abrdn Precious Metals Basket ETF Trust
For the period ended Jun 30, 2025. Filed Aug 7, 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.
Jun 30, 2025 · Filed Aug 7, 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 2025-03-31; filed 2025-05-08.
0001999371-25-005706
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001999371-25-010851
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.
21 unchanged; 8 reworded; 2 added; 2 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 (2)
Current report
The Quarter Ended June 30, 2025
Current report
The Six Months Ended June 30, 2025
Removed paragraphs (2)
Previous report
The Quarter EndedMarch 31, 2025
Previous report
The Quarter EndedMarch 31, 2024
Reworded paragraphs (8)
Previous 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.
Current wording
The Trust’s NAV increased from $1,326,311,815 at March 31, 2025 to $1,435,254,157 at June 30, 2025, an 8.21% 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 6.82% from $140.80 at March 31, 2025 to $150.40 at June 30, 2025 and an increase in outstanding Shares, which rose from 10,275,000 Shares at March 31, 2025 to 10,425,000 Shares at June 30, 2025, as a result of 475,000 Shares (19 Baskets) being created and 325,000 Shares (13 Baskets) being redeemed for the quarter.
Previous 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.
Current wording
The NAV per Share increased 6.65% from $129.08 at March 31, 2025 to $137.67 at June 30, 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 $2,033,871 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $141.16 at June 18, 2025 was the highest during the quarter, compared with a low of $121.88 at April 7, 2025.
Previous 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.
Current wording
The increase in net assets from operations for the quarter ended June 30, 2025 was $88,133,163 resulting from a realized gain of $679,420 on the transfer of Bullion to pay expenses, a realized gain of $14,407,454 on Bullion distributed for the redemption of Shares and an increase in unrealized gain on investment in Bullion of $75,080,160, offset by the Sponsor’s Fee of $2,033,871. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2025.
Previous 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.
Current wording
The Trust’s NAV increased from $1,039,953,142 at December 31, 2024 to $1,435,254,157 at June 30, 2025, a 38.01% 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 26.14% from $119.23 at December 31, 2024 to $150.40 at June 30, 2025 and an increase in outstanding Shares, which rose from 9,500,000 Shares at December 31, 2024 to 10,425,000 Shares at June 30, 2025, as a result of 1,250,000 Shares (50 Baskets) being created and 325,000 Shares (13 Baskets) being redeemed for the period.
Previous 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.
Current wording
The NAV per Share increased 25.76% from $109.47 at December 31, 2024 to $137.67 at June 30, 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 $3,795,195 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $141.16 at June 18, 2025 was the highest during the period, compared with a low of $109.47 at January 1, 2025.
Previous 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.
Current wording
The increase in net assets from operations for the period ended June 30, 2025 was $280,141,818 resulting from a realized gain of $1,153,646 on the transfer of Bullion to pay expenses, a realized gain of $14,407,454 on Bullion distributed for the redemption of Shares and an increase in unrealized gain on investment in Bullion of $268,375,913, offset by the Sponsor’s Fee of $3,795,195. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2025.