Gated PDFs is a feature that is often referred to as a "lead magnet" which allows you to upload a PDF and only allow people to download it who subscribe to your newsletter, or are already subscribed. You can also restrict it to people who are paying you - it's flexible.
The idea is to use the PDF as a way to get people to subscribe to your newsletter, or to join as a paying subscriber. There are multiple ways to display the Call to Action in a post, and you can decide whether to send the PDF to readers who meet the criteria by either attaching it as a PDF, sending it as a link, or both.
If you have it set to be downloadable by a free or paid reader, if they encounter the button on your site. This is a powerful way of growing your email list and giving people an incentive to subscribe. This feature is currently in Labs, but is production-ready and is simply missing some of the final touches on analytics before we move it from labs to a full-blown feature. This feature is currently available to those on the Luna level and above.
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Image Credit: NASA