abrdn Precious Metals Basket ETF Trust
For the period ended Mar 31, 2026. Filed May 8, 2026.
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.
Mar 31, 2026 · Filed May 8, 2026
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 2025-09-30; filed 2025-11-07.
0001999371-25-017269
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001999371-26-010351
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 30 current paragraphs.
21 unchanged; 8 reworded; 1 added; 1 removed; 1 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 Quarter Ended March 31, 2025
Removed paragraphs (1)
Previous report
The Nine Months Ended September 30, 2025
Reworded paragraphs (8)
Previous 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.
Current wording
The Trust’s NAV increased from $2,577,422,977 at December 31, 2025 to $2,906,491,871 at March 31, 2026, a 12.77% 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 3.80% from $225.94 at December 31, 2025 to $234.52 at March 31, 2026 and an increase in outstanding Shares, which rose from 12,500,000 Shares at December 31, 2025 to 13,600,000 Shares at March 31, 2026, as a result of 1,225,000 Shares (49 Baskets) being created and 125,000 Shares (5 Baskets) being redeemed.
Previous 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.
Current wording
The NAV per Share increased 3.65% from $206.19 at December 31, 2025 to $213.71 at March 31, 2026. The Trust’s NAV per Share rose slightly less than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $4,471,348 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $288.48 at January 29, 2026 was the highest during the quarter, compared with a low of $203.61 at March 26, 2026.
Previous 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.
Current wording
The increase in net assets from operations for the quarter ended March 31, 2026 was $62,780,855 resulting from a realized gain of $2,258,446 on the transfer of Bullion to pay expenses, a realized gain of $12,441,479 on Bullion distributed for the redemption of Shares and an increase in unrealized gain on investment in Bullion of $52,552,278, offset by the Sponsor’s Fee of $4,471,348. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2026.
Previous 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.
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 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.
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 $164.84 at September 29, 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 $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 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.
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.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The Trustee’s estimation of accrued but unpaid fees, expenses and liabilities is conclusive upon all persons interested in the Trust and no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.