false 2024 FY --12-31 0001483386

 2024-06-30

 2025-02-26

 2022-01-01

 2021-12-31

 2024-06-18

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 2024-06-17

 2022-01-01

 utr:oz

 UNITED
STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington,
D.C. 20549

 Form

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

 For
 the fiscal year ended December 31, 2024

 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

 (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

 19103

 (Address
of principal executive offices)

 (Zip
 Code)

 (844) 383-7289

 (Registrant's
telephone number, including area code)

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

 Title
 of each class

 Trading
 Symbol(s)

 Name
 of each exchange on which registered

 abrdn
 Physical Precious Metals Basket Shares ETF

 GLTR

 NYSE
 Arca

by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No

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

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

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.

by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.

 If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the
registrant included in the filing reflect the correction of an error to previously issued financial statements.

by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

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

 Aggregate
market value of the registrant's shares outstanding based upon the closing price of a share on June 30, 2024 as reported
by the NYSE Arca, Inc. on that date: $ 988,597,702.

 As
of February 26, 2025, abrdn Precious Metals Basket ETF Trust had 9,725,000 abrdn Physical Precious Metals Basket Shares ETF outstanding.

 DOCUMENTS
INCORPORATED BY REFERENCE: None

 FORWARD
LOOKING STATEMENTS

 This
Annual Report on Form 10-K contains various "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. Forward-looking statements usually include the words, "anticipates,"
"believes," "estimates," "expects," "intends," "plans," "projects,"
"understands" and other words suggesting uncertainty. We remind readers that forward-looking statements are merely
predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could
cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different
from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 Additional
significant uncertainties and other factors affecting forward-looking statements are presented in the Risk Factors section herein.

 TABLE
OF CONTENTS

 Item 1. Business

 Trust Objective

 Overview of the Bullion Industry

 Operation of the Bullion Markets

 Secondary Market Trading

 Valuation of Bullion and Computation of Net Asset Value

 Trust Expenses

 Creation and Redemption of Shares

 Creation Procedures

 Redemption Procedures

 Creation and Redemption Transaction Fee

 The Sponsor

 The Trustee

 The Custodian

 Inspection of Bullion

 Description of Shares

 Custody of the Trust's Bullion

 United States Federal Income Tax Consequences

 ERISA and Related Considerations

 Item 1A. Risk Factors

 Item 1B. Unresolved Staff Comments

 Item 1C. Cybersecurity

 Item 2. Properties

 Item 3. Legal Proceedings

 Item 4. Mine Safety Disclosure

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

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

 Item 7A. Quantitative and Qualitative Disclosures about Market Risk

 Item
 8. Financial Statements and Supplementary Data (Unaudited)

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

 Item 9A. Controls and Procedures

 Item 9B. Other Information

 Item 10. Directors, Executive Officers and Corporate Governance

 Item 11. Executive Compensation

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

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

 Item 14. Principal Accounting Fees and Services

 Item 15. Exhibits, Financial Statement Schedules

 Item 16. Form 10K Summary

 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" consisted 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 ICBC Standard Bank Plc (the "Custodian" or "ICBC") (the "Custodian").

 The
Trust's Shares at redeemable value increased from $958,830,648 at December 31, 2023 to $1,039,953,142 at December 31, 2024,
the Trust's fiscal year end. Outstanding Shares in the Trust decreased from 10,450,000 Shares at December 31, 2023 to 9,500,000
Shares at December 31, 2024.

 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. The Trust does not and will not hold or trade in commodities futures contracts, "commodity interests" or
any other instruments regulated by the Commodity Exchange Act (the "CEA"), as administered by the Commodity Futures
Trading Commission (the "CFTC") and the National Futures Association ("NFA"). The Trust is not a commodity
pool for purposes of the CEA and the Shares are not "commodity interests," and neither the Sponsor nor the Trustee
is subject to regulation as a commodity pool operator or a commodity trading advisor in connection with the Shares. The Trust
has no fixed termination date.

 The
Sponsor of the registrant maintains an Internet website at www.abrdn.com/us/etf through which the registrant's annual reports
on Form 10-K, quarterly reports on Form 10-Q, and amendments to those reports filed or furnished pursuant to Section 13(a) or
15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are made available free of charge as soon as reasonably
practicable after they have been filed or furnished to the Securities and Exchange Commission (the "SEC"). The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that
file electronically at www.sec.gov.

 Trust
Objective

 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 Shares are intended to constitute a simple
and cost-effective means of making an investment similar to a proportional investment in gold, silver, platinum and palladium.
An investment in physical Bullion requires expensive and sometimes complicated arrangements in connection with the assay,
transportation, warehousing and insurance of the metal. Although the Shares are not the exact equivalent of an investment in Bullion,
they provide investors with an alternative that allows a level of participation in the gold, silver, platinum and palladium markets
through the securities market.

 The
Shares are intended to provide institutional and retail investors with a simple and cost-efficient means, with minimal credit
risk, of gaining investment benefits similar to those of holding physical Bullion. The Shares offer an investment that:

 Easily
Accessible and Relatively Cost Effective. Investors can access the gold, silver, platinum, and palladium markets through
a traditional brokerage account. The Sponsor believes that investors will be able to more effectively implement strategic and
tactical asset allocation strategies that use Bullion by using the Shares instead of using the traditional means of purchasing,
trading and holding Bullion and for many investors, transaction costs related to the Shares will be lower than those associated
with the purchase, storage and insurance of physical Bullion.

 Exchange
Traded and Transparent. The Shares trade on the NYSE Arca, providing investors with an efficient means to implement various
investment strategies. The Shares are eligible for margin accounts and are backed by the assets of the Trust and the Trust does
not hold or employ any derivative securities. Furthermore, the value of the Trust's holdings are reported on the Trust's
website daily.

 Minimal Credit Risk. The Shares represent an interest in physical bullion owned by the Trust (other than an amount
held in unallocated form which is not sufficient to make up a whole bar or plate or ingot of which is held temporarily to
effect a creation or redemption of Shares). Physical bullion of the Trust in the Custodian's possession is not subject
to borrowing arrangements with third parties. Other than the Bullion temporarily being held in an unallocated Bullion
account with the Custodian, the physical bullion of the Trust is not subject to counterparty or credit risks. See "Risk
Factors—Bullion held in the Trust's unallocated Bullion account and any Authorized Participant's unallocated Bullion
account is not segregated from the Custodian's assets..." This contrasts with most other financial products that
gain exposure to bullion through the use of derivatives that are subject to counterparty and credit risks.

 Investing
in the Shares does not insulate the investor from certain risks, including price volatility. See "Risk Factors."

 Overview
of the Bullion Industry

 This
section provides a brief introduction to the Bullion industries by looking at some of the key participants, detailing the primary
sources of demand and supply and, with respect to the gold and silver industries, outlining the role of the "official"
sector (i.e., central banks) in the markets.

 In
this annual report, the term "ounces" refers to fine troy ounces (with respect to gold only) and troy ounces (with
respect to silver, platinum and palladium).

 The
Gold Industry

 Market
Participants

 The
participants in the world gold market may be classified in the following sectors: the mining and producer sector, the banking
sector, the official sector, the investment sector, and the manufacturing sector. A brief description of each follows.

 Mining
and Producer Sector

 This
group includes mining companies that specialize in gold and silver production, mining companies that produce gold as a by-product
of other production (such as a copper or silver producer), scrap merchants and recyclers.

 Banking
Sector

 Gold
bullion banks provide a variety of services to the gold market and its participants, thereby facilitating interactions between
other parties. Services provided by the gold bullion banking community include traditional banking products as well as mine financing,
physical gold purchases and sales, hedging and risk management, inventory management for industrial users and consumers, and gold
deposit and loan instruments.

 The
Official Sector

 The
official sector encompasses the activities of the various central banking operations of gold-holding countries. From 2009 to 2019,
the European Central Bank and other central banks of Europe operated under a series of four Central Bank Gold Agreements ("CBGA").
The CBGA limited the amount of gold that these banks were allowed to sell for the duration of each agreement, helping to stabilize
the gold market. The CBGA had the desired effect, and the gold market has become more balanced, eliminating the need for a formal
agreement going forward. According to statistics provided by the World Gold Council, as of Q4 2023, central banks are estimated
to hold approximately 36,699 tonnes ("tonne" refers to one metric tonne, which is equivalent to 1,000 kilograms or
32,151 troy ounces) of gold reserves, or approximately 17% of existing above-ground stocks.

 The
Investment Sector

 This
sector includes the investment and trading activities of both professional and private investors and speculators. These participants
range from large hedge and mutual funds to day-traders on futures exchanges, and retail-level coin collectors.

 The
Manufacturing Sector

 The
fabrication and manufacturing sector represents all the commercial and industrial users of gold for whom gold is a daily part
of their business. The jewelry industry is a large user of gold. Other industrial users of gold include the electronics and dental
industries.

 World
Gold Supply and Demand 2014-2023 (in tonnes)

 The
following table sets forth a summary of the world gold supply and demand for the period from 2014 to 2023 and is based on information
reported by the World Gold Council.

 (tonnes)

 2014

 2015

 2016

 2017

 2018

 2019

 2020

 2021

 2022

 2023

 Supply

 Mine production

 3,272

 3,362

 3,516

 3,581

 3,658

 3,605

 3,484

 3,573

 3,633

 3,644

 Net producer hedging

 (26)

 (12)

 (37)

 (5)

 (12)

 Recycled gold

 1,130

 1,067

 1,232

 1,112

 1,132

 1,276

 1,293

 1,136

 1,140

 1,239

 Total supply

 4,506

 4,442

 4,786

 4,667

 4,778

 4,887

 4,740

 4,704

 4,761

 4,950

 Demand

 Jewellery fabrication

 2,544

 2,479

 2,019

 2,257

 2,290

 2,152

 1,324

 2,231

 2,196

 2,190

 Jewellery consumption

 2,532

 2,459

 2,104

 2,241

 2,250

 2,127

 1,398

 2,148

 2,090

 2,112

 Jewellery inventory

 (85)

 (74)

 Technology

 Electronics

 Other Industrial

 Dentistry

 1,616

 1,315

 1,161

 1,275

 1,795

 1,113

 Total bar and coin

 1,067

 1,091

 1,073

 1,044

 1,091

 1,180

 1,222

 1,190

 Bars

 Official Coins

 Medals/Imitation Coins

 ETFs & similar products

 (162)

 (124)

 (189)

 (110)

 (244)

 Central banks & other inst.

 1,082

 1,049

 Gold demand

 4,405

 4,364

 4,359

 4,290

 4,449

 4,365

 3,683

 4,010

 4,705

 4,490

 OTC and other*

 1,058

 Total demand

 4,506

 4,442

 4,786

 4,667

 4,778

 4,887

 4,740

 4,704

 4,761

 4,950

 LBMA Gold Price (US$/oz)

 1,266

 1,160

 1,251

 1,257

 1,268

 1,393

 1,770

 1,799

 1,800

 1,941

 Source:
Metals Focus, Refinitiv GFMS, ICE Benchmark Administration, World Gold Council

 *

 This number captures demand in the OTC market (for which data is not readily available), changes to inventories on commodity exchanges, any unobserved changes in fabrication inventories and any statistical residual. It is the difference between total supply and gold demand.

 The
following are some of the main characteristics of the gold market illustrated by the table:

 One
factor which separates gold from other precious metals is that there are large above-ground stocks which can be quickly mobilized.
As a result of gold's liquidity, gold often acts more like a currency than a commodity.

 Over
the past ten years, (new) mine production of gold has experienced a modest rise of an average of 1.41% per annum. Of the three
sources of supply, mine production accounts for 73.6% in 2023. Recycled gold volumes have ranged from 1,067 tonnes to 1,293 tonnes
over the past 10 years.

 On
the demand side, jewelry is clearly the greatest source of demand. Industrial demand has fluctuated between 6.7% and 8.4%
of total demand over the past 10 years. Exchange traded product inventory build had seen strong growth through 2012, followed
by outflows in 2013, 2014 and 2015 as the price of gold fell by a cumulative 30% between 2013 and 2015. Exchange traded product
inventory build has been positive each year from 2016 to 2020, but fell off in 2021. During the 2013 price crash, retail coin
and bar demand rose to a 10-year high as retail investors, especially from China, were enticed by the falling prices. Retail coin demand tapered off in 2019, but has averaged 9.25% from 2020 to 2023. Demand from Central Banks and other
institutions fluctuated between 8.8% and 14.8% from 2013 to 2019, before reaching a low of 6.9% in 2020. However, that figure
has increased in each of the last three years, reaching a high of 23.4% in 2023.

 Historical
Chart of the Price of Gold

 The
price of gold is volatile and fluctuations are expected to have a direct impact on the value of the Shares. However, movements
in the price of gold in the past are not a reliable indicator of future movements. Movements may be influenced by various factors,
including announcements from central banks regarding a country's reserve gold holdings, agreements among central banks,
political uncertainties around the world, and economic concerns.

 The
following chart illustrates the movements in the price of an ounce of gold in U.S. Dollars from December 31, 2014 to December
31, 2024.

 Source: Bloomberg, abrdn. Chart data from 12/31/2014 to 12/31/2024.
Spot Gold Price = GOLDLNPM Index.

 The
price of gold tends to rise during periods of low real interest rates and high monetary expansion, as they are often associated
with currency debasement and systemic financial failures. The price of gold peaked at $1,943.20 per ounce in January 2021 as the
uncertainties regarding the pandemic drove prices higher. 2021 proved to be a volatile year for gold as major market events and
continued pandemic uncertainty, coupled with new variants, allowed gold to remain in the investment picture during the year. Additionally,
the trends of 3 years of investor outflows in global ETFs and net negative investor sentiment in gold futures positioning reversed
in 2016 and continued through 2021. Continued low real interest rates, tepid economic growth, and concerns regarding the recovery
of the pandemic were key tailwinds for gold that sparked a return of investor interest. 2022 proved to be another volatile year
for gold as the price climbed as high as $2,039.05 per ounce in the weeks following Russia's invasion of Ukraine. Aggressive
interest rate hikes by the U.S. Federal Reserve coupled and a strengthening of the US Dollar saw ETF holders liquidate as the
price of gold dropped as low as $1,628.75 per ounce on November 3, 2022. However, increased demand from central banks, along with
the weakening of the U.S. Dollar, sparked a Q4 rally that saw the price of gold climb to $1,813.75 per ounce to close 2022.

 Similarly
in 2023, economic and geopolitical factors continued to drive volatility in the price of gold over the course of the year. While
the central bank demand that sparked a fourth quarter rally remained strong throughout the year, a weaker US Dollar and a drop
in US 10-Year Treasury Yields caused the price of gold to reach $1,932.45 per ounce on January 26, 2023. However, the disappointing
Chinese economic recovery drove the price as low as $1,810.95 per ounce on February 24, 2023, before the US banking crisis increased
the likelihood of US policy rate cuts and drove the spot price as high as $2,048.45 per ounce on April 13, 2023 as investors turned
to gold in anticipation of lower interest rates. However, the subsequent interest rate hike by the U.S. Federal Reserve in May
contributed to the price of gold falling as low as $1,899.60 per ounce on June 29th, 2023. The price of gold continued to fluctuate
throughout the third quarter as a weaker dollar and central bank purchasing drove the spot price back up to $1,976.10 per ounce
on July 20, 2023, however the U.S. Federal Reserve's final interest rate hike of the year on July 26th increased the probability
of a policy rate mistake given mixed economic news leading the price to close as low as $1,870.50 per ounce on September 29th,
2023. The spot price of gold continued to fall at the start of the fourth quarter, reaching as low as $1,818.95 per ounce on October
4, 2023, before the US Treasury shifted issuance to short duration bonds, lowering 10-year yields. While treasury market yields
moved lower, removing the risk of excessive policy rate tightening, tensions in the Middle East increased with the attacks by
Hamas on Israeli targets and civilians escalating the ongoing conflict between the two entities. Subsequently, the spot price
of gold climbed as high as $1,997.60 per ounce on October 30, 2023. The spot price of gold retracted over the first half of November
before speculation of potential interest rate cuts in the US and Chinese economic stimulus drove the spot price of gold to an
all-time high of $2,078.40 per ounce on December 28, 2023.

 In
2024, the spot price of gold was relatively flat to start the year as metals investors focused on hopes of economic stimulus out of
China making a meaningful rise in demand in more cyclically exposed metals like copper and silver. This led to a continuation of the
sharp reduction in gold owned by ETF investors into March, which moderated into June. From July to October these investors added to positions helping support gold
prices as central bank purchases continued albeit without the Peoples Bank of China which halted purchases between June and October.
The primary motivator for central bank purchases of gold are as a foreign exchange reserves diversifier away from U.S dollars and
Treasuries at the margin. The Council of Foreign Relations notes a primary risk to emerging market economies comes from sanctions,
tariffs and U.S. dollar trading system bans on behest of western economies. The results of the U.S. election raise the prospects of sanctions, and tariffs and thus the motivation to
continue reserve diversification with gold purchases.

 The
Silver Industry

 Market
Participants

 The
participants in the world silver market may be classified in the following sectors: the mining and producer sector, the banking
sector, the official sector, the investment sector, and the manufacturing sector. A brief description of each follows.

 Mining
and Producer Sector

 This
group includes mining companies that specialize in silver and silver production, mining companies that produce silver as a by-product
of other production (such as a copper or gold producer), scrap merchants and recyclers. According to The Silver Institute's
World Silver Survey 2024, the top 20 producing countries are set forth in the table below. As the World Silver Survey 2024 was
published in April 2024, information for 2024 is not available as of the date of this report.

 In million ounces

 2022

 2023

 Y/Y

 Mexico

 213.2

 202.2

 -5%

 China

 111.8

 109.3

 -2%

 Peru

 107.0

 107.1

 0%

 Chile

 41.9

 52.0

 24%

 Bolivia

 38.8

 42.6

 10%

 Poland

 42.4

 42.5

 0%

 Russia

 41.1

 39.8

 -3%

 Australia

 37.5

 34.4

 -8%

 United States

 33.2

 32.0

 -3%

 Argentina

 30.8

 26.0

 -16%

 India

 22.3

 23.8

 6%

 Kazakhstan

 15.4

 16.6

 8%

 Sweden

 14.6

 12.6

 -14%

 Indonesia

 10.3

 10.3

 -1%

 Morocco

 8.7

 8.8

 1%

 Uzbekistan

 7.0

 7.7

 9%

 Canada

 8.7

 7.1

 -18%

 Papua New Guinea

 3.0

 4.3

 42%

 Spain

 3.5

 3.7

 6%

 Brazil

 2.4

 3.3

 36%

 Others

 42.9

 44.4

 3%

 Total

 836.7

 830.5

 -1%

 Source: The Silver Institute - World Silver Survey 2024 (Metals Focus)

 Banking
Sector

 Bullion
banks provide a variety of services to the silver market and its participants, thereby facilitating interactions between other
parties. Services provided by the bullion banking community include traditional banking products as well as mine financing, physical
silver purchases and sales, hedging and risk management, inventory management for industrial users and consumers and silver leasing.

 The
Official Sector

 There are no official statistics published by the International
Monetary Fund, Bank of International Settlements, or national banks on silver holdings by national governments. The main reason for this
is that silver is generally not recognized as a reserve asset.

 Consequently, there are very limited silver stocks held by governments.
According to The Silver Institute World Silver Survey 2024, the identifiable silver bullion inventories are as set forth in the table
below. As the World Silver Survey 2024 was published in April 2024, information for 2024 is not available as of the date of this report.

 Identifiable Silver Bullion Inventories*

 Million ounces

 2021

 2022

 2023

 Y/Y

 London vaults

 1,161.5

 840.9

 856.2

 2%

 COMEX

 355.7

 299.0

 277.9

 -7%

 Shanghai Gold Exchange (SGE)

 73.9

 69.0

 46.5

 -33%

 Shanghai Futures Exchange (SHFE)

 75.9

 69.2

 38.2

 -45%

 Other

 2.7

 7.4

 4.1

 -44%

 Total

 1,669.7

 1,285.5

 1,229.9

 -5%

 * Year-end; Source: The Silver Institute – World Silver
Survey 2024 (Metals Focus, LBMA, CME, SGE, SHFE, MCX & OCE)

 The
Investment Sector

 This
sector includes the investment and trading activities of both professional and private investors and speculators. These participants
range from large hedge and mutual funds to day-traders on futures exchanges, and retail-level coin collectors.

 The
Manufacturing Sector

 The
fabrication and manufacturing sector represents all the commercial and industrial users of silver. Industrial applications comprise
the largest use of silver. The jewelry and silverware sector is the second largest, followed by the photographic industry (although
the latter has been declining over a number of years as a result of the spread of digital photography).

 World
Silver Supply and Demand 2015-2024

 The
following table sets forth a summary of the world silver supply and demand for the period from 2015 to 2024 and is based on information
reported by the World Silver Survey 2024, published by The Silver Institute. As the World Silver Survey 2024 was published in
April 2024, the table below includes forecasted information for 2024 as of the date of publication. As of the date of this report,
final figures (i.e., non-forecasted) for 2024 are not yet available.

 Year on Year

 (in millions of ounces)

 2015

 2016

 2017

 2018

 2019

 2020

 2021

 2022

 2023

 2024F*

 2023

 2024F*

 Supply

 Mine Production

 896.8

 899.8

 863.6

 850.6

 837.2

 783.4

 829.0

 836.7

 830.5

 823.5

 -1%

 -1%

 Recycling

 147.0

 145.7

 147.2

 148.7

 148.2

 164.3

 173.7

 176.9

 178.6

 178.9

 1%

 0%

 Net Hedging Supply

 2.2

 –

 –

 –

 13.9

 8.5

 –

 –

 –

 –

 na

 na

 Net Official Sector Sales

 1.1

 1.1

 1.0

 1.2

 1.0

 1.2

 1.5

 1.7

 1.6

 1.5

 -6%

 -9%

 Total Supply

 1,047.0

 1,046.5

 1,011.8

 1,000.5

 1,000.3

 957.4

 1,004.3

 1,015.4

 1,010.7

 1,003.8

 -0.5%

 -1%

 Demand

 Industrial

 457.1

 489.5

 526.4

 524.2

 523.5

 509.7

 561.3

 588.3

 654.4

 710.9

 11%

 9%

 Electrical & Electronics

 272.3

 308.9

 339.7

 331.0

 327.3

 322.0

 351.2

 371.3

 445.1

 485.6

 20%

 9%

 of which photovoltaics

 59.6

 81.6

 99.3

 87.0

 74.9

 82.8

 88.9

 118.1

 193.5

 232.0

 64%

 20%

 Brazing Alloys & Solders

 51.1

 49.1

 50.9

 52.0

 52.4

 47.5

 50.5

 49.2

 50.2

 51.8

 2%

 3%

 Other Industrials

 133.7

 131.5

 135.8

 141.2

 143.8

 140.2

 159.6

 167.8

 159.0

 173.5

 -5%

 9%

 Photography

 38.2

 34.7

 32.4

 31.4

 30.7

 26.9

 27.7

 27.5

 27.0

 26.1

 -2%

 -3%

 Jewelry

 202.5

 189.1

 196.2

 203.2

 201.6

 150.9

 182.0

 234.5

 203.1

 211.3

 -13%

 4%

 Silverware

 58.3

 53.5

 59.4

 67.1

 61.3

 31.2

 40.7

 73.5

 55.2

 58.8

 -25%

 7%

 Net Physical Investment

 309.3

 212.9

 155.8

 165.9

 187.4

 208.1

 284.3

 337.1

 243.1

 212.0

 -28%

 -13%

 Net Hedging Demand

 –

 12.0

 1.1

 7.4

 –

 –

 3.5

 17.9

 12.2

 –

 -32%

 na

 Total Demand

 1,065.4

 991.8

 971.3

 999.2

 1,004.4

 926.8

 1,099.6

 1,278.9

 1,195.0

 1,219.1

 -7%

 2%

 Market Balance

 18.4

 54.7

 40.5

 1.3

 (4.1)

 30.6

 (95.4)

 (263.5)

 (184.3)

 (215.3)

 -30%

 17%

 Net Investment in ETPS

 (17.1)

 53.9

 7.2

 (21.4)

 83.3

 331.1

 64.9

 (125.8)

 (42.1)

 50.0

 -67%

 na

 Market Balance less ETPS

 (1.3)

 0.8

 33.3

 22.7

 (87.4)

 (300.5)

 (160.3)

 (137.7)

 (142.2)

 (265.3)

 3%

 87%

 Silver Price (US$/oz, London Price)

 15.68

 17.14

 17.05

 15.71

 16.21

 20.55

 25.14

 21.73

 23.35

 28.91

 7%

 24%

 *
Forecasted

 Source: The Silver Institute - World Silver Survey 2024 (Metals Focus)

 The
following are some of the main characteristics of the silver market illustrated by the table.

 The
balance between silver supply and demand is a fundamental driver of its price. Silver has some of the same drivers of investment
demand as gold, in that it can be used as a hedge against inflation or currency devaluation, or for portfolio diversification
as an alternative currency. As such, silver investment demand may be influenced by interest rates. Silver, unlike gold, has a
significant demand for industrial applications, such as electronics, solar panels, and medical equipment, due to its unique properties,
such a high thermal and electrical conductivity.

 New
mine production accounts for approximately 84% of total silver supply. Recycled silver accounts for around 18% of total supply.

 Industrial applications and jewelry demand accounted for over 72% of total demand in 2023. Photography has been taking a lower share of
overall silver demand falling from 4% in 2015 to 2% in 2023, while photovoltaic demand has risen in recent years accounting for 16% in
2023. Net physical investment (i.e. in coins and bars) accounted for 20% of demand in 2023, down from 26% in 2021-2022.

 Historical
chart of the price of Silver

 The
price of silver is volatile and fluctuations are expected to have a direct impact on the value of the Shares. However, movements
in the price of silver in the past are not a reliable indicator of future movements. Movements may be influenced by various factors,
including announcements from central banks regarding a country's reserve silver holdings, agreements among central banks,
political uncertainties around the world, and economic concerns. The following chart illustrates the movements in the price of
an ounce of silver in dollars from December 31, 2014 to December 31, 2024 and is based on information provided by Bloomberg:

 Source: Bloomberg, abrdn. Chart data from 12/31/2014 to 12/31/2024. Spot Silver Price = SLVRLND Index.

 Starting
in early 2011, when prices peaked at $48.44 per ounce, silver prices began a downward trend, albeit with multiple upwards rallies
(that have often lasted several months). The rise in the value of the U.S. Dollar, sluggish industrial growth and a tame inflation
environment (which led some investors to revise their expectations of the effects of monetary expansion) were some of the drivers
behind the fall in silver prices from 2011 to 2019. Silver reversed course in 2020, as prices rose 46.75%, closing at $26.49 per
ounce, making it the top performer of the four metals (gold, silver, platinum, palladium). In 2021, silver took a slight step
back after its historic performance in 2020, as it returned -14% (as of December 31, 2021). Throughout 2021, silver took a backseat
to riskier asset classes, such as equities, which was one of the reasons for its negative performance during the year.

