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UNITED
STATES SECURITIES AND EXCHANGE COMMISSION






Washington,
D.C. 20549








Form


10-Q


























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






For the Quarterly
Period Ended


September 30, 2022








or























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






For the Transition
Period from_______________to_______________








Commission File Number:


001-34917
















abrdn Precious Metals Basket ETF Trust





(Exact name of registrant as specified in
its charter)




















New York










27-2780046







(State or other jurisdiction
of incorporation or




organization)






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



















c/o abrdn ETFs Sponsor LLC









1900 Market Street, Suite 200








Philadelphia


,


PA






(Address of principal executive
offices)








19103






(Zip Code)







(


844


)


383-7289






(Registrant’s telephone number,
including area code)





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






















Title of each class






Trading Symbol(s)






Name of each exchange on which registered






abrdn Physical Precious Metals Basket Shares ETF








GLTR








NYSE Arca








Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days.


Yes


☒   No ☐






Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit such files).


Yes


☒   No ☐





Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”,
and “emerging growth company” in Rule 12b-2 of the Exchange Act.






























Large Accelerated Filer








Accelerated Filer





Non-Accelerated Filer






Smaller Reporting Company












Emerging Growth Company











If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐






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




No









As of November 2, 2022, abrdn Precious Metals Basket ETF Trust
had


11,300,000


abrdn Physical Precious Metals Basket Shares ETF outstanding.






















abrdn Precious Metals Basket ETF TRUST






FORM 10-Q






FOR THE QUARTER ENDED SEPTEMBER 30, 2022






INDEX


































































































































PART I. FINANCIAL INFORMATION














Item 1.







Financial Statements






1








Item 2.







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






14








Item 3.







Quantitative and Qualitative Disclosures About Market Risk






16








Item 4.







Controls and Procedures






16








PART II. OTHER INFORMATION










Item 1.







Legal Proceedings






18








Item 1A.







Risk Factors






18








Item 2.







Unregistered Sales of Equity Securities and Use of Proceeds






18








Item 3.







Defaults Upon Senior Securities






19








Item 4.







Mine Safety Disclosures






19








Item 5.







Other Information






19








Item 6.







Exhibits






19









SIGNATURES







20



















abrdn Precious Metals Basket ETF Trust








PART I. FINANCIAL INFORMATION








Item 1. Financial Statements





Statements of Assets and Liabilities



At September 30, 2022 (Unaudited) and December 31, 2021











































































































































































September 30, 2022



December 31, 2021


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









ASSETS









Gold (cost: September 30, 2022: $


528,484


; December 31, 2021: $


473,391


)


$


551,032




$


552,324



Palladium (cost: September 30, 2022: $


119,242


; December 31, 2021: $


103,958


)




145,953






120,690



Platinum (cost: September 30, 2022: $


45,468


; December 31, 2021: $


42,229


)




37,972






39,108



Silver (cost: September 30, 2022: $


260,854


; December 31, 2021: $


236,355


)




229,873






258,889



Total investment in Bullion




964,830






971,011



Total assets




964,830






971,011












LIABILITIES









Fees payable to Sponsor




479






498



Total liabilities




479






498














NET ASSETS

(1)





$


964,351




$


970,513














(1)




Authorized
share capital is




unlimited




with




no




par value per Share. Shares issued and outstanding at September 30, 2022 were




11,800,000




and
at December 31, 2021 were




10,900,000




. Net asset values per Share at September 30, 2022 and December 31, 2021 were $


81.72


and $


89.04


,
respectively.








See Notes to the Financial Statements









1










abrdn Precious Metals Basket ETF Trust





Schedules of Investments



At September 30, 2022 (Unaudited) and December 31, 2021





































































































































































September 30, 2022


Description


oz



Cost



Fair Value



% of Net Assets




Investment in Bullion


(in 000’s of US$, except for oz and percentage data)



Gold




329,614.1




$


528,484




$


551,032






57.14


%

Palladium




65,922.8






119,242






145,953






15.13


%

Platinum




43,948.6






45,468






37,972






3.94


%

Silver




12,085,852.3






260,854






229,873






23.84


%

Total investment in Bullion




12,525,337.8




$


954,048




$


964,830






100.05


%

Less liabilities











(

479


)



(

0.05


)%

Net Assets










$


964,351






100.00


%




































































































































































December 31, 2021


Description


oz



Cost



Fair Value



% of Net Assets




Investment in Bullion


(in 000’s of US$, except for oz and percentage data)



