounces    
Opening balance | oz 63,034.7 61,170.6
Creations | oz 278.8 7,003.4
Redemptions | oz (1,949.2) (280.4)
Transfers of Bullion to pay expenses | oz (93.6) (90.7)
Closing balance | oz 61,270.7 67,802.9
Opening balance $ 111,887 $ 120,690
Creations 495 18,126
Redemptions (2,869) (533)
Realized gain / (loss) on Bullion distributed for the redemption of Shares (657) 57
Transfers of Bullion to pay expenses (157) (206)
Realized gain / (loss) on Bullion transferred to pay expenses (13) 51
Change in unrealized gain on investment in Bullion (17,393) 14,982
Closing balance $ 91,293 $ 153,167
Platinum, Ounces    
Opening balance | oz 42,023.2 40,780.4
Creations | oz 185.9 4,669.0
Redemptions | oz (1,299.6) (187.0)
Transfers of Bullion to pay expenses | oz (62.4) (60.5)
Closing balance | oz 40,847.1 45,201.9
Opening balance $ 43,326 $ 39,108
Creations 191 4,957
Redemptions (1,274) (185)
Realized gain / (loss) on Bullion distributed for the redemption of Shares (70) (9)
Transfers of Bullion to pay expenses (64) (61)
Realized gain / (loss) on Bullion transferred to pay expenses (2)
Change in unrealized gain on investment in Bullion (2,038) 625
Closing balance $ 40,071 $ 44,433
Silver, Ounces    
Opening balance | oz 11,556,366.8 11,214,604.8
Creations | oz 51,109.1 1,283,964.5
Redemptions | oz (357,367.8) (51,412.5)
Transfers of Bullion to pay expenses | oz (17,152.7) (16,625.7)
Closing balance | oz 11,232,955.4 12,430,531.1
Opening balance $ 276,717 $ 258,889
Creations 1,224 32,227
Redemptions (7,912) (1,185)
Realized gain / (loss) on Bullion distributed for the redemption of Shares 195 102
Transfers of Bullion to pay expenses (388) (380)
Realized gain / (loss) on Bullion transferred to pay expenses 18 30
Change in unrealized gain on investment in Bullion (1,555) 18,781
Closing balance $ 268,299 $ 308,464
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.23.1
Significant Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Bullion receivable $ 9,142,093   $ 4,438,006
Bullion payable $ 0   0
Minimum block of shares issued redeemed against bullion 50,000    
Reserve for uncertain tax positions $ 0   0
Expense ratio [1] 0.60% 0.60%  
Maximum sponsor fee for legal expenses $ 100,000    
Sponsor's Fee 1,495,232 $ 1,540,106  
Fees payable to Sponsor 520,918   $ 512,893
All other expenses $ 0 $ 0  
Palladium Ounces      
Percentage of assets held by sub-custodians 0.84%    
Platinum, Ounces      
Percentage of assets held by sub-custodians 0.83%    
Gold, Ounces      
Percentage of assets held by sub-custodians 0.00%    
Silver, Ounces      
Percentage of assets held by sub-custodians 0.00%    
[1] Annualized for periods less than one year.
XML 29 gltr-10q_033123_htm.xml IDEA: XBRL DOCUMENT 0001483386 2023-01-01 2023-03-31 0001483386 2023-05-04 0001483386 2023-03-31 0001483386 2022-12-31 0001483386 currency:XAU 2023-03-31 0001483386 currency:XAU 2022-12-31 0001483386 currency:XPD 2023-03-31 0001483386 currency:XPD 2022-12-31 0001483386 currency:XPT 2023-03-31 0001483386 currency:XPT 2022-12-31 0001483386 currency:XAG 2023-03-31 0001483386 currency:XAG 2022-12-31 0001483386 2022-01-01 2022-12-31 0001483386 2022-01-01 2022-03-31 0001483386 2021-12-31 0001483386 2022-03-31 0001483386 us-gaap:FairValueInputsLevel1Member 2023-03-31 0001483386 us-gaap:FairValueInputsLevel1Member 2022-12-31 0001483386 currency:XAU 2023-01-01 2023-03-31 0001483386 currency:XPD 2023-01-01 2023-03-31 0001483386 currency:XPT 2023-01-01 2023-03-31 0001483386 currency:XAG 2023-01-01 2023-03-31 0001483386 currency:XAU 2021-12-31 0001483386 currency:XPD 2021-12-31 0001483386 currency:XPT 2021-12-31 0001483386 currency:XAG 2021-12-31 0001483386 currency:XAU 2022-01-01 2022-03-31 0001483386 currency:XPD 2022-01-01 2022-03-31 0001483386 currency:XPT 2022-01-01 2022-03-31 0001483386 currency:XAG 2022-01-01 2022-03-31 0001483386 currency:XAU 2022-03-31 0001483386 currency:XPD 2022-03-31 0001483386 currency:XPT 2022-03-31 0001483386 currency:XAG 2022-03-31 iso4217:USD shares iso4217:USD shares pure utr:oz 0001483386 false --12-31 2022 Q1 Unlimited Unlimited 10-Q true 2023-03-31 false 001-34917 abrdn Precious Metals Basket ETF Trust NY 27-2780046 1900 Market Street Suite 200 Philadelphia PA 19103 (844) 383-7289 abrdn Physical Precious Metals Basket Shares ETF GLTR NYSEArca Yes Yes Large Accelerated Filer false false false 11250000 491473000 505331000 606488000 571646000 110818000 114018000 91293000 111887000 42258000 43476000 40071000 43326000 242562000 249426000 268299000 276717000 1006151000 1003576000 9142000 4438000 1015293000 1008014000 521000 513000 521000 513000 1014772000 1007501000 0 0 11100000 11100000 11350000 11350000 91.42 88.77 306353.3 491473000 606488000 0.5977 61270.7 110818000 91293000 0.0899 40847.1 42258000 40071000 0.0395 11232955.4 242562000 268299000 0.2644 11641426.5 887111000 1006151000 0.9915 8621000 0.0085 1014772000 1.0000 315173.6 505331000 571646000 0.5673 63034.7 114018000 111887000 0.1111 42023.2 43476000 43326000 0.0430 11556366.8 249426000 276717000 0.2747 11976598.3 912251000 1003576000 0.9961 3925000 0.0039 1007501000 1.0000 1495000 1540000 1495000 1540000 -1495000 -1540000 133000 194000 2606000 540000 27714000 75203000 30453000 75937000 28958000 74397000 2.57 6.66 11254444 11162778 11350000 1007501000 -1495000 2739000 27714000 100000 9142000 350000 30829000 11100000 1014772000 10900000 970513000 -1540000 734000 75203000 1250000 123461000 50000 4464000 12100000 1163907000 88.77 89.04 -0.13 -0.14 2.78 7.29 2.65 7.15 91.42 96.19 11254444 11162778 0.0060 0.0060 -0.0060 -0.0060 0.0299 0.0803 <p id="xdx_805_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z3m27qaAi3dk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>1.    <span id="xdx_824_zaQxYaeaBmxd">Organization</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The abrdn 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 abrdn ETFs Sponsor LLC (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”). The Trust holds Bullion  in set ratios such that for every <span id="xdx_901_ecustom--InvestmentHoldingRatioOtherMeasure_iI_uOZ_c20230331__srt--CurrencyAxis__currency--XAU_zLnfeO3Ags41" title="Investment holding ratio">0.03</span> ounces of gold it holds <span id="xdx_90C_ecustom--InvestmentHoldingRatioOtherMeasure_iI_pid_uOZ_c20230331__srt--CurrencyAxis__currency--XAG_zmfTLRGMkKak">1.1</span> ounces of silver, <span id="xdx_90A_ecustom--InvestmentHoldingRatioOtherMeasure_iI_pid_c20230331__srt--CurrencyAxis__currency--XPT_zbL5RW64s324">0.004</span> ounces of platinum and <span id="xdx_90B_ecustom--InvestmentHoldingRatioOtherMeasure_iI_pid_c20230331__srt--CurrencyAxis__currency--XPD_z4ZipQ7tOmVd">0.006</span> ounces of palladium (together, "Bullion"). The Trust issues abrdn Physical Precious Metals Basket Shares ETF (“Shares”) in minimum blocks of <span id="xdx_908_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_c20230101__20230331_z7vNsVQGkaMe" title="Minimum block of shares issued redeemed against palladium">50,000</span> 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 abrdn Inc. abrdn Inc. is a wholly-owned indirect subsidiary of abrdn plc. The Trust is governed by the Trust Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Effective February 28, 2023, Andrea Melia resigned as Treasurer and Chief Financial Officer of the Sponsor. Ms. Melia had served as Principal Financial Officer of the Registrant. Effective February 28, 2023, Brian Kordeck was appointed Treasurer and Chief Financial Officer of the Sponsor. Mr. Kordeck will serve as Principal Financial Officer of the Registrant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 three months ended March 31, 2023, and for all periods presented have been made.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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, 2022. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results for the full year.</p> 0.03 1.1 0.004 0.006 50000 <p id="xdx_807_eus-gaap--SignificantAccountingPoliciesTextBlock_zbpn9QYcvtc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2.    <span id="xdx_825_zUhml3Lx6rZa">Significant Accounting Policies</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_847_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zAH6OcxCI0K3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.1.    <span id="xdx_86D_z5VTFg58b5a8">Basis of Accounting</span></i></b> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, <i>Financial Services—Investment Companies</i>, 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.</p> <p id="xdx_853_zI0BYIEVemW1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_84A_ecustom--ValuationOfBullionPolicyTextBlock_zZVlHbBRM4f5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.2.    <span id="xdx_868_zkK5mWTxw8c7">Valuation of Bullion</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust follows the provisions of ASC 820, <i>Fair Value Measurement </i>(“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. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 March 31, 2023, approximately <span id="xdx_90C_ecustom--PercentageOfAssetBeingHeldByTrust_iI_dp_c20230331__srt--CurrencyAxis__currency--XPD_zrCn6WQXDuD1" title="Percentage of assets held by sub-custodians">0.84</span>% of the Trust’s palladium and <span id="xdx_90A_ecustom--PercentageOfAssetBeingHeldByTrust_iI_dp_c20230331__srt--CurrencyAxis__currency--XPT_zDfDOJIdMtv6" title="Percentage of assets held by sub-custodians">0.83</span>% of the Trust’s platinum was held by one or more sub-custodians. At March 31, 2023 <span id="xdx_901_ecustom--PercentageOfAssetBeingHeldByTrust_iI_dpn_c20230331__srt--CurrencyAxis__currency--XAU_zrP8ngxwp8X7" title="Percentage of assets held by sub-custodians"><span id="xdx_90D_ecustom--PercentageOfAssetBeingHeldByTrust_iI_dpn_c20230331__srt--CurrencyAxis__currency--XAG_zRxsjOXVDmB4" title="Percentage of assets held by sub-custodians">none</span></span> of the Trust’s gold or silver was held by a sub-custodian.