 2022
was a volatile year for silver. On March 7, 2022, in response to Russia's invasion of Ukraine, the LBMA suspended five Russian
silver refiners. Fewer suppliers to the LBMA may lead to a lower supply of Good Delivery silver and further volatility in the
price of silver. See "Risk Factors—War, a major terrorist attack and other geopolitical events, including but not
limited to the war between Russia and Ukraine may lead to extended periods of price volatility" for additional information
regarding the LBMA's suspension of the Russian silver refiners. The price of silver reached as high as $26.41 per ounce
in the weeks following Russia's invasion of Ukraine, up more than 13% from the end of 2021, as the invasion, and the threat
of sanctions on Russian exports, including silver, pushed prices higher. The price of silver fell as low as $17.81 per ounce at
the beginning of September 2022, as the risk of diminishing global economic growth, and aggressive interest rate hikes by the
U.S. Federal Reserve caused the U.S. Dollar to strengthen, and silver prices to weaken, in concurrence with a slowing economy.
The potential of a weakening U.S. Dollar, amidst low silver inventory levels and a reopening Chinese economy, sparked a rally
in the fourth quarter of 2022 that saw the price of silver climb 25.9% over the quarter to close the year at $23.95 per ounce
as of December 31, 2022. Despite the volatile year, in 2022 the price of silver rose 2.8% above its 2021 closing price.

 The
strong demand and reduced supply trends that were prevalent towards the end of 2022 were expected to continue in 2023; however,
economic and geopolitical factors continued to drive volatility in the price of silver over the course of the year. While the
spot price remained relatively flat to start the year, a disappointing Chinese economic recovery drove the price as low as $20.09
on March 10, 2023, before a U.S. banking crisis increased the likelihood of U.S. policy rate cuts and drove the spot price as
high as $25.84 per ounce on May 5, 2023, as investors turned to silver in anticipation of lower interest rates. However, the subsequent
interest rate hike in May contributed to the price of silver falling as low as $22.34 per ounce on June 23, 2023. The price of
silver continued to fluctuate throughout the third quarter of 2023 as a weaker dollar pushed the spot price back above $25 per
ounce on July 19, 2023; however, the U.S. Federal Reserve's final interest rate hike of the year on July 26 increased the probability
of a policy rate mistake, given mixed economic news, leading the price to close as low as $22.55 per ounce on September 28, 2023.
The spot price of silver continued to fall at the start of Q4 2023, reaching as low as $21.06 per ounce on October 3, 2023, before
the U.S. Treasury shifted issuance to short duration bonds, lowering 10-year yields. As Treasury market yields moved lower, removing
the risk of excessive policy-rate tightening, the price climbed to $23.22 per ounce on October 20, 2023. The spot price of silver
remained relatively steady over the next few weeks before speculation of potential interest rate cuts in the U.S. and Chinese
economic stimulus drove the spot price of silver as high as $25.17 per ounce on December 4, 2023. The price of silver ultimately
ended the year at $23.79 per ounce on December 29, 2023, down -0.65% for the year, as market participants were disappointed by
the lack of economic stimulus in China.

 In 2024, the spot price of silver began the year on a downward trend
as the economic stimulus out of China at the end of 2023 disappointed investors and had little immediate effect on the economy. The potential
for U.S. interest rate cuts inspired some increased attention by investors over the summer months. The U.S. Federal Reserve's interest
rate cut provided an additional tailwind that would send the price as high as $32.48 per ounce on September 26, 2024. Headwinds grew as
the US election resulted in an increased potential of tariffs that are large enough to slow Chinese economic growth. Overall, the year
was marked by alternating optimism and pessimism on China's economic activity and levels of stimulus. Additional volatility came
from a disappointing energy transition in the U.S. despite an outperforming energy transition in China where silver's use in solar
panel manufacturing is key.

 Platinum Group
Metals

and palladium are the two best known metals of the six platinum group metals ("PGMs"). Platinum and palladium have
the greatest economic importance and are found in the largest quantities. The other four—iridium, rhodium, ruthenium and
osmium—are produced only as co-products of platinum and palladium. PGMs are known for their purity, high melting points
and unique catalytic properties. In addition to their oxidation and reduction properties, they are also extremely resistant to
corrosion. PGMs are utilized in a number of industrial processes, technologies and commercial applications. Their unique chemical
and physical properties make PGMs an excellent raw material, catalyst and ingredient for manufacturing processes. Consumer and
industrial products made with platinum and other PGMs include flat panel monitors, glass fiber, medical tools, computer hard drives,
nylon and razors, among others. PGMs play a critical role in autocatalysis and pollution control in the automotive sector.

 PGM
mining is heavily concentrated in southern Africa (South Africa and Zimbabwe), with smaller percentages coming from the United
States, Russia and other locations. South Africa is the world's leading platinum producer and one of the largest palladium
producers. Russia is the second largest producer of platinum and palladium. All of South Africa's production is sourced
from the Bushveld Igneous Complex, which hosts the world's largest resource of PGMs. Together, South Africa and Russia accounted
for over 83% of platinum supply and 77% of palladium in 2023.

 World
Platinum Supply and Demand 2014-2023

 The
following table sets forth a summary of the world platinum supply and demand over the last 10 years (from 2014 to 2023) and is
based on information reported by Johnson Matthey, PGM Market Reports (2015 – 2024).

 (thousands of ounces)

 2014

 2015

 2016

 2017

 2018

 2019

 2020

 2021

 2022

 2023

 Supply

 South Africa

 3,546

 4,572

 4,392

 4,450

 4,467

 4,344

 3,243

 4,609

 3,965

 4,001

 Russia

 North America

 Zimbabwe

 Others

 Total primary supply

 5,154

 6,139

 6,127

 6,161

 6,150

 6,037

 4,963

 6,213

 5,386

 5,791

 Recycling

 Autocatalyst

 1,255

 1,136

 1,132

 1,249

 1,332

 1,389

 1,157

 1,236

 1,205

 1,036

 Electrical

 Jewellery

 Total secondary supply

 2,045

 1,740

 1,902

 2,030

 2,069

 2,092

 1,700

 1,646

 1,517

 1,300

 Total combined supply

 7,199

 7,879

 8,029

 8,191

 8,219

 8,129

 6,663

 7,859

 6,903

 7,091

 Demand by Application

 Auto

 3,062

 3,273

 3,339

 3,061

 2,815

 2,589

 2,024

 2,410

 2,747

 3,342

 Chemical

 Dental & Biomedical

 Electrical & Electronics

 Glass

 1,131

 1,022

 (28)

 (565)

 Jewelry

 2,839

 2,746

 2,413

 2,385

 2,258

 2,073

 1,657

 1,468

 1,391

 1,361

 Petroleum

 Pollution Control

 –

 –

 –

 Other

 Total demand

 7,976

 8,276

 8,267

 7,978

 7,868

 8,409

 7,205

 6,724

 6,431

 7,609

 Movements in Stocks

 (777)

 (397)

 (238)

 (280)

 (542)

 1,135

 (518)

 Source:
Johnson Matthey PGM Market Reports (2015 – 2024)

 Primary supply: Supply figures represent sales of primary PGM by producers and are allocated to the region where mining took place, rather than the region of subsequent processing.

 Secondary supply: Secondary supply is the quantity of metal recovered from open-loop recycling (i.e. where the original purchaser does not retain ownership of the PGM). Outside the automotive, jewelry and electronics markets, open-loop recycling is negligible.

 Automotive recycling represents the weight of metal recovered from end-of-life vehicles and aftermarket scrap. It does not include warranty or production scrap.

 Demand: Demand figures for any given application represent the sum of industry demand for new metal in that application, net of any closed-loop recycling (i.e. where industry participants retain ownership of the metal: an example would be recycling of spent chemical catalysts where the metal is retained to be used on fresh catalyst that replaces the spent charge).

 Automotive demand is allocated to the region where the vehicle is manufactured and is accounted for at the time of vehicle production. It includes emissions catalysts on vehicles, motorcycles and three-wheelers, as well as fuel cell vehicles. Non-road mobile machinery is counted as industrial demand, in the pollution control category.

 Jewelry demand is allocated to the region where the finished jewelry is manufactured, not sold.

 Movements in stocks: This figure gives the overall market balance in any one year and reflects the extent of stocks that must be mobilized to balance the market in that year. It is thus a proxy for changes in stocks held by fabricators, dealers, banks and depositories, but excludes stocks held by primary and secondary refiners and final consumers. A positive figure (market surplus) thus reflects an increase in global market stocks. A negative value (market deficit) indicates a decrease in global market stocks

 The
following are some of the main characteristics of the platinum market illustrated by the table:

 The main supplier of platinum is South Africa, providing approximately
71.4% of total mine supply over the past 10 years (2014-2023). Russia is the second largest supplier of platinum. Its share of world mine
production has averaged around 11.7% of total mine supply over the past ten years ended 2023. Scrap supply from recycling of autocatalyst
and other sources have accounted for about 24% of total supply over the last 10 years.

 Over the ten years ended December 2023, jewelry demand for platinum peaked
at approximately 36% of total demand in 2014. Jewelry demand has since declined to 18% total demand in 2023, following a consistent downward
trend. Automotive demand for platinum, which accounted for around 36% of total demand at the end of 2014, has increased to roughly 44%
of total demand as of the end of 2023. Following two consecutive years of growth, investment demand fell from a high of 14% in 2020 into
negative territory in 2022 at (9%) but improved to 1% in 2023. Pollution control demand, which captures the production demand of non-road
vehicles such as agricultural equipment and industrial machinery as well as small engines and stationary source emissions controls in
factories that use technology that is similar to autocatalysts, increased to 4% of total demand in 2023.

 Historical
Chart of the Price of Platinum

 The
price of platinum is volatile and fluctuations are expected to have a direct impact on the value of the Shares. However, movements
in the price of platinum in the past are not a reliable indicator of future movements. The following chart illustrates the
movements in the price of an ounce of platinum in U.S. Dollars from December 31, 2014 to December 31, 2024 and is based on information
provided by Bloomberg:

 Source: Bloomberg, abrdn. Chart data from 12/31/2014 to 12/31/2024. Spot Platinum Price = PLTMLNPM Index.

 In
2012, platinum prices rose on the back of supply disruptions in South Africa, which accounts for more than 72% of the world's
supply of platinum. A strike at one of South Africa's biggest platinum mines caused the price of platinum to rise from $1,387
to $1,709 per ounce in August 2012. At the beginning of 2013, Anglo American Platinum, the world's biggest producer of the
metal, announced its intention to close four mine shafts and its consideration of selling another mine complex as part of a radical
overhaul of its South African operations. This statement prompted a strong reaction on platinum prices, which rose from $1,656
to $1,736 per ounce in the days following the announcement, on fears of a further tightening in platinum supply. However, platinum's
correlation to gold weighed on platinum prices in 2013 overall. Prolonged strikes at South African mines in 2014 led to the deepest
supply deficit in platinum since 1975 (the earliest date we have supply and demand data). However, that failed to arrest the price
slide which saw prices fall 11% in 2014, highlighting the extent of negative sentiment towards industrially-exposed precious metals.
Despite autocatalyst demand for platinum increasing in 2015, tightening nitrogen oxide emission standards have led to pessimism
about the future demand for platinum-heavy diesel autocatalysts relative to palladium-heavy gasoline autocatalysts. Further pessimistic
outlook for South Africa's economy and its currency the South African Rand weighed on platinum prices throughout 2017, and
platinum continued to fall in 2018 driven by lackluster investor sentiment, a stronger US dollar, weaker diesel demand and rising
mine supply. Platinum prices bounced back, rising 19.9% to $952 per ounce at the end of 2019. After seeing the price fall as low
as $593 per ounce on March 19, 2020, platinum rebounded from pandemic lows and finished the year at $1,068 per ounce. The steep
climb in palladium price has led some investors to conclude that platinum appears under-valued, in view of its potential to substitute
for palladium in automotive applications in the future. Additionally, the outlook for mining in South Africa is increasingly uncertain,
with producers facing steep increases in electricity prices, periodic disruption to power supplies and a risk of industrial action
during anticipated wage negotiations. In 2021, platinum took a back seat to risky assets, similarly to other precious metals,
as it returned -10% (as of December 31, 2021). Follow through from auto production disruptions during the pandemic were a major
contributor to the price performance in 2021. The price of platinum reached as high as $1,151 per ounce on March 8, 2022, as Russia's
invasion of Ukraine and the threat of sanctions on Russian exports, including platinum, pushed prices higher. However, while other
precious metals (gold, silver, palladium) saw prices fluctuate throughout the year, platinum's volatility was much more
pronounced within the first quarter of 2022, as the price fell roughly 15% by March 31, 2022, to close the first quarter at $983
per ounce. Aggressive interest rate hikes by the U.S. Federal Reserve, a strong U.S. Dollar and risks of diminishing global economic
growth exerted additional pressure on prices, as the price of platinum fell as low as $831 per ounce on July 14, 2022. Through
the end of 2022, increasing autocatalyst demand and a growing substitution of platinum for palladium contributed to ongoing physical
market tightness, despite a global surplus, which saw the price of platinum increase roughly 24% from July 14, 2022 through December
31, 2022 to $1,031 per ounce.

 In
2023, a decrease in platinum production in South Africa, the world's leading producer, has continued to impact global supply (see
"World Platinum Supply and Demand in 2023" above for additional discussion). While industry analysis groups see potential
for a nearly 1-million-ounce deficit in platinum in 2023, the price performance has not reflected this sentiment over the course
of the year as the market remains well supplied pulling from existing above ground stockpiles. Despite a positive outlook at the
beginning of the year, fueled by China's rollback of Covid-related restrictions, that drove the price as high as $1,128 per
ounce on April 21, 2023, the Chinese economic rebound disappointed investors and led the price of platinum to fall as low as $850
per ounce on November 13, 2023. While an end-of-year rally saw the price of platinum increase roughly 18% off the yearly low to
$1,000 per ounce, platinum ended the year approximately 3% below its 2022 closing price.

 In 2024, mining production in South Africa has continued to impact global
supply, as the country experiences some remaining power supply disruptions, although at a far lower pace than in 2023. Political
instability, inflation and volatile market prices have compressed profit margins and subsequently led to a decrease in expected
supply from the world's leading producer. As a result, platinum markets remained volatile throughout the year while prices have not responded
to the existing supply side deficit as above ground stocks are being worked through. An increase in expected automotive demand provided
some tailwinds during the first half of the year sent the spot price of platinum as high as $1,065 per ounce on May 17, 2024. However,
the lackluster Chinese economic rebound and disappointing level of stimulus turned to headwinds as the price retreated to $910 per ounce.
The risk of additional sanctions on Russian metal exports in October provided some temporary price support, however market fears over
supply restrictions quickly dissipated, and prices retreated once more. Headwinds grew as the US election resulted in an increased potential
of tariffs that are large enough to slow global economic growth and the spot price of platinum ended the year down -8.6%, at $914 per
ounce.

 World
Palladium Supply and Demand 2014-2023

 The
following table sets forth a summary of the world palladium supply and demand for the period from 2014 to 2023 and is
based on information reported by Johnson Matthey, PGM Market Report.

 (thousands of ounces)

 2014

 2015

 2016

 2017

 2018

 2019

 2020

 2021

 2022

 2023

 Supply

 South Africa

 2,126

 2,683

 2,570

 2,547

 2,543

 2,571

 1,975

 2,645

 2,276

 2,347

 Russia

 2,589

 2,434

 2,781

 2,452

 2,976

 2,987

 2,636

 2,689

 2,300

 2,700

 North America

 1,035

 1,042

 Zimbabwe

 Others

 Total Supply

 6,093

 6,455

 6,793

 6,472

 7,082

 7,119

 6,196

 6,846

 6,026

 6,547

 Secondary supply

 Automotive

 2,077

 1,952

 1,986

 2,357

 2,624

 2,916

 2,691

 2,886

 2,728

 2,334

 Electronics/other

 Jewellery

 Total secondary supply

 2,640

 2,473

 2,488

 2,857

 3,111

 3,405

 3,127

 3,338

 3,193

 2,807

 Total combined supply

 8,733

 8,928

 9,281

 9,329

 10,193

 10,524

 9,323

 10,184

 9,219

 9,354

 Demand by Application

 Auto

 7,487

 7,657

 8,019

 8,423

 8,837

 9,675

 8,570

 8,501

 8,460

 8,745

 Chemical

 Dental & Biomedical

 Electrical & Electronics

 (659)

 (646)

 (386)

 (574)

 (87)

 (190)

 (109)

 Jewellery

 Pollution Control

 Other

 Total Demand

 10,589

 9,204

 9,473

 10,050

 10,351

 11,485

 10,005

 10,268

 9,975

 10,371

 Movements in stocks

 (1,856)

 (276)

 (192)

 (721)

 (158)

 (961)

 (682)

 (84)

 (756)

 (1,017)

 Source:
Johnson Matthey PGM Market Reports (2014 – 2023).

 The following are some of the main characteristics of the palladium market
illustrated by the table:

 Russia has traditionally been the largest producer of palladium, providing
on average 40% of supply over the past 10 years. South Africa has, on average, supplied approximately 37% of production over the past
10 years. In 2023, Russia provided 41.2% of mine supplies, while South Africa produced 35.8%. North America contributed approximately
13.2% of mine supply in 2023. Scrap supply, from recycling of autocatalyst and other sources, accounted for roughly 30% of total supply
in 2023, down from a high of 34.6% in 2022.

 Autocatalysts continue to be the largest component of palladium demand,
averaging 84.3% of total demand from 2015 to 2023, compared to 71% in 2014. Jewelry demand for palladium has tapered off considerably
over the last 10 years, contributing only 0.8% of total demand in 2023, down from a high of 2.6% in 2014. Other industrial demand (chemical,
dental and electrical) has fallen from 19.8% of total demand in 2015 to 12% of total demand in 2023. Since 2014, pollution control demand
has increased from 0.5% to 1.3% of total demand. Pollution control demand captures the production demand for emissions control in non-automotive
applications.

 Historical Chart of the Price of Palladium

 The price of palladium is volatile and fluctuations are expected to have
a direct impact on the value of the Shares. However, movements in the price of palladium in the past are not a reliable indicator of future
movements. The following chart illustrates the movements in the price of an ounce of palladium in U.S. Dollars from December 31, 2014
to December 31, 2024 and is based on information provided by Bloomberg:

 Source: Bloomberg, abrdn. Chart data from 12/31/2014
 to 12/31/2024. Spot Palladium Price = PLDMLNPM Index.

 Rising
palladium prices tempered in 2011, but concerns over supply shortages due to labor problems at mines in South Africa and
dwindling Russian stocks provided some price support into mid-2012. Palladium rose to a 13 year high of $907 per ounce in
September 2014, a 27% increase from the start of the year. The rally was driven by supply side concerns following the longest
strike in South African mining history and escalating tensions between Russia and Ukraine. The strong rally in 2014 was completely
unwound in 2015, when South African mine supply resumed back to pre-strike levels and pessimism about industrial demand in China
overwhelmed the true tightness in the market. Palladium was then the top performer of the precious metals complex for 3 consecutive
years from 2017 to 2019, where it rose nearly 182% from $676 per troy ounce on December 31, 2016 to $1,905 per troy ounce on December
31, 2019. The price of palladium reached an all-time high of $2,781/oz on February 19, 2020, before closing out the year at a
price of $2,342/oz on December 31, 2020. Similar to other precious metals, palladium took a step back in 2021 as it returned -16%
(as of December 31, 2021). A decline in autocatalyst demand due to the pandemic was a big reason for the negative performance
seen during the year.

 The
price of palladium reached a record high of $3,015 per ounce on March 7, 2022, as Russian's invasion of Ukraine infused
uncertainty into global markets and created additional price pressure that pushed the price of palladium nearly 53% above its
2021 close. While each of the precious metals (gold, silver, platinum) saw prices fluctuate throughout the year, the price of
palladium showed greater correlation with the price of Platinum during the first quarter. The price of palladium fell by roughly
25% between March 8 th and March 31st, ending the first quarter at a price of $2,259 per ounce. On June 14th, 2022 the
price of palladium fell as low as $1,810 per ounce, as aggressive interest rate policies from the U.S. Federal Reserve drove the
U.S. Dollar higher. Contrary to the other three precious metals, the price of palladium increased as high as $2,315 per ounce
on October 4th, 2022, as supplies were further constrained by operational challenges in South African and North American mines,
as well as a weaker automotive recycling market. Throughout the year, tailwinds from supply disruptions were countered by weaker
automotive and investment demand, higher interest rates and the risk of a potential recession. As a result, while the other three
precious metals rallied to end the year, the price of palladium reversed course during the fourth quarter to end the year at $1,775
per ounce, down 10% from the end of 2021.

 In
2023, palladium production in Russia and South Africa have continued to impact global supply. Russian production was relatively
flat compared to 2020 and 2021, however sanctions imposed in 2022 constrained the production capacity of Russian metals producer
Nornickel, the world's largest palladium producer. In contrast, South Africa continues to experience power supply disruptions
along with rising electricity prices. Coupled with labor strikes, political instability, inflation and volatile prices, which
have compressed profit margins and subsequently led to a decrease in expected supply from the world's second leading producer.
However, despite the supply deficit, investors have sold short a large amount of palladium this year, in hopes that electric vehicles
will curtail the demand for palladium in gasoline-powered automobiles. Additionally, while a positive outlook at the beginning
of the year, fueled by China's loosening of COVID-19 related restrictions, drove the price as high as $1,628 per ounce on
April 21, 2023, the Chinese economic rebound disappointed investors. As a result of these two factors, the price of palladium
continued on a downward trend throughout most of the year before reaching a low of $957 per ounce on December 6, 2023. Fears of
additional Russian sanctions sparked a year-end rally that saw the price climb as high as $1,221 per ounce on December 20, 2023,
but the precious metal ultimately ended the year at $1,136 per ounce, 36% below its 2022 closing price.

 In 2024, palladium markets continued to be volatile as the market remained
net short and prices have not responded to the existing supply side deficit as the market works through above ground stockpiles. While
autocatalyst demand continues to be the largest component of palladium demand, it has not yet returned to pre-pandemic levels, and the
price remained between $850 and $1,050 per ounce for much of the year. In October, the threat of potential new sanctions on Russian exports,
which accounts for roughly 40% of new mined supply, sent the price as high as $1,222 per ounce on October 29, 2024, as short sellers bought
long contracts to reduce their positions. However, once market fears about disruptions in supply dissipated the spot price retreated and
ultimately ended the year at $909 per ounce on December 31, 2024 (-19.98%).

 Operation
of the Bullion Markets

 The
global trade in Bullion consists of Over-the-Counter ("OTC") transactions in spot, forwards, and options and
other derivatives, together with exchange-traded futures and options.

 Global
Over-The-Counter Market

 The
OTC market trades on a 24-hour per day continuous basis and accounts for most global Bullion trading.

 Market
makers, as well as others in the OTC market, trade with each other and with their clients on a principal-to-principal basis. All
risks and issues of credit are between the parties directly involved in the transaction.

 For
gold and silver, market makers include the market-making members of the London Bullion Market Association ("LBMA"),
the trade association that acts as the coordinator for activities conducted on behalf of its members and other participants in
the London bullion market. As of the date of this report, the eleven market-making members of the LBMA are: BNP Paribas SA, Citibank
N.A., HSBC Bank PLC, Goldman Sachs International, ICBC Standard Bank, JPMorgan Chase Bank, Merrill Lynch International, Morgan
Stanley & Co. International Plc, Standard Chartered Bank, Toronto-Dominion Bank and UBS AG.

 For
platinum and palladium, five member participants of the London Platinum and Palladium Market ("LPPM"), the trade association
that acts as the coordinator for activities conducted on behalf of its members and other participants in the LPPM, are currently
participating in the London Metal Exchange Fix ("LME Fix"). The OTC market provides a relatively flexible market in
terms of quotes, price, size, destinations for delivery and other factors. Bullion dealers customize transactions to meet clients'
requirements. The OTC market has no formal structure and no open-outcry meeting place.

 The
main centers of the OTC market are London, Zurich and New York for gold and silver and London, New York, Hong Kong and Zurich
for platinum and palladium. Mining companies, central banks, manufacturers of jewelry and industrial products, together with investors
and speculators, tend to transact their business through one of these market centers. Centers such as Dubai and several cities
in the Far East also transact substantial OTC market business, typically involving jewelry and small bars of gold or silver and
small plates or ingots of platinum or palladium (1 kilogram or less) and will hedge their exposure by selling into one of these
main OTC centers. Precious metals dealers have offices around the world and most of the world's major bullion dealers are
either members or associate members of the LBMA and/or the LPPM.

 In
the OTC market for gold, the standard size of trades between market makers ranges between 5,000 and 10,000 ounces. Bid-offer spreads
are typically 50 US cents per ounce. Certain dealers are willing to offer clients competitive prices for much larger volumes,
including trades over 100,000 ounces, although this will vary according to the dealer, the client and market conditions, as transaction
costs in the OTC market are negotiable between the parties and therefore vary widely. Cost indicators can be obtained from various
information service providers as well as dealers.

 In
the OTC market for silver, the standard size of trades between market makers is 100,000 ounces.

 In
the OTC market for platinum and palladium, the standard size of trades between market makers is 1,000 ounces.

 Liquidity
in the OTC market can vary from time to time during the course of the 24-hour trading day. Fluctuations in liquidity are reflected
in adjustments to dealing spreads—the differential between a dealer's "buy" and "sell" prices.
The period of greatest liquidity in the Bullion markets generally occurs at the time of day when trading in the European time
zones overlaps with trading in the United States, which is when OTC market trading in London, New York, Zurich and other centers
coincides with futures and options trading on the Commodity Exchange, Inc. ("COMEX"), a designated contract market
within the CME Group. This period lasts for approximately four hours each New York business day morning.

 The
Gold Bullion Market

 The
London Gold Bullion Market

 Although
the market for physical gold is distributed globally, most OTC market trades are cleared through London. In addition to coordinating
market activities, the LBMA acts as the principal point of contact between the market and its regulators. A primary function of
the LBMA is its involvement in the promotion of refining standards by maintenance of the "Good Delivery List," which
is a list of LBMA accredited refiners of gold. The LBMA also coordinates market clearing and vaulting, promotes good trading practices
and develops standard documentation.

 The
terms "loco London" gold and "loco Zurich" gold refer to gold physically held in London and Zurich, respectively,
that meets the specifications for weight, dimensions, fineness (or purity), identifying marks (including the assay stamp of a
LBMA acceptable refiner) and appearance set forth in "The Good Delivery Rules for Gold and Silver Bars" published
by the LBMA. Gold bars meeting these requirements are described in this annual report from time to time as "London Good
Delivery Bars." The unit of trade in London is the troy ounce, whose gram conversion is: 1,000 grams equals 32.1507465 troy
ounces and 1 troy ounce equals 31.1034768 grams. A London Good Delivery Bar is acceptable for delivery in settlement of a transaction
on the OTC market. Typically referred to as 400-ounce bars, a London Good Delivery Bar must contain between 350 and 430 fine troy
ounces of gold, with a minimum fineness (or purity) of 995 parts per 1,000 (99.5%), be of good appearance and be easy to handle
and stack. The fine gold content of a gold bar is calculated by multiplying the gross weight of the bar (expressed in units of
0.025 troy ounces) by the fineness of the bar. A London Good Delivery Bar must also bear the stamp of one of the refiners who
are on the LBMA approved list. Unless otherwise specified, the gold spot price always refers to that of a London Good Delivery
Bar. Business is generally conducted over the phone and through electronic dealing systems.

