EX-4.2 2 ex4-2.htm FORM OF AUTHORIZED PARTICIPANT AGREEMENT

abrdn Palladium ETF Trust 10-K

Exhibit 4.2

AUTH ORI Z ED P ARTICI PANT AGREEMENT

A U THO R I Z E D P ART ICIPANT A GRE E M E NT (this “A g r eem e nt”) dated as of [DATE] am ong (i) [A UTH O R I Z ED P ART I C IPA N T], a [co m p a n y] or g a n i zed un der the laws of [J URI S D ICT ION OF AP] (the “A u thori zed P art icipa n t”), (ii) T he Bank of New Y ork Mell o n, a New Y ork Ban king co r p o rati on acting in its cap acity as tr ustee (in such cap acit y, the “Trust e e”) of the T r ust(s) list ed on t he attach ed Sc hed ule A, w h ich is a part of t his A g r eement (each a “Trust” a nd collecti vel y, the “Tr usts”), each Tr ust created un der N ew Y ork law p u rsuant to its r espective Depositary T r ust A g ree m e nt i dentif i ed on t he att ached Schedule A (each a “Tr ust A greem ent” a nd collecti vel y, the “T rust A gree m ents”), and (iii) abrdn ETFs Sponsor LLC, in its cap acity as sp o nsor of each T r ust (in su ch cap a cit y, the “Sp o nso r”).

R E C I T A L S

A. Pu rsuant to the p r o visi o ns of the ap p lica ble T rust A g reements, each Trust m ay f r om ti me to time issue or redeem eq uity secu r ities rep resenti ng an interest in the asse ts of su ch T r ust (“Sha res”), in each case o n ly in a g g regate a mo unts as set o ut in Sch e du le A (such a g g regate a mo unt, a “Ba s ket”), and inte g r al m ultiples thereo f, and o n ly in t ran s actions with a par ty w ho, at the time of the transactio n, shall have si g n ed and in eff ect an A utho rized Par tici pant A g ree ment with such Tr ust.

B. [A UTH O R I Z ED P ART I C IPA N T] h as req u ested to become an “A u t h o rized Participant” w ith respect to each T r ust (as such te rm is d e fined in the ap plica ble T r ust A g ree m e n t), and t he Sponsor and the Tr ustee have ag reed to such r e quest.

N O W, T H ERE F ORE, in co nsi derati on of the f o r e g oing pr e m ises, and f or other g o od a nd valuab le consideratio n, the receipt of w hich is h e r e by ack n o wled g e d, the par ties, h e r e t o, inten ding to be le gally bo u nd, a g ree as f ollo ws:

Section 1. P r ocedu res. The A uth o r ized Participant will pu r c hase or redeem Baskets of S hares of t he relevant T r ust in co mp lian ce with t he relev a nt Tr ust A g ree m e nt as s up p l e men ted by the Cr eation and Redem ption P r ocedu res attach ed to this A g ree ment as Schedule 1 (such p r oced u res, as t he same m ay be amen d ed or m od i fied fr om time to time in com pliance with the p r o visi o ns hereof a nd thereo f, t he “P r oce d u res”), usi ng either (i) the f orm attached thereto as A nnex I (a “P urch a se Order”, in the case of an o r der to p u rch ase o ne or m o re B askets of Sh a res issued by a sp eci fied T r ust and a “R edem p tion O r der”, in case of an o r der to redeem o ne or m ore Bas kets of S hares issued by a specified Tr ust) or (ii) t h r ou gh the Tr ustee’s electr o n ic o r der entry s y s t e m, as such m ay be made available and co nstituted f rom time to ti me, t he use of w h i ch shall be su bject to t he ter ms a nd con ditio ns att ached thereto as A n nex II. All Pu rchase O r d e rs and Red e mp tion Or d e rs (co lle c tiv e l y, “O rders”) shall be p laced and e xecu t ed in a cco r d a nce with the relev a nt Tr ust A g r ee ment as sup p l e mented by the P r oced u res. Cap italized ter ms used in t his A g r ee m e nt and not other wise d e f i ned herein have t he meaning ascr i bed to t h em in the Pr oced ures.

Section 2. I nco r poration of Stan d a rd T e r ms. The Stan dard Ter ms a ttached h e r e to as Sch e dule 2 are h e reby in c o r p o r a t ed by ref e rence in t o, and m a de a part o f, this A g ree ment.

Section 3. C o n fli c ts R ules. In case of any i nco nsisten cy b e tween t he p r o visions of th is A g ree ment and an a pplicable T r ust A g ree ment, t he p r o visions of such T rust A g ree ment shall co n t r ol. In case of i nco nsisten cy between the p r ovisions inco r po rated by reference into this A g r ee ment p u r s uant to Section 2 ab o ve and a ny oth er p r o vision of this A g r e e ment, t he latter w ill c ontr ol.

Section 4. A utho rized Rep resentati ves. P u rsu a nt to Section 2.01 of the Stan dard T e r ms, attac hed her e to as Sched ule 3-A is a certi ficate listing the A uth o r i zed R e p resen t a tiv es of the A utho rized Participant.

Section 5. A ddition al Cov e nants. T he A u t h o rized Par ticipant co venants and a g rees:

(a) To use its best eff o rts to ensu re t hat a ny Deli very of ap p licable Bu llion to t he Custodian, or any wit h d rawal of applicable Bullion fr om t he ap p r op riate Tr ust, in c o n nection w ith a Pur c h ase O r der or Red e mp tion O rder placed by the A u t h o rized Participant w ill t a ke place on ly th r ou gh o ne or m o re mem bers of t he L ond on Bullion Mar k et A sso c i a tion and/or the L ondon Plati n um and Palladium M a r k et as app r op riate u n der the ter ms of the ap p licab le Tr ust A g ree men t.

(b) Pr o mp tly u pon w ritten dem a nd ther e f o re (a ccom panied by such reason a ble evid e nce as t he A utho rized P a r ticipant m ay requ est), to rei m bu rse t he rel e vant T r ust or the Custo d ian the am ount of any tax es (in c l u ding val ue ad ded taxes) that m ay be i mp o sed on the relev a nt Tr ust or t he C ustodian in con nection with a ny Deli very of Bulli on by or on behalf of the A utho r ized Partici pant to t he C ust o dian (in the case of a P u rchase O r der placed by t he A utho rized P a rti c i pant), or any Delivery of B u llion to or f or the acco u nt of t he A uth o rized P a rtici pant (in t he case of a Redem pti on Or der placed by the A utho rized Participant).

Section 6. N otices. Except as otherwise specifically provided in the Procedures, all notices required or permitted to be given pursuant hereto shall be given in writing and delivered by personal delivery or by postage prepaid registered or certified United States first class mail, return receipt requested, or by email, addressed as follows:

(i) If to the T r ustee:

The Bank of New York Mellon

240 Greenwich Street

8th Floor

New York, New York 10286

Attention: ETF Services

Telephone: (212) 815-2698

Email: etfcsm@bnymellon.com

(ii) If to t he Sp o nso r:

abrdn ETFs Sponsor LLC

c/o abrdn

712 Fifth Avenue – 49th Floor, New York, NY 10019

Attn: Adam Rezak

Telephone: 844-383-7289

Email: adam.rezak@abrdn.com

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(iii) If to the A u t h o rized Pa r ticipant:

[AUTHO R IZ E D PART ICIPANT]

A t tn:

[A P’S A DD R ESS] Telep ho ne:

Email:

o r s uch oth er ad d ress as any of the parties hereto shall have co m mu nicated in w riting to the r e maining parti es in co m pliance with the p r ovisions hereo f.

Section 7. Ef fecti veness, Ter m i nati on and A m e n d m e nt. T his A g r ee ment shall bec o me ef fective up on ex ecution and delivery by each of the parties her e t o. T his A g ree ment m ay be ter min a ted at a ny time by a ny par ty u p on si x ty d a ys p r i or writt en notice to t he other p a rties a nd m ay be ter min a ted ear lier by the T r ustee or t he Sponsor at any ti me on the e vent of a b reach by t he A utho rized P a rticipant of any p r ovision of this A g r ee ment (in c l u ding the Stan dard T e r ms inco r p o rated by S ecti on 2 hereo f) or the Pr o c e du res. T his A g ree men t, along w ith any o t h er ag ree ment or in s t r u ment delivered p u rsu a nt to th is A g ree men t, su per sedes any p rior a g ree m e nt between or a m o ng the p a rti es co nce r ning the matters g o v e r ned h e reb y. T h is A g r e e ment m ay be amen ded by the Tr ustee and t he Sp onsor fr om time to time w ith o ut the c onse nt of the A uth o rized P a r ticipant or any Beneficial O w ner by the f ollo wing p r ocedur e: t he Tr ustee or the Sponsor w ill mail a co py of t he amen d m e nt to the A uth o r ized P a rti c i p a nt in co m pliance w ith the n oti ce p r ovisio ns of this A g reement; if the A utho rized Participant d oes not o bject in writi ng to the amend m e nt within f i fteen (1 5) Business Days a f ter receipt of t he p r op osed amen d ment, t he a men d ment will beco me part of this A g ree ment in acc o r dance with its t e r ms. Titles and section headin gs in this A g r eem e nt (and in t he Stand a rd Ter ms inco r p o r a t ed by Section 2 hereof and the Pr ocedu res) a re i n c l u ded so lely f or co n v e n i e nt refer e n ce and a re not a part of this A g r ee m e n t.

Section 8. G over ning L a w. T his A g ree ment and all the tr a nsactions h e reu n der s hall be g over ned by and inter p reted in acc o r d a nce with the laws of the S tate of N ew Y o rk (reg a r dless of the l a ws t h at m i g ht otherwise g o vern u n der ap p licable N ew Y o rk con flict law p rin c i p l es) as to all matt e rs including matters of vali dit y, co nstr uction, ef fect, p e rf or m a nce and r e medies. T he parties ir r e v o cab ly sub mit to t he n o n-exclusi ve ju risdicti on of any New Y ork State or U n ited States Fe deral co u rt s itting in New Y ork City o v er a ny suit, action or p r o ceed i ng a r i s i ng out o f, or relating to, this A g ree m e nt.

Section 9. A ssi g n m e nt. No par ty to t his A g ree ment shall assi gn any r i g hts, or dele gate the perf or mance of any o bli gations, ar ising hereu nder wit h out the p rior wr itten co nsent of the oth er par ties hereto, w hich shall n ot be u n r easonab ly wit h held; p r o vided, that any entity i nto w hich a p a r ty hereto m ay be mer g ed or converted, or w ith w h i ch it m ay be co nsolidated, or a ny en tity resu lting fr om any mer g e r, consoli dati on or co n version to w hich a p a r ty h e reu ner sh a ll be a p a r t y, sh a ll be the successor of such par ty hereto. T he par ty resu lting f rom a ny such m e r g e r, c on version, co nso lid a tion or successi on shall p r o mptly notify the oth er p a rties hereto of the chan ge. A ny p u r p o rted assi g n ment or dele g a tion in violati on of these p r ovisions shall be null and v oid. N otw ith s tan ding the f o r e g oin g, a ny successor T r ustee ap p o i nted in co mp liance with the ap pli cable Tr ust A g ree m e nt shall autom a tically beco me a par ty h e reto and shall assume all the o b li g a tio ns, and be entitled to all the r i g h ts and r e medies of the Tr ustee h e r e under with respect to t he ap p licab le Tr ust.

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Section 1 0. N o Str ict Constr u c tio n. T he lan g u a ge u sed in t h is A g r e e ment w ill be dee med to be t he l a n g u a ge ch osen by t he parti es to exp ress their m utual i ntent, and no r u le of strict co nstr uction will be ap p lied a gainst a ny par t y.

Section 11. Co u nte r par ts. T h is A g ree ment m ay be exec uted in several c o unter p a r ts, each of w hich shall be an o r i gin al and all of w hich shall constitute b ut one and t he same i nst r u ment.

[S ign a t ures F o llow on Next P a ge]

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IN WIT NESS W HEREO F, t he par ties hereto have executed this A u t h o rized Pa rticipant A g ree ment as of the date set f o r th a bo ve.

T H E BANK OF N EW Y O RK MELLO N, in its cap a c ity as T r ustee of the T r usts listed on Sched u le A h e reto |
By: |  |
N ame: |  |
T itl e: |  |
D at e: |  |

abrdn ETFs Sponsor LLC, in its capacity as Sp o nsor of the T r usts list ed on Sc hed ule A h e r e to |
By: |  |
N ame: |  |
T itl e: |  |
D at e: |  |

[AU TH O R I ZED PAR TICIP ANT] |
By: |  |
N ame: |  |
T itl e: |  |
D at e: |  |

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SC HEDULE A – A P P LICA BLE T RU STS

| ● | abrdn Palladium ETF Trust (issuer of abrdn Physical Palladium Shares ETF), a trust created under New York Law pursuant to that certain Depositary Trust Agreement between the Trustee and the Sponsor, as may be amended from time to time

| ● | abrdn Platinum ETF Trust (issuer of abrdn Physical Platinum Shares ETF), a trust created under New York Law pursuant to that certain Depositary Trust Agreement between the Trustee and the Sponsor, as may be amended from time to time

| ● | abrdn Precious Metals Basket ETF Trust (issuer of abrdn Physical Precious Metals Basket Shares ETF), a trust created under New York Law pursuant to that certain Depositary Trust Agreement between the Trustee and the Sponsor, as may be amended from time to time

| ● | abrdn Silver ETF Trust (issuer of abrdn Physical Silver Shares ETF), a trust created under New York Law pursuant to that certain Depositary Trust Agreement between the Trustee and the Sponsor, as may be amended from time to time

| ● | abrdn Gold ETF Trust (issuer of abrdn Physical Gold Shares ETF), a trust created under New York Law pursuant to that certain Depositary Trust Agreement between the Trustee and the Sponsor, as may be amended from time to time

[D e l ivery L oca tio ns, B a sket Sizes a nd B u llion O u nces per S h are on Next Pag e]

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D ELIVERY LO CATIO NS, BASK ET SI ZES AND BULL ION O UN CES P ER S H A RE

Description of Delivery Locations and Basket Sizes:

| Delivery of Bullion | Shares per basket | Oz. per Share at inception
abrdn Silver ETF Trust | Loco-London | 50,000 | 1.0
abrdn Gold ETF Trust | Loco-Zurich/London | 100,000 | 0.1 0.01*
abrdn Platinum ETF Trust | Loco-Zurich/London | 50,000 | 0.1
abrdn Palladium ETF Trust | Loco-Zurich/London | 25,000 | 0.1
abrdn Precious Metals Basket ETF Trust | Loco-London (gold and silver) Loco-Zurich/London (platinum and palladium) | 50,000 | Silver - 1.100 Gold - 0.030 Platinum - 0.004 Palladium - 0.006

*The amount reflects the impact of the ten-for-one forward share split, which was effective on November 1, 2019, as if the forward share split was effective at inception.