Gold




305,852.8




$


473,391




$


552,324






56.90


%

Palladium




61,170.6






103,958






120,690






12.44


%

Platinum




40,780.4






42,229






39,108






4.03


%

Silver




11,214,604.8






236,355






258,889






26.68


%

Total investment in Bullion




11,622,408.6




$


855,933




$


971,011






100.05


%

Less liabilities











(

498


)



(

0.05


)%

Net Assets










$


970,513






100.00


%






See Notes to the Financial Statements









2










abrdn Precious Metals Basket ETF Trust





Statements of Operations (Unaudited)



For the three and nine months ended September 30,
2022 and 2021
































































































































































































































































































































































































Three Months Ended


September 30, 2022



Three Months Ended


September 30, 2021



Nine Months Ended


September 30, 2022



Nine Months Ended


September 30, 2021


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

















EXPENSES

















Sponsor’s Fee


$


1,520




$


1,574




$


4,764




$


4,334



Total expenses




1,520






1,574






4,764






4,334




















Net investment loss



(

1,520


)



(

1,574


)



(

4,764


)



(

4,334


)


















REALIZED AND UNREALIZED GAINS / (LOSSES)

















Realized gain on Bullion transferred to pay expenses




76






295






529






912



Realized gain on Bullion distributed for the redemption of Shares




760






4,716






2,837






13,411



Change in unrealized (loss) on investment in Bullion



(

48,542


)



(

116,045


)



(

104,296


)



(

149,066


)

Change in unrealized (loss) on unsettled creations or redemptions
























(

28


)

Total (loss) on investment in Bullion



(

47,706


)



(

111,034


)



(

100,930


)



(

134,771


)


















Change in net assets from operations


$

(

49,226


)


$

(

112,608


)


$

(

105,694


)


$

(

139,105


)


















Net increase / (decrease) in net assets per Share


$

(

4.12


)


$

(

10.07


)


$

(

8.91


)


$

(

13.74


)


















Weighted average number of Shares




11,960,870






11,183,696






11,856,227






10,123,626









See
Notes to the Financial Statements










3










abrdn Precious Metals Basket ETF Trust





Statements of Changes in Net Assets (Unaudited)



For the three and nine months ended September 30, 2022 and
2021





































































































































































Three Months Ended September 30, 2022



Three Months Ended September 30, 2021


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


Shares



Amount



Shares



Amount


Opening balance




12,500,000




$


1,070,971






10,700,000




$


1,020,526



Net investment loss







(

1,520


)







(

1,574


)

Realized gain on investment in Bullion








836










5,011



Change in unrealized (loss) on investment in Bullion







(

48,542


)







(

116,045


)

Creations


















750,000






72,203



Redemptions



(

700,000


)



(

57,394


)



(

350,000


)



(

32,239


)

Closing balance




11,800,000




$


964,351






11,100,000




$


947,882

























































































































































































Nine Months Ended September 30, 2022



Nine Months Ended September 30, 2021


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


Shares



Amount



Shares



Amount


Opening balance




10,900,000




$


970,513






8,600,000




$


841,868



Net investment loss







(

4,764


)







(

4,334


)

Realized gain on investment in Bullion








3,366










14,323



Change in unrealized (loss) on investment in Bullion







(

104,296


)







(

149,066


)

Change in unrealized (loss) on unsettled creations or redemptions


















(

28


)

Creations




1,850,000






179,112






3,250,000






315,511



Redemptions



(

950,000


)



(

79,580


)



(

750,000


)



(

70,392


)

Closing balance




11,800,000




$


964,351






11,100,000




$


947,882








See Notes to the Financial Statements









4










abrdn Precious Metals Basket ETF Trust





Financial Highlights (Unaudited)



For the three and nine months ended September 30, 2022 and
2021







































































































































































































































































































































Three Months Ended


September 30, 2022



Three Months Ended


September 30, 2021



Nine Months Ended


September 30, 2022



Nine Months Ended


September 30, 2021


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

















Net asset value per Share at beginning of period


$


85.68




$


95.38




$


89.04




$


97.89



Income from investment operations:

















Net investment loss



(

0.13


)



(

0.14


)



(

0.40


)



(

0.43


)

Total realized and unrealized gains or losses on investment in Bullion



(

3.83


)