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/> <p style="margin: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Fair Value Hierarchy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">– Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">– 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">– 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_892_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zhJotZcc9Bci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8BF_zgeWYdUykdLf">The categorization of the Trust’s assets is as shown below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic">(Amounts in 000’s of US$)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">March 31, 2023</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31, <br/> 2022</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic">Level 1</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 50%; font-size: 10pt; text-align: left">Investment in Bullion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_c20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zofTJMU7DmL7" style="width: 12%; text-align: right" title="Investment in bullion">1,006,151</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zBqhJYFC3qX6" style="width: 12%; text-align: right" title="Investment in bullion">1,003,576</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zMfKfG3N51Ag" style="margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">There were no transfers between levels during the three months ended March 31, 2023 or the year ended December 31, 2022.</p> <p id="xdx_857_zH0iC7AlBLj4" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                 </p> <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_84A_ecustom--ReceivableAndPayablePolicyTextBlock_z7PrZQeLGFLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.3.    <span id="xdx_864_zqSesfCAiIO1">Bullion Receivable and Payable</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 March 31, 2023, the Trust had $<span id="xdx_904_ecustom--BullionReceivableAtMarketValue_iI_c20230331_zTLCmtBlTYT2" title="Bullion receivable">9,142,093</span> of Bullion receivable for the creation of Shares and <span id="xdx_90F_ecustom--BullionPayableAtMarketValue_iI_do_c20230331_zCEfa6MuCQd3" title="Bullion payable">no</span> Bullion payable for the redemption of Shares. At December 31, 2022, the Trust had $<span id="xdx_90A_ecustom--BullionReceivableAtMarketValue_iI_c20221231_z5jxbl8v08Ge" title="Bullion receivable">4,438,006</span> of Bullion receivable for the creation of Shares and <span id="xdx_90E_ecustom--BullionPayableAtMarketValue_iI_do_c20221231_zZzFp8ev04pi" title="Bullion payable">no</span> Bullion payable for the redemption of Shares.</p> <p id="xdx_857_z2qYLvrvN1t4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_84D_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zjBPEts9QWEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.4.    <span id="xdx_867_zIkcC35yViX4">Creations and Redemptions of Shares</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 <span id="xdx_900_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_c20230101__20230331_zfxa8Xrs3XXb" title="Minimum block of shares issued redeemed against bullion">50,000</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p id="xdx_850_zXjSPixHHD71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/> <p style="margin: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_84A_eus-gaap--IncomeTaxPolicyTextBlock_zcv20c2tGqE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.5.    <span id="xdx_86A_z8f5xD1uVh24">Income Taxes</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that <span id="xdx_90C_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20221231_zb355td6J3Yk" title="Reserve for uncertain tax positions"><span id="xdx_903_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20230331_zyszvP8go11b">no</span></span> reserves for uncertain tax positions are required as of March 31, 2023 or December 31, 2022.</p> <p id="xdx_85C_zKLBYhN74sU4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_84A_eus-gaap--InvestmentPolicyTextBlock_znmH4uAvDAkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.6.    <span id="xdx_86E_zuieFXIH7Ouh">Investment in Bullion</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zqV7ENhAOMCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B8_zRCswF3uWNB7">Changes in ounces of Bullion and their respective values for the three months ended March 31, 2023 and 2022 are set out below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-style: italic"> </td><td style="font-weight: bold"> </td> <td colspan="18" style="font-weight: bold; text-align: center">Three Months Ended March 31, 2023</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="13" style="font-style: italic; text-align: left">(Amounts in 000’s of US$, except for ounces data)</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Ounces of Bullion</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Palladium</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Platinum</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Silver</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zrR0zfPHihPa" style="width: 10%; text-align: right" title="Opening balance">315,173.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zPGCjjBvd2Gi" style="width: 10%; text-align: right">63,034.7</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zgT6umSZ1zKd" style="width: 10%; text-align: right">42,023.2</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zrtIvuSapEOj" style="width: 10%; text-align: right">11,556,366.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331_ztIvKE2kZRK3" style="width: 10%; text-align: right">11,976,598.3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zkJoNztNqeja" style="text-align: right" title="Creations">1,393.9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_z6RrAFuuc93h" style="text-align: right">278.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zV9ZvwVrguFh" style="text-align: right">185.9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zjB1r76E1x3g" style="text-align: right">51,109.1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331_zbZjU01FPQq5" style="text-align: right">52,967.7</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zqoC23eUBl6b" style="text-align: right" title="Redemptions">(9,746.4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zcbMDozMRM4a" style="text-align: right">(1,949.2</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zfejnLXlmoh3" style="text-align: right">(1,299.6</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zayh3BHPSfm1" style="text-align: right">(357,367.8</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331_z1Jtv8h6WC03" style="text-align: right">(370,363.0</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of Bullion to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zWTwWA9cbfF6" style="border-bottom: Black 1pt solid; text-align: right" title="Transfers of Bullion to pay expenses">(467.8</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zXTstQYyMjR2" style="border-bottom: Black 1pt solid; text-align: right">(93.6</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_znuC7H02MWk9" style="border-bottom: Black 1pt solid; text-align: right">(62.4</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zHPSx9n0uDDg" style="border-bottom: Black 1pt solid; text-align: right">(17,152.7</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331_zC1ar0Atbaz8" style="border-bottom: Black 1pt solid; text-align: right">(17,776.5</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_z5lLKZB4HRyh" style="border-bottom: Black 2.5pt double; text-align: right" title="Closing balance">306,353.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zq3x2VpWMh1" style="border-bottom: Black 2.5pt double; text-align: right">61,270.7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zuMJxaHyj7H9" style="border-bottom: Black 2.5pt double; text-align: right">40,847.1</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zS0cNzl0bjt2" style="border-bottom: Black 2.5pt double; text-align: right">11,232,955.4</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331_z1eNqdfEOkZ1" style="border-bottom: Black 2.5pt double; text-align: right">11,641,426.5</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Investment in Bullion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zWYdpko6q174" style="text-align: right" title="Opening balance">571,646</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_z6EaurPpqzz4" style="text-align: right">111,887</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zjNIItYaaiR2" style="text-align: right">43,326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zNMaD9lxN2gg" style="text-align: right">276,717</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331_zmloc7tKOKtd" style="text-align: right">1,003,576</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_ziA51W2dJH1" style="text-align: right" title="Creations">2,528</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zxU1WkgfSbc2" style="text-align: right">495</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zeGfTVtGnS8d" style="text-align: right">191</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zzAQDj0pAoGe" style="text-align: right">1,224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331_zPk54KOTZoYf" style="text-align: right">4,438</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zILS3VbfUlo4" style="text-align: right" title="Redemptions">(18,774</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zIN19j3irLqc" style="text-align: right">(2,869</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zJaLfoahDRFj" style="text-align: right">(1,274</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zqoaYLJgH1v6" style="text-align: right">(7,912</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331_zbmNGdYyzS76" style="text-align: right">(30,829</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zGulZDrQHIj5" style="text-align: right" title="Realized gain / (loss) on Bullion distributed for the redemption of Shares">3,138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zuM0pUTyb4j4" style="text-align: right">(657</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zJ49Y0vokNT7" style="text-align: right">(70</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zW0xLLmDzgvc" style="text-align: right">195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331_zGeALVVa0U9g" style="text-align: right">2,606</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of Bullion to pay expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zcpUZo49F1n4" style="text-align: right" title="Transfers of Bullion to pay expenses">(878</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zyf6G4wHqb77" style="text-align: right">(157</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zjlZsqarrbYa" style="text-align: right">(64</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zrV1cp2NVsxh" style="text-align: right">(388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331_zFi1yUglaxqf" style="text-align: right">(1,487</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zzZbb36w1Ce4" style="text-align: right" title="Realized gain / (loss) on Bullion transferred to pay expenses">128</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zbuhASOwmhwi" style="text-align: right">(13</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zYyvWaJE51L8" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0422">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zhMOsmjfaG7g" style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331_zWZaBKDSZvKd" style="text-align: right">133</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in Bullion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_z4l5RjoVzoMb" style="border-bottom: Black 1pt solid; text-align: right" title="Change in unrealized gain on investment in Bullion">48,700</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_z5oaZ3mdqt85" style="border-bottom: Black 1pt solid; text-align: right">(17,393</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zwwssAz6V1Qk" style="border-bottom: Black 1pt solid; text-align: right">(2,038</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zGhczcuYXDH1" style="border-bottom: Black 1pt solid; text-align: right">(1,555</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331_zC7R4FoY9Qlc" style="border-bottom: Black 1pt solid; text-align: right">27,714</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_z9Btxg5t8E76" style="border-bottom: Black 2.5pt double; text-align: right" title="Closing balance">606,488</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_z1LbcWKPajVc" style="border-bottom: Black 2.5pt double; text-align: right">91,293</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zXOnJzzj02Ql" style="border-bottom: Black 2.5pt double; text-align: right">40,071</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_ziyzXYcYMzSj" style="border-bottom: Black 2.5pt double; text-align: right">268,299</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331_zEEFUEhItgx2" style="border-bottom: Black 2.5pt double; text-align: right">1,006,151</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-style: italic">(Amounts in 000’s of US$, except for ounces data)</td><td style="font-weight: bold"> </td> <td colspan="18" style="font-weight: bold; text-align: center">Three Months Ended March 31, 2022</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Ounces of Bullion</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Gold</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Palladium</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Platinum</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Silver</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Total</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zAUdoKeamKbc" style="width: 10%; text-align: right">305,852.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zBz3gflVkVXd" style="width: 10%; text-align: right">61,170.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zm6RgkEB1HE" style="width: 10%; text-align: right">40,780.4</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zyuRSu643kB9" style="width: 10%; text-align: right">11,214,604.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331_z6f0j9VBEf2c" style="width: 10%; text-align: right">11,622,408.6</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zT2wKEEHQKdd" style="text-align: right">35,017.2</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zV9RaXSbvPMg" style="text-align: right">7,003.4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zS6FQTgH3zr5" style="text-align: right">4,669.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zH5U9imeeqp3" style="text-align: right">1,283,964.5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331_zUTLDmdFJaI3" style="text-align: right">1,330,654.1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_z2ae5mi6SUf8" style="text-align: right">(1,402.1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_z5JGGuttrTnh" style="text-align: right">(280.4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zHqlQMfC7nnj" style="text-align: right">(187.0</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zx4f0KOgQc4b" style="text-align: right">(51,412.5</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331_zXAKn9RKg5sd" style="text-align: right">(53,282.0</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of Bullion to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zZRy1IqJEH18" style="border-bottom: Black 1pt solid; text-align: right">(453.4</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zvM7vsvZijgd" style="border-bottom: Black 1pt solid; text-align: right">(90.7</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zrWBKmVs41Ad" style="border-bottom: Black 1pt solid; text-align: right">(60.5</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zOKTi5IrAR9f" style="border-bottom: Black 1pt solid; text-align: right">(16,625.7</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331_zW5BwjtK42Ac" style="border-bottom: Black 1pt solid; text-align: right">(17,230.3</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2pt">Closing balance</td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zlbxWoCNq4Ul" style="border-bottom: Black 2pt solid; text-align: right">339,014.5</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zC9hGUsewsZb" style="border-bottom: Black 2pt solid; text-align: right">67,802.9</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_z3WlNX7Ud1Vb" style="border-bottom: Black 2pt solid; text-align: right">45,201.9</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_z8rh5xPsbLnl" style="border-bottom: Black 2pt solid; text-align: right">12,430,531.1</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331_zw0a3NFQdRql" style="border-bottom: Black 2pt solid; text-align: right">12,882,550.4</td><td style="padding-bottom: 2pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Investment in Bullion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zuTvgzaiORHb" style="text-align: right" title="Opening balance">552,324</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zP3ANfnYXcOh" style="text-align: right">120,690</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zUD6i9lXWRlh" style="text-align: right">39,108</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zhqnGwpS20u" style="text-align: right">258,889</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331_zXBTjnFo07g8" style="text-align: right">971,011</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_z7WSEfIRpmt1" style="text-align: right" title="Creations">68,151</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zUjQVPu35pib" style="text-align: right">18,126</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zzo8lCm2FYHf" style="text-align: right">4,957</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zFhdD2rrtYkd" style="text-align: right">32,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331_zeBPmH5zPjXf" style="text-align: right">123,461</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XAU_znFBGqDmFaH9" style="text-align: right" title="Redemptions">(2,561</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zTkUC0yl4CPh" style="text-align: right">(533</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zOs8KhfHmEni" style="text-align: right">(185</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zhbqDMK5XmSh" style="text-align: right">(1,185</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331_zr0yloVbQN79" style="text-align: right">(4,464</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zWi67uRIgVU8" style="text-align: right" title="Realized gain / (loss) on Bullion distributed for the redemption of Shares">390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zBZpnrGGpoBa" style="text-align: right">57</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_z2fQXk71L8lc" style="text-align: right">(9</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_ze73wLIiVsA9" style="text-align: right">102</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331_zVlBNXiym4s1" style="text-align: right">540</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of Bullion to pay expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zcaiCG7fhovk" style="text-align: right" title="Transfers of Bullion to pay expenses">(817</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zl46dWxEUXu8" style="text-align: right">(206</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XPT_z6VGU8DZjuFb" style="text-align: right">(61</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zTE4bwc8umD5" style="text-align: right">(380</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331_zwOiROnSug3" style="text-align: right">(1,464</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_z84FR2PNSMDe" style="text-align: right" title="Realized gain / (loss) on Bullion transferred to pay expenses">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zy3ZlS78m7R5" style="text-align: right">51</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zPeFd1RzWa0a" style="text-align: right">(2</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zyaNp8Dr8QA4" style="text-align: right">30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331_z51Gs3HlwJx" style="text-align: right">194</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain on investment in Bullion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zxmc984sbEXf" style="border-bottom: Black 1pt solid; text-align: right" title="Change in unrealized gain on investment in Bullion">40,815</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zZIZJAunXbKd" style="border-bottom: Black 1pt solid; text-align: right">14,982</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zIovfJMKheV4" style="border-bottom: Black 1pt solid; text-align: right">625</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zwVZmWC47Hie" style="border-bottom: Black 1pt solid; text-align: right">18,781</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331_zHS3AmFegoah" style="border-bottom: Black 1pt solid; text-align: right">75,203</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2pt">Closing balance</td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zHRXZEEb1D03" style="border-bottom: Black 2pt solid; text-align: right" title="Closing balance">658,417</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zHIHeMYLpSSe" style="border-bottom: Black 2pt solid; text-align: right">153,167</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zqIZjaQDdNa" style="border-bottom: Black 2pt solid; text-align: right">44,433</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_z9xWIzkBPxef" style="border-bottom: Black 2pt solid; text-align: right">308,464</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_98D_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331_zvqxgp3z8hGg" style="border-bottom: Black 2pt solid; text-align: right">1,164,481</td><td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"/> <p id="xdx_8A6_zXvJKtqWUhB3" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"> </p> <p id="xdx_857_zaKadrMAmKni" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"> </p> <p id="xdx_84A_ecustom--ExpensesPolicyTextBlock_zOdp0Xf4Lhk1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.7.    <span id="xdx_86C_zo16W9BiqUw">Expenses / Realized Gains / Losses</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><br/> 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.<br/>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to <span id="xdx_90E_ecustom--AnnualizedRateOfSponsorsFee_dp_c20230101__20230331_ziXTcs407k7g" title="Expense ratio">0.60</span>% of the adjusted daily net asset value (“ANAV”) of the Trust, paid monthly in arrears. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 $<span id="xdx_90B_ecustom--MaximumSponsorFeeForLegalExpenses_c20230101__20230331_zt4ajKyxIDBl" title="Maximum sponsor fee for legal expenses">100,000</span> per annum in legal expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three months ended March 31, 2023 and 2022, the Sponsor’s Fee was $<span id="xdx_90C_eus-gaap--SponsorFees_pp0p0_c20230101__20230331_zr17Pw3vMBOl" title="Sponsor's Fee">1,495,232</span> and $<span id="xdx_908_eus-gaap--SponsorFees_pp0p0_c20220101__20220331_z7MGOQPg8w43" title="Sponsor's Fee">1,540,106</span>, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At March 31, 2023 and at December 31, 2022, the fees payable to the Sponsor were $<span id="xdx_90A_eus-gaap--AccountsPayableCurrent_iI_pp0p0_c20230331_z0WL4rkM2bbi" title="Fees payable to Sponsor">520,918</span> and $<span id="xdx_903_eus-gaap--AccountsPayableCurrent_iI_pp0p0_c20221231_zd0UgofdmZaa" title="Fees payable to Sponsor">512,893</span>, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 <span id="xdx_90A_eus-gaap--OtherCostAndExpenseOperating_do_c20230101__20230331_zKNH4Z2YZNV7" title="All other expenses"><span id="xdx_90E_eus-gaap--OtherCostAndExpenseOperating_do_c20220101__20220331_zX1KiTCGPkMg" title="All other expenses">no</span></span> expenses during the three months ended March 31, 2023 and 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p id="xdx_854_zpUFTx7GH9sa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_848_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zT0nkB7GwjHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.8.    <span id="xdx_86A_zjyO8Js7x8Ll">Subsequent Events</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with the provisions set forth in FASB ASC 855-10, <i>Subsequent Events</i>, 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. </p> <p id="xdx_852_zNAUCmaHWzgd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_847_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zAH6OcxCI0K3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.1.    <span id="xdx_86D_z5VTFg58b5a8">Basis of Accounting</span></i></b> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, <i>Financial Services—Investment Companies</i>, 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.</p> <p id="xdx_84A_ecustom--ValuationOfBullionPolicyTextBlock_zZVlHbBRM4f5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.2.    <span id="xdx_868_zkK5mWTxw8c7">Valuation of Bullion</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust follows the provisions of ASC 820, <i>Fair Value Measurement </i>(“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. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 March 31, 2023, approximately <span id="xdx_90C_ecustom--PercentageOfAssetBeingHeldByTrust_iI_dp_c20230331__srt--CurrencyAxis__currency--XPD_zrCn6WQXDuD1" title="Percentage of assets held by sub-custodians">0.84</span>% of the Trust’s palladium and <span id="xdx_90A_ecustom--PercentageOfAssetBeingHeldByTrust_iI_dp_c20230331__srt--CurrencyAxis__currency--XPT_zDfDOJIdMtv6" title="Percentage of assets held by sub-custodians">0.83</span>% of the Trust’s platinum was held by one or more sub-custodians. At March 31, 2023 <span id="xdx_901_ecustom--PercentageOfAssetBeingHeldByTrust_iI_dpn_c20230331__srt--CurrencyAxis__currency--XAU_zrP8ngxwp8X7" title="Percentage of assets held by sub-custodians"><span id="xdx_90D_ecustom--PercentageOfAssetBeingHeldByTrust_iI_dpn_c20230331__srt--CurrencyAxis__currency--XAG_zRxsjOXVDmB4" title="Percentage of assets held by sub-custodians">none</span></span> of the Trust’s gold or silver was held by a sub-custodian.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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”.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/> <p style="margin: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Fair Value Hierarchy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">– Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">– 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">– 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_892_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zhJotZcc9Bci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8BF_zgeWYdUykdLf">The categorization of the Trust’s assets is as shown below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic">(Amounts in 000’s of US$)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">March 31, 2023</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31, <br/> 2022</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic">Level 1</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 50%; font-size: 10pt; text-align: left">Investment in Bullion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_c20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zofTJMU7DmL7" style="width: 12%; text-align: right" title="Investment in bullion">1,006,151</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zBqhJYFC3qX6" style="width: 12%; text-align: right" title="Investment in bullion">1,003,576</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zMfKfG3N51Ag" style="margin: 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">There were no transfers between levels during the three months ended March 31, 2023 or the year ended December 31, 2022.</p> 0.0084 0.0083 0 0 <p id="xdx_892_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zhJotZcc9Bci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8BF_zgeWYdUykdLf">The categorization of the Trust’s assets is as shown below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic">(Amounts in 000’s of US$)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">March 31, 2023</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31, <br/> 2022</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-style: italic">Level 1</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 50%; font-size: 10pt; text-align: left">Investment in Bullion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_c20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zofTJMU7DmL7" style="width: 12%; text-align: right" title="Investment in bullion">1,006,151</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zBqhJYFC3qX6" style="width: 12%; text-align: right" title="Investment in bullion">1,003,576</td><td style="width: 1%; text-align: left"> </td></tr> </table> 1006151000 1003576000 <p id="xdx_84A_ecustom--ReceivableAndPayablePolicyTextBlock_z7PrZQeLGFLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.3.    <span id="xdx_864_zqSesfCAiIO1">Bullion Receivable and Payable</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 March 31, 2023, the Trust had $<span id="xdx_904_ecustom--BullionReceivableAtMarketValue_iI_c20230331_zTLCmtBlTYT2" title="Bullion receivable">9,142,093</span> of Bullion receivable for the creation of Shares and <span id="xdx_90F_ecustom--BullionPayableAtMarketValue_iI_do_c20230331_zCEfa6MuCQd3" title="Bullion payable">no</span> Bullion payable for the redemption of Shares. At December 31, 2022, the Trust had $<span id="xdx_90A_ecustom--BullionReceivableAtMarketValue_iI_c20221231_z5jxbl8v08Ge" title="Bullion receivable">4,438,006</span> of Bullion receivable for the creation of Shares and <span id="xdx_90E_ecustom--BullionPayableAtMarketValue_iI_do_c20221231_zZzFp8ev04pi" title="Bullion payable">no</span> Bullion payable for the redemption of Shares.</p> 9142093 0 4438006 0 <p id="xdx_84D_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zjBPEts9QWEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.4.    <span id="xdx_867_zIkcC35yViX4">Creations and Redemptions of Shares</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 <span id="xdx_900_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_c20230101__20230331_zfxa8Xrs3XXb" title="Minimum block of shares issued redeemed against bullion">50,000</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> 50000 <p id="xdx_84A_eus-gaap--IncomeTaxPolicyTextBlock_zcv20c2tGqE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.5.    <span id="xdx_86A_z8f5xD1uVh24">Income Taxes</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that <span id="xdx_90C_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20221231_zb355td6J3Yk" title="Reserve for uncertain tax positions"><span id="xdx_903_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20230331_zyszvP8go11b">no</span></span> reserves for uncertain tax positions are required as of March 31, 2023 or December 31, 2022.</p> 0 0 <p id="xdx_84A_eus-gaap--InvestmentPolicyTextBlock_znmH4uAvDAkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.6.    <span id="xdx_86E_zuieFXIH7Ouh">Investment in Bullion</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zqV7ENhAOMCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B8_zRCswF3uWNB7">Changes in ounces of Bullion and their respective values for the three months ended March 31, 2023 and 2022 are set out below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-style: italic"> </td><td style="font-weight: bold"> </td> <td colspan="18" style="font-weight: bold; text-align: center">Three Months Ended March 31, 2023</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="13" style="font-style: italic; text-align: left">(Amounts in 000’s of US$, except for ounces data)</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Ounces of Bullion</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Palladium</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Platinum</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Silver</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zrR0zfPHihPa" style="width: 10%; text-align: right" title="Opening balance">315,173.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zPGCjjBvd2Gi" style="width: 10%; text-align: right">63,034.7</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zgT6umSZ1zKd" style="width: 10%; text-align: right">42,023.2</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zrtIvuSapEOj" style="width: 10%; text-align: right">11,556,366.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331_ztIvKE2kZRK3" style="width: 10%; text-align: right">11,976,598.3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zkJoNztNqeja" style="text-align: right" title="Creations">1,393.9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_z6RrAFuuc93h" style="text-align: right">278.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zV9ZvwVrguFh" style="text-align: right">185.9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zjB1r76E1x3g" style="text-align: right">51,109.1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331_zbZjU01FPQq5" style="text-align: right">52,967.7</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zqoC23eUBl6b" style="text-align: right" title="Redemptions">(9,746.4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zcbMDozMRM4a" style="text-align: right">(1,949.2</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zfejnLXlmoh3" style="text-align: right">(1,299.6</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zayh3BHPSfm1" style="text-align: right">(357,367.8</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331_z1Jtv8h6WC03" style="text-align: right">(370,363.0</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of Bullion to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zWTwWA9cbfF6" style="border-bottom: Black 1pt solid; text-align: right" title="Transfers of Bullion to pay expenses">(467.8</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zXTstQYyMjR2" style="border-bottom: Black 1pt solid; text-align: right">(93.6</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_znuC7H02MWk9" style="border-bottom: Black 1pt solid; text-align: right">(62.4</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zHPSx9n0uDDg" style="border-bottom: Black 1pt solid; text-align: right">(17,152.7</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331_zC1ar0Atbaz8" style="border-bottom: Black 1pt solid; text-align: right">(17,776.5</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_z5lLKZB4HRyh" style="border-bottom: Black 2.5pt double; text-align: right" title="Closing balance">306,353.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zq3x2VpWMh1" style="border-bottom: Black 2.5pt double; text-align: right">61,270.7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zuMJxaHyj7H9" style="border-bottom: Black 2.5pt double; text-align: right">40,847.1</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zS0cNzl0bjt2" style="border-bottom: Black 2.5pt double; text-align: right">11,232,955.4</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331_z1eNqdfEOkZ1" style="border-bottom: Black 2.5pt double; text-align: right">11,641,426.5</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Investment in Bullion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zWYdpko6q174" style="text-align: right" title="Opening balance">571,646</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_z6EaurPpqzz4" style="text-align: right">111,887</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zjNIItYaaiR2" style="text-align: right">43,326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zNMaD9lxN2gg" style="text-align: right">276,717</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331_zmloc7tKOKtd" style="text-align: right">1,003,576</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_ziA51W2dJH1" style="text-align: right" title="Creations">2,528</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zxU1WkgfSbc2" style="text-align: right">495</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zeGfTVtGnS8d" style="text-align: right">191</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zzAQDj0pAoGe" style="text-align: right">1,224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331_zPk54KOTZoYf" style="text-align: right">4,438</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zILS3VbfUlo4" style="text-align: right" title="Redemptions">(18,774</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zIN19j3irLqc" style="text-align: right">(2,869</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zJaLfoahDRFj" style="text-align: right">(1,274</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zqoaYLJgH1v6" style="text-align: right">(7,912</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331_zbmNGdYyzS76" style="text-align: right">(30,829</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zGulZDrQHIj5" style="text-align: right" title="Realized gain / (loss) on Bullion distributed for the redemption of Shares">3,138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zuM0pUTyb4j4" style="text-align: right">(657</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zJ49Y0vokNT7" style="text-align: right">(70</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zW0xLLmDzgvc" style="text-align: right">195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331_zGeALVVa0U9g" style="text-align: right">2,606</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of Bullion to pay expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zcpUZo49F1n4" style="text-align: right" title="Transfers of Bullion to pay expenses">(878</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zyf6G4wHqb77" style="text-align: right">(157</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zjlZsqarrbYa" style="text-align: right">(64</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zrV1cp2NVsxh" style="text-align: right">(388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331_zFi1yUglaxqf" style="text-align: right">(1,487</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zzZbb36w1Ce4" style="text-align: right" title="Realized gain / (loss) on Bullion transferred to pay expenses">128</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zbuhASOwmhwi" style="text-align: right">(13</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zYyvWaJE51L8" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0422">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zhMOsmjfaG7g" style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331_zWZaBKDSZvKd" style="text-align: right">133</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in Bullion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_z4l5RjoVzoMb" style="border-bottom: Black 1pt solid; text-align: right" title="Change in unrealized gain on investment in Bullion">48,700</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_z5oaZ3mdqt85" style="border-bottom: Black 1pt solid; text-align: right">(17,393</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zwwssAz6V1Qk" style="border-bottom: Black 1pt solid; text-align: right">(2,038</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zGhczcuYXDH1" style="border-bottom: Black 1pt solid; text-align: right">(1,555</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331_zC7R4FoY9Qlc" style="border-bottom: Black 1pt solid; text-align: right">27,714</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_z9Btxg5t8E76" style="border-bottom: Black 2.5pt double; text-align: right" title="Closing balance">606,488</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_z1LbcWKPajVc" style="border-bottom: Black 2.5pt double; text-align: right">91,293</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zXOnJzzj02Ql" style="border-bottom: Black 2.5pt double; text-align: right">40,071</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_ziyzXYcYMzSj" style="border-bottom: Black 2.5pt double; text-align: right">268,299</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331_zEEFUEhItgx2" style="border-bottom: Black 2.5pt double; text-align: right">1,006,151</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-style: italic">(Amounts in 000’s of US$, except for ounces data)</td><td style="font-weight: bold"> </td> <td colspan="18" style="font-weight: bold; text-align: center">Three Months Ended March 31, 2022</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Ounces of Bullion</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Gold</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Palladium</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Platinum</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Silver</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Total</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zAUdoKeamKbc" style="width: 10%; text-align: right">305,852.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zBz3gflVkVXd" style="width: 10%; text-align: right">61,170.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zm6RgkEB1HE" style="width: 10%; text-align: right">40,780.4</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zyuRSu643kB9" style="width: 10%; text-align: right">11,214,604.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331_z6f0j9VBEf2c" style="width: 10%; text-align: right">11,622,408.6</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zT2wKEEHQKdd" style="text-align: right">35,017.2</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zV9RaXSbvPMg" style="text-align: right">7,003.4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zS6FQTgH3zr5" style="text-align: right">4,669.