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S C H ED ULE 1- C REATION A ND REDEM PTION P R O C E D U RES

TA BLE OF C O NTENTS - SC HEDULE 1

P a g e

A RT I C LE I D EFI N I T I O NS A ND OTH ER PROV I S I O NS OF G E N ERAL A P P L I C A T I ON

| Secti on 1.01 Definiti o ns | 2
| Secti on 1.02 I nte r p retation | 6

A RT I C LE II CRE A T I ON PRO C EDURES

| Secti on 2.01 I niti al Cr eation of Shares | 7
| Secti on 2.02 Su bseq uent Creati on of S h a res | 7

A RT I C LE III RED E M P TI ON P R OCE D U R ES

| Secti on 3.01 Redempti on of Sh a r es | 9

ANN E X I TO CR EA TI ON AND RED E MPT I ON P R OCEDU R ES

| Creati o n/Redemp tion O r der F o r m | 13

ANN E X II TO CREA T ION AND RED E MPT I ON P R OCED URES

| Or d er E ntry S ystem T e r ms a nd Con d itio ns | 15

S1-1

FIFTH A MENDED A ND R E STA TED CREATION A ND R E DEMPTION P R O CED U RES

A d op ted by t he Sp o nsor and T r ustee (ea ch as d e f i ned bel o w) as of [DATE]

A RT I C LE I

D E F I N I T I O N S A ND O T H ER PRO V I S I O NS OF GEN ERAL APP L ICA T ION

Secti on 1.0 1. D efiniti o ns. F or p u r poses of th e se Pr o ced u res, and the Stan dard Ter ms inco r p o rated by referen ce into the A u t h o rized Pa rti c i pant A g ree m e nt to w hich th ese P r o ced u r es are attached, unless the co n text otherwise req u i res, the f o llo wing ter ms w ill have the f ollo wing m ean i n gs:

“1 9 3 3 Act” means the U.S. Sec u rities Act of 1 933, as amen ded.

“A ffilia t e” shall h a ve the m eaning given to it by R ule 5 0 1(b) u n d er t he 1933 A c t.

“A P In d e mnified P a r ty” sh a ll have the m e a ning asc r i bed to su ch term in Sec tion 6.01.a of the Stan dard Ter ms.

“A ut h ori zed P art icip ant” sh a ll have the mea ning as c r i bed to the te rm in t he intr o d ucto ry parag raph of the A uth o r i zed Participant A g ree m e nt.

“A ut h ori zed P a r tici p ant A gree men t” shall m ean each A utho rized Partici pant A g ree m e nt am o ng the A uth o rized Particip a nt, the Tr ustee and t he S p o nsor into w hich these Creation and Red e m ption Pr o ced u res a re attached as Sched u le 1 and the Stan dard Ter ms and Con ditio ns attach ed as Sc hed u le 2 shall h a ve b e en i nco r p o rated by r e fer e nce.

“A ut h ori zed P art icipa nt Cli ent” mea ns any par ty on w h ose behalf t he A uth o r ized Par ticipant acts in con nection with an Or der (w h e t h er a c usto mer or otherwise).

“A ut h ori zed Represent a tiv e” shall mean, with resp ect to an A u t h o rized Participan t, each individ ual w h o, pu rsuant to the p r ovisio ns of the A u t h o rized Par ticip a nt A g ree ment b e tween such A uth o r ized Participan t, t he Sp onso r, and t he T r u stee, has the p o wer and autho rity to act on behalf of the A uthorized Pa rtici pant in co n n ection with t he placement of P u rch a se O r ders or Red e m ption Or ders and is in possessi on of t he p e rso nal identi fication n um ber (P I N) ass i g n ed by the T r ustee f or use in any c om m u n icati o ns r e gar ding P u rchase or R e dem ption Or ders on beh a lf of such A uth o r ized Participant.

“Ba s ket” shall have the mean i ng a scr i bed to the term in Section 1.1 of the relevant T r ust A g ree ment.

“Ba s ket A m ount” shall m e an the specific b a s ket a mo unt term d e fined in S ecti on 1.1 of the relevant Tr ust A g ree m e nt (e.g., t he “Bas ket Silv er A m o u nt” in t he case of the abrdn Silver ETF Trust; the “Bas ket G o ld A m o u n t” in the case of the abrdn Gold ETF Trust; the “Bas ket Platinum A mo unt” in the case of the abrdn Platinum ETF Trust; the “Bas ket Palladium A m o u nt” in t he case of the abrdn Palladium ETF Trust; and the “Basket Bullion A m o u nt” in the case of the abrdn Precious Metals Basket ETF Trust).

S1-2

“Be n ch m a rk Price” sh all have t he m ean i ng ascrib ed to the term in S ection 1.1 of t he relev a nt T r ust A g r e e ment.

“Be nef i c i al O wner” shall have the meaning g i v en to it by Rule 1 6a-1(a)(2) of t he Secu riti es E xch a n ge Act of 19 3 4.

“B ullion” shall m ean Sil ver, G old, Platinum an d/or Palladium as ap p r op r iate.

“B usiness D ay” shall mean, if and as a pplicable, (i) each d ay the e xch a n ge on w hich the relevant Shares trade is o p en f or r e gu l ar tradin g, a nd/or (ii) a L o n don Busi ness D a y, an d/or (iii) a Z u rich Business D a y.

“C rea t i on” means the p r ocess t hat b e gins w hen an A uth o rized Particip a nt first i n dicates to the T r ustee its intention to p u rchase o ne or mo re Bask e ts of a sp ecified Tr ust p u rsuant to these Pr o ced u res and co nclu des with the issuance by t he Tr ustee a nd D e liv e ry to such A utho rized Pa rticipant of the cor respo n ding nu m ber of t hat T rust’s Shar es.

“C rea t i on a nd R edemption Line” shall m ean a tel e ph o ne n u m ber d esi g nat ed as such by the T r ustee and sp ecif ied in A n nex I of the P r o ced u r es or oth e rwise com m unicated to each A utho rized Pa rticipant in co m pliance w ith the n otice p r o visions of the r esp ective A utho rized P a r ticipant A g ree ment.

“C ustodial Alloca ted Acco u n t” shall mean t he all ocated bulli on a cc o u nt estab lish ed by the T r ustee w ith the Custo d ian p u rsu a nt to the relev a nt Custo dian A g r eement.

“C ustodial Una lloca t ed A ccount” shall mean the u nallocated bulli on accou nt estab lish ed by the T r ustee w ith the Custo d ian p u rsu a nt to the relev a nt Custo dian A g r eement.

“C ustodian” shall mean, with respect to the abrdn Gold ETF Trust, the abrdn Platinum ETF Trust, the abrdn Palladium ETF Trust, the abrdn Precious Metals Basket ETF Trust and the abrdn Silver ETF Trust, JPMorgan Chase Bank, N.A., in its capacity as custodian under the Custodian Agreements and any successor thereto or additional or other custodian appointed in compliance with the provisions of the relevant Trust Agreements and relevant Custodian Agreement(s).

“C ustodian A gree ment” or “C ust o d i an A gree m ents” shall mean t he a pplicable Custodian A g ree ment by and between the T r ust ee a nd the C ustodian with respect to t he ap p licab le T r ust.

“D elivery” shall mean a deli very of Bulli on or Sh a res, as a pplicab le, in each case ef fected acco r ding to the definition of “Deli v e r” in Section 1.1 of the relevant Tr ust A g ree men t.

S1-3

“D e p osit or” shall m ean any A utho rized Pa rticip a nt that d e posits B ullion in to t he relevant Tr ust, either f or its o wn acco u nt or on behalf of an o t her Person t hat is the o w ner or ben e ficial o w n er of that B ullio n.

“D e p osit Pro p ert y” m eans p r op e r ty w hich, in com pliance w ith the pro visi o ns of t he relevant T r ust A g r ee m e nt, m ust be transfer red by the A utho rized Participant to the rel e vant T r ust in exchan ge f or that T r ust’s S hares.

“D TC” shall m ean The Depository Tr ust Com p a n y, its n o min ees and t heir resp ective succ esso rs.

“F I NRA” means the Fin a ncial I n dustry Re gu l a t o ry A utho rit y.

“Go l d” shall have the m eaning ascr i bed to the term in S ection 1.1 of the T r ust A g ree men ts of the abrdn Gold ETF Trust and the abrdn Precious Metals Basket ETF Trust, as ap plica ble, relating to g o l d.

“I n i t ial Crea tion” sh a ll m ean t he initial creation of S hares p u rsuant to the p r ovisio ns of Section 2.01 hereo f.

“LBM A” sh a ll mean the L on d on Bulli on M a r k et Asso c iatio n.

“Lo ndon Business D a y” shall mean a d ay (o t h er t han a Satu r d a y, S und ay or a p u blic holid ay in E n gland) on w h ich co m m e r c i al ban ks generally and the o ver-the-co u n ter mark e ts in silver, w ith resp ect to abrdn Silver ETF Trust and the abrdn Precious Metals Basket ETF Trust, a nd g old, with resp ect to t he abrdn Gold ETF Trust a nd t he abrdn Precious Metals Basket ETF Trust, each as c o o r dinated by t he L B MA, and in platinu m, with resp ect to the abrdn Platinum ETF Trust and the abrdn Precious Metals Basket ETF Trust, and palladiu m, with resp ect to the abrdn Palladium ETF Trust and t he abrdn Precious Metals Basket ETF Trust, each as coo r dinated by the L PPM, are o pen f or the transacti on of busin ess in L on d o n.

“LP PM” shall mean t he L o nd on Platinum and Palladium Mar ket.

“O rder” shall have the meaning ascr i bed to it in Sec tion 1 of the A utho rized Par ticipant A g ree ment.

“O rder C u t o ff Ti m e” s hall have the m e a ning as c r i bed to the te rm in Section 1.1 of the relevant T r ust A g r e e ment.

“O rder D a te” shall hav e, (i) with resp ect to a Pu rchase O r der, t he m eaning ascribed to the term in Secti on 2.3(a) of the rele vant T r ust A g reement; a nd (ii) with respect to a R e dem ption Or der, the m ean i ng ascribed to the term in S ection 2.6(a) of the relevant Tr ust A g ree ment.

“O u nce” sh a ll have the m eaning asc r i bed to the t e rm in Section 1.1 of the relevant T r ust A g ree ment.

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“P a lladium” shall have t he meaning ascribed to the term in S ecti on 1.1 of the Tr ust A g r ee ments of the abrdn Palladium ETF Trust and the abrdn Precious Metals Basket ETF Trust, as ap p licable, relati ng to pall a diu m.

“P erso n” shall mean any natu ral person or a ny li mited liability com pan y, co r po ratio n, partn e r s hip, joint ven t u re, ass ociati o n, j o i nt stock co mpan y, trust, uninco r po rated or g a n i zation or g o v e r nment or any agen cy or p olitical su b division thereo f.

“P l a t i nu m” shall have the m eaning asc ribed to the term in Se c tion 1.1 of the Tr ust A g r eements of the abrdn Platinum ETF Trust a nd t he abrdn Precious Metals Basket ETF Trust, as ap p licable, relati ng to p l a tin um.

“P ro c e d u res” shall have the mean i ng ascrib ed to it in Section 1 of t he A uth o rized Pa r ticipant A g ree ment.

“P rospect us” or “P rospec t uses” mea ns t he cu r r e nt p r ospectus of the relevant Tr ust in c l u ded in its eff ective r e gistrati on stat e ment, as su pple men t ed or amen ded fr om time to ti m e.

“P ur cha se O r der” shall h a ve t he m eaning a scrib ed to it in Sec tion 1 of the A u t h o rized Par ticipant A g ree ment.

“R e d e mpt i on Order” s h a ll have t he mea ning ascribed to it in S ection 1 of the A utho rized Pa rticipant A g reement.

“Sha res” m e a ns Shares issu ed by t he relev a nt T r ust p u rsuant to the p r ovisions of t he relevant T r ust A g r e e ment.

“S ilv e r” shall have the mea ning ascrib ed to the term in Sec tion 1.1 of the Tr ust A g ree m e nts of the abrdn Silver ETF Trust and the abrdn Precious Metals Basket ETF Trust, as ap plica ble, relati ng to sil v e r.

“Spo nsor” shall mean abrdn Investments ETFs Sponsor LLC, a Delaware li m ited liability co m pan y.

“Spo nsor In demnified P art y” shall have the mea ning as c ribed to such term in S ecti on 6.0 1.b of the Stan d a rd Ter ms.

“Tr ust ee” sh a ll m e an T he Bank of New Y o rk Mell o n, a New Y ork b a n k i ng co r p oration, in its cap acity as Tr ustee u n der each T r ust A g r eem e nt, a nd any su c cessor thereto in co mplian ce with the p r o visi o ns thereo f.

“Tr ust” or “Tr ust s” shall have the mea nin gs ascr i b ed to them in the intr oductory p a rag raph of the A uth o r ized Participant A g ree m e nt.

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“Tr ust A gree m ent” or “Trust A gree m ent s” shall have t he mea nin gs ascr i bed to t hem in the intr od uctory par a g raph of the A uth o rized Pa rticipant A g ree m e nt.

“U n all oca t ed Basis” shall have the mea ning ascr i bed to the te rm in S ection 1.1 of the relev a nt T r ust A g r e e ment.

“VA T” shall mean (a) a ny tax im p osed p u rsuant to or in com plian ce with the S i x th D i rective of the Co u ncil of the E u r o pean Eco n o mic Com m unities (7 7/38 8/EEC) in clu din g, in relation to the U nited Kin gd o m, value a d ded tax im p osed by the V a l ue A dded Tax A ct 1994 and le gislati on and r e gu l a tio ns sup p l e mental thereto; and (b) a ny other tax of a si m ilar natu re, w h e t her i mp osed in a m e mb er state of the E uro pean U n i on or e lse w h e re, in su bstitution f o r, or lev i ed in ad dition to, su ch tax r e f e rr ed to in “(a)”.

“Zur ich Business D ay” shall m ean a day (oth er than a Satu r d a y, Su nday or a p u blic holid ay in Switzer lan d) on w hich c o mmercial ban ks g e nerally and the o ver-th e-co un ter mar kets in g old, w ith resp ect to t he abrdn Gold ETF Trust, platinu m, with respect to t he abrdn Platinum ETF Trust, the abrdn Precious Metals Basket ETF Trust, and palladiu m, w ith resp ect to the abrdn Palladium ETF Trust and the abrdn Precious Metals Basket ETF Trust, are op en f or the transaction of b usiness in Z u rich.

Secti on 1.02. I nte r p retati o n. In t hese P r o ced u r es:

U n less o t herw ise indicated, all references to S ections, clau ses, par a g rap hs, sch e dules or exhibits, are to Sections, clauses, par a g raphs, schedules or ex h i b its in or to these P r oced u res.