(

9.85


)



(

6.92


)



(

12.07


)

Change in net assets from operations



(

3.96


)



(

9.99


)



(

7.32


)



(

12.50


)


















Net asset value per Share at end of period


$


81.72




$


85.39




$


81.72




$


85.39




















Weighted average number of Shares




11,960,870






11,183,696






11,856,227






10,123,626























Expense ratio

(1)








0.60


%




0.60


%




0.60


%




0.60


%





















Net investment loss ratio

(1)







(

0.60


)%



(

0.60


)%



(

0.60


)%



(

0.60


)%





















Total return, net asset value

(2)







(

4.62


)%



(

10.47


)%



(

8.22


)%



(

12.77


)%












(1)




Annualized
for periods less than one year.














(2)




Total
return is not annualized.








See Notes to the Financial Statements









5











abrdn
Precious Metals Basket ETF Trust









Notes
to the Financial Statements (Unaudited)










1.

Organization










The abrdn
Precious Metals Basket ETF Trust (known as Aberdeen Standard Precious Metals Basket ETF Trust prior to March 31,
2022) (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 (known as Aberdeen Standard Investments
ETFs Sponsor LLC prior to March 1, 2022) (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 (known as Aberdeen Standard Physical Precious Metals Basket Shares ETF prior to March 31, 2022) (“Shares”)
in minimum blocks of


50,000


Shares (also referred to as “Baskets”) in exchange for deposits of Bullion and
distributes Bullion in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial
interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company and
a wholly-owned subsidiary of abrdn Inc. (known as Aberdeen Standard Investments Inc. prior to January 1, 2022). abrdn Inc. is
a wholly-owned indirect subsidiary of abrdn (formerly known as Standard Life Aberdeen) plc. The Trust is governed by the Trust
Agreement.








The
investment objective of the Trust is for the Shares to reflect the performance of the price of gold, silver, platinum and
palladium, less the Trust’s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial
interests in the Shares (a “Shareholder”) an opportunity to participate in the gold, silver, platinum and palladium
markets through an investment in securities. The fiscal year end for the Trust is December 31.








The
accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United
States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q. In the
opinion of the Trust’s management, all adjustments (which consist of normal recurring adjustments) necessary to present
fairly the financial position and results of operations as of September 30, 2022, and for the three and nine month periods
then ended have been made.








These
financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K and Form 10-K/A for the fiscal
year ended December 31, 2021. The results of operations for the three and nine months ended September 30, 2022 are
not necessarily indicative of the operating results for the full year.











2.

Significant
Accounting Policies










The
preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements
to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Trust.











2.1.

Basis
of Accounting











The
Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) 946,

Financial Services—Investment Companies

, and has concluded that for
reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under
the Investment Company Act of 1940 and is not required to register under such act.












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.















6





















abrdn
Precious Metals Basket ETF Trust













Notes
to the Financial Statements (Unaudited)











The
Trust’s Bullion is held by JPMorgan Chase Bank, N.A. (the “Custodian”), on behalf of the Trust, at its London, England
vaulting premises on a segregated basis. The Trust’s allocated Bullion may also be held by UBS AG, or any other firm selected
by the Custodian to hold the Trust’s Bullion in the Trust’s allocated account in the firm’s vault premises
on a segregated basis and whose appointment has been approved by the Sponsor. At September 30, 2022, approximately


0.78


%
of the Trust’s palladium,


0.77


% of the Trust’s platinum and


20.31


% of the Trust’s silver was held by one
or more sub-custodians. At September 30, 2022


none


of the Trust’s gold was held by a sub-custodian.








The
Trust’s Bullion is recorded, per individual metal type, at fair value. The cost of Bullion is determined according to the
average cost method and the fair value is based on the relevant “London Metal Price” for each metal held by the Trust.
This is the applicable “London Bullion Market Association (“LBMA”) PM Gold Price” for the price of an
ounce of gold, the “LBMA Silver Price” for silver, and for platinum and palladium the applicable “London Metal
Exchange (“LME”) PM Price”.








Realized
gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date
basis as the difference between the fair value and average cost of Bullion transferred.








The
LBMA PM Gold Price is set using the afternoon session of the ICE Benchmark Administration (“IBA”) equilibrium auction,
an electronic, tradable and auditable over-the-counter auction market with the ability to settle trades in US Dollars, Euros or
British Pounds for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for
that day’s trading. The “London Metal Price” for gold held by the Trust is the LBMA PM Gold Price.








