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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from________________ to ________________

Commission File Number: 001-34917

abrdn Precious Metals Basket ETF Trust

(Exact name of registrant as specified in its charter)

New York

27-2780046

(State or other jurisdiction of incorporation or

organization)

(I.R.S. Employer Identification No.)

c/o abrdn ETFs Sponsor LLC

1900 Market Street, Suite 200

Philadelphia, PA

19103

(Address of principal executive offices)

(Zip Code)

(844) 383-7289

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
abrdn Physical Precious Metals Basket Shares ETF		GLTR		NYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). ☐ Yes ☒ No

As of November 6, 2025, abrdn Precious Metals Basket ETF Trust had 11,825,000 abrdn Physical Precious Metals Basket Shares ETF outstanding.

abrdn Precious Metals Basket ETF Trust

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2025

INDEX

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	1

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	15

Item 4.	Controls and Procedures	15

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	17

Item 1A.	Risk Factors	17

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	17

Item 3.	Defaults Upon Senior Securities	17

Item 4.	Mine Safety Disclosures	17

Item 5.	Other Information	17

Item 6.	Exhibits	18

SIGNATURES		19

abrdn Precious Metals Basket ETF Trust

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Statements of Assets and Liabilities

At September 30, 2025 (Unaudited) and December 31, 2024

	September 30, 2025		December 31, 2024
(Amounts in 000’s of US$, except for Share and per Share data)
ASSETS
Gold (cost: September 30, 2025: $578,467; December 31, 2024: $431,725)	$	1,159,597	$	683,521
Palladium (cost: September 30, 2025: $99,415; December 31, 2024: $92,127)		74,875		47,595
Platinum (cost: September 30, 2025: $42,387; December 31, 2024: $35,943)		63,498		31,905
Silver (cost: September 30, 2025: $268,569; December 31, 2024: $210,298)		513,240		277,468
Total investment in Bullion		1,811,210		1,040,489
Bullion receivable		36,862		—
Total assets		1,848,072		1,040,489

LIABILITIES
Fees payable to Sponsor		884		536
Total liabilities		884		536

NET ASSETS⁽¹⁾	$	1,847,188	$	1,039,953

(1)	Authorized share capital is Unlimited with no par value per Share. Shares issued and outstanding at September 30, 2025 were 11,275,000 and at December 31, 2024 were 9,500,000. Net asset values per Share at September 30, 2025 and December 31, 2024 were $163.83 and $109.47, respectively.

See Notes to the Financial Statements

abrdn Precious Metals Basket ETF Trust

Schedules of Investments

At September 30, 2025 (Unaudited) and December 31, 2024

	September 30, 2025
Description	oz		Cost		Fair Value		% of Net Assets
Investment in Bullion (in 000’s of US$, except for oz and percentage data)
Gold		303,139.0	$	578,467	$	1,159,597		62.78	%
Palladium		60,627.8		99,415		74,875		4.05	%
Platinum		40,418.5		42,387		63,498		3.44	%
Silver		11,115,095.9		268,569		513,240		27.78	%
Total investment in Bullion		11,519,281.2	$	988,838	$	1,811,210		98.05	%
Other assets less liabilities						35,978		1.95	%
Net Assets					$	1,847,188		100.00	%

	December 31, 2024
Description	oz		Cost		Fair Value			% of Net Assets
Investment in Bullion (in 000’s of US$, except for oz and percentage data)
Gold		261,800.3	$	431,725	$	683,521			65.72	%
Palladium		52,359.8		92,127		47,595			4.58	%
Platinum		34,906.6		35,943		31,905			3.07	%
Silver		9,599,303.3		210,298		277,468			26.68	%
Total investment in Bullion		9,948,370.0	$	770,093	$	1,040,489			100.05	%
Less liabilities						(536	)		(0.05	)%
Net Assets					$	1,039,953			100.00	%

See Notes to the Financial Statements

abrdn Precious Metals Basket ETF Trust

Statements of Operations (Unaudited)

