0001483386 2025-01-01 2025-12-31 0001483386 2025-06-30 0001483386 2026-02-26 0001483386 2025-12-31 0001483386 2024-12-31 0001483386 us-gaap:GoldMember 2025-12-31 0001483386 us-gaap:GoldMember 2024-12-31 0001483386 gltr:PalladiumMember 2025-12-31 0001483386 gltr:PalladiumMember 2024-12-31 0001483386 gltr:PlatinumMember 2025-12-31 0001483386 gltr:PlatinumMember 2024-12-31 0001483386 gltr:SilverMember 2025-12-31 0001483386 gltr:SilverMember 2024-12-31 0001483386 2024-01-01 2024-12-31 0001483386 2023-01-01 2023-12-31 0001483386 2023-12-31 0001483386 2022-12-31 0001483386 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001483386 us-gaap:FairValueInputsLevel1Member 2024-12-31 0001483386 2024-06-17 2024-06-18 0001483386 us-gaap:GoldMember 2025-01-01 2025-12-31 0001483386 gltr:PalladiumMember 2025-01-01 2025-12-31 0001483386 gltr:PlatinumMember 2025-01-01 2025-12-31 0001483386 gltr:SilverMember 2025-01-01 2025-12-31 0001483386 us-gaap:GoldMember 2023-12-31 0001483386 gltr:PalladiumMember 2023-12-31 0001483386 gltr:PlatinumMember 2023-12-31 0001483386 gltr:SilverMember 2023-12-31 0001483386 us-gaap:GoldMember 2024-01-01 2024-12-31 0001483386 gltr:PalladiumMember 2024-01-01 2024-12-31 0001483386 gltr:PlatinumMember 2024-01-01 2024-12-31 0001483386 gltr:SilverMember 2024-01-01 2024-12-31 iso4217:USD shares iso4217:USD shares pure utr:oz true 2025 FY --12-31 0001483386 10-K/A true 2025-12-31 false 001-34917 abrdn Precious Metals Basket ETF Trust NY 27-2780046 1900 Market Street Suite 200 Philadelphia PA 19103 (844) 383-7289 abrdn Physical Precious Metals Basket Shares ETF GLTR NYSEArca Yes No Yes Yes Large Accelerated Filer false false false false false 1440213750 13500000.00 None This Annual Report on Form 10-K/A constitutes Amendment No. 1 (the “Amendment”) to the Annual Report of the abrdn Precious Metals Basket ETF Trust (the “Registrant”) on Form 10-K for the year ended December 31, 2025, which was originally filed with the Securities and Exchange Commission on March 2, 2026 (the “Original Filing”). This Amendment is being filed solely to include KPMG’s Report regarding its opinion on the Internal Controls over Financial Reporting, which was inadvertently omitted in the Original Filing. Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as a result of this Amendment, the Certifications, filed and furnished, respectively, as exhibits to the Original Filing, have been re-executed and re-filed as of the date of this Form 10-K/A and are included as Exhibits 31.1, 31.2, 32.1 and 32.2 hereto. Therefore, Part IV, Item 15 of the Original Filing has been amended to reflect the new Certifications described above. No other change is made to the Original Filing. This Amendment does not purport to provide an update or a discussion of any other developments subsequent to the Original Filing. Accordingly, this Amendment should be read in conjunction with the Original Filing. <p id="xdx_80B_ecyd--CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock_gL1CRMPFAIAMT-HXHJ_zOQ215GPWOJ" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">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. 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. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_903_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock_c20250101__20251231_zumIgo1ZDkcd">During the reporting period, the Trustee has <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_903_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbF_c20250101__20251231_za0MCOKLIHH5">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. Board Oversight of Cybersecurity Risks <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_900_ecyd--CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_c20250101__20251231_zxLznmOanKq4">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 <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90E_ecyd--CybersecurityRiskRoleOfManagementTextBlock_c20250101__20251231_zDdazaT965id">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. 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. 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. During the reporting period, the Trustee has <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_903_ecyd--CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag_dbF_c20250101__20251231_za0MCOKLIHH5">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. false false false false false false KPMG LLP <div id="xdx_807_edei--AuditorOpinionTextBlock_ztEzREhvA0F8"></div> Auditor Opinion Opinion on the Financial Statements We have audited the accompanying statements of assets and liabilities of abrdn Precious Metals Basket ETF Trust (the Trust) including the schedules of investments, as of December 31, 2025 and December 31, 2024, 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, 2025, 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, 2025 and December 31, 2024, 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, 2025, 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, 2025, 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 March 2, 2026 expressed an unqualified opinion on the effectiveness of the Trust’s internal control over financial reporting. Philadelphia, Pennsylvania 185