T o t he extent that t e r m(s) d e fined in Section 1.01 ap p ly to a Tr ust that has not co mmenced o perati o ns as of a ny relevant date a nd such T r ust is listed or to be listed on Sch e dule A of the A uth o r ized Pa rticipant A g reement, such te r m(s) s hall n ot be oper a tive and any p r ovisio ns relating to su ch a T r ust and its Shares co ntai ned in the A utho rized Participant A g reement shall have no eff ect u n til such T r ust c o m men c es op e r a tio ns and its T r ust A g r eement a nd ap p lica ble Custodian A g ree ment have been executed and d e liv e red w hereu pon such ter ms and p r ovisio ns s hall beco me automatic a lly o perative and ef fective witho ut any fu rther ac tion by the parties to the A uth o rized Pa rticipant A g reement.

T h e w o r ds “h e reof”, “h e rein”, “h e reu n der” and w o r ds of si m ilar im p o rt shall r e f er to these Pr o ced u res as a w h ole, a nd not to a ny individ ual p r ovision in w hich su ch w o r ds m ay ap p ear.

A ref e rence to any statu te, law, decree, r ule, reg ulation or o t her ap p licab le no rm sh a ll be co nstr ued as a refer e nce to su ch statute, law, decree, r ule, r e gu l a tion or other ap pli cable norm as re-en acted, re-desi g n a ted or a mend ed f rom time to time.

A r e ference to any a g reement, instr u m e nt or d ocu ment shall be co nst r ued as a r e feren ce to su ch a g ree m e nt, instr u ment or d ocu ment as the s a me m ay have b een a mended fr om ti me to time in co m pli a nce with the p r o visions thereo f.

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A RT I C LE II CRE AT I ON

P R O CED U R ES

Secti on 2.01. I nitial C reation of Sh a res. T he initial cr eation of S hares of a T r ust will ta ke place in co mp liance with such p r oce dures as t he T r ustee, t he Sp onsor a nd t he initial Dep osit or m ay a g r ee.

Secti on 2.02. Su b seq u e nt Creati on of Sh a res. After the I niti al Cr eation, the issuance and Delivery of Shar es of a specif ied T r ust s hall take place on ly in i n teg ral nu mbers of Bas kets in co m pli a nce with the f oll o wing r u les:

a. A uth o r ized Participan ts wishing to acq uire f rom the T r ustee o ne or m o re Bas kets sh a ll place a P urch ase O r der w ith the Tr ustee no later than 3:5 9:59 p.m. (New Y o rk ti m e) on any Business D a y. P u rchase Or ders r e cei ved by the Tr ustee on or a fter the Or der Cuto ff T i me on a Business Day shall be c o nsidered received at t he op e ning of b usiness on the next Business D ay and s hall have as t heir O rd er Date such next Business D a y.

b. F or p u r p o ses of S ection 2.0 2a. a bo ve, a Pu rchase Or d er shall be dee med “received” by t he T r ust ee on ly w h en either of the f oll o w i ng h as occu rr ed no later th an 3:5 9:59 p.m. (N ew Y ork tim e):

(i) Telep h one/fax Or der – An A utho rized Rep resentati ve shall have placed a teleph o ne ca ll to the Tr ustee’s Creation and Redempti on Line and has r eceiv ed an Or d er N u mb er fr om the T r ustee f or i nser tion in the P ur c h ase O r der, or

(ii) W e b-based Or der – An A utho rized Representative sh a ll have accessed the T r ustee’s online se r vices (www.e t f ser v ices.ban k of n y.co m)

in either case in f o r ming the T r ust ee that the A uth o r i zed Par ticip a nt w ishes to place a Pu rchase Or der f or a sp eci fied n u mber of B askets an d, in the case of a t e lep hone o r d e r, wit h in 15 min u t es f ollo wing such telep h o ne call the T r ustee shall have received a p r o per ly co mp l e t e d, i r rev o cab le Pu rchase O r der in the f o rm set out in A n nex I to th ese P r ocedur es exec uted by an A utho rized Rep rese ntati ve of such A utho rized P a r ticip a nt, via f acsimile at the nu m ber sp ecified in such A n nex I.

c. T he T r ustee shall p r o v i de a wr itten su mmary to the S po nsor and the C ust odian of all ac cepted P u rch a se O r ders f or such Or d er Date no lat er than 5:30 p.m. (New Y ork ti me).

d. As so on as r easo nab ly p racticable f ollo wing receipt of a p r oper ly co m pleted Pu rchase O r d er b ut n ot later than 5:30 p.m. (New Y ork time) on the Or d er Date f or such Pu rchase Or der, the T r ustee shall send to the A uth o rized Par ticipant (w ith co py to the Custodian), v ia facsi mile or electr on ic mail messa ge, a co py of the co rresp on d i ng Pu rchase Or der en d o rsed “Acc e pted” by t he T r ustee and indicating the Basket A mo unt t hat the A u t h o rized Participant shall Deliver to the Custodian in respect of e ach Basket. P r i or to the transmission of the Tr ustee’s acceptance as sp eci fied abo ve, a Pu rchase Or der will o n ly rep res e nt the A uth o r i zed Participant’s u nilateral o f fer to d e posit Bulli on in exchan ge f or B askets of Shares and will h a ve no b i n ding ef fect u p on the Tr ust or any o t her par t y. F o llo wing t he tr a n s mission of the Tr ustee’s ac c e ptan ce as specified ab o ve, a Pu rchase Or d er will be a bin ding ag r ee ment am ong the T r ust and t he A uth o r i zed Parti c i p a nt f or the creation and p u rchase of B a s kets of S hares and the deposit of Bullion p u rsuant to the t e r ms of t he Pu rchase Or der and t hese Pr o c e d u res. If a P u rchase O rd er is rejected, the T rustee shall send to the A uth o r ized Participant (with copy to t he Custod ian), via facsi mile or electr onic mail mess a ge, as so on as r easo nab ly p r acticab le, but n ot later th an 5:30 p.m. (New Y ork tim e) on the Or d er Date f or su ch Pu rchase O r d e r, a copy of the cor resp o nd i ng Pu rchase O r der en d o rsed “D eclined” by the T r ustee and in dicating the reaso n. T he p r eced i ng sentence n o t withstan d i n g, Pu rchase Or ders n ot accepted by 5:30 p.m. (New Y ork ti me) on t he O r der D a te shall be d eemed ca n celled. A Pu rchase Or der w hich is n ot p r oper ly co mplet ed will be dee m ed in v a lid a nd rejected by the T r uste e; the A uth o r ized Participant m ay su b mit a c o rr ected P u rchase O r der within the time period sp eci fied in Secti on 1.09 of the Standard Ter ms.

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e. Each P u rchase Or d er shall settle on the second Busi ness D ay f o llo wing the Or der Date. T he Bas ket A m o u nt co rresp on d i ng to each B asket m u st be dep osited in the Cu s t o dial U nalloca ted A cco u nt in un a llo cat ed Bullion (i) l oco L o nd on w ith r esp ect to Silver f or the abrdn Silver ETF Trust and the abrdn Precious Metals Basket ETF Trust, (ii) loco L o n don with resp e ct to G old f or the abrdn Precious Metals Basket ETF Trust, (iii) loco Z u rich or loco L o n don with resp e ct to G old f or the abrdn Gold ETF Trust, and (iv) loco Z u rich or lo co L o nd on w ith resp ect to Plati n um and Palladium f or t he abrdn Platinum ETF Trust, the abrdn Palladium ETF Trust and the abrdn Precious Metals Basket ETF Trust, no lat er than 1 0:00 a.m. (L on d on ti me) on the second Business D ay f oll o wing the Or d er Date.

f. T he Cu s t o dian shall ad v ise the Tr ustee in writing of the dep osits made to the Custo d ial Alloca ted Acco unt in con nection with each P urchase Or d e r.

g. On the second Business D ay f ollo wing the O r d er Date co r resp o nding to a Pu rchase Or der, or on such earlier d a te and ti me as the Tr u stee in its absolute discretion m ay ag r ee w ith the A uth o r ized Participan t, t he Tr ustee shall issue the a g g regate nu m ber of Shares c o r resp o nding to the Bask e ts o r d e red by the A u t h o rized Participant and Deliver t hem, by c red it to the acco u nt at DTC w hich the A utho r ized Pa r ticipant shall have id e nti fied f or su ch pu r pose in its Pu rchase Or der, p r o v i ded that, by 11:00 a.m. (New Y o rk ti me) on the d a te such iss u a nce and Deli very is to take place:

(i) the C ustodian s hall have r e p o rted in w riti ng to the Tr ustee th at the co rresp on ding req uired amo unt of Bullion has been dep osited in the Tr ustee’s Custo dial U nalloca ted A ccou nt in c o m pli a n ce with the p r o v isions of Section 2.02e. a b o ve and

(ii) the A u t h o rized Parti c i pant sh a ll h a ve p a id or a g r e ed to p ay the Tr u stee a p er o r der tran s acti on fee in the a mo unt of US$5 00, if ap pli cable.

h. In all o t her cases, the Tr ustee sh a ll i ssue t he a g g regate n u m ber of S h a r es co rresp on ding to the Baskets o r dered by the A u t ho rized Participant and Deliver them by c redit to the ac c ou nt at D TC w hich the A u t h o rized Par tici pant shall have identi fied f or such p u r p o se in its Pu rchase O r der on the Business D ay f o llo wing the date on w h ich a ll of the co n diti o ns set f o r th in clauses (i) and (ii) of Se c tion 2.0 2 g. ab ove shall have b een met. In the event that, by 1 1:00 a.m. (New Y ork time) on t he second Business D ay f oll o w i ng the Or der D a te of a Pu rchase Or der, the T r ustee’s C ustodial U nallocated A cco unt shall not have been cr e dit ed w ith the req uir ed am o u nt of Bulli on in co m pli a nce with the p r o visions of sec tion 2.0 2e. ab ov e, the T r ustee shall se nd to the A uth o r ized P a rticipant and the Cust o dian v ia f ax or electr o n ic m a il message n otice of such fact and t he A utho rized Pa rticipant shall have t wo (2) Busi ness D a ys f ollo wing rece i pt of su ch n o tice to co rr e ct such fail u re. If such f a ilu re is n ot cu r ed within such t wo (2) B u s i ness D ay perio d, the T r ustee shall, u nless t he Sp o nsor sh a ll oth e r wise direct, can c el su ch Pu r c hase Or der and w ill send via fax or electr onic mail mess a ge notice of such ca ncellati on to the A u t h o rized P a rticipant and the Custo d i a n, a nd the A u t h o rized Participant will be solely resp on s i b le f or a ll costs incu r red by the T r ust, the T r ust ee or the Custo dian relat ed to t he ca ncelled Or der.

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i. T he f o r e g oing p r o v isio ns n o t withstan d i n g, neither the T r u s tee nor the Custodian sh a ll be li a ble for a ny fail u re or delay in m a king D e liv e ry of S hares in res p ect of a Pu rchase Or der arising fr om n uclear fission or f usio n, radio activit y, war, te rr o rist ev e nt, in vasion, insu r rectio n, civil co m m otion, rio t, st rike, act of go ver n m e nt, p u blic autho rit y, public se r v i ce or u tility p r o blems, p o wer o u tages resulting in telep h one, teleco py and co mp uter failu r es, act of G od such as fires, flo o ds, e xtreme weather co nditions, m a r ket co nditi o ns or activiti es causing trad i ng halts, s yste ms failu res in v olving c o m p u t er or other in f o r mation s yste ms af fecting a Tr ust, t he Tr ustee, the Custo dian or su b-custo dian, metal clearing bank dela ys a nd s i milar ex t rao r dinary even ts bey ond the T r ustee’s co ntr o l. In the e vent of any such d e la y, the ti me to c o m plete Deliv e ry in resp ect of a P u rchase O rder will be ex t e nded f or a period eq ual to t hat d u ring w h ich t he i nability to perf orm co nti n ues.

j. E xcept as p r ovid ed in Sectio ns 2.02 d., 2.0 2 f. and 2.0 2 h., n one of t he T r ust ee, the Sp onso r, the Custodian, n or any su b-custo d i an are u nder any du t y, to g i ve n o tification of any def ects or irr e gu larities in a ny Pu rchase Or d er or the deli very of t he B a s k et A m ou n t, and shall n ot incur any liab ility for the failu re to give any such n o tification.

k. Pu rchase Or ders m ay be rejected u nder the circu mst a nces specified in the ap plica ble Pr osp ectus.

A RT I C LE III RE D E M P T ION

PROCE D URES

Secti on 3.01. Red e m ption of S hares. Red e m ption of Shares of a speci fied Tr ust shall take place o n ly in inte g ral n u m bers of Bas kets in co m p liance w ith the f ollo wing r ules:

a. A uth o r ized Parti c i pants wishing to r e deem o ne or m o re Bas kets sh a ll p l ace a Redempti on Or der with t he T r ustee no later th an 3:5 9:59 p.m. (N ew Y ork time) on a ny Business D a y. Red e m ption O rders rec e i ved by the T r ustee on or af t er t he Or der C uto ff T i me on any Business Day shall be c o nsidered received at t he op e ning of b usiness on the next Business D ay and s hall have as t heir O rd er Date such next Business D a y.

b. F or p u r poses of Section 3.0 1a. a bo ve, a Redem ption Or d er shall be deemed “rec e i ved” by the Tr ustee o n ly w hen eit h er of the f ollo wing has occu r r ed no later than 3:5 9:59 p.m. (New Y ork ti m e):

(i) Teleph o ne/fax Or der – An A uth o r i zed R e p resen tative shall have placed a teleph o ne ca ll to the Tr ustee’s Creation and Redempti on Line and has r eceiv ed an Or d er N u mb er fr om the T r ustee f or i nser tion in the Red e m ption Or d e r, or

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(ii) W e b-based Or der – An A utho rized Representative sh a ll have accessed the T r ustee’s online se r vices (www.e t f ser v ices.ban k of n y.co m)

in eit her case in f or ming t he T r ustee th at the A uth o r i zed Participant wishes to place a Red e m ption Or der f or a sp eci fied n u mber of B askets an d, in the case of a t e lep hone o r d e r, wit h in 15 min u t es f ollo wing such teleph o ne call the Tr ustee shall h a ve r e ceived a d u ly c o m pleted, i r rev ocab le Redempti on O r der in the f orm set out in A nn ex I to these Pr ocedu r es e xecu t ed by an A utho rized Rep rese ntati ve of such A utho rized P a r ticip a nt, via f acsimile at the nu m ber sp ecified in such A n nex I.

c. U p on r eceipt of a p r o per ly c o mp leted Red e m ption Or d e r, the T r ustee shall send to the A uth o r ized Pa rticip a nt (with co py to the Cu s t o dian), via facsim ile or electr o n ic m a il messa g e, as so on as r easo nab ly practicab l e, b ut n ot later t han 5:30 p.m. (New Y ork ti m e) on t he O r der D a te f or such R e d e m ption O r der a co py of t he co r resp on d i ng Red e mp tion O rder end o r sed “Accepted” by the T r ustee a nd indicating the Basket A m ou nt that the Custod ian shall Deliver to the A uth o r ized Pa rticipant in respect of e ach Bas k et bei ng red e e med

d. T he Tr ustee shall, by 11:00 a.m. (New York time) on the second Business D ay f ollo wing the O r d er Date of a Redem ption O r d e r, c on firm in writing to the Custo d i an w hether each of the following has occurred by 10:00 a.m. (New York time) on the second Business Day following the Order Date of a Redemption Order:

(i) the A utho rized Pa rticipant has Deli vered to t he T r ust e e’s acco unt at D TC the total nu mber of S hares to be redeemed by such A utho rized Participant pu rsuant to such Redempti on O rder; and

(ii) the A utho rized Participant has paid or a g r eed to p ay the Tr ustee a per o r d er transaction f ee of U S$500, if applicab le.