 On
March 20, 2015, ICE Benchmark Administration ("IBA") began administering the operation of an "equilibrium auction,"
which is an electronic, tradable and auditable, over-the-counter auction market with the ability to settle trades in US Dollars
("USD"), Euros or British Pounds for LBMA-authorized participating gold bullion banks or market makers ("gold
participants") that establishes a reference gold price for that day's trading. IBA's equilibrium auction is
the gold valuation replacement selected by the LBMA for the London gold fix previously determined by the London Gold Market Fixing
Ltd. that was discontinued on March 19, 2015. IBA's equilibrium auction, like the previous gold fixing process, establishes
and publishes fixed prices for troy ounces of gold twice each London trading day during fixing sessions beginning at 10:30 a.m.
London time (the "LBMA AM Gold Price") and 3:00 p.m. London time (the "LBMA PM Gold Price").

 Daily
during London trading hours the LBMA AM Gold Price and the LBMA PM Gold Price each provide reference gold prices for that day's
trading. Many long-term contracts will be priced on either the basis of the LBMA AM Gold Price or the LBMA PM Gold Price, and
market participants will usually refer to one or the other of these prices when looking for a basis for valuations. The LBMA AM
Gold Price and the LBMA PM Gold Price, determined according to the methodologies of IBA and disseminated electronically by IBA
to selected major market data vendors, such as Refinitiv and Bloomberg, are widely used benchmarks for daily gold prices and are
quoted by various financial information sources as the London gold fix was previously. The Trust values its gold on the basis
of LBMA Gold Price PM. If there is no LBMA PM Gold Price on any day, the Trust will value its gold on the basis of LBMA AM Gold Price announced on that day. If neither price is available for that day, the Trust will value its gold based on the most recently
announced LBMA PM Gold Price or LBMA AM Gold Price.

 The
LBMA PM Gold Price is the result of an "equilibrium auction" because it establishes a price for a troy ounce of gold
that clears the maximum amount of bids and offers for gold entered by order-submitting gold participants each day. The opening
bid and subsequent bid prices are generated by an algorithm based method, and each auction is actively supervised by IBA staff.
There are currently 15 direct gold participants (Bank of China, Citibank N.A. London Branch, Coins 'N Things, Inc., DRW
Investments, LLC, Goldman Sachs, HSBC Bank USA NA, Industrial and Commercial Bank of China (ICBC), StoneX Financial Ltd., Jane
Street Global Trading, LLC, JPMorgan Chase Bank, N.A. London Branch, Koch Supply and Trading LP, Marex, Morgan Stanley, Standard
Chartered Bank and Toronto-Dominion Bank), and IBA uses ICE's front-end system, WebICE, as the technology platform that
allows direct participants as well as sponsored clients to manage their orders in the auction in real time via their own screens.

 The
IBA auction process begins with a notice of an auction round issued to gold participants before the commencement of the auction
round stating a gold price in U.S. Dollars, at which the auction round will be conducted. An auction round lasts 30 seconds. Gold
participants electronically place bid and offer orders at the round's stated price and indicate whether the orders are for
their own account or for the account of clients. Aggregate bid and offer volume will be shown live on WebICE, providing a level
playing field for all participants.

 At
the end of the auction round, the IBA system evaluates the equilibrium of the bid and offer orders submitted. If bid and offer
orders indicate an imbalance outside of acceptable tolerances established for the IBA system (normally 10,000 oz) (e.g., too many
purchase orders submitted compared to sell orders or vice versa), the auction chairman calculates a new auction round price principally
based on the volume weighting of bid and offer orders submitted in the immediately completed auction round. For instance, if the
order imbalance indicates that purchase orders (bids) outweigh sales orders (offers) then a new auction round price will be issued
that will be increased over that used in the prior auction round. Likewise, the new auction round price will be decreased from
the prior round's price if offers outweigh bids. To clear the imbalance, the IBA system then issues another notice of auction
round to gold participants at the newly calculated price. During this next 30 second auction round, gold participants again submit
orders, and after it ends, the IBA system evaluates for order imbalances. If order imbalances persist, a new auction price is
calculated and a further auction round will occur. This auction round process continues until an equilibrium within specified
tolerances is determined to exist. Once the IBA system determines that orders are in equilibrium within system tolerances, the
auction process ends and the equilibrium auction round price becomes the LBMA PM Gold Price.

 The
LBMA PM Gold Price and all bid and offer order information for all auction rounds become publicly available electronically via
IBA instantly after the conclusion of the equilibrium auction. Since April 1, 2015, the LBMA Gold Price has been regulated
by the Financial Conduct Authority ("FCA") in the United Kingdom ("UK"). IBA also has an Oversight Committee,
made up of market participants, industry bodies, direct participant representatives, infrastructure providers and IBA. The Oversight
Committee allows the LBMA to continue to have significant involvement in the oversight of the auction process, including, among
other matters, changes to the methodology and accreditation of direct participants. Additionally, IBA watches over the price discovery
process for the LBMA Gold Price and ensures that it meets the International Organization of Securities Commission's
(IOSCO) Principles for Financial Benchmarks (the "IOSCO Principles").

 The
LBMA PM Gold Price is widely viewed as a full and fair representation of all or material market interest at the conclusion of
the equilibrium auction. IBA's LBMA PM Gold Price electronic auction methodology is similar to the non-electronic process
previously used to establish the London gold fix where the London gold fix process adjusted the gold price up or down until all
the buy and sell orders are matched, at which time the price was declared fixed. Nevertheless, the LBMA PM Gold Price has several
advantages over the previous London gold fix. The LBMA PM Gold Price auction process is fully transparent in real time to the
gold participants and, at the close of each equilibrium auction, to the general public.

 The
LBMA PM Gold Price auction process is also fully auditable by third parties since an audit trail exists from the time of each
notice of an auction round. Moreover, the LBMA PM Gold Price's audit trail and active, real time surveillance of the auction
process by IBA as well as FCA's oversight of IBA, deters manipulative and abusive conduct in establishing each day's
LBMA PM Gold Price.

 Since
March 20, 2015, the Sponsor determined that the London gold fix, which ceased to be published as of March 19, 2015, could no longer
serve as a basis for valuing gold bullion received upon purchase of the Trust's Shares, delivered upon redemption of the
Trust's Shares and otherwise held by the Trust on a daily basis, and that the LBMA PM Gold Price is an appropriate alternative
for determining the value of the Trust's gold each trading day. The Sponsor also determined that the LBMA Gold Price PM fairly represents the commercial value of gold bullion held by the Trust and the
"Benchmark Price" (as defined in Trust Agreement) as of any day is such day's LBMA Gold Price PM or such day's
LBMA Gold Price AM if such day's LBMA Gold Price PM is not available.

 Futures

 The
most significant gold futures exchanges are the COMEX, a designated contract market within the CME Group, and the Tokyo Commodity
Exchange ("TOCOM"). The COMEX is the largest exchange in the world for trading precious metals futures and options
and has been trading gold since 1974. The TOCOM has been trading gold since 1982. Trading on these exchanges is based on fixed
delivery dates and transaction sizes for the futures and options contracts traded. Trading costs are negotiable. As a matter of
practice, only a small percentage of the futures market turnover ever comes to physical delivery of the gold represented by the
contracts traded. Both exchanges permit trading on margin. Margin trading can add to the speculative risk involved given the potential
for margin calls if the price moves against the contract holder. The COMEX trades gold futures almost continuously (with one short
break in the evening) through its CME Globex electronic trading system and clears through its central clearing system. On June
6, 2003, TOCOM adopted a similar clearing system. In each case, the exchange acts as a counterparty for each member for clearing
purposes.

 Other

 There
are other gold exchange markets, such as the Istanbul Gold Exchange (trading gold since 1995), the Shanghai Gold Exchange (trading
gold since 2002), the Hong Kong Chinese Gold & Silver Exchange Society (trading gold since 1918) and the Singapore Mercantile
Exchange (trading gold since 2010).

 The
Silver Market

 The
London Silver Bullion Market

 Although
the market for physical silver is distributed globally, most OTC market trades are cleared through London. In addition to coordinating
market activities, the LBMA acts as the principal point of contact between the market and its regulators. A primary function of
the LBMA is its involvement in the promotion of refining standards by maintenance of the "Good Delivery List," which
is a list of LBMA accredited refiners of silver. The LBMA also coordinates market clearing and vaulting, promotes good trading
practices and develops standard documentation.

 The
term "loco London" silver refers to silver physically held in London that meets the specifications for weight, dimensions,
fineness (or purity), identifying marks (including the assay stamp of a LBMA acceptable refiner) and appearance set forth in "The
Good Delivery Rules for Gold and Silver Bars" published by the LBMA. Silver bars meeting these requirements are described
in this report from time to time as "Silver Good Delivery Bars." The unit of trade in London is the troy ounce, whose
conversion between grams is: 1,000 grams equals 32.1507465 troy ounces and 1 troy ounce equals 31.1034768 grams. A Silver Good
Delivery Bar is acceptable for delivery in settlement of a transaction on the OTC market. A Silver Good Delivery Bar must contain
between 750 troy ounces and 1,100 troy ounces of silver with a minimum fineness (or purity) of 999.0 parts per 1,000. A Silver
Good Delivery Bar must also bear the stamp of one of the refiners who are on the LBMA-approved list. Unless otherwise specified,
the silver spot price always refers to that of a Silver Good Delivery Bar. Business is generally conducted over the phone and
through electronic dealing systems.

 On
July 14, 2017, the LBMA announced that ICE Benchmark Administration ("IBA") had been selected to be the third-party
administrator for the "LBMA Silver Price". Effective from October 2, 2017, IBA is providing the auction platform and
methodology as well as the overall administration and governance for the LBMA Silver Price benchmark. IBA operates an "equilibrium
auction", which is an electronic, tradable and auditable, over-the-counter auction for LBMA-authorized participating silver
bullion banks or market makers and sponsored clients of direct participants ("silver participants") that establishes
a reference silver price for that day's trading, often referred to as the "LBMA Silver Price". The LBMA Silver
Price equilibrium auction operated by CME Group Inc. and Refinitiv prior to October 2, 2017 was selected by the LBMA as the silver
valuation replacement for the London silver fix previously determined by the London Silver Market Fixing Ltd. that was discontinued
on August 14, 2014. The LBMA Silver Price has become a widely used benchmark for daily silver prices and is quoted by various
financial information sources as the London silver fix was previously.

 The
LBMA Silver Price is the result of an "equilibrium auction" because it establishes a price for a troy ounce of Silver
Good Delivery Bars that clears the maximum amount of bids and offers for silver entered by order-submitting silver participants
each day. IBA uses ICE's front-end system, WebICE, as the technology platform that allows direct participants, as well as
sponsored clients of direct participants, to manage their orders in the auction in real time via their own desktops. As the IBA
electronic silver auction market develops, IBA expects to admit additional silver participants to the order submission process.
The benchmark is published when the auction finishes, typically a few minutes after 12:00 noon (London time).

 At
the opening of each auction, IBA in the role of auction chairman ("Chairman") announces an opening price (in U.S.
Dollars), that takes into account current market conditions and begins auction rounds, with an expected duration of at least 30
seconds each. During each auction round, participants may enter the volume they wish to buy or sell at that price, and such orders
will be part of the price formation. Aggregate bid and offer volume is shown live on WebICE. At the end of each auction round,
the total net volume is calculated. If this "imbalance" is larger than the imbalance tolerance (normally 500,000 oz.)
then the Chairman sets a new price (based on the current market conditions, and the direction and magnitude of the imbalance in
the round) and begins a new auction round. If the imbalance is less than the tolerance, then the auction is complete with all
volume tradeable at that price. The price is then set in U.S. Dollars and also converted into other currencies, including Australian
Dollars, British Pounds, Canadian Dollars, Euros, Onshore and Offshore Yuan, Indian Rupees, Japanese Yen, Malaysian Ringgit, Russian
Rubles, Singapore Dollars, South African Rand, Swiss Francs, New Taiwan Dollars, Thai Baht and Turkish Lira. The auction is run
at 12:00 noon (London time).

 During
the auction, the price at the start of each round, and the volumes at the end of each round are available through major market
data vendors. As soon as the auction finishes, the final prices and volumes are available through major market data vendors. IBA
also publishes transparency reports, detailing the prices, volumes and times for each round of the auction. These transparency
reports are available through major market data vendors and IBA when the auction finishes. The process can also be observed real-time
through a WebICE screen. The auction mechanism provides a complete audit trail.

 There
are currently thirteen direct participants who have been accredited to contribute to the LBMA Silver Price: Citibank N.A. London
Branch, Coins 'N Things Inc., DRW Investments, LLC, Goldman Sachs, HSBC Bank USA NA, Jane Street Global Trading LLC, JP
Morgan Chase Bank N.A London Branch, Koch Supply and Trading LP, Marex, Morgan Stanley, Standard Chartered Bank, StoneX Financial
Ltd. and The Toronto Dominion Bank.

 Since
April 1, 2015, the LBMA Silver Price has been regulated by the FCA in the UK. IBA is authorized as a regulated benchmark administrator
by the FCA. Under the UK benchmark regulation, the governance structure for a regulated benchmark must include an Oversight Committee,
made up of market participants, industry bodies, direct participant representatives, infrastructure providers and the administrator
(i.e., IBA). Through the Oversight Committee the LBMA continues to have significant involvement in the oversight of the auction
process, including, among other matters, changes to the methodology and accreditation of direct participants. The price discovery
process for the LBMA Silver Price is subject to surveillance by IBA. IBA has been formally assessed against the IOSCO Principles.
In order to meet the IOSCO Principles, the price discovery used for the LBMA Silver Price benchmark is auditable and transparent.

 The
LBMA Silver Price is viewed as a full and fair representation of all market interest at the conclusion of the auction. IBA's
auction process is similar to CME Group's auction process, which in turn was similar to the non-electronic process previously
used to establish the London silver fix where the London silver fix process adjusted the silver price up or down until all the
buy and sell orders are matched, at which time the price was declared fixed. Nevertheless, the LBMA Silver Price has several advantages
over the previous London silver fix. IBA's auction process is fully transparent in real-time to direct participants and
sponsored clients and, at the close of each auction, to the general public. IBA's auction process is also fully auditable
since an audit trail exists for every change made in the process. Moreover, the audit trail and active surveillance of the auction
process by IBA, as well as the FCA's oversight of IBA, deters manipulative and abusive conduct in establishing each day's
LBMA Silver Price.

 Since
August 15, 2014, the Sponsor determined that the London silver fix, which ceased to be published as of that date, would be an
inappropriate basis for valuing silver bullion received upon purchase of the Trust's Shares, delivered upon redemption of
the Trust's Shares and otherwise held by the Trust on a daily basis, and that the LBMA Silver Price is an appropriate alternative
for determining the value of the Trust's silver each trading day. The Sponsor also determined that the LBMA Silver Price
fairly represents the commercial value of silver bullion held by the Trust and that the "Benchmark Price" (as defined
in the Trust Agreement) as of any day is the LBMA Silver Price for such day.

 Futures

 The
most significant silver futures exchanges are the COMEX and the TOCOM. Futures exchanges seek to provide a neutral, regulated
marketplace for the trading of derivatives contracts for commodities. Futures contracts are defined by the exchange for each commodity.
For each commodity traded, this contract specifies the precise quality and quantity standards. The contract's terms and
conditions also define the location and timing of physical delivery.

 An
exchange does not buy or sell those contracts, but seeks to offer a transparent forum where members, on their own behalf or on
the behalf of customers, can trade the contracts in a safe, efficient and orderly manner. During regular trading hours at the
COMEX, the commodity contracts are traded on CME Globex system, an electronic auction in which all bids, offers and trades
must be publicly announced to all members and, upon execution, centrally cleared. Electronic trading is offered by the exchange
almost 24 hours a day (except for a short break in the evening), six days a week.

 In
addition to the public nature of the pricing, futures exchanges in the United States are regulated at two levels: internal and
external governmental supervision. The internal is performed through self-regulation and consists of regular monitoring of the
following: the central algorithmic matching process to ensure that it is conducted in conformance with all exchange rules; the
orderly trading and settlement of futures and options; the financial condition of all exchange member firms to ensure that they
continuously meet financial commitments; and the volume positions of commercial and non-commercial customers to ensure that physical
delivery and other commercial commitments can be met, and that pricing is not being improperly affected by the size of any particular
customer positions. External governmental oversight is performed by the CFTC, which reviews all the rules and regulations of United
States futures exchanges and clearing houses and monitors their enforcement.

 The
Platinum Market

 The
Zurich and London Platinum Bullion Markets

 Although the market for physical platinum is distributed globally, most platinum is stored and most OTC market trades are cleared through
London and Zurich. In addition to coordinating market activities, the LPPM acts as the principal point of contact between the market and
its regulators. A primary function of the LPPM is its involvement in the promotion of refining standards by maintenance of the "London/Zurich
Good Delivery Lists," which are the lists of LPPM accredited refiners of platinum. The LPPM also coordinates market clearing and
vaulting, promotes good trading practices and develops standard documentation.

 Platinum is traded generally on a "loco London" or "loco Zurich" basis, meaning the precious metal is physically
held in vaults in London or Zurich or is transferred into accounts established in London or Zurich. Delivery of the platinum can either
be by physical delivery or through the clearing systems to an unallocated account.

 The
unit of trade in London and Zurich is the troy ounce, whose conversion between grams is: 1,000 grams equals 32.1507465 troy ounces,
and one troy ounce is equivalent to 31.1034768 grams. A good delivery platinum plate or ingot on the LPPM approved list is acceptable
for delivery in settlement of a transaction on the OTC market (a "Good Delivery Platinum Plate or Ingot"). A Good
Delivery Platinum Plate or Ingot must contain between 32 and 192.904 troy ounces of platinum with a minimum fineness (or purity)
of 999.5 parts per 1,000 (99.95%), be of good appearance, and be easy to handle and stack. The platinum content of a platinum
Good Delivery Platinum Plate or Ingot is calculated by multiplying the gross weight by the fineness of the plate or ingot. A Good
Delivery Platinum Plate or Ingot must also bear the stamp of one of the refiners who are on the LPPM approved list. Unless otherwise
specified, the platinum spot price always refers to the "Good Delivery Standards" set by the LPPM. Business is generally
conducted over the phone and through electronic dealing systems.

 Since
December 1, 2014, the LME has been administering the operation of an electronic platinum bullion price fixing system ("LMEbullion")
that replicates electronically the manual London platinum fix processes previously employed by the London Platinum and Palladium
Fixing Company Ltd ("LPPFCL"), as well as providing electronic market clearing processes for platinum bullion transactions
at the fixed prices established by the LME pricing mechanism. The LME's electronic price fixing processes, like the previous
London platinum fix processes, establishes and publishes fixed prices for troy ounces of platinum twice each London trading day
during fixing sessions beginning at 9:45 a.m. London time (the "LBMA Price AM") and 2:00 p.m. London time (the "LBMA Price PM"). In addition to utilizing the same London platinum fix standards and methods, the LME also supervises the platinum
electronic price fixing processes through its market operations, compliance, internal audit and third-party complaint handling
capabilities in order to support the integrity of the LBMA Price PM. The LME, in administering LMEbullion, uses a pricing methodology
that meets the administrative and regulatory needs of platinum market participants, including the IOSCO Principles.

 Daily
during London trading hours the LBMA Price AM and the LBMA Price PM each provide reference platinum prices for that day's trading.
Many long-term contracts will be priced on the basis of either the LBMA Price AM or the LBMA Price PM, and market participants will
usually refer to one or the other of these prices when looking for a basis for valuations. The Trust values its platinum on the
basis of the LBMA Price PM. If there is no LBMA Price PM on any day, the Trust will value its platinum on the basis of LBMA Price AM
announced on that day. If neither price is available for that day, the Trust will value its platinum based on the most recently
announced LBMA Price PM price or LBMA Price AM price.

 Formal
participation in the LBMA Price PM is limited to participating LPPM members. Five LPPM members are currently participating in establishing
the LBMA Price PM (Goldman Sachs International, HSBC Bank USA NA, ICBC Standard Bank plc, Johnson Matthey plc and BASF Metals Ltd.).
Any other market participant wishing to participate in the trading on the LBMA Price PM is required to do so through one of the participating
LPPM members.

 Orders
are placed either with one of the participating LPPM member participants or with another precious metals dealer who will then
be in contact with a participating LPPM member during the fixing. The fix begins with the chair reflecting the market price and
other data, prevailing at the opening of the fix. This is relayed by the LPPM member participants to their dealing rooms which
have direct communication with all interested parties. Any member participant may enter the fixing process at any time, or adjust
or withdraw his order. The platinum price is adjusted up or down until all the buy and sell orders are electronically matched,
at which time the price is declared fixed. All orders are transacted on the basis of this fixed price, which is instantly relayed
to the market through various media.

 The
LBMA and the LME have asserted that the LME's electronic price fixing processes are similar to the non-electronic processes
previously used to establish the applicable London platinum fix where the London platinum fix process adjusted the platinum price
up or down until all the buy and sell orders entered by the participating LPPM members are matched, at which time the price was
declared fixed. Nevertheless, the LBMA Price PM has several advantages over the previous London platinum fix. The LME's electronic
price fixing processes are intended to be transparent. The LME asserts that its electronic price fixing processes are fully auditable
by third parties since an audit trail exists from the beginning of each fixing session. The LME also asserts that the market operation,
compliance, internal audit and third-party complaint handling capabilities of the LME supports the integrity of the LBMA Price PM.

 Since
December 1, 2014, the Sponsor determined that the London platinum fix, which has been revised based on the new LME method and
is now known as the LBMA Platinum Price (PM), which we refer to herein as the LBMA Price PM, is an appropriate basis for valuing
platinum bullion received upon purchase of the Trust's Shares, delivered upon redemption of the Trust's Shares and
for determining the value of the Trust's platinum bullion each trading day. The Sponsor also has determined that the LBMA Platinum Price PM will fairly represent the commercial value of platinum bullion held by the Trust and, the "Benchmark Price"
(as defined in the Trust Agreement) of the Trust's platinum bullion as of any day is the LBMA Price PM for such day.

 As
of December 1, 2014, the LPPFCL transferred the ownership of the historic and future intellectual property of the twice daily
"fix" for platinum and palladium bullion to a subsidiary company of the LBMA.

 Futures

 The
most significant platinum futures exchanges are the COMEX and the TOCOM. The COMEX is the largest exchange in the world for
trading precious metals futures and options and launched platinum futures in 1956, followed with options in 1990. The TOCOM has
been trading platinum since 1984. Trading on these exchanges is based on fixed delivery dates and transaction sizes for the futures
and options contracts traded. Trading costs are negotiable. As a matter of practice, only a small percentage of the futures market
turnover ever comes to physical delivery of the platinum represented by the contracts traded. Both exchanges permit trading on
margin. Margin trading can add to the speculative risk involved given the potential for margin calls if the price moves against
the contract holder. The COMEX trades platinum futures almost continuously (with one short break in the evening) through its CME
Globex electronic trading system and clears through its central clearing system. On June 6, 2003, the TOCOM adopted a similar
clearing system. In each case, the exchange acts as a counterparty for each member for clearing purposes.

 The
Palladium Market

 The
Zurich and London Palladium Bullion Markets

 Although
the market for physical palladium is distributed globally, most palladium is stored and most OTC market trades are cleared through
Zurich. As of September 1, 2009, London also serves as a center for the clearing of OTC trades in palladium. In addition to coordinating
market activities, the LPPM acts as the principal point of contact between the market and its regulators. A primary function of
the LPPM is its involvement in the promotion of refining standards by maintenance of the "London/Zurich Good Delivery Lists,"
which are the lists of LPPM accredited refiners of palladium. The LPPM also coordinates market clearing and vaulting, promotes
good trading practices and develops standard documentation.

is traded generally on a loco Zurich basis, meaning the precious metal is physically held in vaults in Zurich or is transferred
into accounts established in Zurich. As of September 1, 2009, palladium began trading on a loco London basis as well, meaning
that the precious metal is physically held in vaults in London or is transferred into accounts established in London. The basis
for settlement and delivery of a loco Zurich spot trade is payment (generally in U.S. Dollars) two business days after the trade
date against delivery. Delivery of the palladium can either be by physical delivery or through the clearing systems to an unallocated
account.

 The
unit of trade in London and Zurich is the troy ounce, whose conversion between grams is: 1,000 grams equals 32.1507465 troy ounces,
and one troy ounce equals 31.1034768 grams. A good delivery palladium plate or ingot on the LPPM approved list is acceptable for
delivery in settlement of a transaction on the OTC market (a "Good Delivery Plate or Ingot"). A Good Delivery Plate
or Ingot must contain between 32 and 192 troy ounces of palladium with a minimum fineness (or purity) of 999.5 parts per 1,000
(99.95%), be of good appearance, and be easy to handle and stack. The palladium content of a palladium plate or ingot is calculated
by multiplying the gross weight by the fineness of the plate or ingot. A Good Delivery Plate or Ingot must also bear the stamp
of one of the refiners who are on the LPPM approved list. Unless otherwise specified, the palladium spot price always refers to
that of "Good Delivery Standards" set by the LPPM. Business is generally conducted over the phone and through electronic
dealing systems.

 Since
December 1, 2014, the LME has been administering the operation of electronic palladium bullion price fixing system ("LMEbullion")
that replicate electronically the manual London palladium fix processes previously employed by the London Platinum and Palladium
Fixing Company Ltd ("LPPFCL") as well as providing electronic market clearing processes for palladium bullion transactions
at the fixed prices established by the LME pricing mechanism. The LME's electronic price fixing processes, like the previous
London palladium fix processes, establishes and publishes fixed prices for troy ounces of palladium twice each London trading
day during fixing sessions beginning at 9:45 a.m. London time (the LBMA Price AM) and 2:00 p.m. London time (the LBMA Price PM). In
addition to utilizing the same London palladium fix standards and methods, the LME also supervises the palladium electronic price
fixing processes through its market operations, compliance, internal audit and third-party complaint handling capabilities in
order to support the integrity of the LBMA Price PM. The LME, in administering LMEbullion, uses a pricing methodology that meets
the administrative and regulatory needs of palladium market participants, including the International Organization of Securities
Commission's (IOSCO) Principles for Financial Benchmarks.

 Daily
during London trading hours the LBMA Price AM and the LBMA Price PM each provide reference palladium prices for that day's
trading. Many long-term contracts will be priced on the basis of either the LBMA Price AM or the LBMA Price PM, and market
participants will usually refer to one or the other of these prices when looking for a basis for valuations. The Trust values its
palladium on the basis of the LBMA Price PM. If there is no LME Price PM on any day, the Trust will value its palladium on the
basis of LBMA Price AM announced on that day. If neither price is available for that day, the Trust will value its palladium based
on the most recently announced LBMA Price PM price or LBMA Price AM price.

 Formal
participation in the LBMA Price PM is limited to participating LPPM members. Five LPPM members are currently participating in establishing
the LBMA Price PM (Goldman Sachs International, HSBC Bank USA NA, ICBC Standard Bank plc, Johnson Matthey plc and BASF Metals Ltd.).
Any other market participant wishing to participate in the trading on the LBMA Price PM is required to do so through one of the participating
LPPM members.

 Orders
are placed either with one of the participating LPPM member participants or with another precious metals dealer who will then
be in contact with a participating LPPM member during the fixing. The fix begins with the chair reflecting the market price and
other data, prevailing at the opening of the fix. This is relayed by the LPPM member participants to their dealing rooms which
have direct communication with all interested parties. Any market member may enter the fixing process at any time, or adjust or
withdraw his order. The palladium price is adjusted up or down until all the buy and sell orders are electronically matched, at
which time the price is declared fixed. All fixing orders are transacted on the basis of this fixed price, which is instantly
relayed to the market through various media.