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zH5U9imeeqp3" style="text-align: right">1,283,964.5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331_zUTLDmdFJaI3" style="text-align: right">1,330,654.1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_z2ae5mi6SUf8" style="text-align: right">(1,402.1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_z5JGGuttrTnh" style="text-align: right">(280.4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zHqlQMfC7nnj" style="text-align: right">(187.0</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zx4f0KOgQc4b" style="text-align: right">(51,412.5</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331_zXAKn9RKg5sd" style="text-align: right">(53,282.0</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of Bullion to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zZRy1IqJEH18" style="border-bottom: Black 1pt solid; text-align: right">(453.4</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zvM7vsvZijgd" style="border-bottom: Black 1pt solid; text-align: right">(90.7</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zrWBKmVs41Ad" style="border-bottom: Black 1pt solid; text-align: right">(60.5</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zOKTi5IrAR9f" style="border-bottom: Black 1pt solid; text-align: right">(16,625.7</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331_zW5BwjtK42Ac" style="border-bottom: Black 1pt solid; text-align: right">(17,230.3</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2pt">Closing balance</td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zlbxWoCNq4Ul" style="border-bottom: Black 2pt solid; text-align: right">339,014.5</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zC9hGUsewsZb" style="border-bottom: Black 2pt solid; text-align: right">67,802.9</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_z3WlNX7Ud1Vb" style="border-bottom: Black 2pt solid; text-align: right">45,201.9</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_z8rh5xPsbLnl" style="border-bottom: Black 2pt solid; text-align: right">12,430,531.1</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331_zw0a3NFQdRql" style="border-bottom: Black 2pt solid; text-align: right">12,882,550.4</td><td style="padding-bottom: 2pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Investment in Bullion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zuTvgzaiORHb" style="text-align: right" title="Opening balance">552,324</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zP3ANfnYXcOh" style="text-align: right">120,690</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zUD6i9lXWRlh" style="text-align: right">39,108</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zhqnGwpS20u" style="text-align: right">258,889</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331_zXBTjnFo07g8" style="text-align: right">971,011</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_z7WSEfIRpmt1" style="text-align: right" title="Creations">68,151</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zUjQVPu35pib" style="text-align: right">18,126</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zzo8lCm2FYHf" style="text-align: right">4,957</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zFhdD2rrtYkd" style="text-align: right">32,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331_zeBPmH5zPjXf" style="text-align: right">123,461</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XAU_znFBGqDmFaH9" style="text-align: right" title="Redemptions">(2,561</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zTkUC0yl4CPh" style="text-align: right">(533</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zOs8KhfHmEni" style="text-align: right">(185</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zhbqDMK5XmSh" style="text-align: right">(1,185</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331_zr0yloVbQN79" style="text-align: right">(4,464</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zWi67uRIgVU8" style="text-align: right" title="Realized gain / (loss) on Bullion distributed for the redemption of Shares">390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zBZpnrGGpoBa" style="text-align: right">57</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_z2fQXk71L8lc" style="text-align: right">(9</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_ze73wLIiVsA9" style="text-align: right">102</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331_zVlBNXiym4s1" style="text-align: right">540</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of Bullion to pay expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zcaiCG7fhovk" style="text-align: right" title="Transfers of Bullion to pay expenses">(817</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zl46dWxEUXu8" style="text-align: right">(206</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XPT_z6VGU8DZjuFb" style="text-align: right">(61</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zTE4bwc8umD5" style="text-align: right">(380</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331_zwOiROnSug3" style="text-align: right">(1,464</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_z84FR2PNSMDe" style="text-align: right" title="Realized gain / (loss) on Bullion transferred to pay expenses">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zy3ZlS78m7R5" style="text-align: right">51</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zPeFd1RzWa0a" style="text-align: right">(2</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zyaNp8Dr8QA4" style="text-align: right">30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331_z51Gs3HlwJx" style="text-align: right">194</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain on investment in Bullion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zxmc984sbEXf" style="border-bottom: Black 1pt solid; text-align: right" title="Change in unrealized gain on investment in Bullion">40,815</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zZIZJAunXbKd" style="border-bottom: Black 1pt solid; text-align: right">14,982</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zIovfJMKheV4" style="border-bottom: Black 1pt solid; text-align: right">625</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zwVZmWC47Hie" style="border-bottom: Black 1pt solid; text-align: right">18,781</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331_zHS3AmFegoah" style="border-bottom: Black 1pt solid; text-align: right">75,203</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2pt">Closing balance</td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zHRXZEEb1D03" style="border-bottom: Black 2pt solid; text-align: right" title="Closing balance">658,417</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zHIHeMYLpSSe" style="border-bottom: Black 2pt solid; text-align: right">153,167</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zqIZjaQDdNa" style="border-bottom: Black 2pt solid; text-align: right">44,433</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_z9xWIzkBPxef" style="border-bottom: Black 2pt solid; text-align: right">308,464</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_98D_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331_zvqxgp3z8hGg" style="border-bottom: Black 2pt solid; text-align: right">1,164,481</td><td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"/> <p id="xdx_8A6_zXvJKtqWUhB3" style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"> </p> <p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zqV7ENhAOMCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B8_zRCswF3uWNB7">Changes in ounces of Bullion and their respective values for the three months ended March 31, 2023 and 2022 are set out below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-style: italic"> </td><td style="font-weight: bold"> </td> <td colspan="18" style="font-weight: bold; text-align: center">Three Months Ended March 31, 2023</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="13" style="font-style: italic; text-align: left">(Amounts in 000’s of US$, except for ounces data)</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Ounces of Bullion</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Palladium</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Platinum</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Silver</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zrR0zfPHihPa" style="width: 10%; text-align: right" title="Opening balance">315,173.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zPGCjjBvd2Gi" style="width: 10%; text-align: right">63,034.7</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zgT6umSZ1zKd" style="width: 10%; text-align: right">42,023.2</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zrtIvuSapEOj" style="width: 10%; text-align: right">11,556,366.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20230101__20230331_ztIvKE2kZRK3" style="width: 10%; text-align: right">11,976,598.3</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zkJoNztNqeja" style="text-align: right" title="Creations">1,393.9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_z6RrAFuuc93h" style="text-align: right">278.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zV9ZvwVrguFh" style="text-align: right">185.9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zjB1r76E1x3g" style="text-align: right">51,109.1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20230101__20230331_zbZjU01FPQq5" style="text-align: right">52,967.7</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zqoC23eUBl6b" style="text-align: right" title="Redemptions">(9,746.4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zcbMDozMRM4a" style="text-align: right">(1,949.2</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zfejnLXlmoh3" style="text-align: right">(1,299.6</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zayh3BHPSfm1" style="text-align: right">(357,367.8</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20230101__20230331_z1Jtv8h6WC03" style="text-align: right">(370,363.0</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of Bullion to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zWTwWA9cbfF6" style="border-bottom: Black 1pt solid; text-align: right" title="Transfers of Bullion to pay expenses">(467.8</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zXTstQYyMjR2" style="border-bottom: Black 1pt solid; text-align: right">(93.6</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_znuC7H02MWk9" style="border-bottom: Black 1pt solid; text-align: right">(62.4</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zHPSx9n0uDDg" style="border-bottom: Black 1pt solid; text-align: right">(17,152.7</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20230101__20230331_zC1ar0Atbaz8" style="border-bottom: Black 1pt solid; text-align: right">(17,776.5</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAU_z5lLKZB4HRyh" style="border-bottom: Black 2.5pt double; text-align: right" title="Closing balance">306,353.