Pr o vided th at the Custo d ian has r eceived written co n fir mation f r om the T rustee that the c on d itio ns set f o r th in clauses (i) and (ii) of Secti on 3.01 d. a b ove h a ve been satisfied, t he C ustodian shall:

(1) on the same Business Day, Deliver:

| ● | unallocated Silver loco London;

| ● | unallocated Gold loco London;

| ● | unallocated Gold loco Zurich (for the abrdn Gold ETF Trust only);

| ● | unallocated Platinum loco Zurich;

| ● | unallocated Platinum loco London;

| ● | unallocated Palladium loco Zurich; and/or

| ● | unallocated Palladium loco London

(as ap p licab le to the sp e cific Red e m pti on O r der)

in the amounts specified in the communication sent in compliance with Section 3.01c. above, to the account indicated by the redeeming Authorized Participant in its Redemption Order (which shall be an appropriate bullion account with an LBMA member or LPPM member, as applicable for the type of Bullion involved). Having made such Delivery, the Custodian shall send written confirmation thereof to the Trustee who shall then cancel the Shares so redeemed.

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e. In all oth er cases, Deliv e ry m ust be co m pleted by the Custo d i an as soon as, in the reaso nab le jud g ment of t he C ustodian, it is p r actica ble f oll o w i ng receipt of writt en co n f i rmation fr om the Tr ustee that the co nditi o ns set f o rth in clauses (i) and (ii) of Section 3.01 d. a bo ve have been satisfied.

f. T he f o r e g oing p r o v isio ns n o t withstan d i n g, neither the T r u s tee nor the Custodian sh a ll be liable f or any f ailu re or delay in m a k i ng Delivery of Bullion in r esp ect of a Red e m ption Or der arising fr om nu c l ear fission or f usio n, rad i oactivit y, war, ter r o rist even t, invasio n, insu rrec tio n, civ il commotion, r i ot, strike, act of go v e r nm e nt, p ublic autho rit y, p ublic se r vice or utility p r o ble ms, p o wer o u ta ges resulti ng in t e l e p h o ne, tele c o py and co mp uter fail u r es, act of G od su ch as fir es, floo ds, e xtreme weather co nditions, m a r k et co nditions or acti v ities causi ng trading halts, s yste ms f a ilu res i n volv i ng co m puter or other in f o r mati on s yst e ms af fecting a T r ust, the T r ustee, the Custo dian or sub-custodian, m e t al c l ear i ng bank dela ys and si milar extr a o r dinary ev e nts b e y o nd the T r ustee’s contr ol. In the event of a ny such dela y, t he time to co mp l e te Delivery in resp ect of a Redem p ti on Or der will be ex t e n ded f or a p e riod equal to that du ring w hich the inab ility to perf orm contin ues.

g. In the ev e nt that, by 10:00 a.m. (N ew Y ork ti me) on the seco nd Bu s i ness D ay f ollo wing the Or d er D a te of a R e dem ption O r d e r, Tr ustee’s ac c ou nt at DTC shall n ot have been cred ited w ith t he total n um ber of Shares co rr espo n ding to the t o t al n u mber of Bas kets to be red e e med p u rsuant to su ch Red e m ption Or d e r, t he T r ustee shall send to the A u t h o rized Par ticipant and the Cust o dian via fax or electr onic mail messa ge notice of such fact and the A utho rized Pa rticipant shall have t wo (2) B usi ness D a ys follo wing receipt of such n oti ce to co r r ect such failu re. If such failu re is not cu red within su ch two (2) Business D ay period, the Tr ustee (in co nsultati on with the S p onso r) w ill c a ncel su ch Red e m ption Or der a nd will send via fax or electr o n ic mail m essa ge n o tice of such ca ncellation to the A uth o rized Pa rticipant and the Custo d ian, a nd the A utho rized Par ticip a nt will be solely resp onsible f or all costs incu r r ed by the T r ust, the Tr ustee or the C ustodian related to t he can cell ed Or der. The T r u s tee is autho rized to Deliver the B a s ket A mo u nt f or a Red e mp tion Or der n otwit hst a nding t hat the Basket(s) to be red e e med a re not cred ited to t he T r ustee’s D TC accou nt by 10:00 a.m. (N ew Y o rk ti me) on the second Business D ay f ollo wing the Or d er Date of a Red e m pti on Or der if the A u t h o rized Par ticipant has c oll a ter a lized its o b lig a tion to deliv er the Bas kets th r ou gh DTC’s b o ok entry s ystem on such ter ms as the S po nsor and the Tr ustee m ay fr om ti me to time a g ree u p on.

h. T he redem ption of S h a res m ay be suspen ded or rejected u n der the c i rcu mstan c es sp eci fied in the ap p lic a ble Pr ospectus.

[S i g na tures F ollow on Next P a ge]

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IN WITN E SS W H E REO F, t he S po nsor a nd t he Tr ustee have exec uted these Fifth A mended and Restated Creation and R e demp tion P r o ced u res as of t he date set f o rth ab ov e.

TH E BA NK OF N EW Y ORK M E LL O N, in its c a pacity as T r ustee |
By: |  |
N ame: | Phyllis A. Cietek |
T itl e: | Vice President |

abrdn ETFs Sponsor LLC, in its cap a c ity as S p onsor |
By: |  |
N ame: | Lucia Sitar |
T itl e: | Vice President |

[Fifth A m en ded a nd Res t ated Creation a nd Redem ption Proced ures Sig n ature P ag e]

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ANNEX I TO CREATION AND REDEMPTION PROCEDURES

THE BANK OF NEW YORK MELLON, TRUSTEE
CREATION/REDEMPTION ORDER FORM
UNALLOCATED ORDERS ONLY

CONTACT INFORMATION FOR ORDER EXECUTION:

Telephone order number: | (718) 315-7500
Fax order number: | (732) 667-9478

Authorized Participant must complete all items in Part 1. The Trustee in its discretion may reject any order not submitted in proper form.

I. TO BE COMPLETED BY AUTHORIZED PARTICIPANT:

Name of Trust:

☐ | abrdn Silver ETF Trust | ☐ | abrdn Gold ETF Trust

☐ | abrdn Platinum ETF Trust | ☐ | abrdn Palladium ETF Trust

☐ | abrdn Precious Metals Basket ETF Trust

Date:_____________________________ Time:__________________________________________

Broker Name:______________________ Authorized Participant Firm Name:__________________

DTC Participant Number:_____________ Fax Number:____________________________________

Telephone Number:_________________ Symbol:________________________________________

Type of order (Check Creation or Redemption please)

Creation: ☐ Redemption: ☐

# of Baskets:______________________ Number of Baskets written out:_____________________

Order #__________________________

Please indicate Bullion clearing agent:

JP Morgan ☐ Other (please specify clearing agent):_______________________

Account number for Bullion delivery:____________________________________________

(With respect to Silver only): | loco London ☐ |
(With respect to Gold involving the abrdn Precious Metals Basket ETF Trust only): | loco London ☐ |
(With respect to Gold involving the abrdn Gold ETF Trust only): | loco London ☐ | loco Zurich ☐
(With respect to Platinum only): | loco London ☐ | loco Zurich ☐
(With respect to Palladium only): | loco London ☐ | loco Zurich ☐

This Purchase or Redemption Order is subject to the terms and conditions of the Trust Agreement of the Shares of the Trust as currently in effect and the Authorized Participant Agreement between the Authorized Participant, the Trustee and the Sponsor named therein. All representations and warranties of the Authorized Participant set forth in such Trust Agreement (including, if this is a Purchase Order, the representations in Section 3.2 of the Trust Agreement) and in the Authorized Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof.

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The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Representative under the Authorized Participant Agreement and that he/she is authorized to deliver this Purchase or Redemption Order to the Trustee on behalf of the Authorized Participant. The Authorized Participant acknowledges and agrees that (1) once accepted by the Trustee, this Purchase or Redemption Order will become a legally binding contract for the delivery by the Authorized Participant of the Basket Amount per Basket for a Purchase Order, or the number of Baskets for a Redemption Order, indicated above, and that the final Basket Amount will be announced at the conclusion of the trading day and, (2) any taxes (including Value Added Taxes) incurred in connection with this transaction will be the responsibility of, and will be reimbursed upon demand from the Custodian or the Trust by, the Authorized Participant if required pursuant to the Authorized Participant Agreement.

|  | Authorized Representative’s Signature |  | Date

II. TO BE COMPLETED BY TRUSTEE:

This certifies that the above order has been:

_______________Accepted by the Trustee

_______________Declined-Reason:____________________________________________________

Final # of Ounces:

______________________________(Gold)

______________________________(Silver)

______________________________(Platinum)

______________________________(Palladium)

Final # of Shares: _________________

Final Cash Due to BNYM _______________

Date |  | Time |  | Authorized Signature of Trustee

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A NN E X II TO CREA TION A ND R E D E M P TION PROCED URES

O R DE R EN TRY SY S T EM T E R MS A ND CO ND I T I O NS

T h is A n nex II shall g o vern use by A uth o riz ed Participant of t he electr onic o r d er en t ry s yst em f or p lac i ng Pu rchase O r ders and Re d e m ption Or ders f or S h a res (the “S yst e m”). C a pit a lized t e r ms used b ut not otherwise defin ed h e r e in shall h a ve the m eanin gs ascribed to su ch ter ms in Schedule 1 of the A u t h o rized Parti c i pant A g ree ment. In the ev e nt of any co n f lict betw een the ter ms of t h is A nn ex II and the main body of t he A uth o r ized Participant A g r e e ment with r espect to the placing of Pu r c hase Or d e rs and Redem pti on Or ders, t he ter ms of this A nnex II shall co n t r o l.

1. (a) A utho rized Parti c i pant shall p r ovide to T he Ba nk of New Y ork M e llon a d u ly exec uted auth o r izati on lett e r, in a f orm satisf actory to T he Bank of New Y ork Mello n, iden tif ying t h o se au t h o r ized perso ns w ho w ill access the S ystem (t he “A u t h orized Perso ns”). A utho rized Participant shall n oti fy The B a nk of N ew Y ork Mellon in writing in the event t hat a ny p e rso n’s stat us as an A utho r ized P e rson is revo ked or ter minated as so on as p ossible, in o r der to give The Bank of New Y ork Mellon a r easonable op p o rtunity to t e r m i nate such A uth o r ized Perso n’s a ccess to t he S ystem.

(b) It is un derstood a nd ag r eed that each A uth o rized Pe rson sh a ll be d esi g nated as an autho rized user of A uth o r ized P a rticipant for the p u r p o se of the A utho rized Participant A g ree ment. U p on ter m i nati on of t he A uth o r ized P a r ticip a nt A g ree m e nt, the A utho r ized Pa rticipan t’s and each A utho rized Perso n’s access r i g hts with respect to S ystem shall be i mmediately rev o ked.

2. T he Bank of New Y o rk Mellon g rants to A u t h o r i zed Partici pant a p e rso nal, n o ntransferab le and n o nexcl usive lice nse to use the S ystem solely f or the p u r p ose of transmitti ng Pu rchase Or d e rs and Redempti on Or ders a nd other wise c o m m u n ica ting with T he B a nk of New Y ork M e llon in c on necti on with the same. A uth o r ized Pa rticipant s h a ll use the S ystem solely for its o wn inter n al and p r op er b usiness p u r po ses. Except as set f o rth h e rein, no license or r i g ht of any kind is g ran t ed to A utho rized Parti c i pant w ith respect to the S yste m. A uth o r ized Participant ack n o wled ges that T he Ba nk of N ew Y ork Mellon a nd its su ppliers r e t a in and h a ve title and exclusive p r o p r ietary r i g hts to the S yste m. A u t h o rized Pa r ticipant f u r t h er ack n o wled g es that all or a p a rt of the S ystem m ay be co p y r i g hted or tr a d e m a r ked (or a r e gistrati on or claim made ther e f o r) by The Bank of New Y ork Mellon or its su ppliers. A uth o r ized Par ticip a nt shall n ot t a ke any a c tion with resp e ct to t he S ystem inco nsist e nt with the f oreg oing ac kn o w led g m e nts. A uth o r i zed Par ticipant m ay not co p y, distr i b ute, se ll, l ease or p r o vide, directly or indirectl y, t he S ystem or a ny po rtion thereof to any o t her p e rson or entity w ith out T he Bank of New Y ork Mello n’s p rior written co n sent. A uth o r ized Parti c i pant m ay not r e m ove a ny st a t u t o ry cop y r i g ht n o tice or oth er n oti ce i ncluded in the Sy ste m. A uth o r ized Participant shall rep r o d uce any such n otice on any rep r od uction of a ny po rtion of the S ystem and shall add any statutory c o p y r i g ht notice or other n otice u p on T he Bank of New Y ork Mello n’s request.

2. (a) A utho r ized Parti c i pant ac kn o wled ges that any user man uals or oth er d o c umentation (w h e t h er in hard copy or el ectr o nic f or m) (co llectivel y, the “M a terial”), w h ich is deliver ed or m a de available to A uth o r ized Pa rticipant r e g a r ding the S ystem is the ex c l usi ve and c on fidential p r o per ty of T he Bank of N ew Y o rk Mellon. A uth o r ized Partici pant shall k eep t he Mater ial co n fidential by using the sa me care and discretion that A uth o r ized Participant uses with resp ect to its o wn co n f i dential p r o p e r ty a nd trade se c r e ts, b ut in no e vent less than reaso nable care. A u t h o rized Par ticip a nt may m a ke such co pies of t he Material as is r eas onab ly n ecessa ry f or A uth o rized Particip a nt to use the System and shall r e p r o d uce T he Ba nk of N ew Y ork Mellon’s p r o p rietary mar kin gs on any such co p y. T he f o reg oing shall n ot in any w ay be deem ed to affect the c o p y r i g ht status of any of the Material w h i ch m ay be co p y r i g hted and s hall app ly to all Mate r ial w het her or n ot c o p y r i g hted. T HE BANK OF N EW YO RK MEL L ON AND ITS SUPPL I ERS M A KE NO W ARRAN TI ES, E X P R E SS OR I MPLI E D, CONCERN ING T HE M A T E R I AL OR ANY PRO DUCT OR S ERV ICE, I N C L U D I NG BUT NOT L IM I T ED TO W ARRA N T I ES OF MERCH A N T ABI L ITY OR FITN E SS F OR A PART ICU LAR PURPO S E.