For the three and nine months ended September 30, 2025 and 2024

	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024			Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
(Amounts in 000’s of US$, except for Share and per Share data)
EXPENSES
Sponsor’s Fee	$	2,415		$	1,556		$	6,211		$	4,432
Total expenses		2,415			1,556			6,211			4,432

Net investment loss		(2,415	)		(1,556	)		(6,211	)		(4,432	)

REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain on Bullion transferred to pay expenses		855			346			2,009			760
Realized gain on Bullion distributed for the redemption of Shares		—			4,156			14,407			16,276
Change in unrealized gain on investment in Bullion		283,601			90,075			551,977			192,597
Total gain on investment in Bullion		284,456			94,577			568,393			209,633

Change in net assets from operations	$	282,041		$	93,021		$	562,182		$	205,201

Net increase / (decrease) in net assets per Share	$	26.40		$	9.76		$	54.79		$	20.89

Weighted average number of Shares		10,683,424			9,528,804			10,259,799			9,824,818

See Notes to the Financial Statements

abrdn Precious Metals Basket ETF Trust

Statements of Changes in Net Assets (Unaudited)

For the three and nine months ended September 30, 2025 and 2024


	Three Months Ended September 30, 2025					Three Months Ended September 30, 2024
(Amounts in 000’s of US$, except for Share data)	Shares		Amount			Shares			Amount
Opening balance		10,425,000	$	1,435,254			9,600,000		$	991,167
Net investment loss				(2,415	)					(1,556	)
Realized gain on investment in Bullion				855						4,502
Change in unrealized gain on investment in Bullion				283,601						90,075
Creations		850,000		129,893			75,000			7,845
Redemptions		—		—			(200,000	)		(20,328	)
Closing balance		11,275,000	$	1,847,188			9,475,000		$	1,071,705


	Nine Months Ended September 30, 2025						Nine Months Ended September 30, 2024
(Amounts in 000’s of US$, except for Share data)	Shares			Amount			Shares			Amount
Opening balance		9,500,000		$	1,039,953			10,450,000		$	958,831
Net investment loss					(6,211	)					(4,432	)
Realized gain on investment in Bullion					16,416						17,036
Change in unrealized gain on investment in Bullion					551,977						192,597
Creations		2,100,000			286,980			125,000			12,842
Redemptions		(325,000	)		(41,927	)		(1,100,000	)		(105,169	)
Closing balance		11,275,000		$	1,847,188			9,475,000		$	1,071,705

See Notes to the Financial Statements

abrdn Precious Metals Basket ETF Trust

Financial Highlights (Unaudited)

For the three and nine months ended September 30, 2025 and 2024

	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024			Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Per Share Performance (for a Share outstanding throughout the entire period)
Net asset value per Share at beginning of period	$	137.67		$	103.25		$	109.47		$	91.75
Income from investment operations:
Net investment loss		(0.23	)		(0.16	)		(0.61	)		(0.45	)
Total realized and unrealized gains or losses on investment in Bullion		26.39			10.02			54.97			21.81
Change in net assets from operations		26.16			9.86			54.36			21.36

Net asset value per Share at end of period	$	163.83		$	113.11		$	163.83		$	113.11

Weighted average number of Shares		10,683,424			9,528,804			10,259,799			9,824,818

*Expense ratio⁽¹⁾*		0.60	%		0.60	%		0.60	%		0.60	%

*Net investment loss ratio⁽¹⁾*		(0.60	)%		(0.60	)%		(0.60	)%		(0.60	)%

*Total return, net asset value⁽²⁾*		19.00	%		9.55	%		49.66	%		23.28	%

(1)	Annualized for periods less than one year.
(2)	Total return is not annualized.

