abrdn Precious Metals Basket ETF Trust
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
GLTR$173.86-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0001999371-24-014549
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001999371-25-005706
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 31 previous paragraphs and 31 current paragraphs.
17 unchanged; 11 reworded; 3 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
At the Evaluation Time, the Trustee will value (1) the gold held by the Trust based on the LBMA Gold Price PM for an ounce of gold, or such day’s LBMA Gold Price AM if such day’s LBMA Gold Price PM is not available, (2) the silver held by the Trust based on the LBMA Silver Price for an ounce of silver, (3) the platinum held by the Trust based on the LBMA Price PM price for a troy ounce of platinum, or such day’s LBMA Price AM if such day’s LBMA Price PM is not available, and (4) the palladium held by the Trust based on the LBMA Price PM price for a troy ounce of palladium or such day’s LBMA Price AM if such day’s LBMA Price PM is not available. If the London Metal Price referenced above is not available or has not been announced by the Evaluation Time, for any Bullion metal, the next most recent London Metal Price announced for such metal determined prior to the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation.
Current report
The Quarter EndedMarch 31, 2025
Current report
The Quarter EndedMarch 31, 2024
Removed paragraphs (3)
Previous report
At the Evaluation Time, the Trustee values the Trust’s Bullion on the basis of that day’s LBMA Price for such metal or, if no LBMA Price is made for a metal on such day or has not been announced by the Evaluation Time, the next most recent LBMA Price announced for such metal determined prior to the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the applicable LBMA Price or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust’s Bullion is not an appropriate basis for evaluation of the Trust’s Bullion, it shall identify an alternative basis for such evaluation to be employed by the Trustee. Neither the Trustee nor the Sponsor shall be liable to any person for the determination that the LBMA Price or such other publicly available price is not appropriate as a basis for evaluation of the Trust’s Bullion or for any determination as to the alternative basis for such evaluation provided that such determination is made in good faith.
Previous report
The Quarter Ended September 30, 2024
Previous report
The Nine Months Ended September 30, 2024
Reworded paragraphs (11)
Previous wording
The Trust issues and redeems Shares only with Authorized Participants in exchange for Bullion and only in aggregations of 25,000 Shares, effective June 18, 2024, or integral multiples thereof. Prior to June 18, 2024, the number of Shares that constituted a Basket was 50,000. A list of current Authorized Participants is available from the Sponsor or the Trustee.
Current wording
The Trust issues and redeems Shares only with Authorized Participants in exchange for Bullion and only in aggregations of 25,000 Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee.
Previous wording
Once the value of the Bullion has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the Bullion and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the adjusted net asset value (the “ANAV”) of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.
Current wording
Once the value of the gold, silver, platinum and palladium has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the Bullion and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the adjusted net asset value (the “ANAV”) of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.
Previous wording
The Trust’s NAV increased from $991,167,633 at June 30, 2024 to $1,071,704,894 at September 30, 2024, a 8.13% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”), which rose 9.72% from $112.11 at June 3 to $123.01 at September 30, 2024 and a decrease in outstanding Shares, which fell from 9,600,000 Shares at June 30, 2024 to 9,475,000 Shares at September 30, 2024, as a result of 75,000 Shares (3 Baskets) being created and 200,000 Shares (8 Baskets) being redeemed.
Current wording
The Trust’s NAV increased from $1,039,953,142 at December 31, 2024 to $1,326,311,815 at March 31, 2025, a 27.54% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”), which rose 18.09% from $119.23 at December 31, 2024 to $140.80 at March 31, 2025 and an increase in outstanding Shares, which rose from 9,500,000 Shares at December 31, 2024 to 10,275,000 Shares at March 31, 2025, as a result of 775,000 Shares (31 Baskets) being created. There were no Shares redeemed during the quarter ended March 31, 2025.