743430000

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536000

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340349.9

743430000

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47595000

0.0458

34906.6

35943000

31905000

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210298000

277468000

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9539000

6060000

5920000

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548869000

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206.19

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9744194

11065068

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<div id="xdx_802_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zsSBXJZ8quu4"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">1.</td><td style="font: 10pt Times New Roman, Times, Serif">Organization</td></tr></table> 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 Aberdeen Group 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 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.

0.03 1.1 0.004 0.006 25000

<div id="xdx_803_eus-gaap--SignificantAccountingPoliciesTextBlock_zuOxH0bkAb2a"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.</td><td style="font: 10pt Times New Roman, Times, Serif">Significant Accounting Policies</td></tr></table> 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. <div id="xdx_84F_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z2kxyie8OUJl"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.1.</td><td style="font: 10pt Times New Roman, Times, Serif">Basis of Accounting</td></tr></table> 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. <div id="xdx_840_ecustom--ValuationOfBullionPolicyTextBlock_zEihGozHJPs"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.2.</td><td style="font: 10pt Times New Roman, Times, Serif">Valuation of Bullion</td></tr></table> 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. Effective 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, 2025, 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. 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. <p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zgnbV94P48Ok" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">The categorization of the Trust’s assets is as shown below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">(Amounts in 000’s of US$) </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025 </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024 </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Level 1 </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left; padding-left: 2.5pt">Investment in Bullion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z1GFJixruQAi" style="width: 10%; text-align: right" title="Investment in Bullion">2,563,261</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_ztZ9yxuBoTsf" style="width: 10%; text-align: right" title="Investment in Bullion">1,040,489</td><td style="width: 1%; text-align: left"> </td></tr> </table> There were no transfers between levels during the years ended December 31, 2025 and 2024. <div id="xdx_84B_ecustom--ReceivableAndPayablePolicyTextBlock_zrvQhLcCdrCl"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.3.</td><td style="font: 10pt Times New Roman, Times, Serif">Bullion Receivable and Payable</td></tr></table> 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, 2025, the Trust had $15,464,000 of Bullion receivable for the creation of Shares and no Bullion payable for the redemption of Shares. At December 31, 2024, the Trust had no Bullion receivable or payable for the creation or redemption of Shares. <div id="xdx_841_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_znJ4nssAkmh7"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.4.</td><td style="font: 10pt Times New Roman, Times, Serif">Creations and Redemptions of Shares</td></tr></table> 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. 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. Authorized 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. <div id="xdx_843_eus-gaap--IncomeTaxPolicyTextBlock_ztbRgBhHPo54"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.5.</td><td style="font: 10pt Times New Roman, Times, Serif">Income Taxes</td></tr></table> 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, 2025 or December 31, 2024. <div id="xdx_84E_eus-gaap--InvestmentPolicyTextBlock_zBM5O4vFwdX5"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.6.</td><td style="font: 10pt Times New Roman, Times, Serif">Investment in Bullion</td></tr></table> Changes in ounces of Bullion and their respective values for the years ended December 31, 2025 and 2024 are set out below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none"> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49B_20250101__20251231__us-gaap--InvestmentTypeAxis__us-gaap--GoldMember_z2wWwhckkdi" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_497_20250101__20251231__us-gaap--InvestmentTypeAxis__custom--PalladiumMember_zM1YahTmq6Nc" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49D_20250101__20251231__us-gaap--InvestmentTypeAxis__custom--PlatinumMember_zkCUvdpMTyLj" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_491_20250101__20251231__us-gaap--InvestmentTypeAxis__custom--SilverMember_zxlCNUfWgCKg" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_494_20250101__20251231_zjXCA0vQbiQ4" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="13" style="font-style: italic">(Amounts in 000’s of US$, except for ounces data)</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt">Ounces of Bullion</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Palladium</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Platinum</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Silver</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uOZ_zQ4wDZ7ckw9f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">261,800.3</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">52,359.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">34,906.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">9,599,303.3</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">9,948,370.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--CreationsOuncesOfBullion_pp1p0_uOZ_zlT8JcL4Gb4l" style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">94,003.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,801.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,534.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,446,774.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,572,112.0</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--RedemptionsOuncesOfBullion_pp1p0_uOZ_z1Wq9waUBdJi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(13,725.8</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,745.2</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,830.1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(503,280.5</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(521,581.6</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1p0_uOZ_z8AXwtl35Avf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of Bullion to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,727.6</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(345.6</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(230.5</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(63,299.7</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(65,603.4</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uOZ_zCtSrl8z8Aja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">340,349.9</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">68,070.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">45,380.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,479,497.1</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,933,297.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Investment in Bullion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zNvYHeP3OIbc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">683,521</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">47,595</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">31,905</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">277,468</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,040,489</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--CreationsValueOfBullion_pn3n3_uUSD_z4u7QQpMBgk9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">341,062</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,374</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">151,551</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">533,405</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zWidAueB2Sj" style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(49,084</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,238</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,465</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(22,846</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(77,633</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zDLY1epaVRO9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,896</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,328</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">528</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,600</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zLRYt23ydLAd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of