GLTRHIGH SIGNALFINANCIAL10-K

GLTR experienced explosive growth with net income surging 526% to $1.1B while assets under management more than doubled from $1.0B to $2.6B.

This dramatic expansion represents exceptional fund performance and significant investor inflows, with outstanding shares increasing from 9.5M to 12.5M during 2025. The massive asset growth combined with the 526% jump in net income suggests strong precious metals market performance and substantial new capital allocation to the fund.

Comparing 2026-03-02 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows remarkable expansion across all metrics, with total assets and stockholders' equity both growing 148% to $2.6B, supported by a 526% surge in net income to $1.1B. While gross profit turned slightly negative at -$79K, this is immaterial given the fund's primary revenue model through asset appreciation rather than operations. The overall financial transformation signals exceptional fund performance driven by precious metals appreciation and massive capital inflows, though the increased share buybacks of $20.6M suggest some redemption activity amid the growth.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+526.2%
$170.3M→$1.1B

Net income grew 526.2% — bottom-line growth signals improving overall business health.

Gross Profit
P&L
-166.4%
$119K→-$79K

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Total Assets
Balance Sheet
+147.8%
$1.0B→$2.6B

Asset base grew 147.8% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+147.8%
$1.0B→$2.6B

Equity base grew 147.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Liabilities
Balance Sheet
+142.9%
$536K→$1.3M

Liabilities grew 142.9% — significant increase in debt or obligations, assess impact on financial flexibility.

Share Buybacks
Cash Flow
+51%
$13.6M→$20.6M

Share repurchases increased 51% — management returning capital, signals confidence in intrinsic value.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-02-28
ADDED
As of February 26, 2026, abrdn Precious Metals Basket ETF Trust had 13,500,000.00 abrdn Physical Precious Metals Basket Shares ETF outstanding.
Business 2 Trust Objective 2 Overview of the Bullion Industry 3 Operation of the Bullion Markets 12 Secondary Market Trading 20 Valuation of Bullion and Computation of Net Asset Value 20 Trust Expenses 21 Creation and Redemption of Shares 22 Creation Procedures 23 Redemption Procedures 24 Creation and Redemption Transaction Fee 25 The Sponsor 26 The Trustee 26 The Custodian 27 Inspection of Bullion 27 Description of Shares 27 Custody of the Trust s Bullion 28 United States Federal Income Tax Consequences 29 ERISA and Related Considerations 31 Item 1A.
Market for Registrant s Common Equity , Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 7.
The Trust was formed on October 18, 2010 when an initial deposit of Bullion was made in exchange for the issuance of two Baskets (at the time of the initial deposit, a Basket consisted of 50,000 Shares; effective June 18, 2024, the number of Shares comprising a Basket was reduced to 25,000 Shares).
The Trust s Shares at redeemable value increased from $1,039,953,142 at December 31, 2024 to $2,577,422,977 at December 31, 2025, the Trust s fiscal year end.
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REMOVED
As of February 26, 2025, abrdn Precious Metals Basket ETF Trust had 9,725,000 abrdn Physical Precious Metals Basket Shares ETF outstanding.
Business 3 Trust Objective 3 Overview of the Bullion Industry 4 Operation of the Bullion Markets 15 Secondary Market Trading 25 Valuation of Bullion and Computation of Net Asset Value 25 Trust Expenses 26 Creation and Redemption of Shares 27 Creation Procedures 29 Redemption Procedures 30 Creation and Redemption Transaction Fee 32 The Sponsor 32 The Trustee 33 The Custodian 33 Inspection of Bullion 34 Description of Shares 34 Custody of the Trust s Bullion 35 United States Federal Income Tax Consequences 36 ERISA and Related Considerations 39 Item 1A.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 49 Item 7.
The Trust was formed on October 18, 2010 when an initial deposit of Bullion was made in exchange for the issuance of two Baskets (a Basket consisted of 50,000 Shares).
The Trust s Shares at redeemable value increased from $958,830,648 at December 31, 2023 to $1,039,953,142 at December 31, 2024, the Trust s fiscal year end.
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