Document:

ABERDEEN STANDARD GOLD ETF TRUST 8-K 

Exhibit
4.1

THIRD
AMENDMENT TO THE

DEPOSITARY
TRUST AGREEMENT

OF

ABERDEEN
STANDARD GOLD ETF TRUST

This
Third Amendment to the Depositary Trust Agreement of the Aberdeen Standard Gold ETF Trust (formerly, ETFS Gold Trust), a New York
common law trust (the “Trust”), dated as of June 11, 2019 (this “Amendment”), is made by
and between Aberdeen Standard Investments ETFs Sponsor LLC (formerly, ETF Securities USA LLC), a Delaware limited liability company,
as sponsor of the Trust (the “Sponsor”), and The Bank of New York Mellon, a New York banking corporation, as
the trustee of the Trust (the “Trustee”).

 

WITNESSETH
THAT:

 

WHEREAS,
the Sponsor and the Trustee entered into the Depositary Trust Agreement, dated as of September 1, 2009, which created the Trust
and which was amended effective as of October 1, 2018 and November 30, 2018 (the “Agreement”); and

 

WHEREAS,
pursuant to Section 6.1 of the Agreement, the Sponsor and the Trustee desire to amend the Agreement, effective as of the close
of business on June 20, 2019, to: (i) add London as a location where the Trust’s allocated gold may be held; and (ii) to
change the name of the shares issuable by the Trust as follows:

 

	Current
    Name	New
    Name
	Aberdeen
    Standard Physical Swiss Gold Shares ETF	Aberdeen
    Standard Physical Gold Shares ETF

 

NOW,
THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereby agree as follows:

 

		1.	(a)

                                                                                Amendment to the Preamble. The second recital of the Agreement is hereby deleted in its entirety and replaced with the following:

 

WHEREAS
the Sponsor desires to establish the terms on which Gold (as herein defined) may be deposited in the trust and provide for the
creation of Aberdeen Standard Physical Gold Shares ETF in Baskets (as herein defined) representing fractional undivided interests
in the net assets of the trust and the execution and delivery of the Certificates (as herein defined) evidencing the Aberdeen
Standard Physical Gold Shares ETF; and

 

(b)

Amendment to Section 1.1 of the Agreement. The defined terms for “Trust Allocated
Account” and “Shares” in Section 1.1 of the Agreement are hereby deleted in their entirety and replaced with
the following:

 

“Trust
Allocated Account” shall mean the loco London account or the loco Zurich account maintained for the Trust by the Initial
Custodian pursuant to the Trust Allocated Account Agreement, or another account maintained for the Trust by a successor Custodian
on an allocated basis, as the case may be.

 

    	 	-1-	 

    	 

    

 

“Shares”
means Aberdeen Standard Physical Gold Shares ETF created under this Agreement, each representing a fractional undivided ownership
interest in the net assets of the Trust, which interest shall equal a fraction, the numerator of which is 1 and the denominator
of which is the total number of Shares outstanding.

 

(c)

Amendment to Section 2.3(a) of the Agreement. The last sentence of Section 2.3(a) of
the Agreement is hereby deleted in its entirety and replaced with the following:

 

Gold
must be Delivered to the Custodian by credit to the Trust Unallocated Account only.

 

(d)

Amendment to Section 5.5 of the Agreement. The following new Section 5.5(d) is
hereby added to the Agreement:

 

(d)

The Trustee shall have no responsibility for, and no lability arising from or connected
with, any determination made by the Custodian as to the amount of the Gold balances to be maintained in the loco London account
or the loco Zurich account of the Trust Allocated Account or any adjustments to such Gold balances made by the Custodian in connection
with any such determination.

 

(e)

Amendment to Textual References in the Agreement. All other references to “Aberdeen
Standard Physical Swiss Gold Shares ETF” in the Agreement are hereby deleted and replaced with “Aberdeen Standard
Physical Gold Shares ETF.”

 

2.

In
accordance with Section 6.1 of the Agreement, the Sponsor hereby certifies to the Trustee that the amendments contemplated by
this Amendment do not increase any fees or charges relating to the Trust and do not otherwise prejudice any substantial existing
right of the Registered Owners.

 

3.

The
amendment contemplated by this Amendment shall, upon execution of this Amendment by the Sponsor and the Trustee, be effective
as of the close of business on June 20, 2019, and no further action shall be required to make such amendment effective.

 

4.

Except
as expressly amended by this Amendment, the Agreement shall remain in full force and effect.

 

5.

This
Amendment shall be interpreted under, and all rights and duties under this Amendment shall be governed by, the internal substantive
laws (but not the choice of law rules) of the State of New York.

 

6.

Except
as otherwise specified in this Amendment, or as the context may otherwise require, capitalized terms shall have the meaning ascribed
to them in the Agreement.