See Notes to the Financial Statements

abrdn Precious Metals Basket ETF Trust

Notes to the Financial Statements (Unaudited)

Organization

The abrdn Precious Metals Basket ETF Trust (the “Trust”) is a common law trust formed on October 18, 2010 under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by abrdn ETFs Sponsor LLC (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”). The Trust holds Bullion in set ratios such that for every 0.03 ounces of gold it holds 1.1 ounces of silver, 0.004 ounces of platinum and 0.006 ounces of palladium (together, “Bullion”). Effective June 18, 2024, the Trust issues abrdn Physical Precious Metals Basket Shares ETF (“Shares”) in minimum blocks of 25,000 Shares (also referred to as “Baskets”) in exchange for deposits of Bullion and distributes Bullion in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of abrdn Inc., which is a wholly-owned indirect subsidiary of abrdn plc. The Trust is governed by the Trust Agreement.

The investment objective of the Trust is for the Shares to reflect the performance of the prices of physical gold, silver, platinum and palladium, in the proportions held by the Trust, less the Trust’s expenses. The Shares are intended to constitute a simple and cost-effective means of making an investment similar to a proportional investment in gold, silver, platinum and palladium. An investment in physical Bullion requires expensive and sometimes complicated arrangements in connection with the assay, transportation, warehousing and insurance of the metal. Although the Shares are not the exact equivalent of an investment in Bullion, they provide investors with an alternative that allows a level of participation in the gold, silver, platinum and palladium markets through the securities market.

The accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q. In the opinion of the Trust’s management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for the three and nine months ended September 30, 2025, and for all periods presented have been made.

These financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the operating results for the full year.

Significant Accounting Policies

The preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust.

2.1.

Basis of Accounting

The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.

2.2.

Valuation of Bullion

The Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

abrdn Precious Metals Basket ETF Trust

Notes to the Financial Statements (Unaudited)

Effective May 23, 2024, the Trustee, at the direction of the Sponsor, entered into an Allocated Account Agreement and Unallocated Account Agreement with ICBC Standard Bank Plc (“ICBC”), providing for the custody of the Trust’s Bullion. Prior to May 23, 2024, JPMorgan Chase Bank N.A. (“JPMorgan”) served as custodian of the Trust’s Bullion. The Trust’s Bullion may also be held by a sub-custodian selected by the Custodian to hold the Trust’s Bullion on a segregated basis and whose appointment has been approved by the Sponsor. At September 30, 2025, all of the Trust’s gold, palladium and platinum was held at ICBC. At September 30, 2025, all of the Trust’s silver was held at ICBC or a sub-custodian selected by ICBC.

The Trust’s Bullion is recorded, per individual metal type, at fair value. The cost of Bullion is determined according to the average cost method and the fair value is based on the relevant “London Metal Price” for each metal held by the Trust. This is the applicable “London Bullion Market Association (“LBMA”) PM Gold Price” for the price of an ounce of gold, the “LBMA Silver Price” for silver, and for platinum and palladium the applicable LBMA Price PM. If there is no LBMA PM Gold Price, or LBMA Price PM on any day, the Trustee is authorized to use the LBMA Gold Price AM or LBMA Price AM announced on that day. If neither price is available for that day, the Trustee will value the Trust’s gold based on the most recently announced price.

Realized gains and losses on transfers of Bullion, or Bullion distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of Bullion transferred.

The LBMA Gold Price PM is set using the afternoon session of the ICE Benchmark Administration (“IBA”) equilibrium auction, an electronic, tradable and auditable over-the-counter auction market with the ability to settle trades in US Dollars, Euros or British Pounds for LBMA authorized participating gold bullion banks or market makers that establishes a reference gold price for that day’s trading. The “London Metal Price” for gold held by the Trust is the LBMA Gold Price PM.

The IBA conducts an electronic, over-the-counter silver auction in London, England to establish a fixing price for an ounce of silver once each trading day, which is disseminated by major market vendors (the “LBMA Silver Price”). The LBMA Silver Price is established by the nine LBMA authorized bullion banks and market makers participating in the auction and disseminated by major market vendors. The “London Metal Price” for silver held by the Trust is the LBMA Silver Price.