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(b) U p on ter mination of t he A uth o r ized Par tici p a nt A g r eement f or any reaso n, A u t h o rized P a r ti c i pant sh a ll retu rn to T he Bank of New Y ork Mellon all c o p ies of the Mate rial w hich is in A uth o r ized Partici pant’s p ossession or u n der its c o n t r o l.

3. A uth o r ized Participant a g r ees t hat it shall have sole resp onsibility f or main tain i ng adeq uate secu r ity and co ntr ol of the user I Ds, passw o r ds and co des f or access to the S yste m, w h i ch shall n ot be disclosed to a ny third par ty witho ut the p rior w r itten co nsent of T he B a nk of New Y o rk Mello n. T he Bank of New Y o rk Mellon shall be en titled to rely on the in f o r mation rec e i ved by it fr om the A uth o r ized Participant and T he Bank of New Y o rk Mellon m ay assu me that a ll such i n f or mation was tran s mitted by or on behalf of an A u t ho rized Person r e g a r d less of by w h om it was actu a l ly transmitted.

4. T he Bank of New Y o rk Mellon shall have no liability in c onnecti on with the use of the S yste m, t he access g ranted to the A utho rized Parti c i pant and its A uth o rized Perso ns hereu nder, or any tr a nsaction e f fect ed or a ttemp t ed to be e f fect ed by the A utho rized Pa r ticipant hereu nd e r, e xcept f or d a m a ges i n c u rred by t he A uth o r ized Par ticipant as a dir ect resu lt of T he Bank of New Y ork Mellon’s g r oss n e gli gence or w illf ul misco n duct. W I T H OUT LIM IT I NG T HE G E N E R A LI TY OF THE F O R E G O I NG, IT IS H ERE BY AGRE ED TH AT IN NO EV E NT S H A LL T HE B A NK OF N EW YO RK M E LL ON OR A NY M ANU F ACT URER OR SUPP L I ER OF E QU IPMEN T, S O F T W ARE OR S E R V ICES BE R ESPO NS I B LE OR L IA B LE F OR A NY SP E C I A L, IN D IRECT, OR CONSE Q U E N T I AL D A MAG ES W H I CH T HE A U T HO R I Z ED PART I C I P A NT MAY I NCUR OR E XPERI EN CE BY REA SON OF I TS H A V I NG E N T ERED I NTO OR RE L I ED ON T H IS AGRE EM E N T, OR IN CONNE C T I ON W I TH T HE A CCE SS GRAN T ED TO A U T HO R I Z ED PART I C I P ANT HERE UNDE R, OR A NY TRANSACT I ON EFF E C TED OR A TTE M P TED TO BE EFF ECT ED BY AUT HORI Z ED P ART I C IPA NT HE R EUND ER, E V EN IF T HE BA NK OF N EW YO RK M E LL ON OR SUCH MA NU F A C TURER OR SUPP L I ER H AS B E EN A D V I S ED OF T HE POSS I B IL I TY OF SU CH D A MA G ES, NOR SH A LL T HE BA NK OF N EW Y ORK M EL L ON OR ANY S UCH MA NU F ACTURER OR SU P P LI ER BE L IA B LE F OR ACTS OF G OD, M A C H I NE OR C OMPUT ER BRE A K D O WN OR M A L F UNCT ION, I N T ERRUPT I ON OR M A L F U NCT I ON OF C O M M U N ICA T I ON F A C I L I T IES, LABOR D IFF I C U L TI ES OR A NY OTH ER SI MILAR OR D I SSI M I LAR CAU SE BE YOND SUCH PE RSO N'S R E ASONA B LE CON TRO L.

5. T he Bank of N ew Y ork Mell on rese rves the r i g ht to rev oke A utho rized Participan t’s a ccess to t he S ystem im med iately and wit h out n oti ce u p on any b r each by the A u t ho rized Pa r ticipant of t he ter ms and co n diti o ns of t h is A n nex II.

6. T he Bank of N ew Y o rk M e llon shall ac k n o wle d ge th r o u gh t he S ystem its receipt of e ach P u rchase Or der or Red e m ption O r der co m mu nicated th r ou gh the S ystem, and in t he absen ce of such ac k no wled g ment T he Bank of New Y ork Mell on sh a ll n ot be li a ble f or any fail u re to act in acco r dance with su ch o r ders and A uth o r ized Participant m ay n ot claim that such Pu rchase Or der or Red e m p ti on Or der was r eceived by The Bank of New Y ork Mello n. T he Bank of New Y o rk Mellon m ay in its discreti on decline to act u p on any inst r uctio ns or co mm unicatio ns th at are insu f ficient or inco mplete or are not r eceiv ed by T he Bank of New Y o rk Mell on in su fficient time f or T he Bank of N ew Y ork Mell on to act up o n, or in acco r dance with such in str uctio ns or co mm unicatio ns.

7. A uth o r ized Pa rticipant ag rees to use reaso nab le eff o rts to p revent the tr a nsmission th r o u gh t he S ystem of any so ftware or f ile w h i ch co n t a i ns a ny v i r uses, w or ms, h a r m f ul co mp onent or co rr up ted data and a g r ees not to use any d e vice, so ftware, or r o utine to i nter f e re or a tte mpt to interfere w ith the p r op er w o r k i ng of the S ystems.

8. A uth o r ized Participant a c k no w led ges and a g rees t hat e ncr y p tion m ay n ot be available f or every co mm unication th r o u gh t he S ystem, or f or all d a t a. A utho rized Participant a g r e es that T he Bank of N ew Y ork Mellon m ay d eac tiv a te a ny encr y pti on f eatu res at any time, witho ut n otice or liability to A uth o r ized Pa rticipan t, f or t he pu r p ose of maintainin g, repairing or tr ou b les ho o ting its syste ms.

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S C H ED ULE 2- STAN D A RD TER MS

TABLE OF C O NTEN TS - S C H E DULE 2

Pa ge

A RT I C LE I ORDE RS FOR PURC HA SE AND R EDE MPT ION

| Secti on 1.01. A uth o r iza tion to P urch a se a nd Red e em Baskets | 1
| Secti on 1.02. Pr o ced u res f or Or d e rs | 1
| Secti on 1.03. Conse nt to Reco r din g | 1
| Secti on 1.04. Irrev o cabilit y | 1
| Secti on 1.05. Costs and E x p e nses | 1
| Secti on 1.06. Delivery of Pr o per ty to the Tr ust | 2
| Secti on 1.07. T itle to D e posit P r op e r ty and Sh a res Su r ren dered for Red e m pti o n | 2
| Secti on 1.08. Certain P a y m e nts or Distr i b utions | 3
| Secti on 1.09. A m b i gu ous I nstr uctio n s | 3

A RT I C LE II AU T HO R IZED REPRE S E N T A T I V ES

| Secti on 2.01. Certi fication | 4
| Secti on 2.02. P IN N u m bers | 4
| Secti on 2.03. Ter m i nati on of A utho rit y | 5
| Secti on 2.04. Verif icatio n | 5

A RT I C LE III S T AT US OF THE A U T HO R I ZED PART I C I P A NT

| Secti on 3.01. Clear i ng Status | 5
| Secti on 3.02. Br o k e r-Dea ler Statu s | 5
| Secti on 3.03. F o rei gn Status | 6
| Secti on 3.04. Co m plian ce with Cer tain L a ws | 6
| Secti on 3.05. A uth o r ized Participant Status | 6

A RT I C LE IV RO LE OF AUT H O R I Z ED PART I C I P ANT

| Secti on 4.01. No A gen c y | 6
| Secti on 4.02. Rig hts and O bli gatio ns of DTC P a r ticip a nt | 6
| Secti on 4.03. Beneficial O w ner C o m munica tio ns | 6
| Secti on 4.04. A uth o r ized Participant C usto mer I n f or matio n | 7

A RT I C LE V MARK E T ING M A TE R I A LS AND R EPRESEN T A T I O NS AND W ARR AN T I ES

| Secti on 5.01. A uth o r ized Participant’s Rep resen t a tio n | 7
| Secti on 5.02. Pr osp ectu s | 8

A RT I C LE VI I N D E M N IFICA T I O N; LIMI T A TI ON OF LIA B I L I TY

| Secti on 6.01. I ndem n i f i cati o n | 8

A RT I C LE V II MISCE L L A N E O US

| Secti on 7.01. Co m mence ment of T radin g | 11

i

THIRD A ME NDED AND R E STATED STA NDARD TER MS F OR AUTH O R IZED PAR T I CIPANT A G R EEME NTS (t he “S tand ard T er ms”) a g reed to as of [DATE] by and betw een T he B a nk of New Y ork Mellon, a New Y o rk ban k i ng co r p o ration (t he “Trustee”), and abrdn ETFs Sponsor LLC, a Dela ware limited liab ility co m pany (the “Sponsor”).

A RT I C LE I

O RDE RS F OR P URC H A SE A ND RED E MPTI ON

Secti on 1.0 1. A uth o r i zati on to Pu rchase a nd Redeem Baskets. Su bject to t he p r o v i s i o ns of the A utho rized Par ti c i pant A g ree men t, du ring the term of the A utho rized Parti c i pant A g ree ment the A u t h o rized Parti c i pant will be au t h o rized to pu rchase and redeem Bas kets of Shares in c o m plian ce with the p r o v isio ns of the r elevant Pr ospectus.

Secti on 1.0 2. P r o ced u r es f or Or d e rs. Each par ty h e reto a g rees to co m p ly with t he p r o visi o ns of t he r e l e vant Pr o s p ectus and t he P r o c e du res to t he extent ap p lica ble to it.

Secti on 1.03. Conse nt to Reco r din g. T he ph o ne li nes used by the T r ustee, the Cust o dian, the S p o nsor a nd/or their aff iliated perso ns m ay be r e c o r ded, and t he A uth o r i zed Parti c i pant her e by co nsen ts to t he reco r ding of all calls with any of th ose par ties. In the event t hat t he T r ustee, the Cust o dian, t he Sp onsor or any of th eir a f filiated perso ns beco mes le gally co mpell ed to d isc l ose to a ny t h i rd par ty any reco r ding in v olving co mmu n ications with the A uth o r ized Pa rticipan t, the S p o nsor a g rees to p r o vide the A utho rized Pa rtici pant with reaso nable ad van ce written n otice i dentif ying the rec o r din gs to be so disclosed unless p r o hibited by a pplicable r ule, law or o r d e r, to gether with co pies of su ch r eco rdin gs, so th at the A uth o rized Participant m ay seek a p r otective o r d er or oth er a pp r o p riate r e m e dy with respect to t he r eco r d i n gs or waive its r i g ht to do so. In the event that su ch p r o tec tive o r der or oth er r e medy is n ot o btained or t he A uth o r ized Participant waives its r i g ht to seek su ch p r o t ecti ve o r der or r e med y, the S po nsor w ill use c ommercially reasonable ef f o rts to o b tain reliable assu rance that con f i den tial treat ment w ill be acco rded t he reco r d ed co n versation. T he T r ust ee, t he S po nsor or any of their a f filiat ed perso ns sh a ll n ot otherwise d isc l ose to any third par ty a ny reco r ding in v olving co m m u n icatio ns with the A uth o rized Parti c i pant wit h out the A utho rized Participan t’s e x p ress written co n sen t, except the T r ust ee and the S p o nsor m ay discl ose to any reg ulat ory or self-r e gu l a t o ry or ganization, to the e xtent required by applicab le r ule or la w, any reco r d i ng i n volv i ng co mm unicatio ns with t he A utho rized Participant.

Secti on 1.0 4. I r revocab ilit y. T he A utho rized Par ticip a nt a g rees that delivery to t he T r ustee of an O r der sh a ll be irrevocable; p r ovided that t he T r u st will reject any O r d er that is not p r o per ly co mp l e ted. In the ev e nt th at the p u rchase or red e m ption of Baskets is suspen ded by t he T r ustee or t he S po nsor and su ch suspension affects a ny Or der sub m itted by t he A uth o r ized Pa rticipan t, the Tr ustee or Sp onso r, as ap plica ble, will p ro m ptly n otify the A uth o r ized Pa rticipant of su ch suspensio n. In such cas e, the Sp o nsor a g r ees to un der take co mmercially reaso nab le ef f o rts to acco m m od a te any req uest by t he A u t h o rized Participant to cancel a p rev i o usly placed O r der.

Secti on 1.05. C osts and E x penses. T he A uth o r ized Participant sh a ll be res p onsible f or t he expenses a nd co s ts incu rr ed by the Tr ust t hat can be d i rec t ly attr i b utable to Or d e rs sub mitted by the A uth o r i zed Pa r ticip a nt o t her than o r dinary cou rse expenses a nd costs w h i ch are rei m b u rsed th r ou gh p a y ment of the f ee contemp lat ed in Sec tion 2.02(g) of the Pr o cedu res. T he Tr ustee or the Sp o nsor shall p r ovide the A utho rized Par ticipant with r easo n a b ly detail ed in f o r mati on relati ng to s uch expenses a nd costs u p on request by t he A u t h o rized Par ticip a nt.