Previous wording
The NAV per Share increased 9.55% from $103.25 at June 30, 2024 to $113.11 at September 30, 2024. The Trust’s NAV per Share rose slightly less than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $1,556,293 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Current wording
The NAV per Share increased 17.91% from $109.47 at December 31, 2024 to $129.08 at March 31, 2025. The Trust’s NAV per Share rose slightly less than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $1,761,323 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous wording
The NAV per Share of $115.84 at September 26, 2024 was the highest during the quarter, compared with a low of $101.61 at August 5, 2024.
Current wording
The NAV per Share of $129.08 at March 31, 2025 was the highest during the quarter, compared with a low of $111.04 at January 2, 2025.
Previous wording
The increase in net assets from operations for the period ended September 30, 2024 was $205,201,103, resulting from a realized gain of $760,376 on the transfer of Bullion to pay expenses, a realized gain of $16,275,278 on Bullion distributed for the redemption of Shares and an increase in unrealized gain on investment in Bullion of $192,597,052, offset by the Sponsor’s Fee of $4,431,603. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2024.
Current wording
The increase in net assets from operations for the quarter ended March 31, 2025 was $192,008,657, resulting from a realized gain of $474,226 on the transfer of Bullion to pay expenses, no realized gain or loss on Bullion distributed for the redemption of Shares and a change in unrealized gain on investment in Bullion of $193,295,754, offset by the Sponsor’s Fee of $1,761,323. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2025.
Previous wording
The Trust’s NAV increased from $958,830,648 at December 31, 2023 to $1,071,704,894 at September 30, 2024, a 11.77% increase for the period. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”), which rose 23.83% from $99.34 at December 31, 2023 to $123.01 at September 30, 2024 and a decrease in outstanding Shares, which fell from 10,450,000 Shares at December 31, 2023 to 9,475,000 Shares at September 30, 2024, as a result of 125,000 Shares (5 Baskets) being created and 1,100,000 Shares (44 Baskets) being redeemed. Effective June 18, 2024, the number of Shares that constitute a Basket decreased from 50,000 to 25,000. Accordingly, information prior to this change has been retroactively adjusted to conform with the change in Basket size.
Current wording
The Trust’s NAV decreased from $958,830,648 at December 31, 2023 to $941,863,819 at March 31, 2024, a 1.77% decrease for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of gold, silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”), which rose 3.84% from $99.34 at December 31, 2023 to $103.15 at March31, 2024 and a decrease in outstanding Shares, which fell from 10,450,000 Shares at December 31, 2023 to 9,900,000 Shares at March31, 2024, as a result of 550,000 Shares (11 Baskets) being redeemed. There were no Shares created during the quarter ended March 31,2024.
Previous wording
The NAV per Share increased 23.28% from $91.75 at December 31, 2023 to $113.11 at September 30, 2024. The Trust’s NAV per Share rose slightly less than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $4,431,603 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.
Current wording
The NAV per Share increased 3.69% from $91.75 at December 31, 2023 to $95.14 at March 31, 2024. The Trust’s NAV per Share rose slightly less than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $1,376,799 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous wording
The NAV per Share of $115.84 at September 26, 2024 was the highest during the period, compared with a low of $85.65 at February 14, 2024.
Current wording
The NAV per Share of $95.14 at March 31, 2024 was the highest during the quarter, compared with a low of $85.65 at February 14, 2024.
Previous wording
The increase in net assets from operations for the quarter ended September 30, 2024 was $93,020,254, resulting from a realized gain of $346,479 on the transfer of Bullion to pay expenses, a realized gain of $4,155,569 on Bullion distributed for the redemption of Shares and an increase in unrealized gain on investment in Bullion of $90,074,500, offset by the Sponsor’s Fee of $1,556,293. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2024.
Current wording
The increase in net assets from operations for the quarter ended March 31, 2024 was $31,556,022, resulting from a realized gain of $132,693 on the transfer of Bullion to pay expenses, a realized gain of $4,075,434 on Bullion distributed for the redemption of Shares and an increase in unrealized gain on investment in Bullion of $28,724,694, offset by the Sponsor’s Fee of $1,376,799. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2024.
Previous wording
The Trust has no off-balance sheet arrangements.
Current wording
The Trust is not a party to any off-balance sheet arrangements.