The LME is responsible for the administration of the electronic platinum and palladium bullion price fixing system (“LMEbullion”) as well as providing electronic market clearing processes for platinum and palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion establishes and publishes fixed prices for troy ounces of platinum and palladium twice each London trading day during fixing sessions beginning at 9:45 a.m. London time (the “LBMA Price AM”) and 2:00 p.m. London time (the “LBMA Price PM”). The “London Metal Price” for platinum and palladium held by the Trust is the LBMA Price PM.

Once the value of Bullion has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the Bullion and all other assets held by the Trust.

The Trust recognizes changes in fair value of the investment in Bullion as changes in unrealized gains or losses on investment in Bullion through the Statement of Operations.

The per Share amount of Bullion exchanged for a purchase or redemption is calculated daily by the Trustee using the London Metal Price for each metal held by the Trust to calculate the Bullion amount in respect of any liabilities for which covering Bullion sales have not yet been made, and represents the per Share amount of Bullion held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

abrdn Precious Metals Basket ETF Trust

Notes to the Financial Statements (Unaudited)

Fair Value Hierarchy

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

– Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

– Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.

– Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The Trust’s investment in Bullion is classified as a level 1 asset, as its value is calculated using unadjusted quoted prices from primary market sources.

The categorization of the Trust’s assets is as shown below:

(Amounts in 000’s of US$)	September 30, 2025		December 31, 2024

Level 1
Investment in Bullion	$	1,811,210	$	1,040,489

There were no transfers between levels during the nine months ended September 30, 2025 or the year ended December 31, 2024.

2.3.

Bullion Receivable and Payable

Bullion receivable or payable represents the quantity of Bullion covered by contractually binding orders for the creation or redemption of Shares respectively, where the Bullion has not yet been transferred to or from the Trust’s account. Generally, ownership of Bullion is transferred within two business days of the trade date. At September 30, 2025, the Trust had $36,861,836 of Bullion receivable for the creation of Shares and no Bullion payable for the redemption of Shares. At December 31, 2024, the Trust had no Bullion receivable or payable for the creation or redemption of Shares.

abrdn Precious Metals Basket ETF Trust

Notes to the Financial Statements (Unaudited)

2.4.

Creations and Redemptions of Shares

The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 25,000 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) is a participant in The Depository Trust Company; (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other Bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the Bullion required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated Bullion account, either loco London or loco Zurich, established with the Custodian or a Bullion clearing bank by an Authorized Participant.

The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of Bullion represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. Effective May 28, 2024, the standard settlement period for Shares is one business day. Prior to May 28, 2024, the settlement period for Shares was two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When Bullion is exchanged in settlement of a redemption, it is considered a sale of Bullion for financial statement purposes.

The amount of Bullion represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of Bullion to be delivered or distributed by the Trust. In order to ensure that the correct amount of Bullion is available at all times to back the Shares, the Sponsor accepts an adjustment to its Sponsor’s Fee in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of Bullion.

As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.

2.5.

Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of September 30, 2025 or December 31, 2024.

2.6.

Investment in Bullion

Changes in ounces of Bullion and their respective values for the three and nine months ended September 30, 2025 and 2024 are set out below:

abrdn Precious Metals Basket ETF Trust

Notes to the Financial Statements (Unaudited)


	Three Months Ended September 30, 2025
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		286,428.0			57,285.6			38,190.4			10,502,360.0			10,884,264.0
Creations		17,147.9			3,429.6			2,286.4			628,755.1			651,619.0
Redemptions		—			—			—			—			—
Transfers of Bullion to pay expenses		(436.9	)		(87.4	)		(58.3	)		(16,019.2	)		(16,601.8	)
Closing balance		303,139.0			60,627.8			40,418.5			11,115,095.9			11,519,281.2

Investment in Bullion
Opening balance	$	941,618		$	64,962		$	51,557		$	377,822		$	1,435,959
Creations		60,368			4,081			3,191			25,392			93,032
Redemptions		—			—			—			—			—
Realized gain on Bullion distributed for the redemption of Shares		—			—			—			—			—
Transfers of Bullion to pay expenses		(1,463	)		(99	)		(79	)		(596	)		(2,237	)
Realized gain / (loss) on Bullion transferred to pay expenses		662			(45	)		18			220			855
Change in unrealized gain on investment in Bullion		158,412			5,976			8,811			110,402			283,601
Closing balance	$	1,159,597		$	74,875		$	63,498		$	513,240		$	1,811,210