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zq3x2VpWMh1" style="border-bottom: Black 2.5pt double; text-align: right">61,270.7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zuMJxaHyj7H9" style="border-bottom: Black 2.5pt double; text-align: right">40,847.1</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zS0cNzl0bjt2" style="border-bottom: Black 2.5pt double; text-align: right">11,232,955.4</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20230101__20230331_z1eNqdfEOkZ1" style="border-bottom: Black 2.5pt double; text-align: right">11,641,426.5</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Investment in Bullion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zWYdpko6q174" style="text-align: right" title="Opening balance">571,646</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_z6EaurPpqzz4" style="text-align: right">111,887</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zjNIItYaaiR2" style="text-align: right">43,326</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zNMaD9lxN2gg" style="text-align: right">276,717</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20230101__20230331_zmloc7tKOKtd" style="text-align: right">1,003,576</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_ziA51W2dJH1" style="text-align: right" title="Creations">2,528</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zxU1WkgfSbc2" style="text-align: right">495</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zeGfTVtGnS8d" style="text-align: right">191</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zzAQDj0pAoGe" style="text-align: right">1,224</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsValueOfBullion_pn3n3_c20230101__20230331_zPk54KOTZoYf" style="text-align: right">4,438</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zILS3VbfUlo4" style="text-align: right" title="Redemptions">(18,774</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zIN19j3irLqc" style="text-align: right">(2,869</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zJaLfoahDRFj" style="text-align: right">(1,274</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zqoaYLJgH1v6" style="text-align: right">(7,912</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20230101__20230331_zbmNGdYyzS76" style="text-align: right">(30,829</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zGulZDrQHIj5" style="text-align: right" title="Realized gain / (loss) on Bullion distributed for the redemption of Shares">3,138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zuM0pUTyb4j4" style="text-align: right">(657</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zJ49Y0vokNT7" style="text-align: right">(70</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zW0xLLmDzgvc" style="text-align: right">195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20230101__20230331_zGeALVVa0U9g" style="text-align: right">2,606</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of Bullion to pay expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zcpUZo49F1n4" style="text-align: right" title="Transfers of Bullion to pay expenses">(878</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zyf6G4wHqb77" style="text-align: right">(157</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zjlZsqarrbYa" style="text-align: right">(64</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zrV1cp2NVsxh" style="text-align: right">(388</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20230101__20230331_zFi1yUglaxqf" style="text-align: right">(1,487</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_zzZbb36w1Ce4" style="text-align: right" title="Realized gain / (loss) on Bullion transferred to pay expenses">128</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_zbuhASOwmhwi" style="text-align: right">(13</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zYyvWaJE51L8" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0422">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zhMOsmjfaG7g" style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20230101__20230331_zWZaBKDSZvKd" style="text-align: right">133</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in Bullion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_z4l5RjoVzoMb" style="border-bottom: Black 1pt solid; text-align: right" title="Change in unrealized gain on investment in Bullion">48,700</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_z5oaZ3mdqt85" style="border-bottom: Black 1pt solid; text-align: right">(17,393</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zwwssAz6V1Qk" style="border-bottom: Black 1pt solid; text-align: right">(2,038</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_zGhczcuYXDH1" style="border-bottom: Black 1pt solid; text-align: right">(1,555</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20230101__20230331_zC7R4FoY9Qlc" style="border-bottom: Black 1pt solid; text-align: right">27,714</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAU_z9Btxg5t8E76" style="border-bottom: Black 2.5pt double; text-align: right" title="Closing balance">606,488</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPD_z1LbcWKPajVc" style="border-bottom: Black 2.5pt double; text-align: right">91,293</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XPT_zXOnJzzj02Ql" style="border-bottom: Black 2.5pt double; text-align: right">40,071</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331__srt--CurrencyAxis__currency--XAG_ziyzXYcYMzSj" style="border-bottom: Black 2.5pt double; text-align: right">268,299</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20230101__20230331_zEEFUEhItgx2" style="border-bottom: Black 2.5pt double; text-align: right">1,006,151</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-style: italic">(Amounts in 000’s of US$, except for ounces data)</td><td style="font-weight: bold"> </td> <td colspan="18" style="font-weight: bold; text-align: center">Three Months Ended March 31, 2022</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Ounces of Bullion</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Gold</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Palladium</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Platinum</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Silver</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Total</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zAUdoKeamKbc" style="width: 10%; text-align: right">305,852.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zBz3gflVkVXd" style="width: 10%; text-align: right">61,170.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zm6RgkEB1HE" style="width: 10%; text-align: right">40,780.4</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zyuRSu643kB9" style="width: 10%; text-align: right">11,214,604.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1d_uOZ_c20220101__20220331_z6f0j9VBEf2c" style="width: 10%; text-align: right">11,622,408.6</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zT2wKEEHQKdd" style="text-align: right">35,017.2</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zV9RaXSbvPMg" style="text-align: right">7,003.4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zS6FQTgH3zr5" style="text-align: right">4,669.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zH5U9imeeqp3" style="text-align: right">1,283,964.5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--CreationsOuncesOfBullion_pp1d_uOZ_c20220101__20220331_zUTLDmdFJaI3" style="text-align: right">1,330,654.1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_z2ae5mi6SUf8" style="text-align: right">(1,402.1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_z5JGGuttrTnh" style="text-align: right">(280.4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zHqlQMfC7nnj" style="text-align: right">(187.0</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zx4f0KOgQc4b" style="text-align: right">(51,412.5</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--RedemptionsOuncesOfBullion_pp1d_uOZ_c20220101__20220331_zXAKn9RKg5sd" style="text-align: right">(53,282.0</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of Bullion to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zZRy1IqJEH18" style="border-bottom: Black 1pt solid; text-align: right">(453.4</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zvM7vsvZijgd" style="border-bottom: Black 1pt solid; text-align: right">(90.7</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zrWBKmVs41Ad" style="border-bottom: Black 1pt solid; text-align: right">(60.5</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zOKTi5IrAR9f" style="border-bottom: Black 1pt solid; text-align: right">(16,625.7</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_ecustom--TransfersOfBullionOunces_pp1d_uOZ_c20220101__20220331_zW5BwjtK42Ac" style="border-bottom: Black 1pt solid; text-align: right">(17,230.3</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2pt">Closing balance</td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zlbxWoCNq4Ul" style="border-bottom: Black 2pt solid; text-align: right">339,014.5</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zC9hGUsewsZb" style="border-bottom: Black 2pt solid; text-align: right">67,802.9</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XPT_z3WlNX7Ud1Vb" style="border-bottom: Black 2pt solid; text-align: right">45,201.9</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331__srt--CurrencyAxis__currency--XAG_z8rh5xPsbLnl" style="border-bottom: Black 2pt solid; text-align: right">12,430,531.1</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1d_uOZ_c20220101__20220331_zw0a3NFQdRql" style="border-bottom: Black 2pt solid; text-align: right">12,882,550.4</td><td style="padding-bottom: 2pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Investment in