abrdn Physical Precious Metals Basket Shares ETF

What they do

The Trust owns Bullion transferred to it in exchange for shares; each share represents a fractional undivided beneficial interest in the Trust. The Trust is not managed like a corporation, has no directors, officers or employees, and is administered by The Bank of New York Mellon as Trustee with abrdn ETFs Sponsor LLC as Sponsor and ICBC Standard Bank Plc as Custodian. Its assets consist solely of Bullion, held for every 0.03 ounces of gold to 1.1 ounces of silver, 0.004 ounces of platinum and 0.006 ounces of palladium.

Revenue drivers

• Bullion price exposure — Share value tracks the LBMA prices of gold, silver, platinum and palladium in the fixed ratios held by the Trust, less expenses; this is the sole source of investment return.
• Share issuance and redemption — The Trust issues and redeems Baskets of 25,000 Shares only with Authorized Participants in exchange for Bullion; outstanding Shares grew from 9,500,000 at December 31, 2024 to 12,500,000 at December 31, 2025.
• Sponsor's Fee accrual — The Sponsor's Fee is computed on the Trust's adjusted net asset value; Bullion is delivered or sold only to pay the Sponsor's remuneration and Trust expenses not assumed by the Sponsor.

Recent performance

Trust shares at redeemable value increased from $1,039,953,142 at December 31, 2024 to $2,577,422,977 at December 31, 2025, while outstanding Shares rose from 9,500,000 to 12,500,000. Reported annual net income went from $170.3 million in 2024 to $1.07 billion in 2025, and diluted EPS from $17.48 to $99.74. Earlier years were mixed, with net losses of $99.4 million in 2021 and $26.8 million in 2022 before net income of $27.5 million in 2023. The latest balance sheet shows total assets of $2.46 billion at June 30, 2026, total liabilities of $1.2 million, and shareholder equity of $2.46 billion.

Strategy

The Trust is not managed like a corporation and does not engage in activities designed to obtain a profit from or improve losses caused by changes in precious metal prices. Its objective is for shares to reflect the performance of physical gold, silver, platinum and palladium prices, in the proportions held, less Trust expenses. Shares are issued and redeemed only with Authorized Participants in 25,000-Share aggregations; effective June 18, 2024 the Basket size was reduced from 50,000 to 25,000 Shares. The Trust has no fixed termination date and does not hold or trade commodity futures contracts or commodity interests.

Risks

• Bullion price risk — The Trust's assets consist solely of gold, silver, platinum and palladium, so share value falls directly with the LBMA prices of those metals.
• Custodian concentration — All Bullion is held by a single custodian, ICBC Standard Bank Plc, exposing the Trust to that institution's safekeeping and credit risk.
• No active management — The Trust has no directors, officers or employees and does not take steps to profit from or mitigate losses caused by metal price changes.
• Regulatory exclusion — The Trust is not registered under the Investment Company Act of 1940 and is not a commodity pool under the Commodity Exchange Act, so shareholders do not receive those regulatory protections.

Outlook

The filings do not provide management forecasts of future metal prices or Trust performance. The Trust is designed to have no fixed termination date and will continue to issue and redeem Baskets of 25,000 Shares with Authorized Participants in exchange for Bullion. Bullion is delivered or sold only to pay the Sponsor's Fee, Trust expenses not assumed by the Sponsor, redemptions, or upon termination and liquidation. The Trust states it does not engage in activities to improve losses caused by changes in the price of gold, silver, platinum and palladium.