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Secti on 1.06. D elivery of P r op e r ty to the Tr ust a nd S hares S u r ren d e red f or Redem ption. T he A u t h o rized Parti c i pant u nderstan ds and a g rees that in the ev e nt Dep osit P r op e r ty is not transfer red to the T r ust by the ti me sp ecified f or t he Pu rchase Or der, or Shares a re n ot d e liv e r ed to the T r ustee by the ti me spec i fied f or the Red e mp tion Or d er an d, in each su ch case, in co m pli a nce with t he P r o cedu res and the relevant P r ospectus, the P urchase Or der or Red e mpti on Or der m ay be cancelled by the Tr ustee and the A u t h o rized Par ticip a nt will be solely resp o nsible f or all costs incur red by the Tr ust, t he T r ustee or the Custo d ian relat ed to the can celled O r der. T he A uth o rized Particip a nt will n o t, ho w e ver, be respo nsible f or c osts i n c u rred by t he T r u s t, t he T r ustee, or the Custo d i an related to ca ncelled O r ders w here the f a ilure to transf er Depo s it Pr o p e r ty to the Tr ust is d ue to t he g r oss negli g e nce, b ad fait h, or r eckless or w illf ul m i scon d uct of the T r ustee, the Sp o nso r, or the C ust o dian. T he f o reg oing p r o v isions n o t withstan d i n g, t he A uth o r ized Participant s h a ll n ot be liable f or any fail u re or delay in m a k i ng Deli very of Bulli on in respect of a P urch ase Or der or f or any failu re or delay in su r ren der i ng Shares f or redempti on arising f r om n uclear fission or f u s i o n, r a dioactiv it y, w a r, terr o rist even t, inv asi o n, i nsu rrection, civil co m m otion, riot, strike, act of g o ver n ment, p u blic au t h o rit y, p u blic ser vice or utility p r o blems, po wer o uta g es r esulti ng in telep h o n e, teleco py a nd com p u ter f a ilu res, ac ts of G od, su ch as fires, f l o ods, extreme w e a t her c on d itio ns, mar ket co nditions or activities causing trad i ng halts, s ystems f a ilu r es in v olving com p u ter or other in f o r mation s ystems a f fecting the A uth o r iz ed Pa rticipan t, or si milar e xtrao r din a ry even ts b e y o nd the A u t h o r ized P a rticipant’s contr ol. In t he ev e nt of any such dela y, t he time to c o m plete D e liv e ry in r esp ect of a P u rchase Or d er or Redempti on Or der w ill be exten ded f or a p e r i od eq ual to th at du ring w hich the inability to perf o rm contin ues. U p on the dep osit of any B u llio n, the A utho rized Participant as D e positor rep res e nts and w a rr a nts t hat (i) the Bull i on meets the relevant req u i r e ments to be such Bulli on and contains the req uired nu mb er of O u n c es, (ii) t he A uth o riz ed Participant is d u ly autho r i zed to m a ke such d e p osit of Bu llion and (iii) at the time of deli ver y, t he B u llion is free and clear of any li e n, p l e d ge, encu m bran ce, r i g h t, char ge or claim.

Secti on 1.0 7. T itle to Dep osit Pr o per ty and S h a res S ur ren d e red f or Redempti o n. T he A uth o r ized Participant r e p rese nts and war rants to the Tr ustee and t he S p o n s or that

a. in co nnec tion w ith each P u rchase O r der, the A u t h o rized Participant w ill have the r i g ht and auth o rity to transf er to the Tr ust t he co rresp on d i ng Dep osit P r o per t y, and t hat u pon deli very of such Dep osit P r o p e r ty to the Custo d i an and/or the relev a nt su b- cu s t o dian in acc o r dan ce with t he Pr ocedur e s, the Tr ust will acq u i re go od and u nencu m bered title to such p r op e r t y, f ree and clear of all liens, char ges, d uties im posed on the transfer of assets and e ncu m b rances and not su bject to a ny ad verse clai ms or transferab ility r est rictions, w hether a rising by o p e ration of law or o t h e rw ise; and

b. in co n n ection with a Redem ption Or d e r, the A u t h o rized P a rti c i pant will have the r i g ht and auth o r i ty to su rren der to t he Tr ustee f or red e mpti on the co rresp on d i ng Shares, and u pon such s u rren d er t he T r ust will acquire go od a nd u nen c u m ber ed title to su ch Sh a res, f r ee a nd clear of all liens, char g es, d u ties im p osed on t he t ransfer of assets and encu mb rances and n ot subject to any ad verse claims, tr a n s ferability restrictio ns (w heth er a rising by o p e r a tion of l aw or o t herw ise), loan, pled ge, r e p u rch ase or secu r ities len d i ng ag r eements or other ar ran gements w hich, u n der such circu mstances, w o uld p rec l u de the d e livery of such Sh a r es to the T r ustee on the second Business D ay f oll o w i ng the date of the Red e mp tion O r der.

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Secti on 1.08. C e r tain P a ymen ts or Dist rib uti o ns.

a. W ith respect to any Pu r c hase Or der, the T r ustee ackn o wled ges and a g rees to retu rn to t he A utho rized Par ticip a nt or a ny A uth o rized Participant Client f or w hich it is acting any p a y ment, distrib uti on or other am o u nt paid to the Tr ust in resp ect of any Dep osit P r o p e r ty t ransf e rred to the T r ust that, based on the valuation of such Deposit Pr o p e r ty at the time of t ransf e r, sho u ld have been paid to the A u t h o rized Participant or any A uth o riz ed P a r ticip a nt Clien t. L i kewise, t he A uth o r ized P a r ticip a nt ac k n o wled g es and a g r e es to r e t u rn to the Tr ust any p a y m e nt, d istribution or other am ount p a id to t he A uth o r ized Par ticip a nt or any A uth o r ized Par tici p a nt Client in respect of any Deposit Pr o p e r ty t ransfer red to the Tr ust t hat, b ased on the valuation of such Deposit P r o per ty at the ti me of transf e r, shou ld have b een paid to the T r ust.

b. W ith r esp ect to any Re dem pti on Or der, t he A uth o r i zed Parti c i pant on behalf of itself and any A uth o r ized Participant Cli e nt ack n o w led g es a nd a g r ees to r e t u rn to the T r ust any p a y m e n t, d istribution or o t her a mo unt paid to it or an A uth o r iz ed Pa rticipant Client in respect of any p r o per ty tran s fer red to the A u t h o rized Participant or any A u t h o rized Par ticipant Client t hat, based on t he valuation of such p r o per ty at the time of transf e r, sh ould have been paid to the T r ust. T he Tr ustee is entitled to r e d uce t he amo unt of any p r o p e r ty due to the A u t h o rized Participant or any A uth o rized Parti c i pant Client by an a m o u nt eq u al to a ny p a y men t, distribution or other sum to be p a id to t he A uth o r ized Pa rticipant or to the A u t h o rized Par ticip a nt Client in respect of any p r oper ty transfer red to the A uth o rized Par ticipant or a ny A uth o r ized Pa rticipant Clie nt that, based on t he valuation of such p r o per ty at the time of tr a nsf e r, sh ould be paid to the Tr ust. If, h o wever, the T r ustee so red u ces an a mo unt of any p r o p e r ty ap p r op riately d ue to t he A uth o r ized Participan t, the A u t h o rized P a rticipant shall n ot be r e quired to retu rn to t he T r ust p a y men t s, distr i b utions or oth er a mo unts eq ual to such red uction t hat has been paid to the A uth o r i zed P a r ticip a nt or t he A uth o rized Participant Client as is contemplat ed in the first sentence of t h is Section 1.0 8(b). L i k e w i se, the T r ust ack n o wled g es and ag rees to retu rn to the A utho rized Pa rticipant or a ny A utho rized Participant Client any p a y men t, distr i b ution or other a mo u nt paid to it in resp e ct of any S har es t ransfer red to the Tr ust that, based on t he valuati on of such S h a res at t he ti me of transf e r, sh o uld have b een paid to t he A utho rized Partici pant or such A uth o riz ed Participant Clien t.

Secti on 1.09. A m b i g u o us I nstr uction s. In t he ev e nt that a Pu r c hase Or der or Red e mpti on Or der co ntains ter ms th at differ fr om the in f o r m a tion p r o v i ded in the related t e lep hone call or email tran s missio n, the T r ust ee will atte mpt to co n t act t he A uth o r i zed Participant to req uest co n f i r m a tion of the ter ms of t he o r d er at t he telep h o ne n u mber in dicated in t he Pu rchase O r der or Redempti on Or d e r. If an A uth o r i zed Rep r esentati ve co n f i r ms the t e r ms as th ey a ppear in t he Pu rchase O r der or Red e m ption O r d e r, t hen the o r d er w ill be accep t ed and p r o cessed. If an A uth o r ized R e p resen tative co ntradicts t he t e r ms of the P u rch ase Or der or Redem ption Or der, t he o r der w ill be dee med inv a lid, and a co r rected Pu rchase Or d er or R e d e mp tion Or d er must be receiv ed by the Tr ustee n ot later th an t he earlier of (i) within f i fteen (1 5) m i n utes of such co ntact with t he A utho rized Rep resentative or (ii) thir ty (3 0) min u t es af ter the O r der Cu t o ff Time. F or the av o i dan ce of do u b t, n o t withstan ding t he in validation of the initial Pu rchase Or der or Redempti on Or d er p u r s uant to this p a r a g raph, a P u rchase Or d er or Redemp tion O r der that is oth e r wise in p r o per f orm sh a ll be deemed su b mitt ed at the time of its initial su bm ission f or p u r poses of d e t e r m i n i ng w hen o rders are dee m ed “receiv e d.” If the Tr ustee is n ot able to co ntact an A utho rized P e rso n, t hen the P u rch ase O r der or Red e mpti on Or d er shall be accep t ed and p r ocessed in acco r d a nce with its ter ms notwithsta n d i ng any inconsisten cy fr om the te r ms of t he teleph o ne in f or m a tio n. In the event that a Pu r c h ase Or d er or Red e m ption Or d er co ntains ter ms that are ille g i b l e, the su b mission will be deemed i n valid and t he T r ust ee will attempt to co ntact the A uth o rized Particip a nt to requ est retran s missio n. A co r r ected Pu r c hase Or der or Red e mpti on Or der must be r e cei ved by the T r u s tee, as ap p lica ble, not later than the ea rlier of (i) within fifteen (15) min utes of such co n t act with the A u t h o rized P a rti c i pant or (ii) thir ty (30) m i n utes after the Or d er Cuto ff T i m e.

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A RT I C LE II

AU T HO R I Z E D R E P R ESENTA T IV ES

Secti on 2.01. Cer tification. C o ncu r rently with t he exec uti on of t he A utho r ized P a rti c i pant A g ree ment, t he A uth o r i zed Participant shall d e liver to the Tr ustee a ce rtif ica te in a f orm as attached at Sc hed ule 3-A to the A utho rized Participant A g r eem e nt (an “A ut h orized Represe n ta t i ve Cer tifica te”) si g ned by t he A u t h o r i zed P a rticipant’s Secreta ry or oth er d u ly auth o rized person setting f o rth the n a mes, si gnat u res, e-mail ad dresses and telep h one and facsi mile n u m b e rs of all persons au t h o rized to give instr uctions relati ng to a ny activity co ntem p lated hereby or a ny other n otic e, r e qu est or instr uction on behalf of t he A uth o r ized Pa rticipant (each an “A ut h ori z ed Represe n ta t i ve”). S uch certifica te m ay be accep ted and relied u p on by the T r u s t ee as co nclusive evid e nce of t he f acts set f o r th t herein and shall be co nsidered to be in f u ll f o r ce and e ff ect u ntil (i) receipt by the T r ust ee of a su per sed i ng A uth o r ized Rep resentative C e r tificate, or (ii) ter mination of the A u t h o rized Parti c i pant A g ree ment. A fter such A u t h o rized Rep resentative Certif ica te is accep ted by t he T r ustee, t he A uth o r ized Pa rticipant m ay autho rize ad diti o nal A utho rized Rep resen tatives to give inst r ucti o ns relati ng to any activ ity c o ntem plated hereby or any other n oti ce, req uest or i nstr ucti on on behalf of t he A u t h o rized Participant by delivering to t he Tr ustee an add e nd um to t he cer tificate descr i bed ab o ve in a f orm as attached at Sch e du le 3-B to the A uth o r i zed Participant A g r e e ment.

Secti on 2.0 2. P IN N u m bers. T he T r ustee sh a ll issue to each A uth o rized Par ticip a nt a u n i q ue personal iden tification n u m b er (“P IN N u m be r”) by w hich such A utho rized Parti c i pant sh a ll be identified and i n s t r u c tio ns issued by the A uth o rized Par ticip a nt shall be au t henticated. T he PIN N u m ber shall be kept c on fiden tial and o n ly p r o v i ded to A u t h o rized Rep resentatives. T he A uth o r iz ed Participant m ay rev o ke the P IN N u mb er at a ny ti me upon written n otice to t he T r ustee, and t he A uth o r i zed Participant shall be respo nsible f or d oing so in the e vent th at it bec o mes aware t hat an u nau t h o rized person has rec e i ved access to its P IN N u mb er or h as or inten ds to u se the PIN N um ber in an unautho r ized m a nn e r. U p on receipt of such writt en r e ques t, the Tr ustee shall, as pro m ptly as p racticable, de-ac tiv a te the PIN N u mb e r. If an A uth o riz ed Pa rticipan t’s P IN N u m ber is chan ged, the new PIN N u m ber will b eco me ef fective on a date m utu a l ly a g r e ed u p on by t he A u t h o rized Participant a nd t he Tr ustee. E x cept as otherwise p r o vided in these Stan d a rd Ter ms, the A uth o r i z ed Par ticip a nt a g rees th a t, absent the Tr ustee’s frau d, g r oss n e gli g e nce, bad f a ith or reckless or willf ul misco n duct in faili ng to cancel the P IN N u mb er p r o mp tly f o llo wing a written requ est to do so fr om t he A uth o rized P a rticipant or t he ter mination of the A u t h o rized P a rti c i pant A g ree m e nt, n o ne of t he T r ust or the T r ustee shall be li a ble f or losses i ncu r r ed by the A u t h o rized Pa rticipant as a result of u nautho rized u se of t he A uth o r ized Pa rticipant’s P IN N u mber p rior to the ti me w hen the A utho rized Pa rtici pant p r o v i des n o tice to the Tr ustee of the t e r mination or rev o cation of au t h o rity pu rsuant to Sec tion 2.03 and the T r ustee has de-a c tivated the PIN N u m ber as p r o v i ded f or in this par a g rap h.

S2-4

Secti on 2.03. T er mination of A uth o r i t y. U p on the ter mination or rev ocation of a utho rity of an A u t h o r ized Repr e sentative by the A uth o rized Partici pant, t he A utho rized Partici p a nt shall (i) give, as p r o m ptly as p racticab le un der t he circu mstances, w ritten n otice of such f act to t he T r ustee a nd such notice s h a ll be e ff ective u p on receipt by the Tr ustee; and (ii) req uest a new P IN N u mb e r. T he T r ustee shall, as p r o mp tly as practicab l e, de-activate the PIN N um b er up on receipt of such writt en notice.

Secti on 2.04. V er i f icatio n. T he T r ustee m ay assu me t hat all i nstr ucti o ns issued to it usi ng the A u t h o rized Pa rtici pant’s PIN N u m b er have been p r oper ly placed by A uth o rized Rep rese ntati ves, unless t he Tr ustee has act ual kn o wled ge to the co n t rary or the A uth o r ized Pa rticipant has rev o ked its PIN N um ber. T he T rustee sh a ll have no d u ty to verify t hat an O r der is being p laced by an A utho rized Rep resentative t hat uses a v a lid PIN N u mber. T he A utho r ized Pa rticipant a g rees t hat t he Tr ustee shall n ot be r espo nsi ble, ab sent the T r ust ee’s fraud, g r oss negli gence, bad faith or rec k less or will f ul miscondu c t, f or a ny losses incurr ed by the A uth o r iz ed Pa rticipant as a result of an A uth o rized Rep resentative identif y i ng h i mself or h e rself as a different A uth o r ized Rep resentative or an unauth o r i zed person iden tif ying himself or her self as an A uth o rized Rep rese ntative, u nless the Tr ustee p revio usly rec e i ved f r om the A uth o r iz ed Pa rticipant w ritten n otice to rev oke its PIN N u m ber.