 

7.

This
Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts
together shall constitute one and the same instrument. Facsimile and electronic counterpart signatures shall be acceptable and
binding.

 

[remainder
of page intentionally blank]

 

    	 	-2-	 

    	 

    

IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first set forth above.

 

 

	

Aberdeen
Standard Investments ETFs Sponsor LLC

	 
	(formerly,
ETF Securities USA LLC),	 
	as
Sponsor	 
	 	 
	 	 
	 	 
	/s/ Lucia Sitar	 
	Name:	 Lucia Sitar	 
	Title:	 Vice President	 
	 	 
	 	 
	 	 
	 	 
	The
Bank of New York Mellon,	 
	as
Trustee	 
	 	 
	 	 
	 	 
	/s/ Phyllis Cietek	 
	Name:	Phyllis Cietek	 
	Title:	Vice President	 

 

[Signature
Page to Third Amendment to Depositary Trust Agreement]

    	 	-3-ABERDEEN STANDARD GOLD ETF TRUST 8-K

 

Exhibit
10.1

 

JPMorgan
Chase Bank, N.A., London Branch

25
Bank Street, Canary Wharf

London,
E14 5JP

United
Kingdom

 

 

 

The
Bank of New York Mellon,

as
trustee of the Aberdeen Standard Gold ETF Trust (the “Trust”)

2
Hanson Place

Brooklyn,
New York 11217

June
2019

Dear
Sirs:

		1.	We
                                         refer to the Allocated Account Agreement and the Unallocated Account Agreement, each
                                         entered into between JPMorgan Chase Bank, N.A. (in its capacity as custodian of the Trust
                                         (the “Custodian”)) and The Bank of New York Mellon (in its capacity
                                         as the trustee of the Trust (the “Trustee”)) dated 1 September 2009,
                                         as amended from time to time (respectively the “AAA” and “UAA”
                                         and together the “Agreements”). This letter serves to amend the Agreements
                                         effective as of the close of business on 20 June 2019. Copies of both Agreements are
                                         appended to this letter. 

 

		2.	Defined
                                         terms used in this letter, unless defined in this letter, shall have the same meanings
                                         as assigned to those terms in the Agreements.

 

		3.	The
                                         name of the shares issuable by the Trust is being changed to Aberdeen Standard Physical
                                         Gold Shares ETF. Accordingly, all references to “Aberdeen Standard Physical Swiss
                                         Gold Shares ETF” in the Agreements, including, without limitation, such references
                                         in the definition of “Shares” in clause 1.1 of each of the Agreements, are
                                         deleted and replaced with “Aberdeen Standard Physical Gold Shares ETF.”

 

		4.	The
                                         Custodian wishes to provide Bullion custody services to the Trust on both a loco London
                                         and loco Zurich basis in accordance with the terms of the Agreements. To accomplish this,
                                         both of the Agreements are amended as follows: 

 

		(a)	The
                                         definition of “Allocated Account” in clause 1.1 of each of the Agreements
                                         is deleted and replaced with the following: 

“Allocated
Account” means the loco London allocated Bullion account, number 47328, or the loco Zurich allocated Bullion
account, number 40391, each established in the name of the Trustee with the Custodian pursuant to this Agreement.”

		(b)	The
                                         first sentence of clause 7.4 of the AAA is deleted and replaced with the following:

“Location
of Bullion: Subject to and in accordance with clause 8.1 and unless otherwise agreed between the parties, Bullion must be
held by the Custodian at its London or Zurich vault premises, or its Zurich Sub-Custodian’s vault premises.” 

 

		(c)	Clause
                                         4.7 of the AAA is deleted and replaced with the following: 

 

“Risk:
With the exception of any transfer between loco Zurich and loco London made by the Custodian pursuant to clauses 3.2, 4.2,
4.3 or 4.9 of the Unallocated Account Agreement (as amended from time to time), where there is a shipment to or from the Custodian
of Bullion, all right, title and risk in and to such Bullion shall pass at the Point of Delivery to the relevant person for whose
account the Bullion is being delivered.”

 

     

     

    

 

		(d)	Clause
                                         3.2 of the UAA is deleted and replaced with the following:

 

“Loco
Designation for Deposits: The Custodian shall receive deposits of Bullion pursuant to clause 3.1 into the Unallocated Account
loco Zurich or loco London, provided, however, that (i) the Custodian shall bear all risk and costs, including all
insurance costs, relating to any transfers between loco Zurich and loco London made by the Custodian to effect any such deposits
and (ii) if a transfer is made pursuant to clause 3.1(c) into the Unallocated Account loco Zurich or loco London, the loco designation
shall be the same for the AP Account from which the transfer is made.”