 The
LBMA and the LME have asserted that the LME's electronic price fixing processes are similar to the non-electronic processes
previously used to establish the applicable London palladium fix where the London palladium fix process adjusted the palladium
price up or down until all the buy and sell orders entered by the participating LPPM members are matched, at which time the price
was declared fixed. Nevertheless, the LBMA Price PM has several advantages over the previous London palladium fix. The LME's
electronic price fixing processes are intended to be transparent. The LME asserts that its electronic price fixing processes are
fully auditable by third parties since an audit trail exists from the beginning of each fixing session. The LME also asserts that
the market operation, compliance, internal audit and third-party complaint handling capabilities of the LME supports the integrity
of the LBMA Price PM.

 Since
December 1, 2014, the Sponsor determined that the London palladium fix, which has been revised based on the new LME method and
is now known as the LBMA Price PM, is an appropriate basis for valuing palladium bullion received upon purchase of the Trust's
Shares, delivered upon redemption of the Trust's Shares and for determining the value of the Trust's palladium bullion
each trading day. The Sponsor also has determined that the LBMA Price PM will fairly represent the commercial value of palladium
bullion held by the Trust and, the "Benchmark Price" (as defined in the Trust Agreement) of the Trust's palladium
bullion as of any day is the LBMA Price PM for such day.

 As
of December 1, 2014, the LPPFCL transferred ownership of the historic and future intellectual property of the twice daily "fix"
for platinum and palladium bullion to a subsidiary company of the LBMA.

 Futures

 The
most significant palladium futures exchanges are the COMEX and the TOCOM. The COMEX is the largest exchange in the world
for trading precious metals futures and options and launched palladium futures in 1968, followed with options in 2010. The TOCOM
has been trading palladium since 1992. Trading on these exchanges is based on fixed delivery dates and transaction sizes for the
futures and options contracts traded. Trading costs are negotiable. As a matter of practice, only a small percentage of the futures
market turnover ever comes to physical delivery of the palladium represented by the contracts traded. Both exchanges permit trading
on margin. Margin trading can add to the speculative risk involved given the potential for margin calls if the price moves against
the contract holder. The COMEX trades palladium futures almost continuously (with one short break in the evening) through its
CME Globex electronic trading system and clears through its central clearing system. On June 6, 2003, the TOCOM adopted a similar
clearing system. In each case, the exchange acts as a counterparty for each member for clearing purposes.

 Market
Regulation

 The
global gold, silver, platinum and palladium markets are overseen and regulated by both governmental and self-regulatory organizations.
In addition, certain trade associations have established rules and protocols for market practices and participants. In the United
Kingdom, responsibility for the regulation of the financial market participants, including the major participating members of
the LBMA and the LPPM, falls under the authority of the FCA as provided by the Financial Services and Markets Act
2000 ("FSM Act"). Under this act, all UK-based banks, together with other investment firms, are subject to a range
of requirements, including fitness and properness, capital adequacy, liquidity, and systems and controls.

 The
FCA is responsible for regulating investment products, including derivatives, and those who deal in investment products. Regulation
of spot, commercial forwards, and deposits of gold, silver, platinum and palladium not covered by the FSM Act is provided
for by The London Code of Conduct for Non-Investment Products, which was established by market participants in conjunction with
the Bank of England.

 The
TOCOM has authority to perform financial and operational surveillance on its members' trading activities, scrutinize positions
held by members and large-scale customers, and monitor the price movements of futures markets by comparing them with cash and
other derivative markets' prices. To act as a Futures Commission Merchant Broker on the TOCOM, a broker must obtain a license
from Japan's Ministry of Economy, Trade and Industry ("METI"), the regulatory authority that oversees the operations
of the TOCOM.

 The
CFTC regulates trading in commodity contracts, such as futures, options and swaps. In addition, under the CEA, the CFTC has jurisdiction
to prosecute manipulation and fraud in any commodity (including precious metals) traded in interstate commerce as spot as well
as deliverable forwards. The CFTC is the exclusive regulator of U.S. commodity exchanges and clearing houses.

 Secondary
Market Trading

 While
the Trust's investment objective 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 Shares may trade in the secondary
market on the NYSE Arca at prices that are lower or higher relative to their net asset value (the value of the Trust's assets
less its liabilities ("NAV")) per Share. The amount of the discount or premium in the trading price relative to the
NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca, COMEX and the London and Zurich gold,
silver, platinum and palladium markets. While the Shares trade on the NYSE Arca until 4:00 PM New York time, liquidity in the
global bullion markets is reduced after the close of the COMEX at 1:30 PM New York time. As a result, during this time, trading
spreads, and the resulting premium or discount, on the Shares may widen.

 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
("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 will value (1) the gold held by the Trust based on the LBMA Gold Price PM for an ounce of gold, or
such day's LBMA Gold Price AM if such day's LBMA Gold Price PM is not available, (2) the silver held by the Trust based on
the LBMA Silver Price for an ounce of silver, (3) the platinum held by the Trust based on the LBMA Price PM price for a troy ounce of
platinum, or such day's LBMA Price AM if such day's LBMA Price PM is not available, and (4) the palladium held by the Trust
based on the LBMA Price PM price for a troy ounce of palladium or such day's LBMA Price AM if such day's LBMA Price PM is
not available. If the London Metal Price referenced above is not available or has not been announced by the Evaluation Time, for any Bullion
metal, 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.

 Once
the value of the gold, silver, platinum and palladium 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 which 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 any other assets of the Trust. The resulting figure is 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 which 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).

 Any
estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of computing the NAV of the Trust
and ANAV made by the Trustee in good faith shall be 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
Sponsor and the Shareholders (as defined below) may rely on any evaluation furnished by the Trustee, and the Sponsor has no
responsibility for the evaluation's accuracy. The determinations the Trustee makes will be made in good faith upon the basis
of, and the Trustee will not be liable for any errors contained in, information reasonably available to it. The Trustee will not be
liable to the Sponsor, The Depository Trust Company ("DTC"), Authorized Participants, the Shareholders or any other person for errors in
judgment. However, the preceding liability exclusion will not protect the Trustee against any liability resulting from bad faith or
gross negligence in the performance of its duties.

 On May 23, 2024, the Sponsor entered into an Amendment (the "Trust Amendment") to the Depositary Trust Agreement (the "Trust
Agreement") with the Trustee. The Trust Amendment reflects the following changes, effective as of June 18, 2024, as approved and
directed by the Sponsor on behalf of the Trust: (1) the amendment of the definition of "Benchmark Price" to mean, "as
of any day, as applicable (i) such day's LBMA Price PM or such day's LBMA Price AM if such day's LBMA Price PM is not
available, for Gold, Platinum or Palladium, or such day's LBMA Silver Price for Silver; or (ii) such other publicly available price
which is reasonably available to the Trustee and which the Sponsor may determine fairly represents the commercial value of Gold, Silver,
Platinum or Palladium held by the Trust and instructs the Trustee to use as the Benchmark Price"; (2) the deletion and replacement
of the defined term for "London Fix" with the defined term "LBMA Silver Price", which means "the price of
a troy ounce of silver as determined by ICE Benchmark Administration, the third party administrator of the London silver price selected
by the LBMA, or any successor administrator of the London silver price, at or about 12:00 p.m. London, England time"; (3) the deletion
and replacement of the defined term for "London PM Fix" with the defined term "LBMA Price PM", which means "the
price of a troy ounce of (i) Gold as determined by ICE Benchmark Administration, the third party administrator of the London gold price
selected by the LBMA, or any successor administrator of the London gold price, at or about 3:00 p.m. London, England time, (ii) Platinum
as determined by as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any successor
administrator of the London platinum price, at or about 2:00 p.m. London, England time, or (iii) Palladium as determined by the LME, the
third party administrator of the London palladium price selected by the LBMA, or any successor administrator of the London palladium price,
at or about 2:00 p.m. London, England time"; and (4) the addition of the new definition for "LBMA Price AM" which means
"the price of a troy ounce of (i) Gold as determined by ICE Benchmark Administration, the third party administrator of the London
gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 10:30 a.m. London, England time,
(ii) Platinum as determined by as determined by the LME, the third party administrator of the London platinum price selected by the LBMA,
or any successor administrator of the London platinum price, at or about 9:45 a.m. London, England time, or (iii) Palladium as determined
by the LME, the third party administrator of the London palladium price selected by the LBMA, or any successor administrator of the London
palladium price, at or about 9:45 a.m. London, England time.

 Trust
Expenses

 The
Trust's only ordinary recurring expense is the Sponsor's Fee. In exchange for the Sponsor's Fee, the Sponsor
has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee's monthly fee
and out-of-pocket expenses, the Custodian's fee and reimbursement of the Custodian's expenses under the Custody Agreements
(defined below), Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum
in legal expenses. The Sponsor also paid the costs of the Trust's organization and the initial sale of the Shares, including
the applicable SEC registration fees.

 The
Sponsor's Fee accrues daily at an annualized rate equal to 0.60% of the ANAV of the Trust and is payable monthly in arrears.
The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor's Fee at its discretion. Presently, the Sponsor does not intend to waive any of its fee.

 Furthermore,
the Sponsor may, in its sole discretion, agree to rebate all or a portion of the Sponsor's Fee attributable to Shares held
by certain institutional investors subject to minimum shareholding and lock up requirements as determined by the Sponsor to foster
stability in the Trust's asset levels. Any such rebate will be subject to negotiation and written agreement between the
Sponsor and the investor on a case by case basis. The Sponsor is under no obligation to provide any rebates of the Sponsor's
Fee. Neither the Trust nor the Trustee will be a party to any Sponsor's Fee rebate arrangements negotiated by the Sponsor.
Any Sponsor's Fee rebate shall be paid from the funds of the Sponsor and not from the assets of the Trust.

 The
Sponsor's Fee is paid by delivery of Bullion to an account maintained by the Custodian for the Sponsor on an unallocated
basis, monthly on the first business day of the month in respect of fees payable for the prior month. The delivery is of that
number of ounces of gold, silver, platinum and palladium which equals the daily accrual of the Sponsor's Fee for such prior
month calculated at the applicable London Metal Price. The gold, silver, platinum and palladium delivered to pay the Sponsor's
Fee shall be in such proportion so as to ensure that the Bullion held by the Trust following such transfer is in the same ratio
of metals as the Bullion delivered for the Creation Basket Deposits.

 The
Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell Bullion in
such quantity and at such times as may be necessary to permit payment in cash of Trust expenses not assumed by the Sponsor. The
Trustee is authorized to sell Bullion at such times and in the smallest amounts required to permit such payments as they
become due, it being the intention to avoid or minimize the Trust's holdings of assets other than Bullion. Accordingly,
the amount of Bullion to be sold will vary from time to time depending on the level of the Trust's expenses and the
market prices of Bullion. The Custodian is authorized to purchase from the Trust, at the request of the Trustee, Bullion
needed to cover Trust expenses not assumed by the Sponsor at the prices used by the Trustee to determine the value of the Bullion
held by the Trust on the date of the sale.

 The
Sponsor's Fee for the year ended December 31, 2024 was $6,060,263 (December 31, 2023: $5,919,545; December 31, 2022: $6,222,876).

 Cash
held by the Trustee pending payment of the Trust's expenses will not bear any interest. Each delivery or sale of Bullion
by the Trust to pay the Sponsor's Fee or other Trust expenses will be a taxable event to Shareholders.

 Creation
and Redemption of Shares

 The
Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a block of 25,000 Shares). 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 physical gold, silver, platinum and palladium and any cash 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.

Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered
broker-dealers or other securities market participants, such as banks and other financial institutions, which are not required
to register as broker-dealers to engage in securities transactions, and (2) participants in DTC. To become an Authorized Participant,
a person must enter into an Authorized Participant Agreement with the Sponsor and the Trustee. The Authorized Participant Agreement
provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion and any cash required
for such creations and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended
by the Trustee and the Sponsor, without the consent of any Shareholder or Authorized Participant. Authorized Participants pay
a transaction fee of $500 to the Trustee for each order they place to create or redeem one or more Baskets. Authorized Participants
who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other form of compensation or inducement
of any kind from either the Sponsor or the Trust for serving as an Authorized Participant, and no such person has any obligation
or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares.

Participants are cautioned that some of their activities will result in their being deemed participants in a distribution in a
manner which would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of
the Securities Act, as described in "Plan of Distribution".

 Prior
to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian or
a Bullion clearing bank to establish an Authorized Participant Unallocated Account in London ("Authorized Participant
Unallocated Bullion Account Agreement"). Authorized Participant Unallocated Accounts may only be used for transactions with
the Trust. Bullion held in Authorized Participant Unallocated Accounts is typically not segregated from the Custodian's or
other Bullion clearing bank's assets, as a consequence of which an Authorized Participant will have no proprietary
interest in any specific bars of gold or silver or plates or ingots of platinum or palladium held by the Custodian or the
clearing bank. Credits to its Authorized Participant Unallocated Account are therefore at risk of the Custodian's or
other Bullion clearing bank's insolvency. No fees will be charged by the Custodian for the use of the Authorized
Participant Unallocated Account as long as the Authorized Participant Unallocated Account is used solely for Bullion transfers
to and from the Trust Unallocated Account and the Custodian (or one of its affiliates) receives compensation for maintaining the
Trust Allocated Account. Authorized Participants should be aware that the Custodian's liability threshold under the Authorized
Participant Unallocated Bullion Account Agreement is generally gross negligence, not negligence, which is the Custodian's
liability threshold under the Trust's Custody Agreements.

 As
the terms of the Authorized Participant Unallocated Bullion Account Agreement differ in certain respects from the terms of the
Trust's Unallocated Account Agreement, potential Authorized Participants should review the terms of the Authorized Participant
Unallocated Bullion Account Agreement carefully. A copy of the Authorized Participant Agreement may be obtained by potential Authorized
Participants from the Trustee.

 Certain
Authorized Participants are expected to have the facility to participate directly in the physical gold, silver, platinum
and palladium markets and the Bullion futures markets. In some cases, an Authorized Participant may from time to time acquire Bullion
from or sell Bullion to its affiliated Bullion trading desk, which may profit in these instances. Each Authorized Participant
must be registered as a broker-dealer under the Securities Exchange Act of 1934 ("Exchange Act") and regulated by FINRA
or be exempt from being or otherwise not be required to be so regulated or registered, and must be qualified to act as a
broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants
are regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures,
internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

Participants may act for their own accounts or as agents for broker-dealers, custodians and other securities market participants
that wish to create or redeem Baskets. An order for one or more Baskets may be placed by an Authorized Participant on behalf of
multiple clients. As of the date of this report, Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC,
Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co., Inc, Scotia Capital (USA)
LLC, UBS Securities LLC and Virtu Americas, LLC have each signed an Authorized Participant Agreement with the Trust and,
upon the effectiveness of such agreement, may create and redeem Baskets as described above. Persons interested in purchasing Baskets
should contact the Sponsor or the Trustee to obtain the contact information for the Authorized Participants. Shareholders who
are not Authorized Participants are only able to redeem their Shares through an Authorized Participant.

 All
Bullion is be delivered to the Trust and distributed by the Trust in unallocated form through credits and debits between Authorized
Participant Unallocated Accounts and the Trust Unallocated Account. Bullion transferred from an Authorized Participant Unallocated
Account to the Trust in unallocated form will first be credited to the Trust Unallocated Account. Thereafter, the Custodian will
allocate specific bars of gold and silver and allocate, specific plates or ingots of platinum, in each case representing the amount
of Bullion credited to the Trust Unallocated Account (to the extent such amount is representable by whole gold or silver bars
or platinum or palladium plates or ingots) to the Trust Allocated Account. The movement of Bullion is reversed for the distribution
of Bullion to an Authorized Participant in connection with the redemption of Baskets.

 All
physical gold represented by a credit to any Authorized Participant Unallocated Account and to the Trust Unallocated Account and
all physical gold held in the Trust Allocated Account with the Custodian must be of at least a minimum fineness (or purity) of
995 parts per 1,000 (99.5%) and otherwise conform to the rules, regulations practices and customs of the LBMA, including the specifications
for a London Good Delivery Bar.

 All
physical silver represented by a credit to any Authorized Participant Unallocated Account and to the Trust Unallocated Account
and all physical silver held in the Trust Allocated Account with the Custodian must be of at least a minimum fineness (or purity)
of 999.0 parts per 1,000 (99.9%) and otherwise conform to the rules, regulations, practices and customs of the LBMA, including
the specifications for a Silver Good Delivery Bar.

 All
physical platinum or palladium represented by a credit to any Authorized Participant Unallocated Account and to the Trust Unallocated
Account and all physical platinum or palladium held in the Trust Allocated Account with the Custodian must be of at least a minimum
fineness (or purity) of 999.5 parts per 1,000 (99.95%) and otherwise conform to the rules, regulations practices and customs of
the LPPM, including the specifications for a Good Delivery Platinum Plate or Ingot or a Good Delivery Palladium Plate or Ingot,
as applicable Under the Authorized Participant Agreement, the Sponsor has agreed to indemnify the Authorized Participants against
certain liabilities, including liabilities under the Securities Act.

 The
following description of the procedures for the creation and redemption of Baskets is only a summary and an investor should refer
to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail.

 Creation
Procedures

 On
any business day, an Authorized Participant may place an order with the Trustee to create one or more Baskets. Creation and redemption
orders are accepted on "business days" the NYSE Arca is open for regular trading. Settlements of such orders requiring
receipt or delivery, or confirmation of receipt or delivery, of Bullion in the United Kingdom, or another jurisdiction
will occur on "business days" when (1) banks in the United Kingdom, Zurich and such other jurisdiction and (2) the
London and Zurich Bullion markets are regularly open for business. If such banks or the London or Zurich Bullion markets are not
open for regular business for a full day, such a day will only be a "business day" for settlement purposes if the
settlement procedures can be completed by the end of such day. Settlement of orders requiring receipt or delivery, or confirmation
of receipt or delivery, of Shares will occur, after confirmation of the applicable Bullion delivery, on "business days"
when the NYSE Arca is open for regular trading. In the event of a level 3 market-wide circuit breaker resulting in a trading halt
for the remainder of the trading day, the time of the market-wide trading halt is considered the close of regular trading and
no creation orders for the current trade date will be accepted after that time (the "cutoff"). Orders placed after
the cutoff will be deemed to be rejected and will not be processed. Orders should be placed in proper form on the following business
day. Purchase orders must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading.

 By
placing a purchase order, an Authorized Participant agrees to deposit Bullion with the Trust. Prior to the delivery of Baskets
for a purchase order, the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for
the purchase order.

 Determination
of required deposits

 The
amount of gold, silver, platinum and palladium in the required deposit is determined by dividing the number of ounces of each
metal held by the Trust by the number of Baskets outstanding, as adjusted for the amount of Bullion constituting estimated accrued
but unpaid fees and expenses of the Trust. Fractions of a fine ounce of gold, silver, platinum and palladium smaller than 0.001
of a fine ounce which are included in the deposit amount are disregarded in the foregoing calculation. All questions as to the
composition of a Creation Basket Deposit will be finally determined by the Trustee. The Trustee's determination of the Creation
Basket Deposit shall be final and binding on all persons interested in the Trust.

 Delivery
of required deposits

 An
Authorized Participant who places a purchase order is responsible for crediting its Authorized Participant Unallocated Account
with the required Bullion deposit amount by the prescribed settlement date in London. Upon receipt of the Bullion deposit amount,
the Custodian, after receiving appropriate instructions from the Authorized Participant and the Trustee, will transfer on the
prescribed settlement date the Bullion deposit amount from the Authorized Participant Unallocated Account to the Trust Unallocated
Account and the Trustee will direct DTC to credit the number of Baskets ordered to the Authorized Participant's DTC account. The
expense and risk of delivery, ownership and safekeeping of Bullion until such Bullion has been received by the Trust shall be
borne solely by the Authorized Participant. The Trustee may accept delivery of Bullion by such other means as the Sponsor, from
time to time, may determine with the Trustee to be acceptable for the Trust, provided that the same is disclosed in a prospectus
relating to the Trust filed with the SEC pursuant to Rule 424 under the Securities Act. If Bullion is to be delivered other than
as described above, the Sponsor is authorized to establish such procedures and to appoint such custodians and establish such custody
accounts in addition to those described in this report, as the Sponsor determines to be desirable.

 Acting
on standing instructions given by the Trustee, the Custodian will transfer the Bullion deposit amount from the Trust Unallocated
Account to the Trust Allocated Account by transferring gold and silver bars from its inventory and platinum and palladium plates
and ingots from its inventory to the Trust Allocated Account. The Custodian uses commercially reasonable efforts to complete the
transfer of Bullion to the Trust Allocated Account prior to the time by which the Trustee is to credit the Basket to the Authorized
Participant's DTC account; if, however, such transfers have not been completed by such time, the number of Baskets ordered
will be delivered against receipt of the Bullion deposit amount in the Trust Unallocated Account, and all Shareholders will be
exposed to the risks of unallocated Bullion to the extent of that Bullion deposit amount until the Custodian completes the allocation
process. See "Risk Factors-Bullion held in the Trust's unallocated Bullion account and any Authorized Participant's
unallocated Bullion account will not be segregated from the Custodian's assets."

 Because
gold and silver are allocated only in multiples of whole bars and platinum and palladium are only allocated in multiples of whole
plates or ingots, the amount of Bullion allocated from the Trust Unallocated Account to the Trust Allocated Account may be less
than the total fine ounces of Bullion credited to the Trust Unallocated Account. Any balance will be held in the Trust Unallocated
Account. The Custodian uses commercially reasonable efforts to minimize the amount of Bullion held in the Trust Unallocated Account;
no more than 430 troy ounces of gold (maximum weight to make one London Good Delivery Bar), no more than 1,100 troy ounces of
silver (maximum weight to make one Silver Good Delivery Bar), no more than 192.904 troy ounces of platinum (maximum weight to
make one Good Delivery Platinum Plate or Ingot) and no more than 192.904 troy ounces of palladium (maximum weight to make one
Good Delivery Palladium Plate or Ingot) is expected to be held in the Trust Unallocated Account at the close of each business
day.

 Rejection
of purchase orders

 The
Trustee may reject a purchase order or a Creation Basket Deposit if such order or Creation Basket Deposit is not presented in
proper form as described in the Authorized Participant Agreement or if the fulfillment of the order, in the opinion of counsel,
might be unlawful. None of the Trustee, the Sponsor or the Custodian will be liable for the rejection of any purchase order or
Creation Basket Deposit.

 Redemption
Procedures

 The
procedures by which an Authorized Participant can redeem one or more Baskets will mirror the procedures for the creation of Baskets.
On any business day, an Authorized Participant may place an order with the Trustee to redeem one or more Baskets.

 Redemption
orders must be placed no later than 3:59:59 p.m. on each business day the NYSE Arca is open for regular trading. In the event
of a level 3 market-wide circuit breaker resulting in a trading halt for the remainder of the trading day, the time of the market-wide
trading halt is considered the close of regular trading and no redemption orders for the current trade date will be accepted after
that time (the "cutoff"). Orders placed after the cutoff will be deemed to be rejected and will not be processed.
Orders should be placed in proper form on the following business day. A redemption order so received is effective on the date
it is received in satisfactory form by the Trustee. The redemption procedures allow Authorized Participants to redeem Baskets
and do not entitle an individual Shareholder to redeem any Shares in an amount less than a Basket, or to redeem Baskets other
than through an Authorized Participant.

 By
placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC's book-entry system
to the Trust by the prescribed settlement date. Prior to the delivery of the redemption distribution for a redemption order, the
Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for the redemption order.

 Determination
of redemption distribution

 The
redemption distribution from the Trust consists of a credit to the redeeming Authorized Participant's Authorized Participant
Unallocated Account, representing the amount of the Bullion (in specified proportion of gold, silver, platinum and palladium)
held by the Trust evidenced by the Shares being redeemed. Fractions of a fine ounce of Bullion included in the redemption distribution
smaller than 0.001 of a fine ounce are disregarded. Redemption distributions will be subject to the deduction of any applicable
tax or other governmental charges which may be due.

 Delivery
of redemption distribution

 The
redemption distribution due from the Trust will be delivered to the Authorized Participant on the prescribed settlement date following
a loco London redemption order date if, by 10:00 a.m. New York time on the settlement date, the Trustee's DTC account has been
credited with the Baskets to be redeemed. If a loco swap or physical transfer is necessary to effect a loco London redemption,
the redemption distribution due from the Trust will be delivered to the Authorized Participant on or before the prescribed settlement
date if, by 10:00 a.m. New York time on the prescribed settlement date, the Trustee's DTC account has been credited with the Baskets
to be redeemed. In the event that, by 10:00 a.m. New York time on the prescribed settlement date, the Trustee's DTC account has
not been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such
redemption order, the Trustee shall send to the Authorized Participant and the Custodian via fax or electronic mail message notice
of such fact and the Authorized Participant shall have one business day following receipt of such notice to correct such failure.
If such failure is not cured within such one business day period, the Trustee (in consultation with the Sponsor) will cancel such
redemption order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and
the Custodian, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the
Custodian related to the cancelled order. The Trustee is also authorized to deliver the redemption distribution notwithstanding
that the Baskets to be redeemed are not credited to the Trustee's DTC account by 10:00 a.m. New York time on the prescribed settlement
date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC's book entry system on
such terms as the Sponsor and the Trustee may from time to time agree upon.

 The
Custodian transfers the redemption Bullion amount from the Trust Allocated Account to the Trust Unallocated Account and, thereafter,
to the redeeming Authorized Participant's Authorized Participant Unallocated Account. The Authorized Participant and the
Trust are each at risk in respect of Bullion credited to their respective unallocated accounts in the event of the Custodian's
insolvency. See "Risk Factors-Bullion held in the Trust's unallocated Bullion account and any Authorized Participant's
unallocated Bullion account is not segregated from the Custodian's assets."

 As
with the allocation of Bullion to the Trust Allocated Account which occurs upon a purchase order, if in transferring Bullion from
the Trust Allocated Account to the Trust Unallocated Account in connection with a redemption order there is an excess amount of
Bullion transferred to the Trust Unallocated Account, the excess over the Bullion redemption amount will be held in the Trust Unallocated
Account. The Custodian uses commercially reasonable efforts to minimize the amount of Bullion held in the Trust Unallocated Account;
no more than 430 ounces of gold (maximum weight to make one London Good Delivery Bar), no more than 1,100 ounces of silver (maximum
weight to make one Silver Good Delivery Bar), no more than 192.904 ounces of platinum (maximum weight to make one Good Delivery
Platinum Plate or Ingot) and no more than 192 ounces of palladium (maximum weight to make one Good Delivery Palladium Plate or
Ingot) is expected to be held in the Trust Unallocated Account at the close of each business day.

 Suspension
or rejection of redemption orders

 The
Trustee may, in its discretion, and will when directed by the Sponsor, suspend the right of redemption, or postpone the redemption
settlement date, (1) for any period during which the NYSE Arca is closed other than customary weekend or holiday closings, or
trading on the NYSE Arca is suspended or restricted or (2) for any period during which an emergency exists as a result of which
delivery, disposal or evaluation of Bullion is not reasonably practicable. None of the Sponsor, the Trustee or the Custodian are
liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

 The
Trustee will reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement
or if the fulfillment of the order, in the opinion of its counsel, might be unlawful.