	Three Months Ended September 30, 2024
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		265,352.8			53,070.4			35,380.2			9,729,564.7			10,083,368.1
Creations		2,071.0			414.2			276.2			75,936.0			78,697.4
Redemptions		(5,522.1	)		(1,104.4	)		(736.3	)		(202,475.9	)		(209,838.7	)
Transfers of Bullion to pay expenses		(400.0	)		(80.1	)		(53.3	)		(14,670.2	)		(15,203.6	)
Closing balance		261,501.7			52,300.1			34,866.8			9,588,354.6			9,937,023.2

Investment in Bullion
Opening balance	$	618,511		$	51,584		$	35,805		$	285,757		$	991,657
Creations		5,024			383			269			2,169			7,845
Redemptions		(13,233	)		(945	)		(670	)		(5,480	)		(20,328	)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		4,187			(1,008	)		(88	)		1,065			4,156
Transfers of Bullion to pay expenses		(949	)		(80	)		(54	)		(434	)		(1,517	)
Realized gain / (loss) on Bullion transferred to pay expenses		294			(60	)		(2	)		114			346
Change in unrealized gain / (loss) on investment in Bullion		73,902			2,322			(916	)		14,767			90,075
Closing balance	$	687,736		$	52,196		$	34,344		$	297,958		$	1,072,234


	Nine Months Ended September 30, 2025
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		261,800.3			52,359.8			34,906.6			9,599,303.3			9,948,370.0
Creations		51,528.1			10,305.6			6,870.4			1,889,363.3			1,958,367.4
Redemptions		(8,934.0	)		(1,786.8	)		(1,191.2	)		(327,579.1	)		(339,491.1	)
Transfers of Bullion to pay expenses		(1,255.4	)		(250.8	)		(167.3	)		(45,991.6	)		(47,665.1	)
Closing balance		303,139.0			60,627.8			40,418.5			11,115,095.9			11,519,281.2

Investment in Bullion
Opening balance	$	683,521		$	47,595		$	31,905		$	277,468		$	1,040,489
Creations		164,744			10,726			7,837			66,811			250,118
Redemptions		(28,504	)		(1,705	)		(1,169	)		(10,549	)		(41,927	)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		12,709			(1,308	)		(52	)		3,058			14,407
Transfers of Bullion to pay expenses		(3,889	)		(253	)		(183	)		(1,538	)		(5,863	)
Realized gain / (loss) on Bullion transferred to pay expenses		1,681			(172	)		11			489			2,009
Change in unrealized gain on investment in Bullion		329,335			19,992			25,149			177,501			551,977
Closing balance	$	1,159,597		$	74,875		$	63,498		$	513,240		$	1,811,210


	Nine Months Ended September 30, 2024
(Amounts in 000’s of US$, except for ounces data)
Ounces of Bullion	Gold			Palladium			Platinum			Silver			Total
Opening balance		289,717.8			57,943.6			38,629.0			10,622,986.0			11,009,276.4
Creations		3,454.3			690.9			460.6			126,658.3			131,264.1
Redemptions		(30,427.5	)		(6,085.5	)		(4,057.0	)		(1,115,673.5	)		(1,156,243.5	)
Transfers of Bullion to pay expenses		(1,242.9	)		(248.9	)		(165.8	)		(45,616.2	)		(47,273.8	)
Closing balance		261,501.7			52,300.1			34,866.8			9,588,354.6			9,937,023.2

