<SEC-DOCUMENT>0001483386-17-000018.txt : 20171002
<SEC-HEADER>0001483386-17-000018.hdr.sgml : 20171002
<ACCEPTANCE-DATETIME>20171002123516
ACCESSION NUMBER:		0001483386-17-000018
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20171002
DATE AS OF CHANGE:		20171002

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETFS Precious Metals Basket Trust
		CENTRAL INDEX KEY:			0001483386
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-214361
		FILM NUMBER:		171113683

	BUSINESS ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-918-4954

	MAIL ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>gltr-20171002x10q.htm
<TEXT>
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			ETFS GLTR - Supplement October 2017
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			<a name="_GoBack"></a><font style="display: inline;">Filed pursuant to Rule 424(b)(3)</font>
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			<font style="display: inline;">Registration Statement No. 333-214361</font>
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			<font style="display: inline;font-weight:bold;">ETFS Precious Metals Basket</font><font style="display: inline;font-weight:bold;"> Trust</font>
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			<font style="display: inline;">Supplement dated October 2, 2017</font>
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			<font style="display: inline;">to the</font>
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			<font style="display: inline;">Prospectus dated November 16, 2016</font>
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			<font style="display: inline;">This Supplement dated October 2, 2017 amends and supplements the prospectus of ETFS Precious Metals Basket Trust dated November 16, 2016 (the &#x201C;Prospectus&#x201D;), as supplemented by the Supplement dated September 5, 2017 (&#x201C;Supplement No. 1&#x201D;), and should be read in conjunction with, and must be delivered with, the Prospectus, as supplemented by Supplement No. 1.</font>
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			<font style="display: inline;">On July 14, 2017, the LBMA announced that </font><font style="display: inline;">ICE Benchmark Administration (&#x201C;</font><font style="display: inline;">IBA</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;">has been selected to be the third-party administrator for the &#x201C;LBMA Silver Price.&#x201D; IBA will provide the auction platform and methodology as well as the overall administration and governance for the LBMA Silver Price benchmark.</font>
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			<font style="display: inline;">Effective </font><font style="display: inline;">from </font><font style="display: inline;">October 2</font><font style="display: inline;">, 2017, IBA will take over the administration of the LBMA Silver Price and operation of the underlying auction</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">and will </font><font style="display: inline;">utilize similar procedures for the LBMA Silver Price to those it utilizes in connection with its administration of the </font><font style="display: inline;">LBMA Gold Price</font><font style="display: inline;">.</font>
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			<font style="display: inline;">The IBA&#x2019;s LBMA</font><font style="display: inline;"> Silver Price auction specifications will </font><font style="display: inline;">be similar to</font><font style="display: inline;"> those for the previous LBMA Silver Price auction</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">administered by CME Group, Inc. and Thomson Reuters</font><font style="display: inline;">, except as set out below:</font>
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		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 00.00pt;">
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			<font style="display: inline;font-style:italic;color:#000000;">Maximum Emergency Imbalance Threshold:&nbsp; </font><font style="display: inline;color:#000000;">This will be set at 1,000,000 oz.</font></p></td></tr></table></div>
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			<font style="display: inline;font-style:italic;color:#000000;">Imbalance Allocation:&nbsp; </font><font style="display: inline;color:#000000;">This </font><font style="display: inline;color:#000000;">will be </font><font style="display: inline;color:#000000;">shared by all direct participants.</font><font style="display: inline;font-style:italic;color:#000000;">&nbsp;</font></p></td></tr></table></div>
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			<font style="display: inline;font-style:italic;color:#000000;">Minimum No. of Participants:&nbsp; </font><font style="display: inline;color:#000000;">This is being introduced and set at 3.</font><font style="display: inline;font-style:italic;color:#000000;">&nbsp;</font></p></td></tr></table></div>
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			<font style="display: inline;font-style:italic;color:#000000;">Technology Platform:&nbsp; </font><font style="display: inline;color:#000000;">This is being changed from the CME Platform to WebICE.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
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			<font style="display: inline;font-style:italic;color:#000000;">Orders Expressed In:&nbsp; </font><font style="display: inline;color:#000000;">This is being changed from Lakhs to Troy oz.</font></p></td></tr></table></div>
