abrdn Precious Metals Basket ETF Trust Files 10-K for Fiscal Year Ended Dec 31, 2023

TL;DR

<b>abrdn Precious Metals Basket ETF Trust (GLTR) has filed its 2023 10-K report detailing its operations and financial status.</b>

AI Summary

abrdn Precious Metals Basket ETF Trust (GLTR) filed a Annual Report (10-K) with the SEC on February 29, 2024. The abrdn Precious Metals Basket ETF Trust filed its annual report (10-K) for the fiscal year ending December 31, 2023. The ETF's shares are registered under the trading symbol GLTR and are traded on the NYSE Arca. The filing covers the fiscal year from January 1, 2023, to December 31, 2023. The registrant's principal executive offices are located at c/o abrdn ETFs Sponsor LLC, 1900 Market Street, Suite 200, Philadelphia, PA 19103. The ETF was formerly known as Aberdeen Standard Precious Metals Basket ETF Trust and ETFS Precious Metals Basket Trust.

Why It Matters

For investors and stakeholders tracking abrdn Precious Metals Basket ETF Trust, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the ETF's performance and holdings for the fiscal year 2023, which is crucial for investors to assess its investment strategy and risk profile. As a publicly traded ETF, the timely filing of its annual report is a regulatory requirement that ensures transparency and allows investors to make informed decisions regarding their investment in precious metals.

Risk Assessment

Risk Level: low — abrdn Precious Metals Basket ETF Trust shows low risk based on this filing. The risk is low as this is a standard annual filing for an established ETF, with no immediate red flags or significant negative disclosures apparent in the provided header information.

Analyst Insight

Review the full 10-K filing to understand the specific precious metals held, their weighting, and any changes in investment strategy or market commentary provided by the Trust.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 001-34917 — Commission File Number (SEC file number)

Key Players & Entities

• abrdn Precious Metals Basket ETF Trust (company) — Registrant name
• GLTR (company) — Trading symbol
• NYSE Arca (company) — Exchange where shares are registered
• abrdn ETFs Sponsor LLC (company) — Address of principal executive offices
• Aberdeen Standard Precious Metals Basket ETF Trust (company) — Former company name
• ETFS Precious Metals Basket Trust (company) — Former company name

FAQ

Industry Context

The abrdn Precious Metals Basket ETF Trust is an exchange-traded fund that aims to track the performance of precious metals.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies and ETFs to disclose material information to investors.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements and holdings.
2. Compare the ETF's performance in 2023 against its benchmark and peers.
3. Review any risk factors or management discussion sections for insights into market conditions and strategy.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-02-29: Filing Date — Date the 10-K was filed with the SEC

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending December 31, 2023, following the reporting period.

Key Financial Figures

• $1,007,501,383 — ares at redeemable value decreased from $1,007,501,383 at December 31, 2022 to $958,830,648 at
• $958,830,648 — $1,007,501,383 at December 31, 2022 to $958,830,648 at December 31, 2023, the Trust's fisca
• $1,943.20 — l failures. The price of gold peaked at $1,943.20 per ounce in January 2021 as the uncert
• $2,039.05 — or gold as the price climbed as high as $2,039.05 per ounce in the weeks following Russia
• $1,628.75 — as the price of gold dropped as low as $1,628.75 per ounce on November 3, 2022. However,
• $1,813.75 — lly that saw the price of gold climb to $1,813.75 per ounce to close 2022. Similarly in
• $1,932.45 — ields caused the price of gold to reach $1,932.45 per ounce on January 26, 2023. However,
• $1,810.95 — omic recovery drove the price as low as $1,810.95 per ounce on February 24, 2023, before
• $2,048.45 — uts and drove the spot price as high as $2,048.45 per ounce on April 13, 2023 as investor
• $1,899.60 — to the price of gold falling as low as $1,899.60 per ounce on June 29th, 2023. The price
• $1,976.10 — chasing drove the spot price back up to $1,976.10 per ounce on July 20, 2023, however the
• $1,870.50 — ws leading the price to close as low as $1,870.50 per ounce on September 29th, 2023. The
• $1,818.95 — the fourth quarter, reaching as low as $1,818.95 per ounce on October 4, 2023, before th
• $1,997.60 — e spot price of gold climbed as high as $1,997.60 per ounce on October 30, 2023. The spot
• $2,078.40 — ot price of gold to an all-time high of $2,078.40 per ounce on December 28, 2023. The S