 Creation
and Redemption Transaction Fee

 To
compensate the Trustee for services in processing the creation and redemption of Baskets, an Authorized Participant is required
to pay a transaction fee to the Trustee of $500 per order to create or redeem Baskets. An order may include multiple Baskets.
The transaction fee may be reduced, increased or otherwise changed by the Trustee with the consent of the Sponsor. From time to
time, the Trustee, with the consent of the Sponsor, may waive all or a portion of the applicable transaction fee. The Trustee
shall notify DTC of any agreement to change the transaction fee and will not implement any increase in the fee for the redemption
of Baskets until 30 days after the date of the notice.

 The
Sponsor

 The
Trust's Sponsor is abrdn ETFs Sponsor LLC, a Delaware limited liability company formed on June 17, 2009.

 The
Sponsor's office is located at c/o abrdn ETFs Sponsor LLC, 1900 Market Street, Suite 200, Philadelphia, PA 19103. Prior
to April 27, 2018, the Sponsor was wholly-owned by ETF Securities Limited, a Jersey, Channel Islands based company. Effective
April 27, 2018, ETF Securities Limited sold its membership interest in the Sponsor to abrdn Inc. (known as Aberdeen Standard Investments
Inc. prior to January 1, 2022), a Delaware corporation. As a result of the sale, abrdn Inc. became the sole member of the Sponsor.
abrdn Inc. is a wholly-owned indirect subsidiary of abrdn plc, which together with its affiliates and subsidiaries, is collectively
referred to as "abrdn." Under the Delaware Limited Liability Company Act and the governing documents of the Sponsor,
the sole member of the Sponsor, abrdn Inc., is not responsible for the debts, obligations and liabilities of the Sponsor solely
by reason of being the sole member of the Sponsor.

 The
Sponsor's Role

 The
Sponsor arranged for the creation of the Trust, the ongoing registration of the Shares for their public offering in the United
States and the listing of the Shares on the NYSE Arca. The Sponsor has agreed to assume the organizational expenses of the Trust and
the following administrative and marketing expenses incurred by the Trust: the Trustee's monthly fee and out-of-pocket
expenses, the Custodian's fee and the reimbursement of the Custodian's expenses under the Custody Agreements, exchange
listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. The
Sponsor also paid the costs of the Trust's organization and the initial sale of the Shares, including the applicable SEC
registration fees.

 The
Sponsor does not exercise day-to-day oversight over the Trustee or the Custodian. The Sponsor may remove the Trustee and appoint
a successor Trustee (i) if the Trustee ceases to meet certain objective requirements (including the requirement that it have capital,
surplus and undivided profits of at least $150 million), (ii) if, having received written notice of a material breach of its obligations
under the Trust Agreement, the Trustee has not cured the breach within 30 days, or (iii) if the Trustee refuses to consent to
the implementation of an amendment to the Trust's initial Internal Control Over Financial Reporting. The Sponsor also has
the right to replace the Trustee during the 90 days following any merger, consolidation or conversion in which the Trustee is
not the surviving entity or, in its discretion, on the fifth anniversary of the creation of the Trust or on any subsequent third
anniversary thereafter. The Sponsor also has the right to approve any new or additional custodian that the Trustee may wish to
appoint and any new or additional sub-custodian that the Custodian may wish to appoint.

 The
Sponsor or one of its affiliates or agents (1) develops a marketing plan for the Trust on an ongoing basis, (2) prepares marketing
materials regarding the Shares, including the content of the Trust's website and (3) executes the marketing plan for the
Trust.

 The
Trustee

 The
Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers ("BNYM"),
serves as the Trustee. BNYM has a trust office at 240 Greenwich Street, New York, NY 10286. BNYM is subject to supervision by
the New York State Financial Services Department and the Board of Governors of the Federal Reserve System. Information regarding
creation and redemption Basket composition, NAV of the Trust, transaction fees and the names of the parties that have each executed
an Authorized Participant Agreement may be obtained from BNYM. A copy of the Trust Agreement is available for inspection at BNYM's
trust office identified above. Under the Trust Agreement, the Trustee is required to have capital, surplus and undivided profits
of at least $150 million. As of December 1, 2024, the Trustee was in compliance with these conditions.

 The
Trustee's Role

 The
Trustee is generally responsible for the day-to-day administration of the Trust, including keeping the Trust's operational
records. The Trustee's principal responsibilities include (1) transferring the Trust's Bullion as needed to pay the
Sponsor's Fee in Bullion (Bullion transfers are expected to occur approximately monthly in the ordinary course), (2)
valuing the Trust's Bullion and calculating the NAV of the Trust and the NAV per Share, (3) receiving and processing orders
from Authorized Participants to create and redeem Baskets and coordinating the processing of such orders with the Custodian and
DTC, (4) selling the Trust's Bullion as needed to pay any extraordinary Trust expenses that are not assumed by the
Sponsor, (5) when appropriate, making distributions of cash or other property to Shareholders, and (6) receiving and reviewing
reports from or on the Custodian's custody of and transactions in the Trust's Bullion. The Trustee shall, with respect
to directing the Custodian, act in accordance with the instructions of the Sponsor. If the Custodian resigns, the Trustee shall
appoint an additional or replacement Custodian selected by the Sponsor.

 The
Trustee intends to regularly communicate with the Sponsor to monitor the overall performance of the Trust. The Trustee does not
monitor the performance of the Custodian or any other sub-custodian other than to review the reports
provided by the Custodian pursuant to the Custody Agreements. The Trustee, along with the Sponsor, will liaise with the Trust's
legal, accounting and other professional service providers as needed. The Trustee will assist and support the Sponsor with the
preparation of all periodic reports required to be filed with the SEC on behalf of the Trust.

 The
Trustee's monthly fees and out-of-pocket expenses are paid by the Sponsor.

 Affiliates
of the Trustee may from time to time act as Authorized Participants or purchase or sell gold, silver, platinum and palladium or
Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. Affiliates
of the Trustee are subject to the same transaction fee as other Authorized Participants.

 The
Custodian

May 23, 2024, the Trustee, at the direction of the Sponsor, entered into an Allocated Account Agreement and Unallocated Account
Agreement with ICBC Standard Bank Plc ("ICBC"), providing for the custody of the Trust's Bullion. Effective August
8, 2024, JPMorgan Chase Bank N.A. no longer serves as a custodian of the Trust's Bullion.

 ICBC
is a public limited company incorporated under the laws of England and Wales, serves as a Custodian of the Trust's Bullion. ICBC's
office is located at 20 Gresham Street, London, EC2V 7JE, United Kingdom.

 The
Custodian's Role

 The
Custodian is responsible for the safekeeping of the Trust's Bullion deposited with it by Authorized Participants in connection
with the creation of Baskets. The Custodian is also responsible for selecting sub-custodians, if any. The Custodian facilitates the
transfer of Bullion in and out of the Trust through the unallocated Bullion accounts it will maintain for each Authorized
Participant and the unallocated and allocated Bullion accounts it maintains for the Trust. The Custodian holds at its London,
England vault premises that portion of the Trust's allocated Bullion to be held in London. The Custodian is responsible for
allocating specific bars of physical gold and silver and specific plates or ingots of physical platinum and palladium to the
Trust's allocated Bullion account. The Custodian provides the Trustee with regular reports detailing the Bullion transfers in
and out of the Trust's unallocated and allocated Bullion accounts and identifying the gold and silver bars and the platinum
and palladium plates or ingots held in the Trust's allocated Bullion account.

 The
Custodian's fees and expenses under the Custody Agreements are paid by the Sponsor.

 The
Custodian and its affiliates may from time to time act as Authorized Participants or purchase or sell Bullion or Shares for their
own account, as agent for their customers and for accounts over which they exercise investment discretion. The Custodian and its
affiliates are subject to the same transaction fee as other Authorized Participants.

 Inspection
of Bullion

 Under
the Custody Agreements, the Trustee, the Sponsor and the Trust's auditors and inspectors may, only up to twice a year, visit
the premises of the Custodian for the purpose of examining the Trust's Bullion and certain related records maintained by
the Custodian. In addition, under the Custody Agreements, the Custodian shall procure that any sub-custodian that it appoints allows access to its premises
during normal business hours to examine the Trust's Bullion held there and such records as the Trustee, the Sponsor or the Trust's
auditors and inspectors may reasonably require to perform their respective duties to Shareholders.

 The
Sponsor has exercised its right to visit the Custodian in order to examine the Bullion and the records maintained by the Custodian.
Inspections were conducted by Bureau Veritas Commodities UK Ltd, a leading commodity inspection and testing company retained by
the Sponsor, as of July 26, 2024 and January 4, 2025.

 There
can be no guarantee that the Sponsor or the Trust's auditors and inspectors will be able to perform physical inspections
of the Trust's Bullion as planned. Local policies, regulations, or ordinances, as well as polices or restrictions adopted
by the Custodian or a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust's
auditors and inspectors, from performing a physical inspection of the Trust's Bullion on a desired date. In those situations,
the Sponsor or the Trust's auditors and inspectors may seek to verify the Bullion held by the Trust by alternate means,
including through virtual inspections of the Trust's Bullion and/or a review of pertinent records.

of the Shares

 General

 The
Trustee is authorized under the Trust Agreement to create and issue an unlimited number of Shares. The Trustee creates Shares
only in Baskets (a Basket equals a block of 25,000 Shares) and only upon the order of an Authorized Participant. The Shares represent
units of fractional undivided beneficial interest in and ownership of the Trust and have no par value. Any creation and issuance
of Shares above the amount registered on the Trust's then-current and effective registration statement with the SEC will
require the registration of such additional Shares.

of Limited Rights

 The
Shares do not represent a traditional investment and Shareholders should not view them as similar to shares of a corporation operating
a business enterprise with management and a board of directors. Shareholders do not have the statutory rights normally associated
with the ownership of shares of a corporation, including, for example, the right to bring "oppression" or "derivative"
actions. All Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid and non-assessable
and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Trust Agreement. The Shares
do not entitle their holders to any conversion or pre-emptive rights, or, except as provided below, any redemption rights or rights
to distributions.

 Distributions

 If
the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction
of all outstanding liabilities of the Trust and the establishment of such reserves for applicable taxes, other governmental charges
and contingent or future liabilities as the Trustee shall determine. Shareholders of record on the record date fixed by the Trustee
for a distribution will be entitled to receive their pro rata portion of any distribution.

 Voting
and Approvals

 Under
the Trust Agreement, Shareholders have no voting rights, except in limited circumstances. The Trustee may terminate the Trust
upon the agreement of Shareholders owning at least 75% of the outstanding Shares. In addition, certain amendments to the Trust
Agreement require advance notice to the Shareholders before the effectiveness of such amendments, but no Shareholder vote or approval
is required for any amendment to the Trust Agreement.

 Redemption
of the Shares

 The
Shares may only be redeemed by or through an Authorized Participant and only in Baskets.

 Book-Entry
Form

 Individual
certificates will not be issued for the Shares. Instead, one or more global certificates is deposited by the Trustee with DTC
and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding
at any time. Under the Trust Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and
trust companies (DTC Participants), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC
Participant (Indirect Participants), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the
Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the book-entry system of DTC.
Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their
Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares.
Transfers will be made in accordance with standard securities industry practice.

 Custody
of the Trust's Bullion

 Custody
of the physical gold and silver deposited with and held by the Trust is provided by the Custodian at its London, England vaults
and by other sub-custodians on a temporary basis. Custody of the physical platinum and palladium deposited with and held by the
Trust is provided by the Custodian at its London, England vaults and by other sub-custodians on a temporary basis. The Custodian
is a market maker, clearer and approved weigher under the rules of the LBMA and the LPPM.

 The
Custodian is the custodian of the physical Bullion credited to the Trust Allocated Account in accordance with the Custody Agreements.
The Custodian segregates the physical Bullion credited to the Trust Allocated Account from any other precious metal it holds or
holds for others by entering appropriate entries in its books and records, Under the Custody Agreements, the Trustee, the Sponsor
and the Trust's auditors and inspectors may inspect the vaults of the Custodian. See " Inspection
of Bullion ".

 The
Custodian, as instructed by the Trustee on behalf of the Trust, is authorized to accept, on behalf of the Trust, deposits of Bullion
in unallocated form. Acting on standing instructions specified in the Custody Agreements, the Custodian allocates, Bullion deposited
in unallocated form with the Trust by selecting bars of gold or silver or plates or ingots of platinum or palladium for deposit
to the Trust Allocated Account. All physical gold and silver allocated to the Trust must conform to the rules, regulations, practices
and customs of the LBMA. All physical platinum and palladium allocated to the Trust must conform to the rules, regulations, practices
and customs of the LPPM. The Custodian must replace any non-conforming Bullion with conforming Bullion as soon as practical upon
a determination by the Custodian any Bullion is non-conforming.

 The
process of withdrawing Bullion from the Trust for a redemption of a Basket follows the same general procedure as for depositing Bullion
with the Trust for a creation of a Basket, only in reverse. Each transfer of Bullion between the Trust Allocated Account
and the Trust Unallocated Account connected with a creation or redemption of a Basket may result in a small amount of Bullion
being held in the Trust Unallocated Account after the completion of the transfer. In making deposits and withdrawals between the
Trust Allocated Account and the Trust Unallocated Account, the Custodian will use commercially reasonable efforts to minimize
the amounts of gold, silver, platinum and palladium held in the Trust Unallocated Account as of the close of each business
day. See "Creation and Redemption of Shares."

 United
States Federal Income Tax Consequences

 The
following discussion of the material US federal income tax consequences generally applies to the purchase, ownership and disposition
of Shares by a US Shareholder (as defined below) and certain US federal income tax consequences that may apply to an investment
in Shares by a Non-US Shareholder (as defined below). The discussion is based on the United States Internal Revenue Code of 1986
as amended (the "Code"). The discussion below is based on the Code, United States Treasury Regulations ("Treasury
Regulations") promulgated under the Code and judicial and administrative interpretations of the Code, all as in effect on
the date of this annual report and all of which are subject to change either prospectively or retroactively. The tax treatment
of Shareholders may vary depending upon their own particular circumstances. Certain Shareholders (including broker-dealers, traders,
banks and other financial institutions, insurance companies, real estate investment trusts, tax-exempt entities, Shareholders
whose functional currency is not the U.S. Dollar or other investors with special circumstances) may be subject to special rules
not discussed below. In addition, the following discussion applies only to investors who hold Shares as "capital assets"
within the meaning of Code section 1221 and not as part of a straddle, hedging transaction or a conversion or constructive sale
transaction. Moreover, the discussion below does not address the effect of any state, local or foreign tax law or any transfer
tax on an owner of Shares. Purchasers of Shares are urged to consult their own tax advisors with respect to all federal, state,
local and foreign tax law or any transfer tax considerations potentially applicable to their investment in Shares.

 For
purposes of this discussion, a "US Shareholder" is a Shareholder that is:

 An
individual who is a citizen or resident of the United States;

 A
corporation (or other entity treated as a corporation for US federal tax purposes) created or organized in or under the laws of
the United States or any political subdivision thereof;

 An
estate, the income of which is includible in gross income for US federal income tax purposes regardless of its source; or

 A
trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one
or more US persons have the authority to control all substantial decisions of the trust.

 Taxation
of the Trust

 The
Trust is classified as a "grantor trust" for US federal income tax purposes. As a result, the Trust itself is not
subject to US federal income tax. Instead, the Trust's income and expenses "flow through" to the Shareholders,
and the Trustee reports the Trust's income, gains, losses and deductions to the Internal Revenue Service ("IRS")
on that basis.

 A
Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership for
US federal tax purposes) generally is considered a "Non-US Shareholder" for purposes of this discussion. For US federal
income tax purposes, the treatment of any beneficial owner of an interest in a partnership, including any entity treated as a
partnership for US federal income tax purposes, generally depends upon the status of the partner and upon the activities of the
partnership. Partnerships and partners in partnerships should consult their tax advisors about the US federal income tax consequences
of purchasing, owning and disposing of Shares.

 Taxation
of US Shareholders

 Shareholders
generally are treated, for US federal income tax purposes, as if they directly owned a pro rata share of the underlying assets
held by the Trust. Shareholders are also treated as if they directly received their respective pro rata share of the Trust's
income, if any, and as if they directly incurred their respective pro rata share of the Trust's expenses. In the case of
a Shareholder that purchases Shares for cash, its initial tax basis in its pro rata share of the assets held in the Trust at the
time it acquires its Shares is equal to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares
as part of a creation of a Basket, the delivery of Bullion to the Trust in exchange for the Shares is not a taxable event
to the Shareholder, and the Shareholder's tax basis and holding period for the Shares are the same as its tax basis and
holding period for the Bullion delivered in exchange therefore (except to the extent of any cash contributed for such Shares).
For purposes of this discussion, it is assumed that all of a Shareholder's Shares are acquired on the same date and at the
same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares,
should consult their tax advisors.

 When
the Trust sells or transfers precious metal, for example to pay expenses, a Shareholder generally will recognize gain or loss
in an amount equal to the difference between (1) the Shareholder's pro rata share of the amount realized by the Trust upon
the sale or transfer and (2) the Shareholder's tax basis for its pro rata share of the precious metal that was sold or transferred.
Such gain or loss will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder has a
holding period in its Shares of longer than one year. A Shareholder's tax basis for its share of any precious metal sold
by the Trust generally will be determined by multiplying the Shareholder's total basis for its Shares immediately prior
to the sale, by a fraction the numerator of which is the amount of precious metal sold, and the denominator of which is the total
amount of the precious metal held by the Trust immediately prior to the sale. After any such sale, a Shareholder's tax basis
for its pro rata share of the Bullion remaining in the Trust will be equal to its tax basis for its Shares immediately prior to
the sale, less the portion of such basis allocable to its share of the precious metal that was sold.

 Upon
a Shareholder's sale of some or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the precious
metal held in the Trust at the time of the sale. Accordingly, the Shareholder generally will recognize a gain or loss on
the sale in an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares, and (2) the
Shareholder's tax basis for the Shares sold, as determined in the manner described in the preceding paragraph.

 A
redemption of some or all of a Shareholder's Shares in exchange for the underlying precious metal represented by the
Shares redeemed generally will not be a taxable event to the Shareholder. The Shareholder's tax basis for the precious
metal received in the redemption generally will be the same as the Shareholder's tax basis for the Shares redeemed. The
Shareholder's holding period with respect to the Bullion received should include the period during which the Shareholder
held the Shares redeemed. A subsequent sale of the precious metal received by the Shareholder will be a taxable event.

 An
Authorized Participant and other investors may be able to re-invest, on a tax-deferred basis, in-kind redemption proceeds received
from exchange-traded products that are substantially similar to the Trust in the Trust's Shares. Authorized Participants
and other investors should consult their tax advisors as to whether and under what circumstances the reinvestment in the Shares
of proceeds from substantially similar exchange-traded products can be accomplished on a tax-deferred basis.

 Under
current law, gains recognized by individuals, estates or trusts from the sale of "collectibles," including physical
Bullion, held for more than one year are taxed at a maximum federal income tax rate of 28%, rather than the 20% rate applicable
to most other long-term capital gains. For these purposes, gains recognized by an individual upon the sale of Shares held for
more than one year, or attributable to the Trust's sale of any physical Bullion which the Shareholder is treated (through
its ownership of Shares) as having held for more than one year, generally will be taxed at a maximum rate of 28%. The tax rates
for capital gains recognized upon the sale of assets held by an individual US Shareholder for one year or less or by a corporate
taxpayer are generally the same as those at which ordinary income is taxed.

 In
addition, high-income individuals and certain trusts and estates are subject to a 3.8% Medicare contribution tax that is imposed
on net investment income and gain. Shareholders should consult their tax advisor regarding this tax.

 Brokerage
Fees and Trust Expenses

 Any
brokerage or other transaction fees incurred by a Shareholder in purchasing Shares is treated as part of the Shareholder's
tax basis in the Shares. Similarly, any brokerage fee incurred by a Shareholder in selling Shares reduces the amount realized
by the Shareholder with respect to the sale.

 Shareholders
will be required to recognize a gain or loss upon a sale of Bullion by the Trust (as discussed above), even though some or
all of the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata
share of each expense incurred by the Trust to the same extent as if they directly incurred the expense. Shareholders who are
individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust, to the extent that
such expenses may be deducted, as miscellaneous itemized deductions. Miscellaneous itemized deductions, including expenses for
the production of income, will not be deductible for either regular federal income tax or alternative minimum tax purposes for
taxable years beginning after December 31, 2017 and before January 1, 2026 and thereafter generally are (i) deductible only to
the extent that the aggregate of a Shareholder's miscellaneous itemized deductions exceeds 2% of such Shareholder's
adjusted gross income for federal income tax purposes, (ii) not deductible for the purposes of the alternative minimum tax and
(iii) are subject to the overall limitation on itemized deductions under the Code.

by Regulated Investment Companies

 Mutual
funds and other investment vehicles which are "regulated investment companies" within the meaning of Code section
851 should consult with their tax advisors concerning (1) the likelihood that an investment in Shares, although they are a "security"
within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying Bullion for purposes
of Code section 851(b), and (2) the extent to which an investment in Shares might nevertheless be consistent with preservation
of their qualification under Code section 851. In administrative guidance, the IRS stated that it will no longer issue rulings
under Code section 851(b) relating to the determination of whether or not an instrument or position is a "security",
but, instead, intends to defer to guidance from the SEC for such determination.

 United
States Information Reporting and Backup Withholding Tax for US and Non-US Shareholders

 The
Trustee or the appropriate broker will file certain information returns with the IRS, and provides certain tax-related information
to Shareholders, in accordance with applicable Treasury Regulations. Each Shareholder will be provided with information regarding
its allocable portion of the Trust's annual income (if any) and expenses.

 A
US Shareholder may be subject to US backup withholding tax in certain circumstances unless it provides its taxpayer identification
number and complies with certain certification procedures. Non-US Shareholders may have to comply with certification procedures
to establish that they are not a US person in order to avoid the backup withholding tax.

 The
amount of any backup withholding tax will be allowed as a credit against a Shareholder's US federal income tax liability
and may entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS.

 Income
Taxation of Non-US Shareholders

 The
Trust does not expect to generate taxable income except for gains (if any) upon the sale of precious metal. A Non-US Shareholder
generally is not subject to US federal income tax with respect to gains recognized upon the sale or other disposition of Shares,
or upon the sale of precious metal by the Trust, unless (1) the Non-US Shareholder is an individual and is present in the
United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being
from United States sources; or (2) the gain is effectively connected with the conduct by the Non-US Shareholder of a trade or
business in the United States.

 Taxation
in Jurisdictions other than the United States

 Prospective
purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their
own tax advisers as to the tax consequences, under the laws of such jurisdiction (or any other jurisdiction not being the United
States to which they are subject), of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular,
as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale,
redemption or other dealing.

 ERISA
and Related Considerations

 The
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and/or Code section 4975 impose certain requirements
on certain employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities,
Keogh plans, and certain commingled investment vehicles or insurance company general or separate accounts in which such plans
or arrangements are invested (collectively, "Plans"), and on persons who are fiduciaries with respect to the investment
of "plan assets" of a Plan. Government plans and some church plans are not subject to the fiduciary responsibility
provisions of ERISA or the provisions of section 4975 of the Code, but may be subject to substantially similar rules under other
federal law, or under state or local law ("Other Law").

 In
contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should
carefully consider, taking into account the facts and circumstances of the Plan and the "Risk Factors" discussed above
and whether such investment is consistent with its fiduciary responsibilities under ERISA or Other Law, including, but not limited
to: (1) whether the investment is permitted under the Plan's governing documents, (2) whether the fiduciary has the authority
to make the investment, (3) whether the investment is consistent with the Plan's funding objectives, (4) the tax effects
of the investment on the Plan, and (5) whether the investment is prudent considering the factors discussed in this report. In
addition, ERISA and Code section 4975 prohibit a broad range of transactions involving assets of a plan and persons who are "parties
in interest" under ERISA or "disqualified persons" under section 4975 of the Code. A violation of these rules
may result in the imposition of significant excise taxes and other liabilities. Plans subject to Other Law may be subject to similar
restrictions.

 It
is anticipated that the Shares will constitute "publicly offered securities" as defined in the Department of Labor
"Plan Asset Regulations," §2510.3-101 (b)(2) as modified by section 3(42) of ERISA. Accordingly, pursuant to
the Plan Asset Regulations, only Shares purchased by a Plan, and not an interest in the underlying assets held in the Trust, should
be treated as assets of the Plan, for purposes of applying the "fiduciary responsibility" rules of ERISA and the "prohibited
transaction" rules of ERISA and the Code. Fiduciaries of plans subject to Other Law should consult legal counsel to determine
whether there would be a similar result under the Other Law.

by Certain Retirement Plans

 Code
section 408(m) provides that the acquisition of a "collectible" by an individual retirement account ("IRA")
or a participant-directed account maintained under any plan that is tax-qualified under Code section 401(a) ("Tax Qualified
Account") is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom
the Tax Qualified Account is maintained, of an amount equal to the cost to the account of acquiring the collectible. The term
"collectible" is defined to include, with certain exceptions, "any metal or gem". The IRS has issued several
private letter rulings to the effect that a purchase by an IRA, or by a participant-directed account under a Code section 401(a)
plan, of publicly-traded shares in a trust holding precious metals will not be treated as resulting in a taxable distribution
to the IRA owner or Tax Qualified Account participant under Code section 408(m). However the private letter rulings provide that,
if any of the Shares so purchased are distributed from the IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account
participant, or if any precious metals are received by such IRA or Tax Qualified Account upon the redemption of any of the
Shares purchased by it, the Shares or precious metal so distributed will be subject to federal income tax in the year of
distribution, to the extent provided under the applicable provisions of Code sections 408(d), 408(m) or 402. Accordingly, potential
IRA or Tax Qualified Account investors are urged to consult with their own professional advisors concerning the treatment of an
investment in Shares under Code section 408(m).

 Item
1A. Risk Factors

 Shareholders
should consider carefully the risks described below before making an investment decision. Shareholders should also refer to the
other information included in this report, including the Trust's financial statements and the related notes.

 RISKS RELATED TO BULLION

 The value of the Shares relates directly to the value of the
Bullion held by the Trust and fluctuations in the price of gold, silver, platinum or palladium could materially adversely affect an investment
in the Shares.

 The Shares are designed to mirror as closely as possible the performance
of the price of physical gold, silver, platinum and palladium in the proportions held by the Trust, and the value of the Shares relates
directly to the value of the Bullion held by the Trust, less the Trust's liabilities (including estimated accrued but unpaid expenses).
The prices of physical gold, silver, platinum and palladium have fluctuated widely over the past several years, as discussed below. Several
factors may affect the price of these metals, including:

 A change in economic conditions, such as a recession, can adversely affect the price of Bullion. Bullion
is used in a wide range of industrial applications, and an economic downturn could have a negative impact on its demand and, consequently,
its price and the price of the Shares;

 Investors' expectations with respect to the rate of inflation;

 Currency exchange rates;

 Interest rates;

 Investment and trading activities of hedge funds and commodity funds;

 Global or regional political, economic or financial events and situations; and

 Global Bullion supply and demand.

 A significant change in investor interest, including in response to online campaigns or other activities
specifically targeting investments in Bullion.

 In addition, investors should be aware that there is no assurance
that gold, silver, platinum or palladium will maintain their long-term value in terms of purchasing power in the future. In the event
that the price of any metal held by the Trust declines, the Sponsor expects the value of an investment in the Shares to be impacted proportionately
to the Trust's interest in such metal.

 The price of physical Bullion has fluctuated widely over the
past several years.

 The price of physical Bullion, and the value of the Shares, has
been highly volatile and could continue to be subject to wide fluctuations in response to various factors. See
"Overview of the Bullion Industry" for discussion of the fluctuation of Bullion prices.

