abrdn Precious Metals Basket ETF Trust
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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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, 2026 · Filed Aug 7, 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 2026-03-31; filed 2026-05-08.
0001999371-26-010351
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001999371-26-017416
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 30 previous paragraphs and 30 current paragraphs.
19 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 Six Months Ended June 30, 2026
Removed paragraphs (1)
Previous report
The Quarter Ended March 31, 2025
Reworded paragraphs (10)
Previous 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.
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 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 $1,039,953,142 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 decreased from $2,906,491,871 at March 31, 2026 to $2,458,556,688 at June 30, 2026, a 15.41% decrease for the quarter. The change in the Trust’s NAV resulted from a decrease in the price per ounce of gold, silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”), which fell 15.13% from $234.52 at March 31, 2026 to $199.04 at June 30, 2026 and a decrease in outstanding Shares, which fell from 13,600,000 Shares at March 31, 2026 to 13,575,000 Shares at June 30, 2026, as a result of 50,000 Shares (2 Baskets) being created and 75,000 Shares (3 Baskets) being redeemed.
Previous 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.
Current wording
The NAV per Share decreased 15.25% from $213.71 at March 31, 2026 to $181.11 at June 30, 2026. The Trust’s NAV per Share fell slightly more than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $4,305,932 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $230.50 at May 14, 2026 was the highest during the quarter, compared with a low of $179.09 at June 25, 2026.
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 decrease in net assets from operations for the quarter ended June 30, 2026 was $442,980,491 resulting from a change in unrealized loss on investment in Bullion of $446,756,986 and the Sponsor’s Fee of $4,305,932, offset by a realized gain of $2,240,469 on the transfer of Bullion to pay expenses and a realized gain of $5,841,958 on Bullion distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2026.
Previous 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.
Current wording
The Trust’s NAV decreased from $2,577,422,977 at December 31, 2025 to $2,458,556,688 at June 30, 2026, a 4.61% decrease for the period. The change in the Trust’s NAV resulted from a decrease in the price per ounce of gold, silver, platinum and palladium in the proportions held by the Trust (the “Proportionate Price”), which fell 11.90% from $225.94 at December 31, 2025 to $199.04 at June 30, 2026 and an increase in outstanding Shares, which rose from 12,500,000 Shares at December 31, 2025 to 13,575,000 Shares at June 30, 2026, as a result of 1,275,000 Shares (51 Baskets) being created and 200,000 Shares (8 Baskets) being redeemed.
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 decreased 12.16% from $206.19 at December 31, 2025 to $181.11 at June 30, 2026. The Trust’s NAV per Share fell slightly more than Proportionate Price on a percentage basis due to the Sponsor’s Fee, which was $8,777,280 for the period, 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 $288.48 at January 29, 2026 was the highest during the period, compared with a low of $179.09 at June 25, 2026.
Previous 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.
Current wording
The decrease in net assets from operations for the period ended June 30, 2026 was $380,199,637 resulting from a change in unrealized loss on investment in Bullion of $394,204,710 and the Sponsor’s Fee of $8,777,280, offset by a realized gain of $4,498,916 on the transfer of Bullion to pay expenses and a realized gain of $18,283,437 on Bullion distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2026.
Previous wording
The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee.
Current wording
The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee. The Trust’s only source of liquidity is its transfers and sales of Bullion.