abrdn Precious Metals Basket ETF Trust
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 2, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-28.
0001839882-25-012444
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-02.
0001999371-26-004883
Item 7. 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 39 previous paragraphs and 39 current paragraphs.
34 unchanged; 1 reworded; 4 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 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 (4)
Current report
The Trust’s NAV increased from $1,039,953,142 at December 31, 2024 to $2,577,422,977 at December 31, 2025, a 147.84% increase for the year. The change in the Trust’s NAV resulted from a increase in outstanding Shares, which rose from 9,500,000 Shares at December 31, 2024 to 12,500,000 at December 31, 2025, a result of 3,500,000 Shares (140 Baskets) being created and 500,000 Shares (20 Baskets) being redeemed and the price per ounce of gold, silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”) rose 89.50% from $119.23 at December 31, 2024 to $225.94 at December 31, 2025.
Current report
The NAV per Share increased 88.35% from $109.47 at December 31, 2024 to $206.19 at December 31, 2025. The Trust’s NAV per Share rose slightly less than the Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $9,539,023 for the year, or 0.60% of the Trust’s ANAV.
Current report
The NAV per Share of $213.53 at December 24, 2025 was the highest during the year, compared with a low of $109.47 at January 2, 2025.
Current report
The increase in net assets from operations for the year ended December 31, 2025 was $1,066,234,670, resulting from a realized gain of $3,292,453 on Bullion transferred to pay expenses, a realized gain of $32,599,933 on Bullion distributed for the redemption of Shares, a change in unrealized gain on investment in Bullion of $1,039,881,307, offset by the Sponsor’s Fee of $9,539,023. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2025.
Removed paragraphs (4)
Previous report
The Trust’s NAV increased from $970,513,038 at December 31, 2021 to $1,007,501,383 at December 31, 2022, a 3.81% increase for the year. The increase in the Trust’s NAV resulted primarily from an increase in outstanding Shares, which rose from 10,900,000 Shares at December 31, 2021 to 11,350,000 Shares at December 31, 2022, a result of 1,900,000 Shares (38 Baskets) being created and 1,450,000 Shares (29 Baskets) being redeemed. The price per ounce of gold, silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”) rose 0.48% from $95.24 at December 31, 2021 to $95.70 at December 31, 2022.
Previous report
The NAV per Share decreased 0.30% from $89.04 at December 31, 2021 to $88.77 at December 31, 2022. The Trust’s NAV per Share fell slightly more than the Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $6,222,877 for the year, or 0.60% of the Trust’s ANAV.
Previous report
The NAV per Share of $105.06 at March 8, 2022 was the highest during the year, compared with a low of $78.19 at November 3, 2022.
Previous report
The decrease in net assets from operations for the year ended December 31, 2022 was $26,750,078, resulting from a realized gain of $546,564 on Bullion distributed for the redemption of Shares, a realized gain of $2,679,486 on Bullion transferred to pay expenses, offset by a change in unrealized loss on investment in Bullion of $23,753,252, and the Sponsor’s Fee of $6,222,877. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2022.
Reworded paragraphs (1)
Previous wording
The Sponsor has exercised its right to visit the Custodian in order to examine the Bullion and the records maintained by the Custodian. An inspection was conducted by Bureau Veritas Commodities UK Ltd, a leading commodity inspection and testing company retained by the Sponsor, as of July 26, 2024 and January 4, 2025.
Current wording
The Sponsor has exercised its right to visit the Custodian in order to examine the Bullion and the records maintained by the Custodian. An inspection was conducted by Bureau Veritas Commodities UK Ltd, a leading commodity inspection and testing company retained by the Sponsor, as of August 4, 2025 and January 5,2026.