 Several factors may have the effect of causing a decline in the prices
of Bullion and a corresponding decline in the price of Shares. Among them:

 A significant increase in Bullion hedging activity by Bullion producers. Should there be an increase
in the level of hedge activity of Bullion producing companies, it could cause a decline in world Bullion prices, adversely affecting the
price of the Shares.

 A significant change in the attitude of speculators and investors towards Bullion. Should the speculative
community take a negative view towards any Bullion metals, it could cause a decline in world prices for such Bullion metals, negatively
impacting the price of the Shares.

 A widening of interest rate differentials between the cost of money and the cost of Bullion could negatively
affect the price of Bullion which, in turn, could negatively affect the price of the Shares.

 A combination of rising money interest rates and a continuation of the current low cost of borrowing
Bullion could improve the economics of selling Bullion forward. This could result in an increase in hedging by Bullion mining companies
and short selling by speculative interests, which would negatively affect the price of Bullion. Under such circumstances, the price of
the Shares would be similarly affected.

 Conversely, several factors may trigger a temporary increase in
the price of Bullion prior to your investment in the Shares. If that is the case, you will be buying Shares at prices affected by the
temporarily high prices of Bullion, and you may incur losses when the causes for the temporary increase disappear.

 A decline in the automobile industry may have the effect of causing
a decline in the prices of platinum and palladium and a corresponding decline in the price of Shares.

 Autocatalysts, automobile components for emissions control that
use platinum and palladium, accounted for approximately 44% of the net global demand in platinum and 84% of the global demand
in palladium in 2023. Reduced automotive industry sales may result in a decline in autocatalyst demand which may impact the price of
platinum and palladium and affect the price of the Shares.

 Crises may motivate large-scale sales of gold, silver, platinum
or palladium which could decrease the price of such Bullion and adversely affect an investment in the Shares.

 The possibility of large-scale distress sales of Bullion in times
of crisis may have a short-term negative impact on the price of Bullion and adversely affect an investment in the Shares. For example,
the 2008 financial credit crisis resulted in significantly depressed prices of gold, silver, platinum and palladium largely due to forced
sales and deleveraging from institutional investors. Crises in the future may impair Bullion's price performance which would, in
turn, adversely affect an investment in the Shares.

 The price of Bullion may be affected by the sale of ETVs tracking
the gold, silver, platinum or palladium markets.

 To the extent existing exchange traded vehicles ("ETVs")
tracking the gold, silver, platinum or palladium markets represent a significant proportion of demand for physical Bullion, large redemptions
of the securities of these ETVs could negatively affect physical Bullion prices and the price and NAV of the Shares.

 RISKS RELATED TO THE SHARES

 The Shares and their value could decrease if unanticipated operational
or trading problems arise.

 There may be unanticipated problems or issues with respect to the
mechanics of the Trust's operations and the trading of the Shares that could have a material adverse effect on an investment in
the Shares. In addition, although the Trust is not actively "managed" by traditional methods, to the extent that unanticipated
operational or trading problems or issues arise, the Sponsor's past experience and qualifications may not be suitable for solving
these problems or issues.

 Discrepancies, disruptions or unreliability of the LBMA Gold
Price PM, the LBMA Silver Price, or the LBMA Price PM could impact the value of the Trust's Bullion and the market price of the
Shares.

 The Trustee values the Trust's gold, silver, platinum and
palladium pursuant to the LBMA Gold Price PM for gold, the LBMA Silver Price for silver, and the LBMA Price PM for platinum and palladium.
In the event that the LBMA Gold Price PM, the LBMA Silver Price, or the LBMA Price PM (the "London Metal Prices") prove to
be inaccurate benchmarks, or such London Metal Prices vary materially from the prices determined by other mechanisms for valuing precious
metals, the value of the Trust's Bullion and the market price of the Shares could be adversely impacted. Any future developments
in the London Metal Prices, to the extent they have a material impact on the London Metal Prices, could adversely impact the value of
the Trust's Bullion and the market price of the Shares. It is possible that electronic failures or other unanticipated events may
occur that could result in delays in the announcement of, or the inability of the benchmarks to produce, the London Metal Prices on any
given date. Furthermore, any actual or perceived disruptions that result in the perception that the London Metal Prices are vulnerable
to actual or attempted manipulation could adversely affect the behavior of market participants, which may have an effect on the prices
of gold, silver, platinum or palladium. If the London Metal Prices are unreliable for any reason, the prices of gold, silver, platinum
and palladium and the market price for the Shares may decline or be subject to greater volatility.

 If the process of creation and redemption of Baskets encounters
any unanticipated difficulties, the possibility for arbitrage transactions intended to keep the price of the Shares closely linked to
the prices of the underlying Bullion may not exist and, as a result, the price of the Shares may fall.

 If the processes of creation and redemption of Shares (which depend
on timely transfers of Bullion to and by the Custodian) encounter any unanticipated difficulties, potential market participants who would
otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the
price of the Shares and the prices of the underlying Bullion may not take the risk that, as a result of those difficulties, they may not
be able to realize the profit they expect. If this is the case, the liquidity of Shares may decline and the price of the Shares may fluctuate
independently of the prices of the underlying Bullion and may fall. Additionally, redemptions could be suspended in any period during
which (1) the NYSE Arca is closed (other than customary weekend or holiday closings) or trading on the NYSE Arca is suspended or restricted,
or (2) an emergency exists as a result of which delivery, disposal or evaluation of the Bullion is not reasonably practicable.

 A possible "short squeeze" due to a sudden increase
in demand of Shares that largely exceeds supply may lead to price volatility in the Shares.

 Investors may purchase Shares to hedge existing exposure to Bullion
or to speculate on the price of Bullion. Speculation on the price of Bullion may involve long and short exposures. To the extent aggregate
short exposure exceeds the number of Shares available for purchase (for example, in the event that large redemption requests by Authorized
Participants dramatically affect Share liquidity), investors with short exposure may have to pay a premium to repurchase Shares for delivery
to Share lenders. Those repurchases may in turn, dramatically increase the price of the Shares until additional Shares are created through
the creation process. This is often referred to as a "short squeeze." A short squeeze could lead to volatile price movements
in Shares that are not directly correlated to the price of Bullion.

 The liquidity of the Shares may be affected by the withdrawal
from participation of one or more Authorized Participants.

 In the event that one or more Authorized Participants having substantial
interests in Shares or otherwise responsible for a significant portion of the Shares' daily trading volume on the exchange withdraw
from participation, the liquidity of the Shares will likely decrease which could adversely affect the market price of the Shares and result
in Shareholders incurring a loss on their investment.

 Shareholders do not have the protections associated with ownership
of shares in an investment company registered under the Investment Company Act of 1940 or the protections afforded by the CEA.

 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. Consequently, Shareholders do not have the regulatory protections
provided to investors in investment companies. The Trust does not and will not hold or trade in commodity futures contracts, "commodity
interests" or any other instruments regulated by the CEA, as administered by the CFTC and the NFA. Furthermore, the Trust is not
a commodity pool for purposes of the CEA, and neither the Sponsor nor the Trustee is subject to regulation by the CFTC as a commodity
pool operator or a commodity trading advisor in connection with the Trust or the Shares. Consequently, Shareholders do not have the regulatory
protections provided to investors in CEA-regulated instruments or commodity pools operated by registered commodity pool operators or advised
by registered commodity trading advisors.

 The Trust may be required to terminate and liquidate at a time
that is disadvantageous to Shareholders.

 If the Trust is required to terminate and liquidate, such termination
and liquidation could occur at a time which is disadvantageous to Shareholders, such as when Bullion prices are lower than the Bullion
prices at the time when Shareholders purchased their Shares. In such a case, when the Trust's Bullion is sold as part of the Trust's
liquidation, the resulting proceeds distributed to Shareholders will be less than if Bullion prices were higher at the time of sale.

 The lack of an active trading market for the Shares may result
in losses on investment at the time of disposition of the Shares.

 Although Shares are listed for trading on the NYSE Arca, it cannot
be assumed that an active trading market for the Shares will be maintained. If an investor needs to sell Shares at a time when no active
market for Shares exists, such lack of an active market will most likely adversely affect the price the investor receives for the Shares
(assuming the investor is able to sell them).

 Shareholders do not have the rights enjoyed by investors in certain
other vehicles.

 As interests in an investment trust, the Shares have none of the
statutory rights normally associated with the ownership of shares of a corporation (including, for example, the right to bring "oppression"
or "derivative" actions). In addition, the Shares have limited voting and distribution rights (for example, Shareholders do
not have the right to elect directors or approve amendments to the Trust Agreement, and do not receive dividends).

 An investment in the Shares may be adversely affected by competition
from other methods of investing in Bullion.

 The Trust competes with other financial vehicles, including traditional
debt and equity securities issued by companies in the gold, silver, platinum and palladium industries and other securities backed by or
linked to Bullion, direct investments in Bullion and investment vehicles similar to the Trust. Market and financial conditions, and other
conditions beyond the Sponsor's control, may make it more attractive to invest in other financial vehicles or to invest in Bullion
directly, which could limit the market for the Shares and reduce the liquidity of the Shares.

 The amount of Bullion represented by each Share will decrease
over the life of the Trust due to the recurring deliveries of Bullion necessary to pay the Sponsor's Fee in-kind and potential sales
of Bullion to pay in cash the Trust expenses not assumed by the Sponsor. Without increases in the prices of gold, silver, platinum and
palladium sufficient to compensate for that decrease, the price of the Shares will also decline proportionately over the life of the Trust.

 The amount of Bullion represented by each Share decreases each day
by the Sponsor's Fee. In addition, although the Sponsor has agreed to assume all organizational and certain administrative and marketing
expenses incurred by the Trust (the Trustee's monthly fee and out-of-pocket expenses, the Custodian's fee and reimbursement
of the Custodian's expenses under the Custody Agreements, exchange listing fees, SEC registration fees, printing and mailing costs,
audit fees and up to $100,000 per annum in legal expenses), in exceptional cases certain Trust expenses may need to be paid by the Trust.
Because the Trust does not have any income, it must either make payments in-kind by deliveries of Bullion (as is the case with the Sponsor's
Fee) or it must sell Bullion to obtain cash (as in the case of any exceptional expenses). The result of these sales of Bullion and recurring
deliveries of Bullion to pay the Sponsor's Fee in-kind is a decrease in the amount of Bullion represented by each Share. New deposits
of Bullion, received in exchange for new Baskets issued by the Trust, will not reverse this trend.

 A decrease in the amount of Bullion represented by each Share results
in a decrease in each Share's price even if the prices of gold, silver, platinum and palladium do not change. To retain the Share's
original price, the price of Bullion must increase, whether that is the price of gold, silver, platinum, palladium or any combination
thereof. Without that increase, the lesser amount of Bullion represented by the Share will have a correspondingly lower price. If these
increases do not occur, or are not sufficient to counter the lesser amount of Bullion represented by each Share, Shareholders will sustain
losses on their investment in Shares.

 An increase in Trust expenses not assumed by the Sponsor, or the
existence of unexpected liabilities affecting the Trust, will require the Trustee to sell larger amounts of Bullion, and will result in
a more rapid decrease of the amount of Bullion represented by each Share and a corresponding decrease in its value.

 The sale of the Trust's Bullion to pay expenses not assumed
by the Sponsor, or unexpected liabilities affecting the Trust, at a time of low Bullion prices could adversely affect the value of the
Shares.

 The Trustee sells Bullion held by the Trust to pay Trust expenses
not assumed by the Sponsor on an as-needed basis irrespective of then-current gold, silver, platinum and palladium prices. The Trust is
not actively managed and no attempt will be made to buy or sell Bullion to protect against or to take advantage of fluctuations in the
price of any Bullion metal. Consequently, the Trust's Bullion may be sold at a time when the Bullion prices are low, resulting in
the sale of more Bullion than would be required if the Trust sold when prices were higher. The sale of the Trust's Bullion to pay
expenses not assumed by the Sponsor, or unexpected liabilities affecting the Trust, at a time of low Bullion prices could adversely affect
the value of the Shares.

 The value of the Shares will be adversely affected if the Trust
is required to indemnify the Sponsor or the Trustee under the Trust Agreement.

 Under the Trust Agreement, each of the Sponsor and the Trustee has
a right to be indemnified from the Trust for any liability or expense it incurs without gross negligence, bad faith, willful misconduct,
willful malfeasance or reckless disregard on its part. That means the Sponsor or the Trustee may require the assets of the Trust to be
sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce the NAV of the Trust and the value of the
Shares.

 The Shares may trade at a price which is at, above or below the
NAV per Share and any discount or premium in the trading price relative to the NAV per Share may widen as a result of non-concurrent trading
hours between the NYSE Arca and London, Zurich and COMEX.

 The Shares may trade at, above or below the NAV per Share. The NAV
per Share fluctuates with changes in the market value of the Trust's assets. The trading price of the Shares fluctuates in accordance
with changes in the NAV per Share as well as market supply and demand. The amount of the discount or premium in the trading price relative
to the NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca and the major Bullion markets. While the
Shares trade on the NYSE Arca until 4:00 p.m. New York time, liquidity in the market for gold, platinum and palladium is reduced after
the close of the major world markets for gold, platinum and palladium, including London, Zurich and the COMEX and liquidity in the market
for silver will be reduced after the close of the major world silver markets, including London and the COMEX. As a result, during these
periods, trading spreads, and the resulting premium or discount on the Shares, may widen.

 Purchasing activity in the platinum and palladium markets associated
with Basket creations or selling activity following Basket redemptions may affect the prices of platinum and palladium and Share trading
prices. These price changes may adversely affect an investment in the Shares.

 Purchasing activity associated with acquiring the Bullion required
for deposit into the Trust in connection with the creation of Baskets may increase the market prices of platinum and palladium, which
will result in higher prices for the Shares. Increases in the market prices of platinum and palladium may also occur as a result of the
purchasing activity of other market participants. Other market participants may attempt to benefit from an increase in the market prices
of platinum and palladium that may result from increased purchasing activity of platinum and palladium connected with the issuance of
Baskets. If, the prices of platinum and palladium decline, the trading price of the Shares will also decline.

 Selling activity associated with sales of platinum and palladium
withdrawn from the Trust in connection with the redemption of Baskets may decrease the market price of platinum and palladium, which will
result in lower prices for the Shares. Decreases in the market price of platinum and palladium may also occur as a result of the selling
activity of other market participants. If the price of platinum and palladium declines, the trading price of the Shares will also decline
in proportion to the Trust's interest in platinum and palladium.

 Since there is no limit on the amount of platinum and palladium
that the Trust may acquire, the Trust, as it grows, may have an impact on the supply and demand of platinum and palladium that ultimately
may affect the price of the Shares in a manner unrelated to other factors affecting the global markets for platinum and palladium.

 The Trust Agreement places no limit on the amount of platinum and
palladium the Trust may hold. Moreover, the Trust may issue an unlimited number of Shares, subject to registration requirements, and thereby
acquire an unlimited amount of platinum and palladium. The global market for platinum and palladium is characterized by supply and demand
constraints that are generally not present in the markets for other precious metals such as gold and silver. Between 2019 to 2023, world
platinum mine supply averaged 5.7 million ounces, while world gross demand averaged 7.3 million ounces. During the same period, world palladium mine supply measured 6.5 million ounces, while world gross demand averaged 10.4 million ounces. If the amount of platinum and
palladium acquired by the Trust is large enough in relation to global platinum and palladium supply and demand, further in-kind creations
and redemptions of Shares could have an impact on the supply and demand of platinum and palladium unrelated to other factors affecting
the global markets for platinum and palladium. Such an impact could affect the prices for platinum and palladium that would directly affect
the price at which Shares are traded on the Exchange or the price of future Baskets created or redeemed by the Trust.

 The Trust and the Sponsor cannot provide Shareholders any assurance
that the metal holdings of the Trust will have a similar impact or have no long-term metal price impact thereby affecting Share trading
prices.

 RISKS RELATED TO THE CUSTODY OF BULLION

 The Trust's Bullion may be subject to loss, damage, theft
or restriction on access.

 There is a risk that part or all of the Trust's Bullion could
be lost, damaged or stolen. Access to the Trust's Bullion could also be restricted by natural events (such as an earthquake) or
human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently, an
investment in the Shares.

 The Trust's lack of insurance protection and the Shareholders'
limited rights of legal recourse against the Trust, the Trustee, the Sponsor, the Custodian and any sub-custodian exposes the Trust and
its Shareholders to the risk of loss of the Trust's Bullion for which no person is liable.

 The Trust does not insure its Bullion. The Custodian maintains insurance
with regard to its business on such terms and conditions as it considers appropriate in connection with its custodial obligations and
is responsible for all costs, fees and expenses arising from the insurance policy or policies. The Trust is not a beneficiary of any such
insurance and does not have the ability to dictate the existence, nature or amount of coverage. Therefore, Shareholders cannot be assured
that the Custodian maintains adequate insurance or any insurance with respect to the Bullion held by the Custodian on behalf of the Trust.
In addition, the Custodian and the Trustee do not require any direct or indirect sub-custodians to be insured or bonded with respect to
their custodial activities or in respect of the Bullion held by them on behalf of the Trust. Further, Shareholders' recourse against
the Trust, the Trustee and the Sponsor under New York law, the Custodian, under English law, and any sub-custodians under the law governing
their custody operations is limited. Consequently, a loss may be suffered with respect to the Trust's Bullion which is not covered
by insurance and for which no person is liable in damages.

 The Custodian's limited liability under the Custody Agreements
and English law may impair the ability of the Trust to recover losses concerning its Bullion and any recovery may be limited, even in
the event of fraud, to the market value of the Bullion at the time the fraud is discovered.

 The liability of the Custodian is limited under the Custody Agreements.
Under the Custody Agreements between the Trustee and the Custodian which establish the Trust Unallocated Account and the Trust Allocated
Account, the Custodian is only liable for losses that are the direct result of its own negligence, fraud or willful default in the performance
of its duties. Any such liability is further limited to the market value of the Bullion lost or damaged at the time such negligence, fraud
or willful default is discovered by the Custodian, provided the Custodian notifies the Trust and the Trustee promptly after the discovery
of the loss or damage. Under each Authorized Participant Unallocated Bullion Account Agreement (between the Custodian and an Authorized
Participant establishing an Authorized Participant Unallocated Account), the Custodian is not contractually or otherwise liable for any
losses suffered by any Authorized Participant or Shareholder that are not the direct result of its own gross negligence, fraud or willful
default in the performance of its duties under such agreement, and in no event will its liability exceed the market value of the balance
in the Authorized Participant Unallocated Account at the time such gross negligence, fraud or willful default is discovered by the Custodian.
For any Authorized Participant Unallocated Bullion Account Agreement between an Authorized Participant and another Bullion clearing bank,
the liability of the Bullion clearing bank to the Authorized Participant may be greater or lesser than the Custodian's liability
to the Authorized Participant described in the preceding sentence, depending on the terms of the agreement. In addition, the Custodian
will not be liable for any delay in performance or any non-performance of any of its obligations under the Allocated Account Agreement,
the Unallocated Account Agreement or the Authorized Participant Unallocated Bullion Account Agreement by reason of any cause beyond its
reasonable control, including acts of God, war or terrorism. As a result, the recourse of the Trustee or a Shareholder, under English
law, is limited. Furthermore, under English common law, the Custodian, or any sub-custodian will not be liable for any delay in the performance
or any non-performance of its custodial obligations by reason of any cause beyond its reasonable control.

 The obligations of the Custodian are governed by English law,
which may frustrate the Trust in attempting to seek legal redress against the Custodian or any sub-custodian concerning its Bullion.

 The obligations of the Custodian under the Custody Agreements are,
and the Authorized Participant Unallocated Bullion Account Agreements may be, governed by English law. The Custodian may enter into arrangements
with other sub-custodians for the temporary custody of the Trust's Bullion, which arrangements may also be governed by English law.
The Trust is a New York common law trust. Any United States, New York or other court situated in the United States may have difficulty
interpreting English law (which, insofar as it relates to custody arrangements, is largely derived from court rulings rather than statute),
LBMA or LPPM rules or the customs and practices in the London custody market. It may be difficult or impossible for the Trust to sue any
sub-custodian in a United States, New York or other court situated in the United States. In addition, it may be difficult, time consuming
and/or expensive for the Trust to enforce in a foreign court a judgment rendered by a United States, New York or other court situated
in the United States.

 The Trust may not have adequate sources of recovery if its Bullion
is lost, damaged, stolen or destroyed.

 If the Trust's Bullion is lost, damaged, stolen or destroyed
under circumstances rendering a party liable to the Trust, the responsible party may not have the financial resources sufficient to satisfy
the Trust's claim. For example, as to a particular event of loss, the only source of recovery for the Trust might be limited to
the Custodian or any sub- custodian or, to the extent identifiable, other responsible third parties (e.g., a thief or terrorist), any
of which may not have the financial resources (including liability insurance coverage) to satisfy a valid claim of the Trust.

 Shareholders and Authorized Participants lack the right under
the Custody Agreements to assert claims directly against the Custodian and any sub-custodian.

 Neither the Shareholders nor any Authorized Participant have a right
under the Custody Agreements to assert a claim of the Trust against the Custodian or any sub-custodian. Claims under the Custody Agreements
may only be asserted by the Trustee on behalf of the Trust.

 Because the Trustee does not, and the Custodian has limited obligations
to, oversee or monitor the activities of sub-custodians who may hold the Trust's Bullion, failure by the sub-custodians to exercise
due care in the safekeeping of the Trust's Bullion could result in a loss to the Trust.

 Under the Allocated Account Agreement, the Custodian may appoint
from time to time one or more sub-custodians to hold the Trust's Bullion on a temporary basis pending delivery to the Custodian.
Any sub-custodian selected by the Custodian shall be a member of the LBMA or any equity member of the London Precious Metals Clearing
Limited, except for the Governor and Company of the Bank of England. As of the date of this report, the sub-custodian that the Custodian
currently uses is Brink's Global Services for silver. The Custodian is required under the Allocated Account Agreement to use reasonable
care in appointing any sub-custodian, making the Custodian liable only for negligence or bad faith in the selection of such sub-custodians,
and has an obligation to use commercially reasonable efforts to obtain delivery of the Trust's Bullion from any sub-custodians appointed
by the Custodian. Otherwise, the Custodian is not liable for the acts or omissions of its sub-custodians. These sub-custodians may in
turn appoint further sub-custodians, but the Custodian is not responsible for the appointment of these further sub-custodians. The Custodian
does not undertake to monitor the performance by sub-custodians of their custody functions or their selection of further sub-custodians.
The Trustee does not monitor the performance of the Custodian other than to review the reports provided by the Custodian pursuant to the
Custody Agreements and does not undertake to monitor the performance of any sub-custodian. Furthermore, the Trustee may have no right
to visit the premises of any sub-custodian for the purposes of examining the Trust's Bullion or any records maintained by the sub-custodian,
and no sub-custodian will be obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records
or creditworthiness of such sub-custodian. In addition, the ability of the Trustee to monitor the performance of the Custodian may be
limited because under the Allocated Account Agreement and the Unallocated Account Agreement the Trustee has only limited rights to visit
the premises of the Custodian for the purpose of examining the Trust's Bullion and certain related records maintained by the Custodian.
See "Custody of the Trust's Bullion" for more information about sub-custodians that may hold the Trust's bullion.

 The obligations of any sub-custodian of the Trust's Bullion
are not determined by contractual arrangements but by LBMA and LPPM rules and London market customs and practices, which may prevent the
Trust's recovery of damages for losses on its Bullion custodied with sub-custodians.

 There are expected to be no written contractual arrangements between
sub-custodians that hold the Trust's Bullion and the Trustee or the Custodian because traditionally such arrangements are based
on the LBMA's and the LPPM's rules and on the customs and practices of the London Bullion markets. In the event of a legal
dispute with respect to or arising from such arrangements, it may be difficult to define such customs and practices. The LBMA's
and the LPPM's rules may be subject to change outside the control of the Trust. Under English law, neither the Trustee nor the Custodian
would have a supportable breach of contract claim against a sub-custodian for losses relating to the safekeeping of Bullion. If the Trust's
Bullion is lost or damaged while in the custody of a sub-custodian, the Trust may not be able to recover damages from the Custodian or
the sub-custodian. Whether a sub-custodian will be liable for the failure of sub-custodians appointed by it to exercise due care in the
safekeeping of the Trust's Bullion will depend on the facts and circumstances of the particular situation. Shareholders cannot be
assured that the Trustee will be able to recover damages from sub-custodians whether appointed by the Custodian or by another sub-custodian
for any losses relating to the safekeeping of Bullion by such sub-custodian.

 Physical Bullion allocated to the Trust in connection with the
creation of a Basket may not meet the Good Delivery Standards and, if a Basket is issued against such Bullion, the Trust may suffer a
loss.

 Neither the Trustee nor the Custodian independently confirms the
fineness of the physical gold, silver, platinum or palladium allocated to the Trust in connection with the creation of a Basket. The Bullion
allocated to the Trust by the Custodian may be different from the reported fineness or weight required by the LBMA's standards for
gold and silver bars or the LPPM's standards for platinum and palladium plates and ingots delivered in settlement of a Bullion trade
("Good Delivery Standards"), the standards required by the Trust. If the Trustee nevertheless issues a Basket against such
Bullion, and if the Custodian fails to satisfy its obligation to credit the Trust the amount of any deficiency, the Trust may suffer a
loss.

 Bullion held in the Trust's unallocated Bullion account
and any Authorized Participant's unallocated Bullion account will not be segregated from the Custodian's assets. If the Custodian
becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant. In addition, in the event
of the Custodian's insolvency, there may be a delay and costs incurred in identifying the gold and silver bars and platinum and
palladium plates and ingots held in the Trust's allocated Bullion account.

 Bullion which is part of a deposit for a purchase order or part
of a redemption distribution is held for a time in the Trust Unallocated Account and, previously or subsequently, in the Authorized Participant
Unallocated Account of the purchasing or redeeming Authorized Participant. During those times, the Trust and the Authorized Participant,
as the case may be, have no proprietary rights to any specific bars of gold or silver or plates or ingots of platinum or palladium held
by the Custodian and each is an unsecured creditor of the Custodian with respect to the amount of Bullion held in such unallocated accounts.
In addition, if the Custodian fails to allocate the Trust's Bullion in a timely manner, in the proper amounts or otherwise in accordance
with the terms of the Unallocated Account Agreement, or if a sub-custodian fails to so segregate Bullion held by it on behalf of the Trust,
unallocated Bullion will not be segregated from the Custodian's assets, and the Trust will be an unsecured creditor of the Custodian
with respect to the amount so held in the event of the insolvency of the Custodian. In the event the Custodian becomes insolvent, the
Custodian's assets might not be adequate to satisfy a claim by the Trust or the Authorized Participant for the amount of Bullion
held in their respective unallocated Bullion accounts.

 In the case of the insolvency of the Custodian, a liquidator may
seek to freeze access to the Bullion held in all of the accounts held by the Custodian, including the Trust Allocated Account. Although
the Trust would be able to claim ownership of properly allocated Bullion, the Trust could incur expenses in connection with asserting
such claims, and the assertion of such a claim by the liquidator could delay creations and redemptions of Baskets.

 In issuing Baskets, the Trustee relies on certain information
received from the Custodian which is subject to confirmation after the Trustee has relied on the information. If such information turns
out to be incorrect, Baskets may be issued in exchange for an amount of Bullion which is more or less than the amount of Bullion which
is required to be deposited with the Trust.