Bullion to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,741</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(382</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(281</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,369</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,773</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zuAe2wtD8zn8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,573</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(197</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">876</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,292</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zzq1hVW950ae" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain on investment in Bullion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">470,984</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">40,842</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">44,840</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">483,215</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,039,881</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InvestmentInPhysicalCommodities_iE_uUSD_z0vLEAL61Xrd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,466,211</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">106,666</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">91,985</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">898,399</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,563,261</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none"> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49A_20240101__20241231__us-gaap--InvestmentTypeAxis__us-gaap--GoldMember_zHVXHBCaa2ti" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_497_20240101__20241231__us-gaap--InvestmentTypeAxis__custom--PalladiumMember_ze9S4TEU0zt4" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_492_20240101__20241231__us-gaap--InvestmentTypeAxis__custom--PlatinumMember_zWiOK8SiSMZ5" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49C_20240101__20241231__us-gaap--InvestmentTypeAxis__custom--SilverMember_zxqsMDWfBobj" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49A_20240101__20241231_zH3lAbmKhjKi" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="13" style="font-style: italic">(Amounts in 000’s of US$, except for ounces data)</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt">Ounces of Bullion</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Palladium</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Platinum</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Silver</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uOZ_zg3BcAcUqzAh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">289,717.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">57,943.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">38,629.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">10,622,986.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">11,009,276.4</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--CreationsOuncesOfBullion_pp1p0_uOZ_zjttGzE48s98" style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,210.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,242.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">828.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227,700.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">235,980.8</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--RedemptionsOuncesOfBullion_pp1p0_uOZ_zKcgJPGpBoHd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(32,493.4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,498.7</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,332.4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,191,423.7</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,234,748.2</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1p0_uOZ_zPdiSTfLvCMh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of Bullion to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,634.1</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(327.1</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(218.0</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(59,959.8</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(62,139.0</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uOZ_zkh2AB5uaZzg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">261,800.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">52,359.8</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">34,906.6</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">9,599,303.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">9,948,370.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Investment in Bullion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zdRfndhIh92f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">602,149</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">65,824</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">38,629</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">252,721</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">959,323</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zz9iJJrmwlnj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,568</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,218</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">789</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,718</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,293</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_z3CCJ4gFIpM1" style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(72,381</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,104</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,036</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(30,933</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(113,454</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zOQPsOkrWex2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,329</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,423</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(431</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,008</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,483</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zIWjV0QxlGka" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of Bullion to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,824</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(326</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(209</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,657</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,016</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zMlw9lHBPrjb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,156</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(255</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,236</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zX26fumoX4kc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in Bullion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">121,524</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,339</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,821</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">45,260</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">156,624</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InvestmentInPhysicalCommodities_iE_uUSD_ziXopFGHgCqb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">683,521</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">47,595</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,905</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">277,468</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,040,489</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <div id="xdx_848_ecustom--ExpensesPolicyTextBlock_zmmfceIW9l16"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.7.</td><td style="font: 10pt Times New Roman, Times, Serif">Expenses / Realized Gains / Losses</td></tr></table> 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, 2025, 2024 and 2023, the Sponsor’s Fee was $9,539,023, $6,060,263 and $5,919,545, respectively. At December 31, 2025 and at December 31, 2024, the fees payable to the Sponsor were $1,302,110 and $535,618, 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, 2025 and 2024. 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. <div id="xdx_84A_eus-gaap--SegmentReportingPolicyPolicyTextBlock_z0kmfAB216k8"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.8.</td><td style="font: 10pt Times New Roman, Times, Serif">Segment Reporting</td></tr></table> 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 Trust’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 Trust’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 Trust’s segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the Trust’s Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations. <div id="xdx_843_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zZAH8gXh700g"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.9.</td><td style="font: 10pt Times New Roman, Times, Serif">Subsequent Events</td></tr></table> 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.