The
IBA conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver
once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price
is established by the nine LBMA authorized bullion banks and market makers participating in the auction and disseminated by major
market vendors. The “London Metal Price” for silver held by the Trust is the LBMA Silver Price.








The
LME is responsible for the administration of the electronic platinum and palladium bullion price fixing system (“LMEbullion”)
as well as providing electronic market clearing processes for platinum and palladium bullion transactions at the fixed prices
established by the LME pricing mechanism. LMEbullion establishes and publishes fixed prices for troy ounces of platinum and palladium
twice each London trading day during fixing sessions beginning at 9:45 a.m. London time (the “LME AM Fix”) and 2:00
p.m. London time (the “LME PM Fix”). The “London Metal Price” for platinum and palladium held by the Trust
is the LME PM Fix.








Once
the value of  Bullion has been determined, the net asset value (the “NAV”) is computed by the Trustee by
deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s
Fee”), from the fair value of the Bullion and all other assets held by the Trust.








The
Trust recognizes changes in fair value of the investment in Bullion as changes in unrealized gains or losses on investment
in Bullion through the Statement of Operations.








The
per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee using the London Metal
Price for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales
have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities,
to cover expenses and liabilities and any losses that may have occurred.















7





















abrdn
Precious Metals Basket ETF Trust













Notes
to the Financial Statements (Unaudited)












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$)


September 30,


2022



December 31,


2021


Level 1









Investment in Bullion


$


964,830




$


971,011








There were no transfers between levels during the nine months ended September 30, 2022 or the year ended December 31, 2021.












2.3.

Bullion
Receivable and Payable











Bullion receivable
or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares
respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, ownership of
Bullion is transferred within two business days of the trade date. At September 30, 2022, the Trust had




no




Bullion receivable
or payable for the creation or redemption of Shares. At December 31, 2021, the Trust had




no




Bullion receivable
or payable for the creation or redemption of Shares.
















8





















abrdn
Precious Metals Basket ETF Trust













Notes
to the Financial Statements (Unaudited)














2.4.

Creations
and Redemptions of Shares











The
Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of


50,000


Shares).
The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem
Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other
securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer
to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized
Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account
with the Trust’s Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered
into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption
of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant
Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian
or a Bullion clearing bank by an Authorized Participant.








The
creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined
NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem
Baskets is properly received.








Authorized
Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement
period for Shares is two business days. In the event of a trade date at period end, where a settlement is pending, a respective
account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered
a sale of Bullion for financial statement purposes.








The
amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce.
As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be
delivered or distributed by the Trust. In order to ensure that the correct amount of Bullion is available at all times to
back the Shares, the Sponsor accepts an adjustment to its 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 September 30, 2022 or December 31, 2021.












9

















abrdn
Precious Metals Basket ETF Trust













Notes
to the Financial Statements (Unaudited)














2.6.

Investment
in Bullion













Changes
in ounces of Bullion and their respective values for the three and nine months ended September 30, 2022 and 2021
are set out below:



















































































































































































































































































































































































































































Three Months Ended September 30, 2022


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







Ounces of Bullion


Gold



Palladium



Platinum



Silver



Total


Opening balance




349,697.7






69,939.6






46,626.4






12,822,252.8






13,288,516.5



Creations




































Redemptions



(

19,566.1


)



(

3,913.3


)



(

2,608.8


)



(

717,427.4


)



(

743,515.6


)

Transfers of Bullion to pay expenses



(

517.5


)



(

103.5


)



(

69.0


)



(

18,973.1


)



(

19,663.1


)

Closing balance




329,614.1






65,922.8






43,948.6






12,085,852.3






12,525,337.8
























Investment in Bullion





















Opening balance


$


635,401




$


132,046




$


42,290




$


261,766




$


1,071,503



Creations




































Redemptions



(

33,650


)



(

8,015


)



(

2,248


)



(

13,481


)



(

57,394


)

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




2,278






937





(

451


)



(

2,004


)




760



Transfers of Bullion to pay expenses



(

925


)



(

212


)



(

61


)



(

375


)



(

1,573


)

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




95






25





(

10


)



(

34


)




76



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



(

52,167


)




21,172





(

1,548


)