 

		(e)	Clause
                                         4.2 of the UAA is deleted and replaced with the following:

 

“Loco
Designation for Withdrawals: The Custodian shall transfer Bullion from the Unallocated Account loco Zurich or loco London
for all withdrawals under clause 4.1, provided, however, that the Custodian shall bear all risk and costs, including all insurance
costs, relating to any transfers between loco Zurich and loco London made by the Custodian to effect any such withdrawals.”

 

		(f)	Clause
                                         4.3 of the UAA is deleted and replaced with the following:

 

“Loco
Swaps: In the event that the Custodian receives a loco London or loco Zurich deposit pursuant to clause 3.1(c), the Custodian
shall effectuate withdrawals pursuant to clause 4.1(c) by transferring Bullion from the Unallocated Account loco London or loco
Zurich to the Allocated Account loco London or loco Zurich, provided, however, that the Custodian shall bear all risk and costs,
including all insurance costs, relating to any transfers between loco Zurich and loco London made by the Custodian to effect any
such withdrawals.” 

 

		(g)	The
                                         last sentence of clause 4.6 of the UAA is deleted and replaced with the following:

 

“With
the exception of any delivery between loco Zurich and loco London made by the Custodian pursuant to clauses 3.2, 4.2, 4.3 or 4.9,
all insurance and transportation costs shall be for the account of the Trust.”

 

		(h)	Clause
                                         4.7 of the UAA is deleted and replaced with the following:

 

“Risk:
With the exception of any transfer between loco Zurich and loco London made by the Custodian pursuant to clauses 3.2, 4.2,
4.3 or 4.9, where there is a shipment to or from the Custodian of Bullion, all right, title and risk in and to such Bullion shall
pass at the Point of Delivery to the relevant person for whose account the Bullion is being delivered.” 

 

		(i)	The
                                         following new clause 4.9 is added to the UAA: 

“Loco
London and Loco Zurich Bullion Balances: The Custodian shall maintain the Bullion balances in the loco London Allocated
Account and the loco Zurich Allocated Account at such amounts as will allow for the normal settlement of anticipated Redemption
Obligations on a loco London or loco Zurich basis, and the Custodian may from time to time consult with the Sponsor in connection
with determining the amounts of such Bullion balances. The Custodian shall bear all risk and costs, including all insurance costs,
relating to any transfers between loco Zurich and loco London made by the Custodian in connection with adjusting such Bullion
balances to meet such anticipated Redemption Obligations. The Trustee shall have no responsibility for determining or adjusting
the Bullion balances for this clause 4.9.”

     

     

    

		5.	Except
                                         as expressly amended by this letter, the Agreements shall remain in full force and effect.

 

		6.	This
                                         letter may be executed in any number of counterparts, each of which shall be deemed an
                                         original, but all such counterparts together shall constitute one and the same instrument.
                                         Facsimile and electronic counterpart signatures shall be acceptable and binding.

		7.	The
                                         Custodian shall advise any Sub-Custodians it may use pursuant to the terms of the Agreements
                                         about the change in the name of the shares issuable by the Trust so that such Sub-Custodians
                                         may update their records accordingly.

		8.	This
                                         letter shall be deemed to constitute Amendment No. 2 to the AAA and Amendment No. 2 to
                                         the UAA. 

		9.	This
                                         letter shall be construed in accordance with and be governed by the laws of England and
                                         Wales.

 

		10.	Please
                                         sign and return a copy of this letter to acknowledge your agreement to the amendments
                                         to the Agreements. 

 

Yours
faithfully,

/s/
Peter L. Smith

Peter
L. Smith

Managing
Director

for
and on behalf of JPMorgan Chase Bank, N.A.

     

     

    

We
agree to the amendments of the Agreements.

 

Date:
11th June 2019

	/s/ Peter L. Smith	 
	Signed by:	Peter L. Smith	 
	 	Managing Director	 
	for
and on behalf of JPMorgan Chase Bank, N.A.	 

Date:
6/11/2019

	/s/ Phyllis A. Cietek	 
	Signed by:	Phyllis A. Cietek	 
	 	Vice
President	 
	for
and on behalf of The Bank of New York Mellon,	 
	as
trustee of the Aberdeen Standard Gold ETF Trust	 

   

Sponsor
Approval 

 

Pursuant
to Section 5.5(a) of the Depositary Trust Agreement of the Trust, dated as of September 1, 2009, as amended, Aberdeen Standard
Investments ETFs Sponsor LLC, the sponsor of the Trust, hereby approves of the Trustee entering into this letter.

 

Date:
6/11/2019

	/s/
Lucia Sitar	 
	Signed by:	Lucia Sitar	 

for
and on behalf of Aberdeen Standard Investments ETFs Sponsor LLC,

as the sponsor of the Aberdeen Standard Gold ETF
Trust

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