A R T I C L E I II

STAT US OF T HE A U T HORI Z ED P ART I C I PA NT

Secti on 3.0 1. Clearing Status. T he A uth o rized Participant rep r esents, co ven a nts and war rants that, as of the date of e xecu tion of the A u t h o rized Parti c i pant A g ree ment, a nd at all ti mes d u ring the te rm of t he A utho rized Particip a nt A g ree men t, t he A utho rized P a rti c i pant is and will be en titled to use the clearing and settle m e nt se r vices of each of the nati o nal or in ter nati o nal clearing and settlem e nt or g a nizati o ns th r o u gh w hich, in c o m pliance w ith t he P roced u res, t he transactio ns c onte mp l a ted hereby w ill cl e ar a nd settle. A ny chan ge in t he f o r e go i ng status of t he A uth o r ized Pa rticipant s h a ll ter m i nate t he A uthorized Parti c i pant A g ree ment a nd the A uth o r iz ed Pa rticipant shall give p r o m pt w ritten notice th e reof to the T r ust ee.

Secti on 3.0 2. Br o ker-Dealer Status. T he A utho r ized Pa rticipant rep resen ts and warrants that, if req u i red u n der U.S. law, it is (i) r e gistered as a b r o k e r-d ealer u nd er the Securities E xch a n ge Act of 19 3 4, as am e nded, (ii) q uali fied to act as a b r o k er or d ealer in the states or other ju risdicti o ns w h e re it tr a nsac ts b usiness to the e xtent so req u i red by applicab le law, and (iii) a m e mb er in g o od standing w ith FINRA. T he A u t h o r i zed P a r ticip a nt a g r ees th at it will maintain su ch r e gistratio ns, q ualif i cati o ns, and mem bersh ip in g ood st a nding and in f ull f orce and ef fect th r ou g h o ut the t e rm of the A uth o r i zed Parti c i pant A g r e e ment. T he A uth o r i zed Parti c i pant f u rther a g rees to co m p ly with all ap p licable U.S. f e deral laws, t he laws of the states or other ju risdicti o ns co ncer ned, and the r ules and r e g ulations p r om u l gated th e reu n der, to the extent su ch laws and r e g ulations are ap p licable to the A uth o r i zed Par ticipant’s transactions in S h a res, and with the FI NRA B y-L a ws a nd C o nd uct Rules of the NASD (or with com parab le FINRA Con d uct Rules, if such N ASD Co n du ct R u l es are subse quen t ly rep eal e d, rescinded, or are othr wise replac ed by FINRA Co n du ct Rules) to the extent the f o r e go i ng r e l a tes to t he A uth o r ized Pa rticipant’s tr a nsactio ns in, and ac tivities w ith respect to, Sh a res, and that it w ill not o ffer or se ll Shares in any state or ju risdiction w h e re t h ey m ay not law f ully be o ff e red an d/or sold.

S2-5

Secti on 3.03. F o rei gn S t a t us. If the A uthorized Participant is o ffering and selli ng Sh a res in ju risdicti o ns o u t side the several states, territories and possessi o ns of the U nited S t a t es a nd is n ot otherwise req u i red to be r e giste red, q ualifie d, or a m e m b er of F I NRA as set f o rth in t he p receding par a g r a ph, the A u t h o rized Parti c i pant n e vertheless a g rees to obser ve t he ap plicable laws of the ju risdiction in w h i ch such o f fer an d/or sale is made and to c o nd uct its b usi ness in acco r dan ce w ith the F I NRA Con d uct Rules, to the ex tent the f o reg oing relates to the A uth o riz ed Pa rticipan t’s transa c tio ns i n, and acti v ities w ith r espect to, Sh a res.

Secti on 3.0 4. Co mp lian ce with Certain Laws. If t he A u t h o rized Parti c i pant is su bject to the req uir e men ts of the U n iting and Stren g t hening A merica by Pr o viding A pp r o p r iate T ools Req u i red to I n ter cept and O bstr u ct Terr o rism A ct of 2 0 01 (the “U.S.A. P ATRIOT Act”), t he A uth o r ized Pa rticipant h as p olici es a nd p r o ced u r es r e ason a b ly desi g ned to co mp ly with the an ti- m o n ey laundering and related p r ovisions of the U.S.A. P AT R I OT Act.

Secti on 3.05. A uth o rized Participant Status. T he A utho rized Parti c i pant u n derst a nds and ac k no wled ges that t he method by w hich Bas kets of Sh a r es will be cr eated a nd traded m ay raise certain issu es un der app lica ble secu rities laws. F or e xamp le, because new Baskets of Shares m ay be issued and sold by the Tr ust on an o n go i ng b asis, at any p oint a “distr i b ution”, as su ch term is used in the 1 9 33 Act, m ay occu r.

A R T I C L E IV

R O L E OF AU T HO R I Z ED P ART I C I P ANT

Secti on 4.0 1. N o A gen c y. T he A uth o r ized Par ticip a nt ack no wled g es a nd a g rees that f or all pu r p oses of the A u t ho rized P a rti c i pant A g ree ment, the A utho r ized Pa rticipant will have no auth o rity to act as a gent f or the T r ust or the T r ust ee in any m a tter or in any respect. T he A uth o r ized P a rti c i pant ag rees to m a ke itself a nd its em plo y e es availa ble, up on r easo nab le req uest, du r i ng nor m al b usi ness ho u rs to co nsult w ith the Tr ustee, t he Sponsor or their desi g nees co ncer ning the p e rf or m a nce of t he A u t h o rized P a rticipant’s resp on s i b ilities u nder the A uth o rized Pa rticipant A g r eement; p rovid e d, however, t hat the A u t h o rized P a rti c i pant shall be u n der no o b li g a tion to divu l ge or otherwise disclo se any in f o r mation that t he A uth o r i zed Parti c i pant reaso nab ly beli e ves (i) t he disclosu re of w hich to third p a rties is in violation of any ap plicable law or r e g u lation or is o t herw ise p r o hibited, or (ii) is co n fidential or p r o p riet a ry in nature.

Secti on 4.02. Ri g hts and O b li g a tio ns of D TC Participan t. T he A uth o rized Participant, as a D TC Pa r ticipant, a g r e es t hat it shall be bo u nd by a ll of the o b lig a tio ns of a DTC Participant in ad dition to any obli gations that it u n dertakes h e r e un der or in acc o r dance with the P r oced u res.

Secti on 4.0 3. Benef icial Ow ner Co mm unicatio ns. T he A u t h o rized P a rticipant a g rees (i) su b j ect to any li mitati o ns arising u nder f e deral or state sec u rities la ws relating to p riv a c y, its inter nal p riv a cy p olicies, or oth er o bli gati o ns it m ay h a ve to its custo m e rs, to assist the T r ustee or the Sp onsor in det e r m i n i ng ce rtain in f ormation r e g a r ding sales of Shares made by or t h r o u gh t he A uth o r ized Par ticip a nt (inclu d i n g, wit h out limit a tio n, t he o w nership level of each beneficial o w ner relating to p ositi o ns in Sh a res t hat the A u t h o rized Participant m ay h o ld as reco rd h older) u p on the r e quest of the T r ustee or t he Sp onsor t hat is necessa ry f or the Tr ustee or S po nsor to co m p ly with their o bli gati o ns to d i s t rib u te i n f o r mation to benef icial o w ners of Sh a res u n der ap plica ble state or fed e ral secu r ities laws or (ii) in lieu thereo f, and at the o p tion of the A uth o r ized Participant, to f o rward to such beneficial o w ners w ritten mate rials and co mm unicatio ns received fr om the S p o nsor or the T r ust ee in su ff i c ient q uantities to allow maili ng th e reof to such b e neficial o w ners, i ncluding notices, an n ual rep o rts, disclosu re or other in f o r matio nal m a terials a nd any amen d ments or sup plements thereto that m ay be req u i red to be sent by the Sp o nsor or the Tr ustee to su ch beneficial o w ners p u rsuant ap pli cable law or r e gu l a tion or o t herwise, or that t he Sp o nsor or the T r ustee r easo nab ly wishes to dist rib ute to such beneficial o w ners, in each case at the expense of t he S po nsor an d/or the T rust.

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Secti on 4.04. A utho r ized Participant C ust omer I n fo r mation. T he S po nsor a nd the T r ustee a g r ee t hat t he names a nd ad d resses a nd other i n f o r mati on co nce r ning t he A uth o riz ed Pa rticipan t’s customers a re and shall r e m a in the sole p r op e r ty of the A u t ho rized Par ticip a nt, and n o ne of the Sp on s o r, the Tr ust, or the Tr ustee, or any of their respecti ve a f filiates shall use su ch names, ad d resses or o t her i n f or mation f or a ny p u r p ose ex cept in con n ection with t he perf o r mance of their duties and r espo nsi bilities u n d er the A u t h o rized Par ticip a nt A g ree men t, t he Pr o ced u res, t he S t a ndard Ter ms and the applicab le P r ospectus and ex cept f or se r v icing and in f o r matio nal mailin gs r elated to t he T r ust(s) ref e r red to in S ection 4.03 abov e.

A RT I C LE V

MA R K ET IN G M A T E R I A LS A ND RE P R ESE N T A T I O NS AND W ARRA N T I ES

Secti on 5.01. A uth o r iz ed Participan t’s Rep resentati o n. T he A utho rized Parti c i pant rep res e nts, warr a nts and a g rees that, in co n nec tion with any sale or soli c itation of a sa le of Shares, it will not m a ke, or per mit a ny of its rep resentatives to m a ke on its behalf, any rep res e ntati o ns co n cer n i ng Shar es o t h er t han th ose n ot i nco nsistent with t he T r ust’s then c ur rent Pr osp ectus or any p r o moti o nal mater i a ls or sales literatu re f u r nish ed to the A uth o r iz ed Pa rticipant by t he S ponso r. T he A uth o r iz ed Participant a g rees n ot to fu r nish or cau se to be f u r nished to any person or display or pu blish any i n f or mation or mate r i a ls r e lating to Shares (ex c l u din g, wit h out lim itation, p r om oti o nal materials and sal es literatu re, ad vertisements, p ress releases, an no u n ce m e nts, statem e nts, posters, si gns or other si milar mate rials not in c onsistent with the T r ust’s then cu r r e nt P r osp ectus and in acco r d a n ce with applicab le laws and reg ulations, and any mat e rials p repar ed and used f or the A uth o rized Parti c i pant’s inter n al use on ly or b r o ker a ge com mu nications p repared by the A uth o rized Pa rticipant in the no r mal co u rse of its b usi ness), except such in f o r mation and mate r i a ls as m ay be f u r nished to the A uth o rized Pa rticipant by the Sp o nsor and such other in f or mati on and mate rials as m ay be ap p r oved in writing by the Sp o nso r. T he A uth o rized P a rtici pant u nderstan ds th at t he Tr ust will not be ad vertised as o f fering r e dee mable secu rities, and th at any ad v e r tising m a terials will p r om i nently disclose that the Shar es are not red e e mable u nits of ben e ficial i nterest in t he T r ust. N otwit hstanding t he f o r e go i n g, t he A utho rized Participant and its A ffiliates and rep res e ntati ves m a y, witho ut the app r o val of the S p o nso r, prep a re and circulate in the r e g u lar co u r se of their resp ective busin esses, r esearch, repo rts, mar keting mater ials, sal es literatu re or similar mate rials that i nclude in f or matio n, o pinions or recom mendati o ns relating to S h a res (i) f or p ublic dissemin a tio n, p r o vided t hat such rep o r ts, resear c h, mar keti ng materials, sales liter a t u re or other similar mater ials co mp ly with ap p licable F INRA r ules and (ii) for in ter nal use by the A uth o r iz ed Pa rticipant and its Aff iliates and rep r esentatives.

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Secti on 5.0 2. Pr o s pectus. T he Sp onsor w ill pr o vide, or cause to be p r o vided, to t he A uth o r ized Parti c i pant co pies of the t hen current P r ospectus a nd any p rinted sup plemental in f o r mation in reaso nab le q uan tities up on requ est. T he Sp o nsor will, as p r o mp t ly as p r acticable u n der the circu mstances, notify the A utho rized Pa rticipant w hen a rev ised, sup p l e mented or amen ded Pr osp ectus f or the S h a res is av a ilab le, a nd deliver or o t h e rw ise m a ke avail a b le to t he A uth o r ized Participant c o pies of such revised, su p plemen ted or amen ded Pr osp ectus at such time and in such q uantities as m ay be r easo nable to per mit t he A utho rized Parti c i pant to co m p ly with any obli gation the A u t h o rized P a rticipant m ay have to deliver su ch Pr o s pectus to its c usto m e rs. T he S po nsor will m a ke such revised, su pplemented or a men ded Pr o s pectus availab le to t he A uth o r ized Pa r ticip a nt no later than its e ff e c tive date. The S po nsor sh all be dee med to have co m pli ed with this S ecti on 5.02 w h en the A uth o rized Participant has recei ved s uch r e vised, su p plemented or a men ded Pr ospectus by e-mail, in p rintable f or m, with such nu mb er of h a rd co pies as m ay be a g r e ed f r om ti me to time by the par ties p r o m ptly ther eaf ter

A R T I C L E VI

IND E M N I F I CA T I O N; L IMI T A T I ON OF L IA B I L I TY

Secti on 6.01. I ndem nif i cati o n. T he p r ovisions of this Secti on 6.01 shall su r v i ve ter mination of the A g r ee ment.