(

15,999


)



(

48,542


)

Closing balance


$


551,032




$


145,953




$


37,972




$


229,873




$


964,830















































































































































































































































































































































































































































Three Months Ended September 30, 2021


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







Ounces of Bullion


Gold



Palladium



Platinum



Silver



Total


Opening balance




299,737.5






59,947.5






39,965.0






10,990,374.3






11,390,024.3



Creations




22,497.2






4,499.4






2,999.6






824,898.7






854,894.9



Redemptions



(

9,835.0


)



(

1,967.0


)



(

1,311.0


)



(

360,618.1


)



(

373,731.1


)

Transfers of Bullion to pay expenses



(

466.8


)



(

93.3


)



(

62.5


)



(

17,114.8


)



(

17,737.4


)

Closing balance




311,932.9






62,386.6






41,591.1






11,437,540.1






11,853,450.7
























Investment in Bullion





















Opening balance


$


528,482




$


162,278




$


42,323




$


283,167




$


1,016,250



Creations




40,431






12,245






3,225






21,071






76,972



Redemptions



(

17,506


)



(

4,702


)



(

1,309


)



(

8,722


)



(

32,239


)

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




2,283






1,359





(

48


)




1,122






4,716



Transfers of Bullion to pay expenses



(

835


)



(

255


)



(

66


)



(

439


)



(

1,595


)

Realized gain on Bullion transferred to pay expenses




116






98






1






80






295



Change in unrealized loss on investment in Bullion



(

9,334


)



(

52,551


)



(

4,074


)



(

50,086


)



(

116,045


)

Closing balance


$


543,637




$


118,472




$


40,052




$


246,193




$


948,354










10















abrdn
Precious Metals Basket ETF Trust













Notes
to the Financial Statements (Unaudited)

















































































































































































































































































































































































































































Nine Months Ended September 30, 2022


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







Ounces of Bullion


Gold



Palladium



Platinum



Silver



Total


Opening balance




305,852.8






61,170.6






40,780.4






11,214,604.8






11,622,408.6



Creations




51,810.8






10,362.2






6,908.1






1,899,730.6






1,968,811.7



Redemptions



(

26,563.2


)



(

5,312.8


)



(

3,541.7


)



(

973,987.0


)



(

1,009,404.7


)

Transfers of Bullion to pay expenses



(

1,486.3


)



(

297.2


)



(

198.2


)



(

54,496.1


)



(

56,477.8


)

Closing balance




329,614.1






65,922.8






43,948.6






12,085,852.3






12,525,337.8
























Investment in Bullion





















Opening balance


$


552,324




$


120,690




$


39,108




$


258,889




$


971,011



Creations




99,953






25,389






7,109






46,661






179,112



Redemptions



(

46,507


)



(

10,760


)



(

3,154


)



(

19,159


)



(

79,580


)

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




4,002






1,182





(

511


)



(

1,836


)




2,837



Transfers of Bullion to pay expenses



(

2,741


)



(

649


)



(

189


)



(

1,204


)



(

4,783


)

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




386






122





(

16


)




37






529



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



(

56,385


)




9,979





(

4,375


)



(

53,515


)



(

104,296


)

Closing balance


$


551,032




$


145,953




$


37,972




$


229,873




$


964,830












































































































































































































































































































































































































































Nine Months Ended September 30, 2021


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




Ounces of Bullion


Gold



Palladium



Platinum



Silver



Total


Opening balance




238,534.2






47,706.9






31,804.5






8,746,254.5






9,064,300.1



Creations




95,761.6






19,152.2






12,768.2






3,511,259.8






3,638,941.8



Redemptions



(

21,117.4


)



(

4,223.5


)



(

2,815.3


)



(

774,305.3


)



(

802,461.5


)

Transfers of Bullion to pay expenses



(

1,245.5


)



(

249.0


)



(

166.3


)



(

45,668.9


)



(

47,329.7


)

Closing balance




311,932.9






62,386.6






41,591.1






11,437,540.1






11,853,450.7
























Investment in Bullion





















Opening balance


$


450,257




$


111,729




$


33,967




$


231,645




$


827,598



Creations




173,811






49,868






14,449






92,038






330,166



Redemptions



(

38,206


)



(

10,050


)



(

2,950


)



(

19,186


)



(

70,392


)

Realized gain on Bullion distributed for the redemption of Shares




6,338






3,498






83






3,492







13,411




Transfers of Bullion to pay expenses



(

2,247


)



(

648


)



(

186


)



(

1,194


)



(

4,275


)

Realized gain on Bullion transferred to pay expenses




368






262






17






265







912




Change in unrealized loss on investment in Bullion



(

46,684


)



(

36,187


)



(

5,328


)



(

60,867


)



(


149,066



)

Closing balance


$


543,637




$


118,472




$


40,052




$


246,193




$


948,354


















11





















abrdn
Precious Metals Basket ETF Trust













Notes
to the Financial Statements (Unaudited)














2.7.