Investment in Bullion
Opening balance	$	602,149		$	65,824		$	38,629		$	252,721		$	959,323
Creations		8,197			666			441			3,538			12,842
Redemptions		(66,975	)		(5,725	)		(3,781	)		(28,688	)		(105,169	)
Realized gain / (loss) on Bullion distributed for the redemption of Shares		17,332			(5,076	)		(402	)		4,422			16,276
Transfers of Bullion to pay expenses		(2,790	)		(244	)		(158	)		(1,203	)		(4,395	)
Realized gain / (loss) on Bullion transferred to pay expenses		760			(197	)		(13	)		210			760
Change in unrealized gain / (loss) on investment in Bullion		129,063			(3,052	)		(372	)		66,958			192,597
Closing balance	$	687,736		$	52,196		$	34,344		$	297,958		$	1,072,234

abrdn Precious Metals Basket ETF Trust

Notes to the Financial Statements (Unaudited)

2.7. Expenses / Realized Gains / Losses

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of Bullion to the Sponsor.

The Trust will transfer Bullion to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.60% of the adjusted daily net asset value (“ANAV”) of the Trust, paid monthly in arrears.

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses.

For the three months ended September 30, 2025 and 2024, the Sponsor’s Fee was $2,415,371 and $1,556,293, respectively. For the nine months ended September 30, 2025 and 2024, the Sponsor’s Fee was $6,210,566 and $4,431,603, respectively.

At September 30, 2025 and at December 31, 2024, the fees payable to the Sponsor were $884,390 and $535,618, respectively.

With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion as necessary to pay these expenses. When selling Bullion to pay expenses, the Trustee will endeavor to sell the smallest amounts of Bullion needed to pay these expenses in order to minimize the Trust’s holdings of assets other than Bullion. Other than the Sponsor’s Fee, the Trust had no expenses during the three and nine months ended September 30, 2025 and 2024.

Unless otherwise directed by the Sponsor, when selling Bullion the Trustee will endeavor to sell at the price established by the LBMA Price for each metal held by the Trust. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such Bullion only if the sale transaction is made at the next LBMA Price for each metal held by the Trust used by the Trustee to value the Trust’s Bullion. A gain or loss is recognized based on the difference between the selling price and the average cost of the Bullion sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Realized gains and losses result from the transfer of Bullion for Share redemptions and/or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average cost of Bullion transferred.

2.8.

Segment Reporting

Effective December 31, 2024, the Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted disclosures only and did not affect the Trust’s financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity’s chief operating decision maker (“CODM”) when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Sponsor acts as the Fund’s CODM. The CODM monitors the operating results of the Trust as a whole, and the Trust’s asset allocation is managed in accordance with its Prospectus. The Trust operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Trust’s prospectus describes the Trust’s fees, investment objective, principal investment strategy and principal risks, among other items. The Fund’s portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Trust’s financial statements. The accompanying financial statements detail the Fund’s segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the Fund’s Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

abrdn Precious Metals Basket ETF Trust

Notes to the Financial Statements (Unaudited)

2.9.

Subsequent Events

In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates may from time to time purchase or sell Bullion directly, for their own account, as agent for their customers and for accounts over which they exercise investment discretion. The Trustee’s and Custodian’s fees are paid by the Sponsor and are not separate expenses of the Trust.

Concentration of Risk

The Trust’s sole business activity is the investment in Bullion, and substantially all the Trust’s assets are holdings of Bullion, which creates a concentration of risk associated with fluctuations in the price of Bullion. Several factors could affect the price of Bullion, including: (i) global Bullion supply and demand, which is influenced by factors such as general changes in economic conditions, such as a recession or other economic downturn, recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand, central bank purchases and sales, and production and cost levels in major Bullion-producing countries; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations, including tariffs, sanctions, and other restrictions on trade. In addition, there is no assurance that Bullion will maintain its long-term value in terms of purchasing power in the future. In the event that the price of Bullion declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

Indemnification

Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

abrdn Precious Metals Basket ETF Trust

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes to the financial statements included in Item 1 of Part 1 of this Form 10-Q. The discussion and analysis that follows may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements may relate to the Trust’s financial condition, operations, future performance and business. These statements can be identified by the use of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or similar words and phrases. These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and expected future developments. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements, to conform such statements to actual results or to reflect a change in management’s expectations or predictions.