<div id="xdx_84F_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z2kxyie8OUJl"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.1.</td><td style="font: 10pt Times New Roman, Times, Serif">Basis of Accounting</td></tr></table> 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.

<div id="xdx_840_ecustom--ValuationOfBullionPolicyTextBlock_zEihGozHJPs"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.2.</td><td style="font: 10pt Times New Roman, Times, Serif">Valuation of Bullion</td></tr></table> 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. Effective 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, 2025, 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. 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. <p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zgnbV94P48Ok" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">The categorization of the Trust’s assets is as shown below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">(Amounts in 000’s of US$) </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025 </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024 </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Level 1 </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left; padding-left: 2.5pt">Investment in Bullion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z1GFJixruQAi" style="width: 10%; text-align: right" title="Investment in Bullion">2,563,261</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_ztZ9yxuBoTsf" style="width: 10%; text-align: right" title="Investment in Bullion">1,040,489</td><td style="width: 1%; text-align: left"> </td></tr> </table> There were no transfers between levels during the years ended December 31, 2025 and 2024.

<p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zgnbV94P48Ok" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify">The categorization of the Trust’s assets is as shown below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">(Amounts in 000’s of US$) </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025 </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024 </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Level 1 </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left; padding-left: 2.5pt">Investment in Bullion</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z1GFJixruQAi" style="width: 10%; text-align: right" title="Investment in Bullion">2,563,261</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_ztZ9yxuBoTsf" style="width: 10%; text-align: right" title="Investment in Bullion">1,040,489</td><td style="width: 1%; text-align: left"> </td></tr> </table>

2563261000

1040489000

<div id="xdx_84B_ecustom--ReceivableAndPayablePolicyTextBlock_zrvQhLcCdrCl"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.3.</td><td style="font: 10pt Times New Roman, Times, Serif">Bullion Receivable and Payable</td></tr></table> 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, 2025, the Trust had $15,464,000 of Bullion receivable for the creation of Shares and no Bullion payable for the redemption of Shares. At December 31, 2024, the Trust had no Bullion receivable or payable for the creation or redemption of Shares. 15464000 0 0 0 <div id="xdx_841_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_znJ4nssAkmh7"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.4.</td><td style="font: 10pt Times New Roman, Times, Serif">Creations and Redemptions of Shares</td></tr></table> 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. 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. Authorized 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. 50000 25000

<div id="xdx_843_eus-gaap--IncomeTaxPolicyTextBlock_ztbRgBhHPo54"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.5.</td><td style="font: 10pt Times New Roman, Times, Serif">Income Taxes</td></tr></table> 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, 2025 or December 31, 2024.