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			<font style="display: inline;font-style:italic;color:#000000;">Maximum Total Position Size:&nbsp; </font><font style="display: inline;color:#000000;">This is being changed from 50 Lakhs to being set individually by clearing limits between each clearing firm and its direct participants.</font></p></td></tr></table></div>
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			<font style="display: inline;font-style:italic;color:#000000;">Maximum Single Order Size:&nbsp; </font><font style="display: inline;color:#000000;">This is being introduced at</font><font style="display: inline;font-style:italic;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">1,000,000 oz.</font></p></td></tr></table></div>
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			<font style="display: inline;font-style:italic;color:#000000;">Minimum Allowable Price Move:&nbsp; </font><font style="display: inline;color:#000000;">This is being changed from </font><font style="display: inline;color:#000000;">US Dollars (&#x201C;</font><font style="display: inline;color:#000000;">USD</font><font style="display: inline;color:#000000;">&#x201D;)</font><font style="display: inline;color:#000000;"> 0.005 to USD 0.001.</font></p></td></tr></table></div>
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			<font style="display: inline;font-style:italic;color:#000000;">LBMA Silver Prices expressed per: </font><font style="display: inline;color:#000000;">This is being changed from Troy oz. to Troy oz. and gram.</font></p></td></tr></table></div>
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			<font style="display: inline;font-style:italic;color:#000000;">Number of Decimals of Published Prices:&nbsp; </font><font style="display: inline;color:#000000;">This remains at 3 decimal places for USD, but will be changed from 4 decimal places to 2 decimal places for all other currencies.</font></p></td></tr></table></div>
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			<font style="display: inline;font-style:italic;color:#000000;">Publication Currencies:&nbsp; </font><font style="display: inline;color:#000000;">This is being changed from USD, </font><font style="display: inline;color:#000000;">Euros</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">British Pounds</font><font style="display: inline;color:#000000;"> to </font><font style="display: inline;color:#000000;">Australian Dollars, </font><font style="display: inline;color:#000000;">British Pounds</font><font style="display: inline;color:#000000;">, Canadian Dollars, </font><font style="display: inline;color:#000000;">Euros</font><font style="display: inline;color:#000000;">, Onshore and Offshore Yuan, Indian Rupees, Japanese Yen, Malaysian Ringgit, Russian Rubles, Singapore Dollars, South African Rand, Swiss Francs, New Taiwan Dollars, Thai Baht</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> Turkish Lira</font><font style="display: inline;color:#000000;"> and USD (although the price will still be set in USD)</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
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			<font style="display: inline;color:#000000;">ETF Securities USA, LLC, the Sponsor of the Trust, understands that the above changes are being made to further enhance and develop the LBMA Silver Price and that IBA will utilize similar procedures for the LBMA Silver Price to those it utilizes in connection with its administration of the LBMA PM Gold Price.</font>
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			<font style="display: inline;color:#000000;">Additionally, the disclosure in </font><font style="display: inline;color:#000000;">the</font><font style="display: inline;color:#000000;"> Prospectus is modified as set forth below.</font><font style="display: inline;color:#000000;">&nbsp;</font>
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			<font style="display: inline;color:#000000;">Under &#x201C;</font><font style="display: inline;font-weight:bold;color:#000000;">GLOSSARY OF DEFINED TERMS</font><font style="display: inline;color:#000000;">&#x201D; on page iv of the Prospectus:</font>
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			<font style="display: inline;color:#000000;">The definition for &#x201C;IBA&#x201D; is modified to add the words &#x201C;and the LBMA Silver Price&#x201D; at the end of the sentence.</font>
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			<font style="display: inline;color:#000000;">The definition for &#x201C;LBMA Silver Price&#x201D; is amended and restated in its entirety to read as follows:</font>
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			<font style="display: inline;color:#000000;">&#x201C;LBMA Silver Price&#x201D; (previously named the &#x201C;London Silver Price&#x201D;) &#x2014; means the price for an ounce of silver set by LBMA-authorized participating bullion banks or market makers in the electronic, over-the-counter auction operated by </font><font style="display: inline;color:#000000;">IBA</font><font style="display: inline;color:#000000;"> at approximately 12:00 noon London time, on each London business day and disseminated </font><font style="display: inline;color:#000000;">though&nbsp;&nbsp;major market data vendors</font><font style="display: inline;color:#000000;">. See &#x201C;</font><font style="display: inline;font-style:italic;color:#000000;">Operation of the Silver Bullion Market&#x2013;The London Bullion Market</font><font style="display: inline;color:#000000;">&#x201D; for a description of the oper</font><font style="display: inline;color:#000000;">ation of the LBMA Silver Price.</font>