Introduction

The Trust is a common law trust, formed under the laws of the state of New York on October 18, 2010. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. It does not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing Shares.

The Trust holds Bullion (consisting of gold, silver, platinum, palladium in specified proportions) and is expected to issue Baskets in exchange for deposits of Bullion and to distribute Bullion in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the prices of physical gold, silver, platinum and palladium in the proportions held by the Trust, less the Trust’s expenses. The Trust holds Bullion in a ratio such that for every 0.03 ounces of gold it holds 1.1 ounces of silver, 0.004 ounces of platinum and 0.006 ounces of palladium. The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing in Bullion.

The Trust issues and redeems Shares only with Authorized Participants in exchange for Bullion and only in aggregations of 25,000 Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee.

Shares of the Trust trade on the NYSE Arca, Inc. (“NYSE Arca”) under the symbol “GLTR”.

Valuation of Bullion and Computation of Net Asset Value

On each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m. New York time on such day (the “Evaluation Time”), the Trustee will evaluate the Bullion held by the Trust and determine both the ANAV and the NAV of the Trust.

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.

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.

All fees accruing for the day on which the valuation takes place that are computed by reference to the value of the Trust or its assets are calculated using the ANAV calculated for such day. The Trustee subtracts from the ANAV the amount of accrued fees so computed for such day and the resulting figure is the NAV of the Trust. The Trustee also determines the NAV per Share by dividing the NAV of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes the net number of any Shares created or redeemed on such evaluation day).

Any estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of computing the NAV of the Trust and ANAV made by the Trustee in good faith shall be 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.

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.

The NAV of the Trust is obtained by subtracting the Trust’s liabilities on any day from the value of the Bullion owned and receivable by the Trust on that day; the NAV per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.

The Quarter Ended September 30, 2025

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.

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.

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.

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.

The Nine Months Ended September 30, 2025

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.

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.

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.

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.

Liquidity & Capital Resources

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 Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s Bullion, only in the specified proportion of gold, silver, platinum and palladium held by the Trust, as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell Bullion to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of Bullion to the Sponsor. At September 30, 2025, the Trust did not have any cash balances.

Off-Balance Sheet Arrangements

The Trust is not a party to any off-balance sheet arrangements.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Refer to Note 2 to the Financial Statements for further information on accounting policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15d-15(e). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of September 30, 2025, the Trust’s disclosure controls and procedures were effective.

There have been no changes in the Trust’s or Sponsor’s internal controls over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 2(a). None.

Item 2(b). Not applicable.

Item 2(c). For the three months ended September 30, 2025:

34 Baskets were created.

0 Baskets were redeemed.

Total Baskets

Total Shares

Average ounces of Bullion per Share

Period

Redeemed

Gold

Palladium

Platinum

Silver

July 2025

—

August 2025

—

September 2025

—

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

No officers or directors of the Trust have adopted, modified or terminated trading plans under either a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement for the three months ended September 30, 2025.

Item 6. Exhibits

31.1	Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Chief Executive Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Chief Financial Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	The following financial statements from the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL: (i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial Statements.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Document
101.DEF	Inline XBRL Taxonomy Extension Definitions Document
101.LAB	Inline XBRL Taxonomy Extension Labels Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Document
104	The cover page from the Trust’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL (included as Exhibit 101).

abrdn Precious Metals Basket ETF Trust

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities thereunto duly authorized.


	abrdn ETFs Sponsor LLC

Date: November 7, 2025	/s/ Steven Dunn*
	Steven Dunn**
	President and Chief Executive Officer
	(Principal Executive Officer)

Date: November 7, 2025	/s/ Sharon Ferrari*
	Sharon Ferrari**
	Chief Financial Officer and Treasurer
	(Principal Financial Officer and Principal Accounting Officer)

*	The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.
**	The Registrant is a trust and the persons are signing in their capacities as officers of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

abrdn Precious Metals Basket ETF Trust 10-Q