Expenses
/ Realized Gains / Losses











The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to
the Sponsor.








The
Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal
to


0.60


% of the adjusted daily net asset value (“ANAV”) of the Trust, paid monthly in arrears.








The
Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly
fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing
fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs,
audit fees and up to $


100,000


per annum in legal expenses.








For
the three months ended September 30, 2022 and 2021, the Sponsor’s Fee was $


1,520,133


and $


1,574,298


,
respectively. For the nine months ended September 30, 2022 and 2021, the Sponsor’s Fee was $


4,764,136


and $


4,333,565


, respectively.








At September
30, 2022 and at December 31, 2021, the fees payable to the Sponsor were $


478,873


and $


498,389


, respectively.








With
respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion,
sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee
will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s
holdings of assets other than Bullion. Other than the Sponsor’s Fee, the Trust had








no








expenses during the three and nine
months ended September 30, 2022 and 2021.








Unless
otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the
London Metal Price for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian)
through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser
of such Bullion only if the sale transaction is made at the London Metal Price for each metal held by the Trust used by the
Trustee to value the Trust’s Bullion. A gain or loss is recognized based on the difference between the selling price and
the average cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by
reason of any sale.








Realized
gains and losses result from the transfer of Bullion for Share redemptions and / or to pay expenses and are recognized on
a trade date basis as the difference between the fair value and average cost of Bullion transferred.












2.8.

Subsequent
Events











In
accordance with the provisions set forth in FASB ASC 855-10,

Subsequent Events

, the Trust’s management has evaluated
the possibility of subsequent events impacting the Trust’s financial statements through the filing date. During this period,
no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.




















12













abrdn
Precious Metals Basket ETF Trust









Notes
to the Financial Statements (Unaudited)










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.











13













abrdn
Precious Metals Basket ETF Trust












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






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











Introduction






The
Trust is a common law trust, formed under the laws of the state of New York on October 18, 2010. The Trust is not managed
like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered
by the Trustee pursuant to the Trust Agreement. The Trust is not registered as an investment company under the Investment Company
Act of 1940 and is not required to register under such act. It does not hold or trade in commodity futures contracts, nor is it
a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing
Shares.








The
Trust holds Bullion (consisting of gold, silver, platinum, palladium in specified proportions) and is expected to issue Baskets
in exchange for deposits of Bullion and to distribute Bullion in connection with redemptions of Baskets. Shares issued
by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust
is for the Shares to reflect the performance of the price of gold, silver, platinum and palladium in the proportions held
by the Trust, less the Trust’s expenses. The Trust holds Bullion in a ratio such that for every 0.03 ounces of gold it holds
1.1 ounces of silver, 0.004 ounces of platinum and 0.006 ounces of palladium.  The Sponsor believes that, for many investors,
the Shares will represent a cost effective investment relative to traditional means of investing in Bullion.








The
Trust issues and redeems Shares only with Authorized Participants in exchange for Bullion and only in aggregations of 50,000
Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee.








Shares
of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “GLTR”.










Valuation
of Bullion and Computation of Net Asset Value






On
each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m. New York time on such day
(the “Evaluation Time”), the Trustee will evaluate the Bullion held by the Trust and determine both the ANAV
and the NAV of the Trust.








At
the Evaluation Time, the Trustee values the Trust’s Bullion on the basis of that day’s London Metal Price for such
metal or, if no London Metal Price is made for a metal on such day or has not been announced by the Evaluation Time, the next
most recent London Metal Price announced for such metal determined prior to the Evaluation Time will be used, unless the Sponsor
determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the applicable
London Metal Price or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the
Trust’s Bullion is not an appropriate basis for evaluation of the Trust’s Bullion, it shall identify an alternative
basis for such evaluation to be employed by the Trustee. Neither the Trustee nor the Sponsor shall be liable to any person for
the determination that the London Metal Price or such other publicly available price is not appropriate as a basis for evaluation
of the Trust’s Bullion or for any determination as to the alternative basis for such evaluation provided that such determination
is made in good faith.