<div id="xdx_84E_eus-gaap--InvestmentPolicyTextBlock_zBM5O4vFwdX5"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.6.</td><td style="font: 10pt Times New Roman, Times, Serif">Investment in Bullion</td></tr></table> Changes in ounces of Bullion and their respective values for the years ended December 31, 2025 and 2024 are set out below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none"> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49B_20250101__20251231__us-gaap--InvestmentTypeAxis__us-gaap--GoldMember_z2wWwhckkdi" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_497_20250101__20251231__us-gaap--InvestmentTypeAxis__custom--PalladiumMember_zM1YahTmq6Nc" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49D_20250101__20251231__us-gaap--InvestmentTypeAxis__custom--PlatinumMember_zkCUvdpMTyLj" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_491_20250101__20251231__us-gaap--InvestmentTypeAxis__custom--SilverMember_zxlCNUfWgCKg" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_494_20250101__20251231_zjXCA0vQbiQ4" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="13" style="font-style: italic">(Amounts in 000’s of US$, except for ounces data)</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt">Ounces of Bullion</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Palladium</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Platinum</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Silver</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uOZ_zQ4wDZ7ckw9f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">261,800.3</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">52,359.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">34,906.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">9,599,303.3</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">9,948,370.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--CreationsOuncesOfBullion_pp1p0_uOZ_zlT8JcL4Gb4l" style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">94,003.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,801.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,534.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,446,774.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,572,112.0</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--RedemptionsOuncesOfBullion_pp1p0_uOZ_z1Wq9waUBdJi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(13,725.8</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,745.2</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,830.1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(503,280.5</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(521,581.6</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1p0_uOZ_z8AXwtl35Avf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of Bullion to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,727.6</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(345.6</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(230.5</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(63,299.7</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(65,603.4</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uOZ_zCtSrl8z8Aja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">340,349.9</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">68,070.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">45,380.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,479,497.1</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,933,297.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Investment in Bullion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zNvYHeP3OIbc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">683,521</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">47,595</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">31,905</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">277,468</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,040,489</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--CreationsValueOfBullion_pn3n3_uUSD_z4u7QQpMBgk9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">341,062</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,374</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">151,551</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">533,405</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zWidAueB2Sj" style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(49,084</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,238</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,465</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(22,846</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(77,633</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zDLY1epaVRO9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,896</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,328</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">528</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,600</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zLRYt23ydLAd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of Bullion to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,741</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(382</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(281</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,369</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,773</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zuAe2wtD8zn8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,573</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(197</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">876</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,292</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zzq1hVW950ae" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain on investment in Bullion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">470,984</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">40,842</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">44,840</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">483,215</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,039,881</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InvestmentInPhysicalCommodities_iE_uUSD_z0vLEAL61Xrd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,466,211</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">106,666</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">91,985</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">898,399</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,563,261</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none"> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49A_20240101__20241231__us-gaap--InvestmentTypeAxis__us-gaap--GoldMember_zHVXHBCaa2ti" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_497_20240101__20241231__us-gaap--InvestmentTypeAxis__custom--PalladiumMember_ze9S4TEU0zt4" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_492_20240101__20241231__us-gaap--InvestmentTypeAxis__custom--PlatinumMember_zWiOK8SiSMZ5" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49C_20240101__20241231__us-gaap--InvestmentTypeAxis__custom--SilverMember_zxqsMDWfBobj" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49A_20240101__20241231_zH3lAbmKhjKi" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="13" style="font-style: italic">(Amounts in 000’s of US$, except for ounces data)</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt">Ounces of Bullion</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Palladium</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Platinum</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Silver</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uOZ_zg3BcAcUqzAh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">289,717.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">57,943.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">38,629.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">10,622,986.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">11,009,276.4</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--CreationsOuncesOfBullion_pp1p0_uOZ_zjttGzE48s98" style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,210.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,242.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">828.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227,700.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">235,980.8</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--RedemptionsOuncesOfBullion_pp1p0_uOZ_zKcgJPGpBoHd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(32,493.4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,498.7</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,332.4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,191,423.7</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,234,748.2</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1p0_uOZ_zPdiSTfLvCMh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of Bullion to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,634.1</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(327.1</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(218.0</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(59,959.8</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(62,139.0</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uOZ_zkh2AB5uaZzg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">261,800.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">52,359.8</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">34,906.6</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">9,599,303.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">9,948,370.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Investment in Bullion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zdRfndhIh92f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">602,149</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">65,824</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">38,629</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">252,721</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">959,323</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zz9iJJrmwlnj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,568</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,218</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">789</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,718</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,293</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_z3CCJ4gFIpM1" style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(72,381</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,104</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,036</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(30,933</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(113,454</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zOQPsOkrWex2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,329</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,423</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(431</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,008</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,483</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zIWjV0QxlGka" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of Bullion to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,824</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(326</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(209</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,657</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,016</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zMlw9lHBPrjb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,156</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(255</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,236</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zX26fumoX4kc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in Bullion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">121,524</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,339</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,821</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">45,260</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">156,624</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InvestmentInPhysicalCommodities_iE_uUSD_ziXopFGHgCqb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">683,521</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">47,595</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,905</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">277,468</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,040,489</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Changes in ounces of Bullion and their respective values for the years ended December 31, 2025 and 2024 are set out below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none"> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49B_20250101__20251231__us-gaap--InvestmentTypeAxis__us-gaap--GoldMember_z2wWwhckkdi" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_497_20250101__20251231__us-gaap--InvestmentTypeAxis__custom--PalladiumMember_zM1YahTmq6Nc" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49D_20250101__20251231__us-gaap--InvestmentTypeAxis__custom--PlatinumMember_zkCUvdpMTyLj" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_491_20250101__20251231__us-gaap--InvestmentTypeAxis__custom--SilverMember_zxlCNUfWgCKg" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_494_20250101__20251231_zjXCA0vQbiQ4" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="13" style="font-style: italic">(Amounts in 000’s of US$, except for ounces data)</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt">Ounces of Bullion</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Palladium</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Platinum</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Silver</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uOZ_zQ4wDZ7ckw9f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">261,800.3</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">52,359.