abrdn Precious Metals Basket ETF Trust
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-07.
0001999371-26-017416
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001999371-26-024823
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.
20 unchanged; 9 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, 2026
Removed paragraphs (1)
Previous report
The Six Months Ended June 30, 2026
Reworded paragraphs (9)
Previous wording
At the Evaluation Time, the Trustee will value (1) the gold held by the Trust based on the LBMA Gold Price PM for an ounce of gold, or such day’s LBMA Gold Price AM if such day’s LBMA Gold Price PM is not available, (2) the silver held by the Trust based on the LBMA Silver Price for an ounce of silver, (3) the platinum held by the Trust based on the LBMA Price PM price for a troy ounce of platinum, or such day’s LBMA Price AM if such day’s LBMA Price PM is not available, and (4) the palladium held by the Trust based on the LBMA Price PM price for a troy ounce of palladium or such day’s LBMA Price AM if such day’s LBMA Price PM is not available. If the London Metal Price referenced above is not available or has not been announced by the Evaluation Time, for any Bullion metal, the next most recent London Metal Price announced for such metal determined prior to the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation.
Current wording
At the Evaluation Time, the Trustee will value (1) the gold held by the Trust based on the LBMA Gold Price PM for an ounce of gold, or such day’s LBMA Gold Price AM if such day’s LBMA Gold Price PM is not available, (2) the silver held by the Trust based on the LBMA Silver Price for an ounce of silver, (3) the platinum held by the Trust based on the LBMA Platinum Price PM price for a troy ounce of platinum, or such day’s LBMA Platinum Price AM if such day’s LBMA Platinum Price PM is not available, and (4) the palladium held by the Trust based on the LBMA Palladium Price PM price for a troy ounce of palladium or such day’s LBMA Palladium Price AM if such day’s LBMA Palladium Price PM is not available. If the London Metal Price referenced above is not available or has not been announced by the Evaluation Time, for any Bullion metal, the next most recent London Metal Price announced for such metal determined prior to the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation.
Previous 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.
Current wording
The Trust’s NAV increased from $2,458,556,688 at June 30, 2026 to $2,604,985,369 at September 30, 2026, a 5.96% 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 3.64% from $199.04 at June 30, 2026 to $206.28 at September 30, 2026 and an increase in outstanding Shares, which rose from 13,575,000 Shares at June 30, 2026 to 13,900,000 Shares at September 30, 2026, as a result of 425,000 Shares (17 Baskets) being created and 100,000 Shares (4 Baskets) being redeemed.
Previous 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.
Current wording
The NAV per Share increased 3.48% from $181.11 at June 30, 2026 to $187.41 at September 30, 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 $4,045,733 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $210.20 at August 24, 2026 was the highest during the quarter, compared with a low of $176.83 at July 18, 2026.
Previous 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.
Current wording
The decrease in net assets from operations for the quarter ended September 30, 2026 was $84,191,887 resulting from a realized gain of $1,613,912 on the transfer of Bullion to pay expenses, a realized gain of $6,973,710 on Bullion distributed for the redemption of Shares and an increase in unrealized loss on investment in Bullion of $79,649,998, offset by the Sponsor’s Fee of $4,045,733. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2026.
Previous 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.
Current wording
The Trust’s NAV increased from $2,577,422,977 at December 31, 2025 to $2,604,985,369 at September 30, 2026, a 1.07% increase 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 8.70% from $225.94 at December 31, 2025 to $206.28 at September 30, 2026 and an increase in outstanding Shares, which rose from 12,500,000 Shares at December 31, 2025 to 13,900,000 Shares at September 30, 2026, as a result of 1,700,000 Shares (68 Baskets) being created and 300,000 Shares (12 Baskets) being redeemed.
Previous 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.
Current wording
The NAV per Share decreased 9.11% from $206.19 at December 31, 2025 to $187.41 at September 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 $12,823,013 for the period, 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 period, compared with a low of $179.09 at June 25, 2026.
Current wording
The NAV per Share of $288.48 at January 29, 2026 was the highest during the period, compared with a low of $176.83 at July 18, 2026.
Previous 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.
Current wording
The decrease in net assets from operations for the period ended September 30, 2026 was $296,007,748 resulting from a realized gain of $6,112,828 on the transfer of Bullion to pay expenses, and a realized gain of $25,257,146 on Bullion distributed for the redemption of Shares, offset by a decrease in unrealized loss on investment in Bullion of $314,554,709 and the Sponsor’s Fee of $12,823,013. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2026.