a. T he A uth o r iz ed P a rtici pant shall in dem n i fy and hold har mless t he Sp onso r, in its capacity as spo nsor of the a pplicable Tr ust, the T r ustee, the Tr ust and their resp ective A f f iliates, su bsi diar ies, dir ect o rs, o ff i cers, e m plo y ees and agents, and each perso n, if an y, w ho co n t r o ls such persons within the mean i ng of Secti on 15 of t he 19 33 Act (each an “A P In de m nified P art y”) fr om a nd a gainst any direct l oss, liab ilit y, cost and expense (inclu ding reasonab le atto r n e ys’ fees) i n c u rred by such AP I n d e m n i fied Par ty as a result of (i) any material breach by the A uth o r ized Partici pant of any p r ovision of t he A uth o r iz ed Pa rticipant A g ree ment t h at relates to the A utho rized Participant; (ii) any material failu re on t he part of the A u t h o rized Participant to p e r f o rm any of its o bligations set f o rth in t he A uth o r ized Par ticip a nt A g ree m e nt ap p licable to it; (iii) any material failu re by t he A uth o rized Pa rticipant to co m p ly in all m a terial resp ects w ith a pplicable laws, inclu d i ng r u les and r e gu l a tio ns of sel f-r e g u latory o r g a nizations to the extent su ch laws, r ules a nd r e g ulati o ns are ap plic a ble to the transacti o ns being u n d e r ta k en p u rsuant to t he A utho rized Parti c i pant A g ree ment; or (iv) actio ns of such AP I n d e m nified Par ty p u rsuant to any i nst r ucti o ns issued in acco r dance w ith the relevant P r ospectu s, A utho rized P a rticipant A g ree men t, t he Pr o ced u res, or t he Standard Ter ms reasonab ly b eli e ved by the AP I n d e m n i fied Par ty to be genuine a nd to have been g i ven by the A u t h o r ized Pa r ticipant except to the extent that the A u t h o rized Parti c i p a nt had prev i o usly rev o ked a P IN N u m ber used in g i v i ng su ch instr uctions or r e p resentatio ns (w here ap p licable) and such rev ocation was g i ven by t he A uth o r ized Participant and r ece i ved by the Trustee in acco rdance with the ter ms of Secti on 2.03 hereto. The A utho rized Participant shall n ot be l i a ble un der its in dem nity a g r e e ment co ntained in t h is par a g raph with respect to any c laim m a de a gainst any AP I ndem n i f i ed Par ty unless t he AP I ndem nif ied Par ty sh a ll have n oti fied t he A uth o r ized Pa rticipant in w riting of the c l a im within a reasonab le time after the su m m ons or oth er fir st written notificati on giving i n f or mation of the natu re of t he claim w as ser ved up on the AP I ndem n i fied Pa rty (or after the AP I n d e m n i fied Par ty shall h a ve r eceiv ed notice of ser vice on any desi gnated a g e nt). H o wever, fail u re to n oti fy the A utho r ized Parti c i pant of any claim shall n ot relieve t he A utho rized Par ticipant fr om any liab ility w hich it m ay have to a ny AP I n d e m nified Par ty a g ainst w h om s uch ac tion is b r o u g ht oth e r wise than on acco unt of its i n d e mn i ty ag ree ment c ontained in t h is par a g raph and shall on ly release it fr om such liab ility under this p a rag raph to the ex t e nt it has been material ly p rej u diced by su ch fail u re to g i ve n o tice. T he A utho rized Pa rticipant sh a ll be en titled to participate at its o wn e x pense in the defense, o r, if it so elects, to assume the def e nse of any suit b r o u g ht to en f o r ce any claims, but if the A u t h o rized Pa rticipant elec ts to assume t he def e nse, the defense shall be co nd ucted by co unsel ch osen by it a nd satisfactory to t he AP I ndem n i f i ed Parti es in t he su it and w ho sh a ll n ot, except with con s e nt of the AP I ndem n i f i ed Pa rties, be co un sel to the A uth o rized Participant. If the A uth o r ized Pa rticipant does not elect to assu me the defen se of any suit, it will r e i mb u rse the AP I ndem n i f i ed Parties in t he suit f or the reason a ble fees and expenses of any co u nsel retained by t h e m. The Authorized Participant shall not be liable to the AP Indemnified Party for any damages arising out of mistakes or errors in data provided to the Authorized Participant, or mistakes or errors by, or out of interruptions or delays of communications with the AP Indemnified Parties due to any action of a service provider to the Trust.

S2-8

b. T he Sp onsor h e reby a g rees to in dem nify and h old har m less the A uth o riz ed Pa rticipan t, its A ffiliates, subsidiaries, directo rs, of ficers, e m plo yees and agents, and each perso n, if an y, w ho co n t r o ls such persons within the mean i ng of Secti on 15 of t he 19 33 Act (e ach a “Sponsor Indem nified P art y”) fr om and a gainst any l oss, liabilit y, cost and expense (i ncluding reas o nab le att o r n e ys' fees) i ncu rred by such Sp on s or I ndem nif i ed Pa r ty as a resu lt of (i) a ny breach by t he S po n s or of any p r o vision of t he A uth o r ized Pa rticipant A g r eement t hat relates to t he Sp onso r; (ii) any failu re on t he part of t he Sp onsor to perf orm any of its obli gations set f o r th in the A utho rized Parti c i pant A g ree ment ap p licable to it; (iii) any f a ilu re on t he part of the S p o nsor to c o m p ly in all mate rial r espects with ap plicab le laws, including r ules and reg ulations of se l f-r e gu lat o ry or ganizations to the ex tent su ch laws, r ules a nd r e g ulatio ns are app licable to t he transactio ns being u n dertak en p u rsuant to the A u t h o rized Pa rtici pant A g r e e ment; (iv) actions of such S p o nsor I n dem n i f ied P a r ty p u rsuant to any inst r uctio ns issued or rep res e ntati o ns made in acco r dan ce with the rele v a nt Pr osp ectus, A utho rized Parti c i pant A g ree ment, the Pr o ced u res, or the Standard Ter ms reasonab ly beli e ved by the S po nsor I ndem n i fied Par ty to be gen uine and to have b een given by the Sp onso r; or (v) any u ntrue statements or o missio ns m a de in any p r o m otio nal mater ial or sales literatu re f u r nished to the A utho rized Pa rticipant by the S p o nsor or o t herw ise ap p r o ved in w riting by t he Sp onso r. T he Sp o nsor sh a ll n ot be liable u n der its ind e m nity ag r eement c o ntained in this parag raph with resp ect to any claim made again st any S p o nsor I n d e m nif ied P a r ty u nless the S po nsor I n d e m nified Par ty shall have n o tified the Sp onsor in w riting of t he claim wit h in a reason a ble time af ter the su mm o ns or other first wr itten noti f i cati on giv i ng in f o r mation of the nat u re of the claim sh a ll have b een ser v ed u p on the S po nsor I ndem n i f i ed P a r ty (or a f ter the S p o nsor I n d e m nified Par ty s hall have received n oti ce of ser vice on any desi g nated a gent). H o wev e r, fail u re to n o tify the S po nsor of any claim sh a ll n ot relieve t he S p o nsor fr om any liability w hich it m ay have to any S po nsor I ndem n i f i ed Par ty again st w hom such action is b r o u g ht other wise th an on accou nt of its ind e m nity a g r e e ment contained in this p a r a g raph and shall o n ly release it f rom su ch li a bility u nder t his par a g raph to the e xtent it has been mate rially p reju d iced by su ch failu re to give n otic e. The Sp on s or shall be entitl ed to participate at its o wn e x p e nse in the d e fense, o r, if it so elects, to assu me the def e nse of any su it b r o u g ht to en f o r ce any claims, b ut if the Sp onsor elects to assu me the d e fense, the defen se shall be con d ucted by co u nsel ch osen by it and satisfacto ry to the S p o nsor I n d e m nified P a r ties in the su it and w ho shall n ot, except w ith the c onse nt of the Sponsor I n d e m nified Parties, be co u n sel to the S po nso r. If the S p o nsor d oes n ot e l ect to assu me the defense of a ny suit, it will reim burse the Sp onsor I ndem n i fied Parties in the suit f or t he r easo n a ble f e es and expenses of any cou nsel r e tained by th e m.

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c. No indem nif ying par t y, as described in par a g rap hs (a) and (b) abo ve, shall, wit h out the wr itten c o nse nt of the AP I n d e m n i fied Par ty or t he S po n s or I n d e m nif i ed Pa r t y, as the case m ay b e, ef fect the settle ment or com p r o mise o f, or co nse nt to t he entry of any j u d gment w ith r espect t o, any pen ding or th rea t e ned a c tion or claim in resp ect of w hich in dem nificati on m ay be so u g ht h e reu n d er (w hether or n ot the in d e mnified par ty is an act ual or po ten tial par ty to su ch action or clai m) u n l ess such settlem e n t, co m p r o mise or ju d g ment (i) inclu des an un c on d ition al release of the AP I ndemnified P a r ty or S po nsor I ndem n i f i ed P a r t y, as t he case m ay be, f rom all liab ility a rising o ut of such a c tion or claim and (ii) d oes n ot inclu de a st a t e ment as to or an ad mission of fau lt, c ulpability or a failu re to act, by or on b e h a lf of any AP I n d e mn i f ied Par ty or S p o nsor I n dem nif i ed Pa r t y, as the case m ay be.

d. T he A utho rized Parti c i p a nt shall n ot be liab le to a ny AP I nd e mnified Par ty f or any dam a ges a r i s i ng out of (i) mista k es or e rr o rs in data p r ovided in c o n nection with p u rchase or red e m ption transac tio ns except f or d a ta p r ovided by t he A uth o r ized Pa rticipan t, or (ii) mista k es or e r r o rs b y, or ar isi ng o ut of inter r u pti o ns or dela ys of co mm unicatio ns with, the Tr ustee or any AP I n d e mn i fied Par t y.

e. T he ind e m nif ic a tion p r o v i ded f or in Sec tion 6.01(a) sh a ll n ot ap p ly to t he ex tent any such losses, liabilities, dam a ges, c osts a nd expenses a re incur r ed as a result of any f r a ud, g r oss negli g e n ce, b ad faith or r e c kless or willf ul misco n duct on the part of an AP I n d e mn i fied Par t y. T he in dem nification p r ovid ed f or in Section 6.0 1(b) shall not ap p ly to t he extent any s uch losses, liabilities, d a mages, costs and ex p e nses are incu r r ed as a result of any f r a ud, g r oss n e gli gence, bad faith or reckless or will f ul misco nd uct on the part of a S p o nsor I n d e m nif i ed Pa r t y.

f. T he indem nity a g reements co n t a i ned in this Secti on 6.01 shall r e main in f ull f o rce and ef fect and shall su r vive any ter m i n a tion of this A g r eemen t. T he S po nsor and t he A utho rized P a rticipant ag r ee p r o m ptly to n oti fy each oth er of the c o m men cement of any P r oceeding a g a i nst it and a gainst any of their o fficers or directo rs in co nn ecti on with t he iss uan ce and sale of the S har es or in c o n necti on with t he r e gistration stat e ment or the relevant Pr ospectus.

A RT I C LE V II

M I S C E LLAN E OU S

Secti on 7.01. Com men ce ment of Tradin g. T he A uth o rized Pa rticipant m ay n ot su b mit an Or der p rior to the ef fecti veness of t he r e gistrati on statement, or a m e n d ment to t he r e gistrati on statement, filed with t he S ecu rities and Exch a n ge Com missi on a nd p u rsuant to w hich t he A uth o r ized Participant is id e nti fied as su ch in the relevant Pr osp ectus.

[S ign a t ures F o llow on Next P a ge]

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IN WITN E SS W HEREO F, t he S po nsor and the T r ustee have execu t ed th ese Third A mended and Restated Stand a rd T e r ms as of t he date set f o rth ab o v e.

THE BANK OF NEW Y O RK MELLO N, in its capacity as Tr ustee |
B y: |  |
Name: Phyllis A. Cietek |
T i tle: Vice President |

abrdn ETFs Sponsor LLC, in its capacity as Sp onsor |
B y: |  |
Name: Lucia Sitar |
T i tle: Vice President |

[Third Am en ded and Rest ated S t a nd ard Terms Sig n ature P ag e]

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SC HEDULE 3-A : A UTH O RIZED REPR E SENTATIVES OF THE AU T H O RIZED P ARTICIPA NT

C e rtif i ca te of A uth o r i z ed R eprese nta tiv es of the A u t hori z ed Participa nt

T h e f o llo w i ng a re the na m es, ti t l e s, sig n atu r e s, p ho ne nu mb e r s, a nd e m a il add r esses of a ll pe rso ns (ea ch, an “A u t hori zed Represe n t a tiv e”) a utho riz ed to g i ve in stru c t i o ns re l ati ng to any acti vity co n t e m plated by the A uth oriz ed P art i cipa nt A gree m e nt b etw een [A U T H O R I Z ED P A R T I C I PA N T], The Bank of New York M ellon a nd abrdn ETFs Sponsor LLC dated [D A T E] (t he “A gree m e n t”) or a ny other noti c e, req u est or in stru c tion on be h alf of the A u t h oriz ed P arti cip ant p u rsua nt to t he A g r ee me nt.

Na m e: |  |  | Na m e: |  |
Title: |  |  | Title: |  |
Sig n a t u r e: |  |  | Sig n a t u r e: |  |
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T h e un d e r sig n ed, [A P’S A U TH O R I Z ED S I G N A T O RY], do es he r e by certify t hat the p e rso ns li sted ab ove ha ve b een d uly authoriz ed to act as Au th oriz ed R eprese nta tiv es p ursu ant to the A uth ori zed Partic i p a nt A gree m e nt.

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S3-1

SC HEDULE 3-B : A D DENDUM TO CERTIF I C ATE OF AU T H O R IZED R E PRESENTA TIVES OF T HE A U T HO R IZED P ARTICIPANT

[O n A P’s F i rm L etter h e a d]

[DA T E]

The Bank of New York Mellon

240 Greenwich Street

8th Floor

New York, New York 10286

Attention: ETF Services

| R e: | Add en du m to t he C ertif i c a te of A uth ori z ed R e p r e s e nta tiv es f or [A U TH O R I Z ED PARTICIPANT] und er the Auth o r i z ed P a rticip a nt A gree m e nt f or t he rele v a nt T r usts spo nso r ed by abrdn ETFs Sponsor LLC d ated [DATE] (the “A gre e m ent”)

La d i e s and G en tle m e n:

P u r sua nt to the A gre e m en t, the f ollo w i ng are t he na m es, t i tle s, sig natu r e s, ph one nu m b ers, and e m ail a dd r ess es of add itio nal Au t ho r i zed R e prese nta t i v es of [A U TH O R I Z ED PARTICIPANT] (the “AP”) au t ho riz ed to give instr u ctio ns re l ating to a ny activ ity conte m plated by the A g r e e m ent or a ny other noti c e, re q ue st or in stru ction on b e half of the AP pursua nt to the A gre e m e nt. T his l i st of Auth ori zed Re pre s en t a t i ves is an a d d e ndum and a d ds fu r t her Au t hori zed Re pre s en t ativ es to the A P’s m ost re c en t ly e x ec u t ed ce rtifi c ate (en t itled “Ce rti fi ca te of A uth ori z ed R ep r e s en t a tiv es of the A utho riz ed P art i c i pa n t”).

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P lea se pro vide P IN n u m be rs for th ose l isted abo ve.

T h e un d e r sig n ed, [A P’S A U TH O R I Z ED S I G N A T O RY], do es he r e by certify t hat the p e rso ns li sted ab ove ha ve b een d uly authoriz ed to act as Au th oriz ed R eprese nta tiv es p ursu ant to the A uth ori zed Partic i p a nt A gree m e nt.

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S3-2