 The Custodian's definitive records are prepared after the
close of its business day. However, when issuing Baskets, the Trustee relies on information reporting the amount of Bullion credited to
the Trust's accounts which it receives from the Custodian during the business day and which is subject to correction during the
preparation of the Custodian's definitive records after the close of business. If the information relied upon by the Trustee is
incorrect, the amount of Bullion actually received by the Trust may be more or less than the amount required to be deposited for the issuance
of Baskets.

 GENERAL RISKS

 The Trust relies on the information and technology systems of
the Trustee, the Custodian, the Marketing Agent and the Sponsor, which could be adversely affected by information systems interruptions,
cybersecurity attacks or other disruptions which could have a material adverse effect on the Trust's record keeping and operations.

 The Custodian, the Trustee, the Marketing Agent and the Sponsor
depend upon information technology infrastructure, including network, hardware and software systems to conduct their business as it relates
to the Trust. A cybersecurity incident, or a failure to protect their computer systems, networks and information against cybersecurity
threats, could result in a loss of information and adversely impact their ability to conduct their business, including their business
on behalf of the Trust. Despite implementation of network and other cybersecurity measures, their security measures may not be adequate
to protect against all cybersecurity threats.

 War, a major terrorist attack and other geopolitical events,
including but not limited to the war between Russia and Ukraine, outbreaks or public health emergencies (as declared by the World Health
Organization), the continuation or expansion of war or other hostilities, or a prolonged government shutdown may cause volatility in the
price of Bullion due to the importance of a country or region to the Bullion markets, market access restrictions imposed on some local
Bullion producers and refiners, potential impacts to global transportation and shipping and other supply chain disruptions. These events
are unpredictable and may lead to extended periods of price volatility.

 The operations of the Trust, the exchanges, brokers and counterparties
with which the Trust does business, and the markets in which the Trust does business, could be severely disrupted in the event of war,
a major terrorist attack and other geopolitical events, including but not limited to, the war between Russia and Ukraine, outbreaks or
public health emergencies (as declared by the World Health Organization), the continuation or expansion of war or other hostilities, or
a prolonged government shutdown. Such events may cause volatility in the price of Bullion due to the importance of a country or region
to the Bullion markets, market access restrictions imposed on some local Bullion producers and refiners, or potential impacts to global
transportation, shipping, and other supply chain disruptions.

 In late February 2022, Russia invaded Ukraine, significantly amplifying
already existing geopolitical tensions among Russia and other countries in the region and in the West. The responses of countries and
political bodies to Russia's actions, the larger overarching tensions, and Ukraine's military response and the potential for
wider conflict may increase financial market volatility generally, have severe adverse effects on regional and global economic markets,
and cause volatility in the price of Bullion and the share price of the Trust. The conflict in Ukraine, along with global political fallout
and implications including sanctions, shipping disruptions, collateral war damage, and a potential expansion of the conflict beyond Ukraine's
borders, could disturb the Bullion markets. Russia is one of the world's largest producers of gold, palladium, platinum and silver.
On March 7, 2022, the LBMA suspended its accreditation of six Russian refiners of gold and silver, and, on April 8, 2022, the LPPM suspended
its accreditation of two Russian refiners of platinum and palladium. The LBMA and LPPM each stated that existing bars produced by the
refiners before their suspension will still be accepted as good delivery. Fewer suppliers to the LBMA and LPPM may lead to a lower supply
of Good Delivery bars or ingots and further volatility in the price of Bullion. Following an announcement at the G7 Summit to collectively
ban the import of Russian gold, the UK passed regulations which prohibit the direct or indirect (i) import of gold that originated in
Russia, (ii) acquisition of gold that originated in Russia or is located in Russia and (iii) supply or delivery of gold that originated
in Russia, all after July 21, 2022. Similarly, US regulations prohibit the import of gold of Russian origin into the United States on
or after June 28, 2022 and EU regulations prohibit the direct or indirect import, purchase or transfer of gold if it originates in Russia
and has been exported from Russia after July 22, 2022. See "Overview of the Bullion Industry" for a discussion of how the
Russian Bullion refiners' accreditation has impacted the Bullion markets and how Russia's production levels have impacted Bullion
prices subsequent to the suspension.

 War and other geopolitical events in eastern Europe, including but
not limited to Russia and Ukraine, may cause volatility in commodity prices including precious metals prices. These events are unpredictable
and may lead to extended periods of price volatility.

 The Trust may be negatively impacted by the effects of the spread
of illnesses or other public health emergencies on the global economy and the markets and service providers relevant to the performance
of the Trust.

 The COVID-19 pandemic has adversely affected the economies of many
nations and the entire global economy as well as individual issuers, assets and capital markets and could continue to, and other future
public health emergencies could, have serious negative effects on social, economic and financial systems, including significant uncertainty
and volatility in the financial markets. For instance, the suspension of operations of mines, refineries and vaults that extract, produce
or store Bullion, restrictions on travel that delay or prevent the transportation of Bullion and an increase in demand for Bullion may
disrupt supply chains for Bullion, which could cause secondary market spreads to widen and compromise the Trust's ability to settle
transactions on time. Any inability of the Trust to issue or redeem Shares or the Custodian or any sub-custodian to receive or deliver
Bullion as a result of an infectious disease outbreak or public health emergency will negatively affect the Trust's operations.
Future infectious illness outbreaks or other public health emergencies could have similar or other unforeseen impacts and may exacerbate
pre-existing political, social and economic risks in certain countries or globally, which could adversely affect the value of the Shares.

 A significant resurgence of the COVID-19 pandemic or other future
public health emergencies could increase the Trust's costs and affect liquidity in the market for Bullion, as well as the correlation
between the price of the Shares and the net asset value of the Trust, any of which could adversely affect the value of your Shares. In
addition, the COVID-19 pandemic or other future public health emergencies could impair the information technology and other operational
systems upon which the Trust's service providers, including the Sponsor, the Trustee and the Custodian, rely, and could otherwise
disrupt the ability of employees of the Trust's service providers to perform essential tasks on behalf of the Trust. Governmental
and quasi-governmental authorities and regulators throughout the world have at times responded to major economic disruptions with a variety
of fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies and other issuers, new monetary
tools and lower interest rates. An unexpected or sudden reversal of these policies, or the ineffectiveness of these policies, is likely
to increase volatility in the market for Bullion, which could adversely affect the price of the Shares.

 Further, the COVID-19 pandemic or other future public health emergencies
could interfere with or prevent the operation of the electronic auction hosted by IBA to determine the LBMA Gold Price PM, LBMA Silver
Price, LBMA Price PM, which the Trustee uses to value the Bullion held by the Trust and calculate the net asset value of the Trust. The
COVID-19 pandemic or other future public health emergencies could also cause the closure of futures exchanges, which could eliminate the
ability of Authorized Participants to hedge purchases of Baskets, increasing trading costs of Shares and resulting in a sustained premium
or discount in the Shares. Each of these outcomes would negatively impact the Trust.

 Potential conflicts of interest may arise among the Sponsor or
its affiliates and the Trust.

 Conflicts of interest may arise among the Sponsor and its affiliates, on
the one hand, and the Trust and its Shareholders, on the other hand. As a result of these conflicts, the Sponsor may favor its own interests
and the interests of its affiliates over the Trust and its Shareholders. As an example, the Sponsor, its affiliates and their officers
and employees are not prohibited from engaging in other businesses or activities, including those that might be in direct competition
with the Trust.

 Item
1B. Unresolved Staff Comments

 None.

 Item
1C. Cybersecurity

 Cybersecurity

 The
Trust, through its service providers, has processes in place to assess, identify and manage material risks from cybersecurity
threats. The Trust's business is dependent on the communications and information systems of the Trustee, the Sponsor, the
Custodian and other third-party service providers. The Trustee is responsible for day-to-day administration of the Trust and has
implemented a cybersecurity program that applies to the Trustee and its business, including the administration of the Trust.

 Cybersecurity
Program Overview

 The
Trustee has instituted a cybersecurity program designed to identify, assess and mitigate cyber risks applicable to the administration
by the Trustee of the Trust. The cyber risk management program involves risk assessments, implementation of security measures
and ongoing monitoring of systems and networks, including networks on which the Trust relies. The Trustee actively monitors the
current threat landscape to seek to identify material risks arising from new and evolving cybersecurity threats, including material
risks faced by the Trust.

 The
Trust relies on the Trustee, the Sponsor and the Custodian to engage external experts, including cybersecurity assessors, risk
management and information technology professionals, attorneys, consultants and auditors to evaluate cybersecurity measures and
risk management processes, including those applicable to the Trust.

 Board
Oversight of Cybersecurity Risks

 The
Trust has no board of trustees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust relies
on the Trustee, the Sponsor and the Custodian for oversight of cybersecurity risks applicable to the Trust.

 Management's
Role in Cybersecurity Risk Management

 The
Trust has no officers or employees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly, the Trust
relies on the Trustee, the Sponsor and the Custodian for management of cybersecurity risks applicable to the Trust.

 Assessment
of Cybersecurity Risk

 The
potential impact of risks from cybersecurity threats to the Trust are assessed by the Trustee, the Sponsor, the Custodian and
third-party service providers on an ongoing basis, and how such risks could materially affect the Trust's objective, operational
results and financial condition are regularly evaluated. During the reporting period, the Trustee has not identified any risks
from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Trustee believes have materially
affected, or are reasonably likely to materially affect, the Trust, including its objective, operational results and financial
condition.

 Item
2. Properties

 Not
applicable.

 Item
3. Legal Proceedings

 None

 Item
4. Mine Safety Disclosure

 Not
applicable.

 PART
II

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

 On
October 22, 2010, the Trust's Shares commenced trading on the NYSE Arca under the symbol GLTR, and the Trust commenced operations,
began accruing expenses and began the calculation of NAV.

 The
following tables set out the range of high and low closing prices for the Shares as reported for NYSE Arca transactions for each
of the quarters during the years ended December 31, 2024 and 2023:

 Fiscal Year Ended December 31, 2024: Quarter Ended

 High

 Low

 March 31, 2024

 $
 95.61

 $
 85.44

 June 30, 2024

 $
 109.58

 $
 95.86

 September 30, 2024

 $
 115.87

 $
 101.06

 $
 121.85

 $
 108.76

 Fiscal Year Ended December 31, 2023: Quarter Ended

 High

 Low

 March 31, 2023

 $
 92.31

 $
 82.11

 June 30, 2023

 $
 95.57

 $
 86.12

 September 30, 2023

 $
 91.44

 $
 84.15

 $
 92.30

 $
 81.48

 The
number of outstanding Shares of the Trust as of February 26, 2025 was 9,725,000.

 Monthly
Share Price

 The
following table sets forth, for each of the most recent six months, the high and low closing prices of the Shares, as reported
for NYSE Arca transactions.

 Month

 High

 Low

 August 2024

 $
 109.00

 $
 101.06

 September 2024

 $
 115.87

 $
 105.00

 October 2024

 $
 121.85

 $
 111.49

 November 2024

 $
 119.33

 $
 109.70

 December 2024

 $
 116.27

 $
 108.76

 January 2025

 $
 118.57

 $
 111.02

 Issuer
Purchase of Equity Securities

 The
Trust issues and redeems Shares only with Authorized Participants in exchange for Bullion, only in aggregations of 25,000 Shares
(Effective June 18, 2024, the Trustee, in consultation with the Sponsor, has determined that the number of Shares comprising a
Basket for the abrdn Precious Metals Basket ETF Trust shall be reduced from 50,000 Shares to 25,000 Shares) or integral multiples
thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee and is included in Item 7 of this
report. Although the Trust does not purchase Shares directly from its Shareholders, in connection with the redemption of Baskets,
the Trust redeemed as follows during the years ended December 31, 2024 and 2023:

 Month

 Total number of Shares redeemed

 Gold

 Average
ounces of Bullion per Share Palladium

 January 2024

 100,000

 0.028

 0.006

 0.004

 1.016

 February 2024

 350,000

 0.028

 0.006

 0.004

 1.015

 March 2024

 100,000

 0.028

 0.006

 0.004

 1.015

 April 2024

 50,000

 0.028

 0.006

 0.004

 1.014

 May 2024

 150,000

 0.028

 0.006

 0.004

 1.014

 June 2024

 150,000

 0.028

 0.006

 0.004

 1.014

 July 2024

 —

 —

 —

 —

 —

 August 2024

 200,000

 0.028

 0.006

 0.004

 1.012

 September 2024

 —

 —

 —

 —

 —

 October 2024

 —

 —

 —

 —

 —

 November 2024

 —

 —

 —

 —

 —

 December 2024

 75,000

 0.028

 0.006

 0.004

 1.010

 Total

 1,175,000

 Month

 Total number of Shares redeemed

 Gold

 Average
ounces of Bullion per Share Palladium

 January 2023

 —

 —

 —

 —

 —

 February 2023

 100,000

 0.028

 0.006

 0.004

 1.022

 March 2023

 250,000

 0.028

 0.006

 0.004

 1.021

 April 2023

 —

 —

 —

 —

 —

 May 2023

 —

 —

 —

 —

 —

 June 2023

 150,000

 0.028

 0.006

 0.004

 1.019

 July 2023

 300,000

 0.028

 0.006

 0.004

 1.019

 August 2023

 150,000

 0.028

 0.006

 0.004

 1.018

 September 2023

 50,000

 0.028

 0.006

 0.004

 1.018

 October 2023

 400,000

 0.028

 0.006

 0.004

 1.017

 November 2023

 50,000

 0.028

 0.006

 0.004

 1.017

 December 2023

 250,000

 0.028

 0.006

 0.004

 1.016

 Total

 1,700,000

 Item 6. [Reserved]

 Item
7. 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 with this
report. The discussion and analysis that follows may contain statements that relate to future events or future performance. In
some cases, such forward-looking statements can be identified by terminology such as "may," "should,"
"expect," "plan," "anticipate," "believe," "estimate," "predict,"
"potential" or the negative of these terms or other comparable terminology. We remind readers that forward-looking
statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown
risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially
different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking
statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the
date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

 Introduction.

 The
abrdn Precious Metals Basket ETF Trust (the "Trust") is a trust formed under the laws of the State of New York. The
Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the "Trustee")
acting as trustee pursuant to the Depositary Trust Agreement (the "Trust Agreement") between the Trustee and abrdn
ETFs Sponsor LLC the sponsor of the Trust (the "Sponsor"). The Trust issues shares ("Shares") representing
fractional undivided beneficial interests in its net assets. The assets of the Trust consist of gold, silver, platinum and palladium
bullion ("Bullion") held by a custodian as an agent of the Trust and responsible only to the Trustee.

 The
Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect,
at any given time, the price of the Bullion owned by the Trust, less the Trust's liabilities (anticipated to be principally
for accrued operating expenses), divided by the number of outstanding Shares. The Trust does not engage in any activities designed
to obtain a profit from, or ameliorate losses caused by, changes in the price of Bullion.

 The
Trust issues and redeems Shares only in exchange for Bullion, only in aggregations of 25,000 Shares or integral multiples thereof
(each, a "Basket"), and only in transactions with registered broker-dealers, or other securities market participants
not required to register as broker-dealers, such as a bank or other financial institution, that (1) are participants in DTC and
(2) have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such dealers,
the "Authorized Participants"). As of the date of this annual report the Authorized Participants that have signed
an Authorized Participant Agreement with the Trust are Goldman Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities
LLC, Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley & Co. Inc., Scotia Capital (USA)
LLC, UBS Securities LLC and Virtu Americas, LLC.

 Shares
of the Trust trade on the NYSE Arca under the symbol "GLTR."

 Investing
in the Shares does not insulate the investor from certain risks, including price volatility. The following table illustrates the
movement in the NAV of the Shares against the price per ounce of gold, silver, platinum and palladium in the proportions held
by the Trust (the "Proportionate Price") since inception.

 The
divergence of the NAV per Share from the Proportionate Price over time reflects the cumulative effect of the Trust expenses that
arise if an investment had been held since inception.

 Critical
Accounting Policy

 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. Below we describe the valuation of Bullion, a critical accounting policy that we believe is important to understanding
the results of operations and financial position. In addition, please refer to Note 2 to the Financial Statements for further
discussion of our accounting policies.

 Valuation
of Bullion

 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. The cost of gold is determined according to the average cost method and the fair value is based on the
LBMA PM Gold Price. For silver this is the LBMA Silver Price as established by the seven LBMA authorised bullion banks. For platinum
and palladium this is the "LBMA Price PM" for platinum or palladium (as applicable) of the price of an ounce of such
metal performed in London, England by fixing members of the LPPM. Realized gains and losses on transfers of Bullion, or Bullion
distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and cost
of Bullion transferred.

 Once
the value of Bullion has been determined, the NAV is computed by the Trustee by deducting all accrued fees 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.

 December
31, 2024

 December
31, 2023

 December
31, 2022

 (Amounts in 000's of US$)

 Investment in Bullion - cost

 $
 770,093

 $
 845,552

 $
 912,251

 Unrealized gain on investment in Bullion

 270,396

 113,771

 91,325

 Investment in Bullion - fair value

 $

 $

 $
 1,003,576

 Inspection
of Bullion

 Under
the Custody Agreements, the Trustee, the Sponsor and the Trust's auditors and inspectors may, only up to twice a year, visit
the premises of the Custodian and the Zurich Sub-Custodian for the purpose of examining the Trust's Bullion and certain
related records maintained by the Custodian. Under the Allocated Account Agreement, the Custodian agreed to procure similar inspection
rights from the Zurich Sub-Custodian. Visits by auditors and inspectors to the Zurich Sub-Custodian's facilities will be
arranged through the Custodian. Other than with respect to the Zurich Sub-Custodian, the Trustee and the Sponsor have no right
to visit the premises of any sub-custodian for the purposes of examining the Trust's Bullion or any records maintained by
the sub-custodian and no sub-custodian is obligated to cooperate in any review the Trustee or the Sponsor may wish to conduct
of the facilities, procedures, records or creditworthiness of such sub-custodian.

 The
Sponsor has exercised its right to visit the Custodian in order to examine the Bullion and the records maintained by the Custodian.
An inspection was conducted by Bureau Veritas Commodities UK Ltd, a leading commodity inspection and testing company retained
by the Sponsor, as of July 26, 2024 and January 4, 2025.

 There
can be no guarantee that the Sponsor or the Trust's auditors and inspectors will be able to perform physical inspections
of the Trust's Bullion as planned. Local policies, regulations, or ordinances, as well as polices or restrictions adopted
by the Custodian or a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust's
auditors and inspectors, from performing a physical inspection of the Trust's Bullion on a desired date. In those situations,
the Sponsor or the Trust's auditors and inspectors may seek to verify the Bullion held by the Trust by alternate means,
including through virtual inspections of the Trust's Bullion and/or a review of pertinent records.

 Liquidity
and Capital Resources

 The
Trust is not aware of any trends, demands, conditions, 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 expense of the Trust during the period covered by this report was the Sponsor's
Fee. The Trust's only source of liquidity is its transfers and sales of Bullion.

 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 December 31, 2024 and 2023, the Trust did not have any cash
balances.

 Results of Operations

 Financial
Highlights

 Year
Ended December 31, 2024

 Year
Ended December 31, 2023

 Year
Ended December 31, 2022

 (Amounts in 000's of US$)

 Total gain/(loss) on Bullion

 $
 176,343

 $
 33,453

 $
 (20,527
)

 Net change assets from operations

 $
 170,283

 $
 27,533

 $
 (26,750
)

 Net cash provided by operating activities

 $
 —

 $
 —

 $
 —

 The net asset value of the Trust will be obtained by subtracting the Trust's expenses and liabilities on any day from the value
of the Bullion owned by the Trust on that day; the NAV per Share will be obtained by dividing the net asset value of the Trust on a given
day by the number of Shares outstanding on that day. On each day on which the Exchange is open for regular trading, the Trustee will determine
the net asset value of the Trust and the NAV per Share as promptly as practicable after 4:00 p.m. (New York time). The Trustee will value
the Trust's gold on the basis of LBMA Gold Price PM. If there is no LBMA Gold Price PM on any day, the Trustee is authorized to
use the LBMA Gold Price AM announced on that day. If neither price is available for that day, the Trustee will value the Trust's
gold based on the most recently announced LBMA Gold Price PM or LBMA Gold Price AM. The Trustee will value the Trust's platinum
and palladium on the basis of the respective LBMA Price PM. If there is no LBMA Price PM for platinum or palladium on any day, the Trustee
is authorized to use the LBMA Price AM for such metal announced on that day. If neither price is available for that day, the Trustee will
value the Trust's platinum or palladium based on the most recently announced LBMA Price PM or LBMA Price AM for such metal. The
Trustee will value the Trust's silver on the basis of LBMA Silver Price. If there is no LBMA Silver Price on a particular evaluation
day, the next most recent LBMA Silver Price announced for silver will be used in the determination of the NAV of the Trust, unless the
Sponsor determines that such price is inappropriate to use as basis for such determination. If the Sponsor determines that a London Metal
Price is inappropriate to use, the Sponsor will identify an alternate basis for evaluation to be employed by the Trustee. Further, the
Sponsor may instruct the Trustee to use on an on-going basis a different publicly available price which the Sponsor determines to fairly
represent the commercial value of the Trust's Bullion.

 The
year ended December 31, 2024

 The
Trust's NAV increased from $958,830,648 at December 31, 2023 to $1,039,953,142 at December 31, 2024, a 8.46% increase for
the year. The change in the Trust's NAV resulted from a decrease in outstanding Shares, which fell from 10,450,000 Shares
at December 31, 2023 to 9,500,000 Shares at December 31, 2024, a result of 225,000 Shares (9 Baskets) being created and 1,175,000
Shares (47 Baskets) being redeemed and the price per ounce of gold, silver, platinum and palladium in the proportions held by
the Trust (the "Proportionate Price") rose 20.02% from $99.34 at December 31, 2023 to $119.23 at December 31, 2024.

 The
NAV per Share increased 19.31% from $91.75 at December 31, 2023 to $109.47 at December 31, 2024. The Trust's NAV per Share
rose slightly less than the Proportionate Price on a percentage basis due to the Sponsor's Fee, which was $6,060,263 for
the year, or 0.60% of the Trust's ANAV.

 The
NAV per Share of $121.47 at October 29, 2024 was the highest during the year, compared with a low of $85.65 at February 14, 2024.

 The
increase in net assets from operations for the year ended December 31, 2024 was $170,282,596, resulting from a realized gain of
$1,235,668 on Bullion transferred to pay expenses, a realized gain of $18,482,768 on Bullion distributed for the redemption of
Shares, a change in unrealized gain on investment in Bullion of $156,624,422, offset by the Sponsor's Fee of $6,060,263.
Other than the Sponsor's Fee, the Trust had no expenses during the year ended December 31, 2024.

 The
year ended December 31, 2023

 The
Trust's NAV decreased from $1,007,501,383 at December 31, 2022 to $958,830,648 at December 31, 2023, a 4.83% decrease for
the year. The change in the Trust's NAV resulted from a decrease in outstanding Shares, which fell from 11,350,000 Shares
at December 31, 2022 to 10,450,000 Shares at December 31, 2023, a result of 800,000 Shares (16 Baskets) being created and 1,700,000
Shares (34 Baskets) being redeemed and the price per ounce of gold, silver, platinum and palladium in the proportions held by
the Trust (the "Proportionate Price") rose 3.80% from $95.70 at December 31, 2022 to $99.34 at December 31, 2023.

 The
NAV per Share increased 3.36% from $88.77 at December 31, 2022 to $91.75 at December 31, 2023. The Trust's NAV per Share
rose slightly less than the Proportionate Price on a percentage basis due to the Sponsor's Fee, which was $5,919,545 for
the year, or 0.60% of the Trust's ANAV.

 The
NAV per Share of $95.88 at May 10, 2023 was the highest during the year, compared with a low of $81.51 at October 6, 2023.

 The
increase in net assets from operations for the year ended December 31, 2023 was $27,533,575, resulting from a realized gain of
$520,149 on Bullion transferred to pay expenses, a realized gain of $10,487,437 on Bullion distributed for the redemption of Shares,
a change in unrealized gain on investment in Bullion of $22,445,534, offset by the Sponsor's Fee of $5,919,545. Other than
the Sponsor's Fee, the Trust had no expenses during the year ended December 31, 2023.

 The
year ended December 31, 2022

 The
Trust's NAV increased from $970,513,038 at December 31, 2021 to $1,007,501,383 at December 31, 2022, a 3.81% increase for
the year. The increase in the Trust's NAV resulted primarily from an increase in outstanding Shares, which rose from 10,900,000
Shares at December 31, 2021 to 11,350,000 Shares at December 31, 2022, a result of 1,900,000 Shares (38 Baskets) being created
and 1,450,000 Shares (29 Baskets) being redeemed. The price per ounce of gold, silver, platinum and palladium in the proportions
held by the Trust (the "Proportionate Price") rose 0.48% f rom $95.24 at December 31,
2021 to $95.70 at December 31, 2022.

 The
NAV per Share decreased 0.30% from $89.04 at December 31, 2021 to $88.77 at December 31, 2022. The Trust's NAV per Share
fell slightly more than the Proportionate Price on a percentage basis due to the Sponsor's Fee, which was $6,222,877 for
the year, or 0.60% of the Trust's ANAV.

 The
NAV per Share of $105.06 at March 8, 2022 was the highest during the year, compared with a low of $78.19 at November 3, 2022.

 The
decrease in net assets from operations for the year ended December 31, 2022 was $26,750,078, resulting from a realized gain of
$546,564 on Bullion distributed for the redemption of Shares, a realized gain of $2,679,486 on Bullion transferred to pay expenses,
offset by a change in unrealized loss on investment in Bullion of $23,753,252, and the Sponsor's Fee of $6,222,877. Other
than the Sponsor's Fee, the Trust had no expenses during the year ended December 31, 2022.

 Off-Balance
Sheet Arrangements

 The
Trust is not a party to any off-balance sheet arrangements.

 Item
7A. Quantitative and Qualitative Disclosures about Market Risk

 The
Trust Agreement does not authorize the Trustee to borrow for payment of the Trust's ordinary expenses. The Trust does not
engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related
market risk. The Trust invests in no derivative financial instruments and has no foreign operations or long-term debt instruments.