Bullion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zuTvgzaiORHb" style="text-align: right" title="Opening balance">552,324</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zP3ANfnYXcOh" style="text-align: right">120,690</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zUD6i9lXWRlh" style="text-align: right">39,108</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zhqnGwpS20u" style="text-align: right">258,889</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_c20220101__20220331_zXBTjnFo07g8" style="text-align: right">971,011</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_z7WSEfIRpmt1" style="text-align: right" title="Creations">68,151</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zUjQVPu35pib" style="text-align: right">18,126</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zzo8lCm2FYHf" style="text-align: right">4,957</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zFhdD2rrtYkd" style="text-align: right">32,227</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--CreationsValueOfBullion_pn3n3_c20220101__20220331_zeBPmH5zPjXf" style="text-align: right">123,461</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XAU_znFBGqDmFaH9" style="text-align: right" title="Redemptions">(2,561</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zTkUC0yl4CPh" style="text-align: right">(533</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zOs8KhfHmEni" style="text-align: right">(185</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zhbqDMK5XmSh" style="text-align: right">(1,185</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_c20220101__20220331_zr0yloVbQN79" style="text-align: right">(4,464</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zWi67uRIgVU8" style="text-align: right" title="Realized gain / (loss) on Bullion distributed for the redemption of Shares">390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zBZpnrGGpoBa" style="text-align: right">57</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_z2fQXk71L8lc" style="text-align: right">(9</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_ze73wLIiVsA9" style="text-align: right">102</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_c20220101__20220331_zVlBNXiym4s1" style="text-align: right">540</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of Bullion to pay expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zcaiCG7fhovk" style="text-align: right" title="Transfers of Bullion to pay expenses">(817</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zl46dWxEUXu8" style="text-align: right">(206</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XPT_z6VGU8DZjuFb" style="text-align: right">(61</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zTE4bwc8umD5" style="text-align: right">(380</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_c20220101__20220331_zwOiROnSug3" style="text-align: right">(1,464</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_z84FR2PNSMDe" style="text-align: right" title="Realized gain / (loss) on Bullion transferred to pay expenses">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zy3ZlS78m7R5" style="text-align: right">51</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zPeFd1RzWa0a" style="text-align: right">(2</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zyaNp8Dr8QA4" style="text-align: right">30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_c20220101__20220331_z51Gs3HlwJx" style="text-align: right">194</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain on investment in Bullion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zxmc984sbEXf" style="border-bottom: Black 1pt solid; text-align: right" title="Change in unrealized gain on investment in Bullion">40,815</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zZIZJAunXbKd" style="border-bottom: Black 1pt solid; text-align: right">14,982</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zIovfJMKheV4" style="border-bottom: Black 1pt solid; text-align: right">625</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_zwVZmWC47Hie" style="border-bottom: Black 1pt solid; text-align: right">18,781</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20220101__20220331_zHS3AmFegoah" style="border-bottom: Black 1pt solid; text-align: right">75,203</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2pt">Closing balance</td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAU_zHRXZEEb1D03" style="border-bottom: Black 2pt solid; text-align: right" title="Closing balance">658,417</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_985_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPD_zHIHeMYLpSSe" style="border-bottom: Black 2pt solid; text-align: right">153,167</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_982_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XPT_zqIZjaQDdNa" style="border-bottom: Black 2pt solid; text-align: right">44,433</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_981_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331__srt--CurrencyAxis__currency--XAG_z9xWIzkBPxef" style="border-bottom: Black 2pt solid; text-align: right">308,464</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td> <td style="border-bottom: Black 2pt solid; text-align: left">$</td><td id="xdx_98D_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_c20220101__20220331_zvqxgp3z8hGg" style="border-bottom: Black 2pt solid; text-align: right">1,164,481</td><td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"/> 315173.6 63034.7 42023.2 11556366.8 11976598.3 1393.9 278.8 185.9 51109.1 52967.7 -9746.4 -1949.2 -1299.6 -357367.8 -370363.0 -467.8 -93.6 -62.4 -17152.7 -17776.5 306353.3 61270.7 40847.1 11232955.4 11641426.5 571646000 111887000 43326000 276717000 1003576000 2528000 495000 191000 1224000 4438000 18774000 2869000 1274000 7912000 30829000 3138000 -657000 -70000 195000 2606000 878000 157000 64000 388000 1487000 128000 -13000 18000 133000 48700000 -17393000 -2038000 -1555000 27714000 606488000 91293000 40071000 268299000 1006151000 305852.8 61170.6 40780.4 11214604.8 11622408.6 35017.2 7003.4 4669.0 1283964.5 1330654.1 -1402.1 -280.4 -187.0 -51412.5 -53282.0 -453.4 -90.7 -60.5 -16625.7 -17230.3 339014.5 67802.9 45201.9 12430531.1 12882550.4 552324000 120690000 39108000 258889000 971011000 68151000 18126000 4957000 32227000 123461000 2561000 533000 185000 1185000 4464000 390000 57000 -9000 102000 540000 817000 206000 61000 380000 1464000 115000 51000 -2000 30000 194000 40815000 14982000 625000 18781000 75203000 658417000 153167000 44433000 308464000 1164481000 <p id="xdx_84A_ecustom--ExpensesPolicyTextBlock_zOdp0Xf4Lhk1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.7.    <span id="xdx_86C_zo16W9BiqUw">Expenses / Realized Gains / Losses</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><br/> 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.<br/>  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to <span id="xdx_90E_ecustom--AnnualizedRateOfSponsorsFee_dp_c20230101__20230331_ziXTcs407k7g" title="Expense ratio">0.60</span>% of the adjusted daily net asset value (“ANAV”) of the Trust, paid monthly in arrears. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 $<span id="xdx_90B_ecustom--MaximumSponsorFeeForLegalExpenses_c20230101__20230331_zt4ajKyxIDBl" title="Maximum sponsor fee for legal expenses">100,000</span> per annum in legal expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three months ended March 31, 2023 and 2022, the Sponsor’s Fee was $<span id="xdx_90C_eus-gaap--SponsorFees_pp0p0_c20230101__20230331_zr17Pw3vMBOl" title="Sponsor's Fee">1,495,232</span> and $<span id="xdx_908_eus-gaap--SponsorFees_pp0p0_c20220101__20220331_z7MGOQPg8w43" title="Sponsor's Fee">1,540,106</span>, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At March 31, 2023 and at December 31, 2022, the fees payable to the Sponsor were $<span id="xdx_90A_eus-gaap--AccountsPayableCurrent_iI_pp0p0_c20230331_z0WL4rkM2bbi" title="Fees payable to Sponsor">520,918</span> and $<span id="xdx_903_eus-gaap--AccountsPayableCurrent_iI_pp0p0_c20221231_zd0UgofdmZaa" title="Fees payable to Sponsor">512,893</span>, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 <span id="xdx_90A_eus-gaap--OtherCostAndExpenseOperating_do_c20230101__20230331_zKNH4Z2YZNV7" title="All other expenses"><span id="xdx_90E_eus-gaap--OtherCostAndExpenseOperating_do_c20220101__20220331_zX1KiTCGPkMg" title="All other expenses">no</span></span> expenses during the three months ended March 31, 2023 and 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p> 0.0060 100000 1495232 1540106 520918 512893 0 0 <p id="xdx_848_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zT0nkB7GwjHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.8.    <span id="xdx_86A_zjyO8Js7x8Ll">Subsequent Events</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with the provisions set forth in FASB ASC 855-10, <i>Subsequent Events</i>, 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. </p> <p id="xdx_80E_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_ziA3MdZAx0Le" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3.    <span id="xdx_827_zSFLVpZpEIb8">Related Parties</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. </p> <p id="xdx_807_eus-gaap--ConcentrationRiskDisclosureTextBlock_zMNehgaImnt9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>4.    <span id="xdx_827_zpQljg0svXc1">Concentration of Risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. </p> <p id="xdx_804_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zhhrI1e89S63" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>5.    <span id="xdx_828_zNXZIs7NIB04">Indemnification</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. </p> Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at March 31, 2023 were 11,100,000 and at December 31, 2022 were 11,350,000. Net asset values per Share at March 31, 2023 and December 31, 2022 were $91.42 and $88.77, respectively. Annualized for periods less than one year. Total return is not annualized. EXCEL 30 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( *.3J%8'04UB@0 +$ 0 9&]C4')O<',O87!P+GAM M;$V./0L",1!$_\IQO;=!P4)B0-!2L+(/>QLOD&1#LD)^OCG!CVX>;QA&WPIG M*N*I#BV&5(_C(I(/ !47BK9.7:=N')=HI6-Y #OGDK7A.YNJQ<&4GPZ4A!0W_J=0U[R;UEA_6\#MI7E!+ P04 M " "CDZA60X K @ $0 &1O8U!R;W!S+V-O&ULS9+! 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