14












Once
the value of the Bullion has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the
fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its
assets), expenses and other liabilities of the Trust from the total value of the Bullion and all other assets of the Trust
(other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the adjusted net
asset value (the “ANAV”) of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.








All
fees accruing for the day on which the valuation takes place that are computed by reference to the value of the Trust or its assets
are calculated using the ANAV calculated for such day. The Trustee subtracts from the ANAV the amount of accrued fees so computed
for such day and the resulting figure is the NAV of the Trust. The Trustee also determines the NAV per Share by dividing the NAV
of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes the net number
of any Shares created or redeemed on such evaluation day).








The
Trustee’s estimation of accrued but unpaid fees, expenses and liabilities is conclusive upon all persons interested in the
Trust and no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference
in amounts estimated from those actually paid.








The
NAV of the Trust is obtained by subtracting the Trust’s liabilities on any day from the value of the Bullion owned and receivable
by the Trust on that day; the NAV per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares
outstanding on that day.










The
Quarter Ended






September 30, 2022










The
Trust’s NAV decreased from $1,070,970,687 at June 30, 2022 to $964,351,172 at September 30, 2022, a 9.96% decrease for the
quarter. The decrease in the Trust’s NAV resulted from a decrease in the price per ounce of gold, silver, platinum and palladium
in the proportions held by the Trust (the “Proportionate Price”), which fell 4.47% from $91.92 at June 30, 2022 to
$87.81 at September 30, 2022. There was an decrease in outstanding Shares, which fell from 12,500,000 Shares at June 30, 2022
to 11,800,000 Shares at September 30, 2022, as a result of 700,000 Shares (14 Baskets) being redeemed.








The
NAV per Share decreased 4.62% from $85.68 at June 30, 2022 to $81.72 at September 30, 2022. The Trust’s NAV per Share fell
slightly more than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $1,520,133 for the quarter,
or 0.60% of the Trust’s ANAV on an annualized basis.








The
NAV per Share of $87.58 at August 11, 2022 was the highest during the quarter, compared with a low of $79.62 at September 27,
2022.








The
decrease in net assets from operations for the quarter ended September 30, 2022 was $49,226,307, resulting from a realized gain
of $76,031 on the transfer of Bullion to pay expenses and a realized gain of $760,038 on Bullion distributed for the redemption
of Shares, offset by a change in unrealized loss on investment in Bullion of $48,542,243 and the Sponsor’s Fee of $1,520,133.
Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2022.










The
Nine Months Ended






September 30,
2022










The
Trust’s NAV decreased from $970,513,038 at December 31, 2021 to $964,351,172 at September 30, 2022, a 0.63% decrease for
the period. The decrease in the Trust’s NAV resulted from a decrease in the price per ounce of gold, silver, platinum and
palladium in the proportions held by the Trust (the “Proportionate Price”), which fell 7.80% from $95.24 at December
31, 2021 to $87.81 at September 30, 2022. There was an increase in outstanding Shares, which rose from 10,900,000 Shares at December
31, 2021 to 11,800,000 Shares at September 30, 2022, as a result of as a result of 1,850,000 Shares (37 Baskets) being created
and 950,000 Shares (19 Baskets) being redeemed.














15












The
NAV per Share decreased 8.22% from $89.04 at December 31, 2021 to $81.72 at September 30, 2022. The Trust’s NAV per Share
fell slightly more than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $4,764,136 for the
period, or 0.60% of the Trust’s ANAV on an annualized basis.








The
NAV per Share of $105.06 at March 8, 2022 was the highest during the period, compared with a low of $79.62 at September 27, 2022.








The
decrease in net assets from operations for the period ended September 30, 2022 was $105,694,517, resulting from a realized gain
of $529,054 on the transfer of Bullion to pay expenses and a realized gain of $2,836,828 on Bullion distributed for the redemption
of Shares, offset by a change in unrealized loss on investment in Bullion of $104,296,263 and the Sponsor’s Fee of $4,764,136.
Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2022.