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">34,906.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">9,599,303.3</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">9,948,370.0</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--CreationsOuncesOfBullion_pp1p0_uOZ_zlT8JcL4Gb4l" style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">94,003.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,801.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,534.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,446,774.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,572,112.0</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--RedemptionsOuncesOfBullion_pp1p0_uOZ_z1Wq9waUBdJi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(13,725.8</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,745.2</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,830.1</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(503,280.5</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(521,581.6</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1p0_uOZ_z8AXwtl35Avf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of Bullion to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,727.6</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(345.6</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(230.5</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(63,299.7</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(65,603.4</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uOZ_zCtSrl8z8Aja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">340,349.9</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">68,070.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">45,380.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,479,497.1</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,933,297.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Investment in Bullion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zNvYHeP3OIbc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">683,521</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">47,595</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">31,905</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">277,468</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,040,489</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--CreationsValueOfBullion_pn3n3_uUSD_z4u7QQpMBgk9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">341,062</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,374</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">151,551</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">533,405</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zWidAueB2Sj" style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(49,084</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,238</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,465</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(22,846</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(77,633</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zDLY1epaVRO9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,896</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,328</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">528</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,504</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,600</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zLRYt23ydLAd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of Bullion to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,741</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(382</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(281</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,369</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,773</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zuAe2wtD8zn8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,573</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(197</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">876</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,292</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zzq1hVW950ae" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain on investment in Bullion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">470,984</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">40,842</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">44,840</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">483,215</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,039,881</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InvestmentInPhysicalCommodities_iE_uUSD_z0vLEAL61Xrd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,466,211</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">106,666</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">91,985</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">898,399</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,563,261</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none"> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49A_20240101__20241231__us-gaap--InvestmentTypeAxis__us-gaap--GoldMember_zHVXHBCaa2ti" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_497_20240101__20241231__us-gaap--InvestmentTypeAxis__custom--PalladiumMember_ze9S4TEU0zt4" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_492_20240101__20241231__us-gaap--InvestmentTypeAxis__custom--PlatinumMember_zWiOK8SiSMZ5" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49C_20240101__20241231__us-gaap--InvestmentTypeAxis__custom--SilverMember_zxqsMDWfBobj" style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td style="display: none"> </td> <td id="xdx_49A_20240101__20241231_zH3lAbmKhjKi" style="display: none"> </td> <td style="display: none"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="13" style="font-style: italic">(Amounts in 000’s of US$, except for ounces data)</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt">Ounces of Bullion</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Palladium</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Platinum</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Silver</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uOZ_zg3BcAcUqzAh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Opening balance</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">289,717.8</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">57,943.6</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">38,629.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">10,622,986.0</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">11,009,276.4</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--CreationsOuncesOfBullion_pp1p0_uOZ_zjttGzE48s98" style="vertical-align: bottom; background-color: White"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,210.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,242.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">828.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">227,700.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">235,980.8</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--RedemptionsOuncesOfBullion_pp1p0_uOZ_zKcgJPGpBoHd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(32,493.4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,498.7</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,332.4</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,191,423.7</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,234,748.2</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1p0_uOZ_zPdiSTfLvCMh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Transfers of Bullion to pay expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,634.1</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(327.1</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(218.0</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(59,959.8</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(62,139.0</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uOZ_zkh2AB5uaZzg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">261,800.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">52,359.8</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">34,906.6</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">9,599,303.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">9,948,370.0</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Investment in Bullion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zdRfndhIh92f" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Opening balance</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">602,149</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">65,824</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">38,629</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">252,721</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">959,323</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zz9iJJrmwlnj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Creations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,568</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,218</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">789</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,718</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">24,293</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_z3CCJ4gFIpM1" style="vertical-align: bottom; background-color: White"> <td>Redemptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(72,381</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,104</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,036</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(30,933</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(113,454</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zOQPsOkrWex2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion distributed for the redemption of Shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,329</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,423</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(431</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,008</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,483</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zIWjV0QxlGka" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Transfers of Bullion to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,824</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(326</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(209</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,657</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,016</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zMlw9lHBPrjb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Realized gain / (loss) on Bullion transferred to pay expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,156</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(255</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,236</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_zX26fumoX4kc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in Bullion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">121,524</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,339</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,821</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">45,260</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">156,624</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--InvestmentInPhysicalCommodities_iE_uUSD_ziXopFGHgCqb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Closing balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">683,521</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">47,595</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">31,905</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">277,468</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,040,489</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