 Item
8. Financial Statements and Supplementary Data (Unaudited)

 Quarterly
Income Statements

 Year
Ended December 31, 2024

 Three months ended

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

 March 31

 June 30

 September 30

 December 31

 Year ended
December 31

 EXPENSES

 Sponsor's Fee

 $
 1,377

 $
 1,499

 $
 1,556

 $
 1,628

 $
 6,060

 Total expenses

 1,377

 1,499

 1,556

 1,628

 6,060

 (1,377
)

 (1,499
)

 (1,556
)

 (1,628
)

 (6,060
)

 REALIZED AND UNREALIZED GAINS / (LOSSES)

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

 1,236

 Realized gain on Bullion distributed for the redemption of Shares

 4,075

 8,044

 4,156

 2,208

 18,483

 Change in unrealized gain and loss on investment in Bullion

 28,725

 73,798

 90,075

 (35,974
)

 156,624

 Total gain / (loss) on investment in Bullion

 32,933

 82,123

 94,577

 (33,920
)

 176,343

 Change in net assets from operations

 $
 31,556

 $
 80,624

 $
 93,021

 $
 (34,918
)

 $
 170,283

 Net increase / (decrease) in net assets per Share

 $
 3.11

 $
 (5.17
)

 $
 9.76

 $
 10.98

 $
 17.48

 Weighted average number of Shares

 10,162,637

 11,334,066

 9,528,804

 9,504,076

 9,744,194

 Year
Ended December 31, 2023

 Three months ended

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

 March 31

 June 30

 September 30

 December 31

 Year ended
December 31

 EXPENSES

 Sponsor's Fee

 $
 1,495

 $
 1,515

 $
 1,484

 $
 1,426

 $
 5,920

 Total expenses

 1,495

 1,515

 1,484

 1,426

 5,920

 (1,495
)

 (1,515
)

 (1,484
)

 (1,426
)

 (5,920
)

 REALIZED AND UNREALIZED GAINS / (LOSSES)

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

 Realized gain on Bullion distributed for the redemption of Shares

 2,606

 1,187

 3,631

 3,064

 10,488

 Change in unrealized gain and loss on investment in Bullion

 27,714

 (58,444
)

 (5,500
)

 58,676

 22,446

 Total gain / (loss) on investment in Bullion

 30,453

 (57,087
)

 (1,740
)

 61,828

 33,454

 Change in net assets from operations

 $
 28,958

 $
 (58,602
)

 $
 (3,224
)

 $
 60,402

 $
 27,534

 Net increase / (decrease) in net assets per Share

 $
 2.57

 $
 (5.17
)

 $
 (0.29
)

 $
 5.68

 $
 2.49

 Weighted average number of Shares

 11,254,444

 11,334,066

 11,052,717

 10,626,087

 11,065,068

 Note:
Quarterly balances may not add to totals due to independent rounding.

 The
financial statements required by Regulation S-X, together with the report of the Trust's independent registered public accounting
firm appear on pages F-1 to F-13 of this filing.

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

 None.

 Item
9A. Controls and Procedures

 The
Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its
Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission'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 December 31, 2024, the Trust's disclosure controls and procedures were effective.

 Internal
controls over financial reporting have been maintained throughout the Trust's fiscal year ended December 31, 2024. There
have been no changes that have materially affected, or are reasonably likely to materially affect, the Trust's or Sponsor's
internal control over financial reporting.

 Management's
Report on Internal Control over Financial Reporting

 The
Sponsor's management is responsible for establishing and maintaining adequate internal control over financial reporting,
as defined under Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust's internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control
over financial reporting includes those policies and procedures that:

 (1)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of the Trust's assets;

 (2)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that the Trust's receipts and expenditures are being made only in accordance
with appropriate authorizations; and

 (3)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
Trust's assets that could have a material effect on the financial statements.

 Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 The
Chief Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trust's internal control
over financial reporting as of December 31, 2024. In making this assessment, they used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013). Their assessment
included an evaluation of the design of the Trust's internal control over financial reporting and testing of the operational
effectiveness of its internal control over financial reporting. Based on their assessment and those criteria, the Chief Executive
Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal control over financial
reporting as of December 31, 2024.

 KPMG
LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this
Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trust's
internal control over financial reporting as of December 31, 2024.

 KPMG LLP

 345 Park Avenue

New York, NY 10154-0102

 Report of Independent Registered Public Accounting
Firm

 To the Sponsor, Trustee and Shareholders

abrdn Precious Metals Basket ETF Trust:

 Opinion on Internal Control Over Financial
Reporting

 We have audited abrdn Precious Metals
Basket ETF Trust's (known as Aberdeen Standard Precious Metals Basket ETF Trust prior to March 31, 2022) (the Trust) internal
control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In
our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31,
2024, based on criteria established in Internal Control – Integrated Framework (2013) issued
by the Committee of Sponsoring Organizations of the Treadway Commission.

 We also have audited, in accordance
with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of assets and liabilities
of the Trust, including the schedules of investments, as of December 31, 2024 and 2023, the related statements of operations and changes
in net assets and the financial highlights for each of the years in the three-year period ended December 31, 2024, and the related notes
(collectively, the financial statements), and our report dated February 28, 2025 expressed an unqualified opinion on those financial statements.

 Basis for Opinion

 The Trust's management is responsible
for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over
financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility
is to express an opinion on the Trust's internal control over financial reporting based on our audit. We are a public accounting
firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audit in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial
reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also
included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable
basis for our opinion.

 Definition and Limitations of Internal Control
Over Financial Reporting

 A company's internal control
over financial reporting is a process designed 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. A company's
internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the company's assets that could have a material effect on the financial statements.

 Because of its inherent limitations,
internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

 /s/ KPMG LLP

 New York, New York

February 28, 2025

 KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

 Item
9B. Other Information

 No
officers or directors of the Trust adopted, modified or terminated trading plans under either a Rule 10b5-1 or non-Rule 10b5-1trading
arrangement for the year ended December 31, 2024.

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent
Inspections

 Not applicable.

 PART
III

 Item
10. Directors, Executive Officers and Corporate Governance

 The Trust has no officers, employees or board of trustees and is administered by the Trustee pursuant to the Trust Agreement. Accordingly,
the Trust has not adopted a code of ethics or an insider trading policy governing the purchase, sale and other disposition of the Trust's
securities. The biographies of the President and Chief Executive Officer of the Sponsor and
the Chief Financial Officer and Treasurer of the Sponsor are set out below:

 Steven
Dunn – President and Chief Executive Officer

 Mr.
Dunn, CIMA, is the Head of Exchange Traded Funds at abrdn Inc. Mr. Dunn guides the firm's strategic direction and distribution
strategy for ETFs. Previously, he was a Director with Deutsche Asset and Wealth Management in charge of managing relationships
with US ETF Strategists and overseeing the Eastern Division sales team. Prior to that, Mr. Dunn was a consultant at Brandywine
Global Investment Management and has also held sales and distribution strategy positions at iShares, Blackrock and Vanguard. Mr.
Dunn holds a B.A. degree in Public Administration from Shippensburg University of Pennsylvania and has completed his MBA at Pennsylvania
State University. He holds the Series 7, 24, and 63 registrations as well as the Certified Investment Management Analyst
(CIMA).

 Sharon
Ferrari – Chief Financial Officer and Treasurer

 Sharon
Ferrari is currently a Director, Product Management at abrdn Inc. (the parent company of the Sponser). Ms. Ferrari joined abrdn in
2008. Prior to working at abrdn, Ms. Ferrari worked at Delaware Investments for about 3 years and began her career at SEI Investments.
Ms. Ferrari holds a BS in Business Administration from University of Pittsburgh and a MBA from Villanova University.

 Departure
of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

November 12, 2024, Brian Kordeck resigned as Chief Financial Officer and Treasurer of the Sponsor. Mr. Kordeck served as Principal
Financial Officer of the Registrant.

 Sharon
Ferrari was appointed as Chief Financial Officer and Treasurer of the Sponsor, effective on November 12, 2024. Ms. Ferrari serves
as Principal Financial Officer of the Registrant.

 As
described under Item 1 above, abrdn Inc. is the parent of the Sponsor.

 Item
11. Executive Compensation

 The
Trust has no directors or executive officers. The only ordinary expense paid by the Trust is the Sponsor's Fee.

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

 Security
Ownership of Certain Beneficial Owners

 There
are no persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust.

 Security
Ownership of Management

 Not
applicable.

 Change
in Control

 Neither
the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust.

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

 The
Trust has no directors or executive officers.

 Item
14. Principal Accounting Fees and Services

 Fees
for services performed by KPMG LLP for the years ended December 31, 2024 and 2023

 New
York, NY Auditor ID: 185

 Audit fees – KPMG

 $
 94,000

 $
 85,000

 Audit related fees - KPMG

 —

 —

 $
 94,000

 $
 85,000

 Audit
Fees are fees paid by the Sponsor to KPMG LLP for professional services for the audit of the Trust's financial statements
included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally provided
by the accountants in connection with regulatory filings or engagements. Audit Related Fees are paid by the Sponsor to KPMG LLP
for assurance and related services that are reasonably related to the performance of the audit or review of the Trust's
financial statements. These services include the accountant providing a consent letter related to the Trust's registration statement
filing.

 Pre-Approval
Policies and Procedures

 As
referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures
with respect to fees paid to KPMG LLP. Such determinations are made by the Sponsor.

 PART
IV

 Item
15. Exhibits, Financial Statement Schedules

 1.
Financial Statements

 See
Index to Financial Statements on Page F-1 for a list of the financial statements being filed herein.

 2.
Financial Statement Schedules

 Schedules
have been omitted since they are either not required, not applicable, or the information has otherwise been included.

 3.
Exhibits

 Exhibit
 No.

 4.1(a)

 Depositary
 Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No. 333-164769 on October 19,
 2010

 4.1(b)

 Amendment
 to the Depositary Trust Agreement effective October 1, 2018, incorporated by reference to Exhibit 4.1 filed with Registration
 Statement 333-234723 on November 15, 2019

 4.1(c)

 Second Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trust's Current Report on Form 8-K on March 14, 2022

 4.1(d)

 Third Amendment to the Depositary Trust Agreement, incorporated by reference to Exhibit 4.1 filed with the Trust's Current Report on Form 8-K on May 28, 2024

 4.2

 Form of Authorized Participant Agreement is filed herewith

 4.3

 Global
 Certificate, incorporated by reference to Exhibit 4.3 filed with Registration Statement No. 333-164769 on October 19, 2010

 10.1

 Allocated
 Account Agreement, incorporated by reference to Exhibit 10.1 filed with the Trust's Current Report on Form 8-K on May 28,
 2024

 10.2

 Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trust's Current Report on Form 8-K on May 28, 2024

 10.3

 Depository
 Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No. 333-164769 on October 19, 2010

 10.4(a)

 Marketing
 Agent Agreement, incorporated by reference to Exhibit 10.4 filed with Registration Statement No. 333-164769 on October 19,
 2010

 10.4(b)

 Novation
 of and Amendment No. 1 to the Marketing Agent Agreement effective October 1, 2108 incorporated by reference to Exhibit 10.4(b)
 filed with the Trust's Annual Report on Form 10-K on March 1, 2019

 23.1

 Consent of KPMG
 LLP, Independent Registered Public Accounting Firm

 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

 97.1

 Policy for Recovery of Erroneously Awarded Compensation, incorporated by reference to Exhibit 97.1 filed with the Trust's Annual Report of Form 10-K on February 29, 2024.

 The
 following financial statements from the Trust's Annual Report on Form 10-K for the year ended December 31, 2024, formatted
 Assets, and (iv) Notes to the Financial Statements.

 101.SCH

 Extension Schema Document

 101.CAL

 Extension Calculation Document

 101.DEF

 Extension Definitions Document

 101.LAB

 Extension Labels Document

 101.PRE

 Extension Presentation Document

 The
 (included as Exhibit 101).

 Item
16. Form 10-K Summary

 Not
applicable.

 ABRDN
PRECIOUS METALS BASKET ETF TRUST
 Financial Statements as of DecemberDECEMBER 31, 2024

 Page

 Report of Independent Registered Public Accounting Firm

 Statements of Assets and Liabilities at December 31, 2024 and 2023

 Schedules of Investments at December 31, 2024 and 2023

 Statements of Operations for the years ended December 31, 2024, 2023 and 2022

 F- 5

 Statements of Changes in Net Assets for the years ended December 31, 2024, 2023 and 2022

 Financial Highlights for the years ended December 31, 2024, 2023 and 2022

 F- 1

 KPMG LLP

 345 Park Avenue

New York, NY 10154-0102

 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To the Sponsor, Trustee and Shareholders

abrdn Precious Metals Basket ETF Trust:

 Opinion on the Financial Statements

 We have audited the accompanying statements of assets and liabilities
of abrdn Precious Metals Basket ETF Trust (known as Aberdeen Standard Precious Metals Basket ETF Trust prior to March 31, 2022) (the Trust),
including the schedules of investments, as of December 31, 2024 and 2023, the related statements of operations and changes in net assets
and the financial highlights for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively,
the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position
of the Trust as of December 31, 2024 and 2023, and the results of its operations, changes in its net assets and financial highlights for
each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

 We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States) (PCAOB), the Trust's internal control over financial reporting as of December
31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission, and our report dated February 28, 2025 expressed an unqualified opinion on the effectiveness
of the Trust's internal control over financial reporting.

 Basis for Opinion

 These financial statements are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting
firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement
of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating
the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical Audit Matter

 The critical audit matter communicated below is a matter arising from
the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:
(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective,
or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the financial statements,
taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit
matter or on the accounts or disclosures to which it relates.

 Evaluation of the evidence pertaining to the existence of the bullion
holdings

 As presented on the December 31, 2024 schedule of investments and in
 Note 2.2, the fair value of the Trust's investment in bullion is $1,040,489 thousand, representing
100.05% of the Trust's net assets, and 9,948,370.0 ounces of bullion holdings. The
investment i n bullion was held by a third-party custodian or sub-custodian (collectively,
the custodian).

 We identified the evaluation of the evidence pertaining to the existence
of the bullion holdings as a critical audit matter. Given the nature and volume of the bullion
 holdings, subjective auditor judgment was required to evaluate the extent and nature of evidence obtained to assess the existence
of bullion held by the custodian.

 The following are the primary procedures we performed to address this
critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the critical
audit matter. This included controls over (1) the comparison of the Trust's records of bullion
held to the custodian's records, (2) the approval of bullion deposits and withdrawals by
the trustee of the Trust and (3) the physical counts of the Trust's bullion holdings performed
at the custodian's locations by a third party engaged by the Trust's sponsor. We obtained a schedule directly from the custodian of the
Trust's bullion holdings held by the custodian as of December 31, 2024. We compared the total
ounces on such schedule to the Trust's record of bullion holdings. We also attended and observed
a part of the physical counts of the Trust's bullion holdings. We obtained and read the physical
counts results reports of the third party and reconciled those reports to both the Trust's and custodian's records.

 /s/ KPMG LLP

 We have served as the Trust's auditor since 2015.

 New York, New York

February 28, 2025

 KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

 F- 2

 abrdn

 Statements
of Assets and Liabilities

 At
December 31, 2024 and 2023

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

 ASSETS

 Gold (cost: December 31, 2024: $ 431,725; December 31, 2023: $ 471,878)

 $
 683,521

 $
 602,149

 Palladium (cost: December 31, 2024: $ 92,127; December 31, 2023: $ 103,017)

 47,595

 65,824

 Platinum (cost: December 31, 2024: $ 35,943; December 31, 2023: $ 39,846)

 31,905

 38,629

 Silver (cost: December 31, 2024: $ 210,298; December 31, 2023: $ 230,811)

 277,468

 252,721

 Total investment in Bullion

 Total assets

 LIABILITIES

 Fees payable to Sponsor

 Total liabilities

 NET ASSETS (1)

 $
 1,039,953

 $
 958,831

 (1)

 share capital is Unlimited with no par value per Share. Shares issued and outstanding at December 31, 2024 were 9,500,000
 and at December 31, 2023 were 10,450,000. Net asset values per Share at December 31, 2024 and December 31, 2023 were $ 109.47
 and $ 91.75, respectively.

 See

 F- 3

 abrdn

 Schedules
of Investments

 At
December 31, 2024 and 2023

 oz

 Cost

 Fair Value

 % of Net Assets

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

 Gold

 261,800.3

 $
 431,725

 $
 683,521

 65.72
 %

 52,359.8

 92,127

 47,595

 4.58
 %

 34,906.6

 35,943

 31,905

 3.07
 %

 9,599,303.3

 210,298

 277,468

 26.68
 %

 Total investment in Bullion

 9,948,370.0

 $
 770,093

 $

 100.05
 %

 Less liabilities

 ( 536
)

 ( 0.05
)%

 Net Assets

 $
 1,039,953

 100.00
 %

 oz

 Cost

 Fair Value

 % of Net Assets

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

 Gold

 289,717.8

 $
 471,878

 $
 602,149

 62.79
 %

 57,943.6

 103,017

 65,824

 6.87
 %

 38,629.0

 39,846

 38,629

 4.03
 %

 10,622,986.0

 230,811

 252,721

 26.36
 %

 Total investment in Bullion

 11,009,276.4

 $
 845,552

 $

 100.05
 %

 Less liabilities

 ( 492
)

 ( 0.05
)%

 Net Assets

 $
 958,831

 100.00
 %

 See

 F- 4

 abrdn

 Statements
of Operations

 For
the years ended December 31, 2024, 2023, and 2022

 December 31, 2022

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

 EXPENSES

 Sponsor's Fee

 $
 6,060

 $
 5,920

 $
 6,223

 Total expenses

 6,060

 5,920

 6,223

 ( 6,060
)

 ( 5,920
)

 ( 6,223
)

 REALIZED AND UNREALIZED GAINS / (LOSSES)

 Realized gain on Bullion transferred to pay expenses

 1,236

 Realized gain on Bullion distributed for the redemption of Shares

 18,483

 10,488

 2,679

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

 156,624

 22,446

 ( 23,753
)

 Total gain / (loss) on investment in Bullion

 176,343

 33,454

 ( 20,527
)

 Change in net assets from operations

 $
 170,283

 $
 27,534

 $
 ( 26,750
)

 Net increase / (decrease) in net assets per Share

 $
 17.48

 $
 2.49

 $
 ( 2.28
)

 Weighted average number of Shares

 9,744,194

 11,065,068

 11,747,260

 See

 F- 5

 abrdn

 Statements
of Changes in Net Assets

 For
the years ended December 31, 2024, 2023 and 2022

 Year Ended December 31, 2024

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

 Shares

 Amount

 Opening balance at January 1, 2024

 10,450,000

 $
 958,831

 ( 6,060
)

 Realized gain on investment in Bullion

 19,719

 Change in unrealized gain on investment in Bullion

 156,624

 225,000

 24,293

 ( 1,175,000
)

 ( 113,454
)

 Closing balance at December 31, 2024

 9,500,000

 $
 1,039,953

 Year Ended December 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

 ( 5,920
)

 Realized gain on investment in Bullion

 11,008

 Change in unrealized gain on investment in Bullion

 22,446

 800,000

 71,791

 ( 1,700,000
)

 ( 147,995
)

 Closing balance at December 31, 2023

 10,450,000

 $
 958,831

 Year Ended December 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

 ( 6,223
)

 Realized gain on investment in Bullion

 3,226

 Change in unrealized (loss) on investment in Bullion

 ( 23,753
)

 1,900,000

 183,550

 ( 1,450,000
)

 ( 119,812
)

 Closing balance at December 31, 2022

 11,350,000

 $
 1,007,501

 See

 F- 6

 abrdn

 Financial
Highlights

 For
the years ended December 31, 2024, 2023 and 2022

 December 31, 2022

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

 Net asset value per Share at beginning of period

 $
 91.75

 $
 88.77

 $
 89.04

 Income from investment operations:

 ( 0.62
)

 ( 0.54
)

 ( 0.53
)

 Total realized and unrealized gains or losses on investment in Bullion

 18.34

 3.52

 0.26

 Change in net assets from operations

 17.72

 2.98

 ( 0.27
)

 Net asset value per Share at end of period

 $
 109.47

 $
 91.75

 $
 88.77

 Weighted average number of Shares

 9,744,194

 11,065,068

 11,747,260

 Expense ratio

 0.60
 %

 0.60
 %

 0.60
 %

 Net investment loss ratio

 ( 0.60
)%

 ( 0.60
)%

 ( 0.60
)%

 Total return, net asset value

 19.31
 %

 3.36
 %

 ( 0.30
)%

 See

 F- 7

 abrdn

 Notes

 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 25,000 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., which is a wholly-owned indirect subsidiary of abrdn plc. The Trust is governed by the
Trust Agreement.

November 12, 2024, Brian Kordeck resigned as Treasurer and Chief Financial Officer of the Sponsor. Mr. Kordeck had served as Principal
Financial Officer of the Registrant. Effective November 12, 2024, Sharon Ferrari was appointed Treasurer and Chief Financial Officer
of the Sponsor. Ms. Ferrari 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 prices of physical gold, silver, platinum
and palladium, in the proportions held by the Trust, less the Trust's expenses. The Shares are intended to constitute a
simple and cost-effective means of making an investment similar to a proportional investment in gold, silver, platinum and palladium.
An investment in physical Bullion requires expensive and sometimes complicated arrangements in connection with the assay, transportation,
warehousing and insurance of the metal. Although the Shares are not the exact equivalent of an investment in Bullion, they provide
investors with an alternative that allows a level of participation in the gold, silver, platinum and palladium markets through
the securities market.

 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.

 F- 8

 abrdn

 Notes

May 23, 2024, the Trustee, at the direction of the Sponsor, entered into an Allocated Account Agreement and Unallocated Account
Agreement with ICBC Standard Bank Plc ("ICBC"), providing for the custody of the Trust's Bullion. Prior to May 23, 2024,
JPMorgan Chase Bank N.A. ("JPMorgan") served as custodian of the Trust's Bullion. The Trust's Bullion may also be held
by a sub-custodian selected by the Custodian to hold the Trust's Bullion on a segregated basis and whose appointment has
been approved by the Sponsor. At December 31, 2024, all of the Trust's gold, palladium and platinum was held at ICBC. At December
31, 2024, all of the Trust's silver was held at ICBC or a sub-custodian selected by ICBC.

 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 LBMA Price PM. If there is no LBMA PM Gold Price, or LBMA Price PM on any day, the Trustee is authorized
to use the LBMA Gold Price AM or LBMA Price AM announced on that day. If neither price is available for that day, the Trustee will
value the Trust's gold based on the most recently announced 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 four 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 "LBMA Price AM") and 2:00
p.m. London time (the "LBMA Price PM"). The "London Metal Price" for platinum and palladium held by the Trust
is the LBMA Price PM.

 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.

 F- 9

 abrdn

 Notes

 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$)

 December 31,

 2024

 December 31,

 2023

 Level 1

 Investment in Bullion

 $

 $

 There
were no transfers between levels during the years ended December 31, 2024 and 2023.

 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 one business day of the trade date. At December 31, 2024, the Trust had no Bullion receivable
or payable for the creation or redemption of Shares. At December 31, 2023, the Trust had no Bullion receivable
or payable for the creation or redemption of Shares.

 F- 10

 abrdn

 Notes

 2.4.
and Redemptions of Shares

June 18, 2024, the Trustee, in consultation with the Sponsor, has determined that the number of Shares comprising a Basket for
the abrdn Precious Metals Basket ETF Trust shall be reduced from 50,000 Shares to 25,000 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 25,000 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, 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.

Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. Effective May
28, 2024, the settlement period for Shares is one business day. Prior to May 28, 2024, the standard settlement period for Shares
was 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 Sponsor's Fee 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 December 31, 2024 or December 31, 2023.

 F- 11

 abrdn

 Notes

 2.6.
in Bullion

 Changes
in ounces of Bullion and their respective values for the years ended December 31, 2024 and 2023 are set out
below:

 Year Ended December 31, 2024

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

 Ounces of Bullion

 Gold

 Total

 Opening balance

 289,717.8

 57,943.6

 38,629.0

 10,622,986.0

 11,009,276.4

 6,210.0

 1,242.0

 828.0

 227,700.8

 235,980.8

 ( 32,493.4)

 ( 6,498.7)

 ( 4,332.4)

 ( 1,191,423.7)

 ( 1,234,748.2)

 Transfers of Bullion to pay expenses

 ( 1,634.1)

 ( 327.1)

 ( 218.0)

 ( 59,959.8)

 ( 62,139.0)

 Closing balance

 261,800.3

 52,359.8

 34,906.6

 9,599,303.3

 9,948,370.0

 Investment in Bullion

 Opening balance

 $

 602,149

 $

 65,824

 $

 38,629

 $

 252,721

 $

 15,568

 1,218

 6,718

 24,293

 ( 72,381)

 ( 6,104)

 ( 4,036)

 ( 30,933)

 ( 113,454)

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

 19,329

 ( 5,423)

 ( 431)

 5,008

 18,483

 Transfers of Bullion to pay expenses

 ( 3,824)

 ( 326)

 ( 209)

 ( 1,657)

 ( 6,016)

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

 1,156

 ( 255)

 ( 16)

 1,236

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

 121,524

 ( 7,339)

 ( 2,821)

 45,260

 156,624

 Closing balance

 $

 683,521

 $

 47,595

 $

 31,905

 $

 277,468

 $

 Year Ended December 31, 2023

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

 Ounces of Bullion

 Gold

 Total

 Opening balance

 315,173.6

 63,034.7

 42,023.2

 11,556,366.8

 11,976,598.3

 23,630.6

 4,726.2

 3,150.8

 866,456.9

 897,964.5

 ( 47,222.9)

 ( 9,444.6)

 ( 6,296.4)

 ( 1,731,506.2)

 ( 1,794,470.1)

 Transfers of Bullion to pay expenses

 ( 1,863.5)

 ( 372.7)

 ( 248.6)

 ( 68,331.5)

 ( 70,816.3)

 Closing balance

 289,717.8

 57,943.6

 38,629.0

 10,622,986.0

 11,009,276.4

 Investment in Bullion

 Opening balance

 $

 571,646

 $

 111,887

 $

 43,326

 $

 276,717

 $

 1,003,576

 46,072

 6,594

 3,136

 20,427

 76,229

 ( 90,937)

 ( 11,642)

 ( 5,832)

 ( 39,584)

 ( 147,995)

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

 14,422

 ( 5,282)

 ( 675)

 2,023

 10,488

 Transfers of Bullion to pay expenses

 ( 3,582)

 ( 510)

 ( 244)

 ( 1,605)

 ( 5,941)

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

 ( 161)

 ( 15)

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

 63,957

 ( 35,062)

 ( 1,067)

 ( 5,382)

 22,446

 Closing balance

 $

 602,149

 $

 65,824

 $

 38,629

 $

 252,721

 $

 F- 12

 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 years ended December 31, 2024, 2023 and 2022, the Sponsor's Fee was $ 6,060,263, $ 5,919,545 and
$ 6,222,877, respectively.

 At December
31, 2024 and at December 31, 2023, the fees payable to the Sponsor were $ 535,618 and $ 492,555, 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 years ended December
31, 2024 and 2023.

 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.
 Segment Reporting

 In this reporting period, the Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to
Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted disclosures only and did not affect
the Trust's financial position nor the results of its operations. Operating segments are components of a public entity that engage in
business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their
operating results regularly reviewed by the public entity's chief operating decision maker ("CODM") when assessing segment
performance and making decisions about segment resources. The Chief Financial Officer of the Sponsor acts as the Fund's CODM. The CODM
monitors the operating results of the Trust as a whole, and the Trust's asset allocation is managed in accordance with its Prospectus.
The Trust operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy.
The Trust's prospectus describes the Trust's fees, investment objective, principal investment strategy and principal risks, among other
items. The Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance
and make resource allocations are consistent with the information presented within the Trust's financial statements. The accompanying
financial statements detail the Fund's segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the Fund's
Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statement of Operations.

 2.9.
 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.

 F- 13

 abrdn

 Notes

 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.

 F- 14

 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:
 February 28, 2025

 /s/
 Steven Dunn*

 Steven
 Dunn **

 President
 and Chief Executive Officer

 (Principal
 Executive Officer)

 Date:
 February 28, 2025

 /s/
 Sharon Ferrari*

 Sharon
 Ferrari **

 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.

 Exhibit Index

 Exhibit
 No.

 4.2

 Form of Authorized Participant Agreement

 23.1

 Consent of KPMG LLP, Independent Registered Public Accounting Firm

 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

 97.1

 Policy for Recovery of Erroneously Awarded Compensation

 The following financial statements from the
 Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial
 Statements.

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 The cover page from the Trust's Annual