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			<font style="display: inline;color:#000000;">Under &#x201C;</font><font style="display: inline;font-weight:bold;color:#000000;">THE OFFERING &#x2013; Net Asset Value</font><font style="display: inline;color:#000000;">&#x201D; on page 4 of the Prospectus, the 4th sentence is amended and restated in its entirety to read as follows:</font>
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			<font style="font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">- &nbsp;</font><font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font><font style="display: inline;"> &nbsp;-</font><font style="display: inline;"></font>

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		<p style="margin:0pt 36pt 12pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">Silver held by the Trust will be valued on the basis of the daily price of an ounce of silver as set by LBMA-authorized participating bullion banks or market makers in an electronic, over-the-counter auction conducted by IBA at approximately 12:00 noon London, England time</font><font style="display: inline;"> on each London business day</font><font style="display: inline;">, and disseminated </font><font style="display: inline;">through </font><font style="display: inline;">major market data vendors (&#x201C;LBMA Silver Price&#x201D;). </font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Under &#x201C;</font><font style="display: inline;font-weight:bold;">OPERATION OF THE BULLION MARKETS</font><font style="display: inline;"> &#x2013; </font><font style="display: inline;font-weight:bold;">The Silver Market</font><font style="display: inline;"> &#x2013; </font><font style="display: inline;font-style:italic;">The London Silver Bullion Market</font><font style="display: inline;">&#x201D; on pages 31 to 32 of the Prospectus, the 3rd through 9th paragraphs are deleted and replaced with the following:</font>
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			<font style="display: inline;">On July 14, 2017, the LBMA announced that </font><font style="display: inline;">IBA</font><font style="display: inline;font-size:8pt;">&nbsp;</font><font style="display: inline;">had been selected to be the third-party administrator for the &#x201C;LBMA Silver Price&#x201D;. Effective from October 2, IBA will provide the auction platform and methodology as well as the overall administration and governance for the LBMA Silver Price benchmark. IBA will operate an &#x201C;equilibrium </font><font style="display: inline;">auction&#x201D;, which is an electronic, tradable and auditable, over-the-counter auction for LBMA-authorized participating silver bullion banks or market makers and sponsored clients of direct participants (&#x201C;silver participants&#x201D;) that establishes a reference silver price for that day&#x2019;s trading, often referred to as the &#x201C;LBMA Silver Price&#x201D;. The LBMA Silver Price equilibrium auction operated by CME Group Inc. and Thomson Reuters prior to October 2, 2017 was selected by the LBMA as the silver valuation replacement for the London silver fix previously determined by the London Silver Market Fixing Ltd. that was discontinued on August 14, 2014. The LBMA Silver Price has become a widely used benchmark for daily silver prices and is quoted by various financial information sources as the London silver fix was previously.</font>
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			<font style="display: inline;">The LBMA Silver Price is the result of an &#x201C;equilibrium auction&#x201D; because it establishes a price for a troy ounce of Silver Good Delivery Bars that will clear the maximum amount of bids and offers for silver entered by order-submitting silver participants each day. </font><font style="display: inline;">IBA </font><font style="display: inline;">will </font><font style="display: inline;">use ICE&#x2019;s front-end system, WebICE, as the technology platform that will allow direct participants</font><font style="display: inline;">,</font><font style="display: inline;"> as well as sponsored clients </font><font style="display: inline;">of direct participants, </font><font style="display: inline;">to manage their orders in the auction in real time via their own </font><font style="display: inline;">desktops</font><font style="display: inline;">.</font><font style="display: inline;"> As the IBA electronic silver auction market develops, IBA expects to admit additional silver participants to the order submission process. The benchmark is published when the auction finishes, typically a few minutes after 12:00 noon (London time). </font>
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			<font style="display: inline;">At the opening of each auction, IBA in the role of auction chairman (&#x201C;Chairman&#x201D;) will announce an opening price (in USD), that takes into account current market conditions and begin auction rounds, with an expected duration of at least every 30 seconds each. During each auction round, participants may enter the volume they wish to buy or sell at that price, and such orders will be part of the price formation. Aggregate bid and offer volume will be shown live on WebICE. At the end of each auction round, the total net volume will be calculated. If this &#x201C;imbalance&#x201D; is larger than the imbalance tolerance (currently set at 500,000 oz.) then a new price will be set by the Chairman (based on the current market conditions, and the direction and magnitude of the imbalance in the round) and begin a new auction round. If the imbalance is less than the tolerance, then the auction is complete with all volume tradeable at that price. The price will then be set in USD and also converted into other currencies, </font><font style="display: inline;">including Australian Dollars, British Pounds, Canadian Dollars, Euros, Onshore and Offshore Yuan, Indian Rupees, Japanese Yen, Malaysian Ringgit, Russian Rubles, Singapore Dollars, South African Rand, Swiss Francs, New </font>
