Aberdeen Physical Precious Metals Basket Shares ETF (NYSEARCA: GLTR) is a commodity trust that holds physical gold, silver, platinum, and palladium bullion on behalf of shareholders. The trust generates no operating revenue. Shareholders gain economic exposure to a basket of four precious metals through ownership of shares, each representing a fractional interest in the underlying bullion held by the trust. The sole recurring expense is a sponsor's fee, which totaled $9,539 thousand for the year ended December 31, 2025, paid by transferring small amounts of bullion out of the trust. Total gain on bullion was $1,075,773 thousand for the year ended December 31, 2025, compared to $176,343 thousand for the year ended December 31, 2024 and $33,453 thousand for the year ended December 31, 2023. Net change in assets from operations was $1,066,234 thousand for the year ended December 31, 2025. The trust holds gold, silver, platinum, and palladium, with silver bars conforming to LBMA Good Delivery standards requiring between 750 and 1,100 troy ounces per bar at a minimum fineness of 999.0 parts per 1,000.

Revenue model

The trust has no revenue. Shareholder returns come entirely from changes in the market value of physical bullion holdings. The sponsor collects an annual fee, paid in-kind through bullion transfers out of the trust. Sponsor's fee was $9,539 thousand for the year ended December 31, 2025.

Products and services

Physical holdings of four precious metals: gold, silver, platinum, and palladium bullion. Silver bars must conform to LBMA Good Delivery standards (750 to 1,100 troy ounces per bar, minimum 999.0 fineness). Each share represents a fractional interest in the basket of these four metals.

Customers and end markets

Investors seeking direct exposure to a basket of physical precious metals without taking delivery of the underlying bullion. End demand for the underlying metals includes automotive catalysts, electronics, and jewelry markets, as reflected in the supply and demand data cited in the filing.

Value-chain role

Passive custodial vehicle. The trust holds allocated physical bullion and issues shares representing ownership interests. It does not mine, refine, trade, or process metals. Platinum pricing references the IBA-administered auction run at 12:00 noon London time. Silver pricing references the LBMA Silver Price administered by IBA effective October 2, 2017.

Geographic exposure

Bullion held in custodial facilities; pricing benchmarks set in London. Underlying metal supply sourced globally, with South Africa and Russia as the largest primary producers of platinum and palladium based on data cited in the filing through 2024.

Source: SEC 10-K, filed 2026-03-02

Industry: Commodity Contracts Brokers & Dealers