261800.3

52359.8

34906.6

9599303.3

9948370.0

94003.0 18801.0 12534.0 3446774.0 3572112.0 -13725.8 -2745.2 -1830.1 -503280.5 -521581.6 -1727.6 -345.6 -230.5 -63299.7 -65603.4

340349.9

68070.0

45380.0

12479497.1

12933297.0

683521000

47595000

31905000

277468000

1040489000

341062000 23374000 17418000 151551000 533405000 49084000 3238000 2465000 22846000 77633000 22896000 -1328000 528000 10504000 32600000 5741000 382000 281000 2369000 8773000

2573000

-197000

40000

876000

3292000

470984000 40842000 44840000 483215000 1039881000

1466211000

106666000

91985000

898399000

2563261000

289717.8

57943.6

38629.0

10622986.0

11009276.4

6210.0 1242.0 828.0 227700.8 235980.8 -32493.4 -6498.7 -4332.4 -1191423.7 -1234748.2 -1634.1 -327.1 -218.0 -59959.8 -62139.0

261800.3

52359.8

34906.6

9599303.3

9948370.0

602149000

65824000

38629000

252721000

959323000

15568000 1218000 789000 6718000 24293000 72381000 6104000 4036000 30933000 113454000 19329000 -5423000 -431000 5008000 18483000 3824000 326000 209000 1657000 6016000

1156000

-255000

-16000

351000

1236000

121524000 -7339000 -2821000 45260000 156624000

683521000

47595000

31905000

277468000

1040489000

<div id="xdx_848_ecustom--ExpensesPolicyTextBlock_zmmfceIW9l16"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.7.</td><td style="font: 10pt Times New Roman, Times, Serif">Expenses / Realized Gains / Losses</td></tr></table> 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, 2025, 2024 and 2023, the Sponsor’s Fee was $9,539,023, $6,060,263 and $5,919,545, respectively. At December 31, 2025 and at December 31, 2024, the fees payable to the Sponsor were $1,302,110 and $535,618, 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, 2025 and 2024. 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. 0.0060 100000

9539023

6060263

5919545

1302110

535618

<div id="xdx_84A_eus-gaap--SegmentReportingPolicyPolicyTextBlock_z0kmfAB216k8"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.8.</td><td style="font: 10pt Times New Roman, Times, Serif">Segment Reporting</td></tr></table> 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 Trust’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 Trust’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 Trust’s segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the Trust’s Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

<div id="xdx_843_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zZAH8gXh700g"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">2.9.</td><td style="font: 10pt Times New Roman, Times, Serif">Subsequent Events</td></tr></table> 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.

<div id="xdx_80C_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zjQ7NZdwBjxa"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">3.</td><td style="font: 10pt Times New Roman, Times, Serif">Related Parties</td></tr></table> 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.

<div id="xdx_80E_eus-gaap--ConcentrationRiskDisclosureTextBlock_zCqvZ97if95b"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">4.</td><td style="font: 10pt Times New Roman, Times, Serif">Concentration of Risk</td></tr></table> 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.

<div id="xdx_802_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zKuT8G55NPOj"></div> <table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">5.</td><td style="font: 10pt Times New Roman, Times, Serif">Indemnification</td></tr></table> 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.

Authorized share capital is Unlimited with no par value per Share. Shares issued and outstanding at December 31, 2025 were 12,500,000 and at December 31, 2024 were 9,500,000. Net asset values per Share at December 31, 2025 and December 31, 2024 were $206.19 and $109.47, respectively.