The reduction of total Pt-loading in a cathode catalyst without sacrificing performance is one of the key objectives for the large-scale commercialization of proton exchange membrane fuel cell (PEMFC) technology. A core-shell type nanostructured catalyst with a Pt-loading 20 times lower than a commercial catalyst is demonstrated herein to be more active for the electrocatalysis of the oxygen reduction reaction (ORR) in acid electrolyte. The weight ratio of metal nanoparticles on carbon support is the key to achieving the highest ORR activity in a series of silver-based catalysts, all with 10 mol percent of Pt and 10 mol percent of Pd over 80 mol percent of silver (Ag) and supported on untreated Vulcan carbon to form an electrocatalyst (Ag@Pt10Pd10/C) with either 5, 10, 20 or 30 wt% of total metals on carbon; which correspond to a Pt concentration around 1, 2, 3 and 5 wt%, respectively. All metal nanostructures on carbon show a similar morphology, size and structure. Thin films of these four Ag@Pt10Pd10/C catalysts on rotating disk electrodes (TF-RDEs) all shown a 4-electrons pathway for the ORR and give higher exchange current densities (j(o) > 3.8 mA/cm(2)) than a commercial Etek Pt-20/C catalyst (j(o) = 2.4 mA/cm(2)). The Ag@Pt10Pd10/C catalyst with 5 wt% of total metals (1 wt% of Pt) on carbon gives the best electrocatalysis; reducing molecular oxygen to water two times faster and generating 25% higher current per milligram of platinum (mass activity) than the commercial catalyst (Pt-20/C). Therefore, the Ag@Pt10Pd10/C catalyst with 5 wt% of total metals is a new catalyst for ORR for a PEMFC with a lower Pt loading and cost. (C) 2018 Hydrogen Energy Publications LLC. Published by Elsevier Ltd. All rights reserved.