abrdn Precious Metals Basket ETF Trust

Previous wording

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 prices of physical 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.

Current wording

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 prices of physical 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.

Previous wording

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.

Current wording

The Trust issues and redeems Shares only with Authorized Participants in exchange for Bullion and only in aggregations of 25,000 Shares, effective June 18, 2024, or integral multiples thereof. Prior to June 18, 2024, the number of Shares that constituted a Basket was 50,000. A list of current Authorized Participants is available from the Sponsor or the Trustee.

Previous wording

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.

Current wording

At the Evaluation Time, the Trustee values the Trust’s Bullion on the basis of that day’s LBMA Price for such metal or, if no LBMA Price is made for a metal on such day or has not been announced by the Evaluation Time, the next most recent LBMA 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 LBMA 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 LBMA 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.

Previous wording

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.

Current wording

The Trust’s NAV increased from $941,863,819 at March 31, 2024 to $991,167,633 at June 30, 2024, a 5.23% 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 8.69% from $103.15 at March 31, 2024 to $112.11 at June 30, 2024 and a decrease in outstanding Shares, which fell from 9,900,000 Shares at March 31, 2024 to 9,600,000 Shares at June 30, 2024, as a result of 50,000 Shares (2 Baskets) being created and 350,000 Shares (14 Baskets) being redeemed. Effective June 18, 2024, the number of Shares that constitute a Basket decreased from 50,000 to 25,000. Accordingly, information prior to this change has been retroactively adjusted to conform with the change in Basket size.

Previous wording

The NAV per Share increased 3.69% from $91.75 at December 31, 2023 to $95.14 at March 31, 2024. The Trust’s NAV per Share rose slightly less than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $1,376,799 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.

Current wording

The NAV per Share increased 8.52% from $95.14 at March 31, 2024 to $103.25 at June 30, 2024. The Trust’s NAV per Share rose slightly less than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $1,498,511 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.

Previous wording

The NAV per Share of $95.14 at March 31, 2024 was the highest during the quarter, compared with a low of $85.65 at February 14, 2024.

Current wording

The NAV per Share of $108.75 at May 21, 2024 was the highest during the quarter, compared with a low of $95.14 at April 1, 2024.

Previous wording

The increase in net assets from operations for the quarter ended March 31, 2024 was $31,556,022, resulting from a realized gain of $132,693 on the transfer of Bullion to pay expenses, a realized gain of $4,075,434 on Bullion distributed for the redemption of Shares and an increase in unrealized gain on investment in Bullion of $28,724,694, offset by the Sponsor’s Fee of $1,376,799. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2024.

Current wording

The increase in net assets from operations for the quarter ended June 30, 2024 was $80,624,628, resulting from a realized gain of $281,205 on the transfer of Bullion to pay expenses, a realized gain of $8,044,075 on Bullion distributed for the redemption of Shares and an increase in unrealized gain on investment in Bullion of $73,797,859, offset by the Sponsor’s Fee of $1,498,511. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2024.

Previous wording

The Trust’s NAV decreased from $958,830,648 at December 31, 2023 to $941,863,819 at March 31, 2024, a 1.77% decrease 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 3.84% from $99.34 at December 31, 2023 to $103.15 at March 31, 2024 and a decrease in outstanding Shares, which fell from 10,450,000 Shares at December 31, 2023 to 9,900,000 Shares at March 31, 2024, as a result of 550,000 Shares (11 Baskets) being redeemed. There were no Shares created during the quarter ended March 31, 2024.

Current wording

The Trust’s NAV increased from $958,830,648 at December 31, 2023 to $991,167,633 at June 30, 2024, a 3.37% increase for the period. 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 12.85% from $99.34 at December 31, 2023 to $112.11 at June 30, 2024 and a decrease in outstanding Shares, which fell from 10,450,000 Shares at December 31, 2023 to 9,600,000 Shares at June 31, 2024, as a result of 50,000 Shares (2 Baskets) being created and 900,000 Shares (36 Baskets) being redeemed. Effective June 18, 2024, the number of Shares that constitute a Basket decreased from 50,000 to 25,000. Accordingly, information prior to this change has been retroactively adjusted to conform with the change in Basket size.

Previous wording

The NAV per Share increased 2.99% from $88.77 at December 31, 2022 to $91.42 at March 31, 2023. The Trust’s NAV per Share rose slightly less than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $1,495,232 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.

Current wording

The NAV per Share increased 12.53% from $91.75 at December 31, 2023 to $103.25 at June 30, 2024. The Trust’s NAV per Share rose slightly less than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $2,875,309 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.

Previous wording

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.

Current wording

The NAV per Share of $108.75 at May 21, 2024 was the highest during the period, compared with a low of $85.65 at February 14, 2024.

Previous wording

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.

Current wording

The increase in net assets from operations for the period ended June 30, 2024 was $112,180,849, resulting from a realized gain of $413,897 on the transfer of Bullion to pay expenses, a realized gain of $12,119,709 on Bullion distributed for the redemption of Shares and an increase in unrealized gain on investment in Bullion of $102,522,552, offset by the Sponsor’s Fee of $2,875,309. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2024.