Liquidity
& Capital Resources






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








The
Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion, only in the specified
proportion of gold, silver, platinum and palladium held by the Trust, as necessary to pay the Trust’s expenses not
otherwise assumed by the Sponsor. The Trustee will not sell Bullion to pay the Sponsor’s Fee but will pay the Sponsor’s
Fee through in-kind transfers of Bullion to the Sponsor. At September 30, 2022, the Trust did not have any cash balances.










Off-Balance
Sheet Arrangements






The
Trust has no off-balance sheet arrangements.










Critical
Accounting Policies






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











Item
3. Quantitative and Qualitative Disclosures About Market Risk





Not
applicable.











Item
4. Controls and Procedures





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








Under
the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the
Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e)
and 15d-15(e). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded
that, as of September 30, 2022, the Trust’s disclosure controls and procedures were effective.














16












There
have been no changes in the Trust’s or Sponsor’s internal control over financial reporting during the quarter ended September
30, 2022 that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s internal
control over financial reporting.










17

















PART
II. OTHER INFORMATION












Item
1. Legal Proceedings





None.











Item
1A. Risk Factors





Except
for the risk factor set forth below, there have been no material changes to the risk factors previously disclosed in the Trust’s
Annual Report on Form 10-K and Form 10-K/A for the fiscal year ended December 31, 2021.










Risks
Related to Bullion






On
March 7, 2022 in response to Russia’s invasion of Ukraine, the LBMA suspended six Russian refiners (all of which refine gold
and five of which refine silver) and on April 8, 2022, the LPPM suspended two government-owned Russian platinum and
palladium refiners. New productions by such refiners will no longer be accepted as “Good Delivery” by the LBMA and LPPM
until further notice. The bars and sponges these refiners previously produced will still be considered Good Delivery, consistent
with past suspensions of refiners by the LBMA and LPPM. Fewer suppliers to the LBMA and LPPM may lead to lower supply of Good
Delivery Bullion and further volatility in the price of Bullion.








On
June 26, 2022, Canada, Japan, the United Kingdom, and the United States announced sanctions that prevent Russia gold from entering
their respective countries. The import ban will only apply to newly mined or refined gold and does not impact Russian-origin gold
previously exported from Russia. On August 3, 2022, Switzerland announced sanctions that ban buying, importing or transporting
gold and gold products from Russia, as well as services in connection with said gold and gold products. Although it is not possible
to predict the impact that these sanctions may have, such sanctions could impact the operations of the Trust and its service providers
and could significantly harm the value of the Trust’s Shares.










General
Risks







A


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









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











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






Item
2(a).

None.





Item
2(b).

Not applicable.





Item
2(c).

For the three months ended


September
30, 2022

:





0
Baskets were created.




14
Baskets were redeemed.


































































































Average ounces of Bullion per Share

Period


Total Baskets


Redeemed


Total Shares


Redeemed


Gold


Palladium


Platinum


Silver

July 2022


12


600,000


0.028


0.006


0.004


1.025

August 2022


1


50,000


0.028


0.006


0.004


1.024

September 2022


1


50,000


0.028


0.006


0.004


1.024



14


700,000

















18













Item
3. Defaults Upon Senior Securities





None.











Item
4. Mine Safety Disclosures





Not
applicable.











Item
5. Other Information





None.











Item
6. Exhibits





























































31.1




Chief
Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.




31.2




Chief
Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.




32.1




Chief
Executive Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.




32.2




Chief
Financial Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.



101



The
following financial statements from the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022,
formatted in Inline XBRL: (i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes
in Net Assets, and (iv) Notes to the Financial Statements.



101.SCH



Inline
XBRL Taxonomy Extension Schema Document



101.CAL



Inline
XBRL Taxonomy Extension Calculation Document



101.DEF



Inline
XBRL Taxonomy Extension Definitions Document



101.LAB



Inline
XBRL Taxonomy Extension Labels Document



101.PRE



Inline
XBRL Taxonomy Extension Presentation Document



104



The
cover page from the Trust’s Quarterly Report on Form 10-Q for the quarter ended


September
30, 2022

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











19













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:
November 4, 2022



/s/
Steven Dunn*






Steven
Dunn**






President
and Chief Executive Officer






(Principal
Executive Officer)









Date:
November 4, 2022



/s/
Andrea Melia*






Andrea
Melia**






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.










20





The above information was disclosed in a filing to the SEC. To see the filing, click here.

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