abrdn Precious Metals Basket ETF Trust
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 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 2025-06-30; filed 2025-08-07.
0001999371-25-010851
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001999371-25-017269
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.
20 unchanged; 10 reworded; 1 added; 1 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 (1)
Current report
The Nine Months Ended September 30, 2025
Removed paragraphs (1)
Previous report
The Six Months Ended June 30, 2025
Reworded paragraphs (10)
Previous wording
Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “GLTR”.
Current wording
Shares of the Trust trade on the NYSE Arca, Inc. (“NYSE Arca”) under the symbol “GLTR”.
Previous 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.
Current wording
Once the value of 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 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 $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.
Current wording
The Trust’s NAV increased from $1,435,254,157 at June 30, 2025 to $1,847,187,378 at September 30, 2025, a 28.70% 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 19.18% from $150.40 at June 30, 2025 to $179.24 at September 30, 2025 and an increase in outstanding Shares, which rose from 10,425,000 Shares at June 30, 2025 to 11,275,000 Shares at September 30, 2025, as a result of 850,000 Shares (34 Baskets) being created. There were no Shares redeemed during the quarter ended September 31, 2025.
Previous 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.
Current wording
The NAV per Share increased 19.00% from $137.67 at June 30, 2025 to $163.83 at September 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 $2,415,372 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $164.84 at September 29, 2025 was the highest during the quarter, compared with a low of $138.46 at July 31, 2025.
Previous 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.
Current wording
The increase in net assets from operations for the quarter ended September 30, 2025 was $282,040,957 resulting from a realized gain of $855,111 on the transfer of Bullion to pay expenses, and an increase in unrealized gain on investment in Bullion of $283,601,217, offset by the Sponsor’s Fee of $2,415,371. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2025.
Previous 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.
Current wording
The Trust’s NAV increased from $1,039,953,142 at December 31, 2024 to $1,847,187,378 at September 30, 2025, a 77.62% 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 50.33% from $119.23 at December 31, 2024 to $179.24 at September 30, 2025 and an increase in outstanding Shares, which rose from 9,500,000 Shares at December 31, 2024 to 11,275,000 Shares at September 30, 2025, as a result of 2,100,000 Shares (84 Baskets) being created and 325,000 Shares (13 Baskets) being redeemed for the period.
Previous 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.
Current wording
The NAV per Share increased 49.66% from $109.47 at December 31, 2024 to $163.83 at September 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 $6,210,566 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $164.84 at September 29, 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 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.
Current wording
The increase in net assets from operations for the period ended September 30, 2025 was $562,182,775 resulting from a realized gain of $2,008,757 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 $551,977,130, offset by the Sponsor’s Fee of $6,210,566. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2025.