Filing Documents

• gltr-10k_123123.htm (10-K) — 1324KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 9KB
• ex31-2.htm (EX-31.2) — 9KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• ex97-1.htm (EX-97.1) — 33KB
• gltr10k123123001.jpg (GRAPHIC) — 23KB
• gltr10k123123002.jpg (GRAPHIC) — 30KB
• gltr10k123123003.jpg (GRAPHIC) — 40KB
• gltr10k123123004.jpg (GRAPHIC) — 38KB
• gltr10k123123004a.jpg (GRAPHIC) — 34KB
• 0001999371-24-002937.txt (&nbsp;) — 3812KB
• gltr-20231231.xsd (EX-101.SCH) — 19KB
• gltr-20231231_cal.xml (EX-101.CAL) — 14KB
• gltr-20231231_def.xml (EX-101.DEF) — 53KB
• gltr-20231231_lab.xml (EX-101.LAB) — 167KB
• gltr-20231231_pre.xml (EX-101.PRE) — 135KB
• gltr-10k_123123_htm.xml (XML) — 363KB

Business

Item 1. Business 3 Trust Objective 3 Overview of the Bullion Industry 4 Operation of the Bullion Markets 11 Secondary Market Trading 21 Valuation of Bullion and Computation of Net Asset Value 21 Trust Expenses 22 Creation and Redemption of Shares 23 Creation Procedures 25 Redemption Procedures 26 Creation and Redemption Transaction Fee 28 The Sponsor 28 The Trustee 29 The Custodian 30 Inspection of Bullion 30 Description of Shares 31 Custody of the Trust's Bullion 32 United States Federal Income Tax Consequences 32 ERISA and Related Considerations 35

Risk Factors

Item 1A. Risk Factors 36

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 47

Cybersecurity

Item 1C. Cybersecurity 47

Properties

Item 2. Properties 48

Legal Proceedings

Item 3. Legal Proceedings 48

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 48 PART II 48

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 48

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 51

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 54

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 55

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 56

Controls and Procedures

Item 9A. Controls and Procedures 56

Other Information

Item 9B. Other Information 59 PART III 60

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 60

Executive Compensation

Item 11. Executive Compensation 60

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 60

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 61

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 62 PART IV 63

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 63

Form 10K Summary

Item 16. Form 10K Summary 65 2 PART I Item 1. Business The purpose of the abrdn Precious Metals Basket ETF Trust (the "Trust") is to own, in an agreed proportion, gold, silver, platinum and palladium (collectively, "Bullion") transferred to the Trust in exchange for shares issued by the Trust ("Shares"). Each Share represents a fractional undivided beneficial interest in and ownership of the Trust. The assets of the Trust consist solely of Bullion. The Trust was formed on October 18, 2010 when an initial deposit of Bullion was made in exchange for the issuance of two Baskets (a "Basket" consists of 50,000 Shares). The sponsor of the Trust is abrdn ETFs Sponsor LLC (the "Sponsor"). The trustee of the Trust is The Bank of New York Mellon (the "Trustee") and the custodian is JPMorgan Chase Bank N.A., London Branch (the "Custodian"). The Trust's Shares at redeemable value decreased from $1,007,501,383 at December 31, 2022 to $958,830,648 at December 31, 2023, the Trust's fiscal year end. Outstanding Shares in the Trust decreased from 11,350,000 Shares at December 31, 2022 to 10,450,000 Shares at December 31, 2023. The Trust is not managed like a corporation or an active investment vehicle. The Trust has no directors, officers or employees. It does not engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price of gold, silver, platinum and palladium. The Bullion held by the Trust will only be delivered to pay the remuneration due to the Sponsor (the "Sponsor's Fee"), distributed to Authorized Participants (defined below) in connection with the redemption of Baskets or sold (1) on an as-needed basis to pay Trust expenses not assumed by the Sponsor, (2) in the event the Trust terminates and liquidates its assets, or (3) as otherwise required by law or regulation. 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.

View Full Filing

View this 10-K filing on SEC EDGAR