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			<font style="font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">- &nbsp;</font><font style="display: inline;"></font><font style="display: inline;">3</font><font style="display: inline;"></font><font style="display: inline;"> &nbsp;-</font><font style="display: inline;"></font>

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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">Taiwan Dollars, Thai Baht and Turkish Lira.</font><font style="display: inline;"> The auction will be run at 12:00 noon (London time).</font>
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			<font style="display: inline;">During the auction, the price at the start of each round, and the volumes at the end of each round will be available through major market data vendors. As soon as the auction finishes, the final prices and volumes will be available through major market data vendors. IBA will also publish transparency reports, detailing the prices, volumes and times for each round of the auction. These transparency reports will be available through major market data vendors and IBA when the auction finishes. The process can also be observed real-time through a WebICE screen. The auction mechanism will provide a complete audit trail.</font><font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;">As of August 1, 2017, there were seven direct participants in the LBMA Silver Price administered by CME Group and Thomson Reuters. The number of direct participants upon IBA&#x2019;s assumption of the role of LBMA Silver Price administrator is expected to equal or exceed the number of market participants currently participating in the auction process that determines the LBMA Silver Price.</font>
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			<font style="display: inline;">Since April 1, 2015, the LBMA Silver Price has been regulated by the Financial Conduct Authority (&#x201C;FCA&#x201D;) in the United Kingdom (&#x201C;UK&#x201D;).&nbsp;&nbsp;IBA is already authorized as a regulated benchmark administrator by the FCA. Under the UK benchmark regulation, the governance structure for a regulated benchmark must include an Oversight Committee, made up of market participants, industry bodies, direct participant representatives, infrastructure providers and the administrator (i.e., IBA). Through the Oversight Committee the LBMA will continue to have significant involvement in the oversight of the auction process, including, among other matters, changes to the methodology and accreditation of direct participants. The price discovery process for the LBMA Silver Price will be subject to surveillance by IBA. IBA has been formally assessed against the IOSCO Principles for Financial Benchmarks (the &#x201C;IOSCO Principles&#x201D;). In order to meet the IOSCO Principles, the price discovery used for the LBMA Silver Price benchmark will be auditable and transparent. </font>
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			<font style="display: inline;">The LBMA Silver Price is viewed as a full and fair representation of all market interest at the conclusion of the auction. </font><font style="display: inline;">IBA&#x2019;s auction process is similar to </font><font style="display: inline;">CME Group&#x2019;s auction </font><font style="display: inline;">process, which in turn was</font><font style="display: inline;"> similar to the non-electronic process previously used to establish the London silver fix where the London silver fix process adjusted the silver price up or down until all the buy and sell orders are matched, at which time the price was declared fixed. Nevertheless, the LBMA Silver Price has several advantages over the previous London silver fix. </font><font style="display: inline;">IBA&#x2019;s </font><font style="display: inline;">auction process </font><font style="display: inline;">will be</font><font style="display: inline;"> fully transparent </font><font style="display: inline;">in real-time to direct participants and sponsored clients and, </font><font style="display: inline;">at the close of each auction, to the general public. </font><font style="display: inline;">IBA&#x2019;s</font><font style="display: inline;"> auction process also </font><font style="display: inline;">will be </font><font style="display: inline;">fully auditable since an audit trail exists </font><font style="display: inline;">for every change made in the process</font><font style="display: inline;">. Moreover, the audit trail and active surveillance of the auction process by </font><font style="display: inline;">IBA, as well as the FCA&#x2019;s oversight of IBA, </font><font style="display: inline;">should</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">deter manipulative and abusive conduct in establishing each day&#x2019;s LBMA Silver Price.</font>
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			<font style="display: inline;">***</font>
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			<font style="display: inline;">Please retain this Supplement with your Prospectus, as supplemented by Supplement No. 1, for your reference.</font>
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