abrdn Palladium ETF Trust
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 2024
PALL$18.56-1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-09.
0001999371-24-005860
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-09.
0001999371-24-009835
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 30 previous paragraphs and 30 current paragraphs.
19 unchanged; 10 reworded; 1 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
The Six Months Ended June 30, 2024
Removed paragraphs (1)
Previous report
The Quarter Ended March 31, 2023
Reworded paragraphs (10)
Previous wording
The Trust issues and redeems Shares only with Authorized Participants in exchange for palladium and only in aggregations of 25,000 Shares or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee.
Current wording
The Trust issues and redeems Shares only with Authorized Participants in exchange for palladium and only in aggregations of 12,500 Shares, effective June 18, 2024, or integral multiples thereof. Prior to June 18, 2024, the number of Shares that constituted a Basket was 25,000. A list of current Authorized Participants is available from the Sponsor or the Trustee.
Previous wording
At the Evaluation Time, the Trustee values the Trust’s palladium on the basis of that day’s LME PM Fix or, if no LME PM Fix is made on such day, the next most recent LME PM Fix determined prior to the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the LME PM Fix or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust’s palladium is not an appropriate basis for evaluation of the Trust’s palladium, it shall identify an alternative basis for such evaluation to be employed by the Trustee. Neither the Trustee nor the Sponsor shall be liable to any person for the determination that the LME PM Fix or such other publicly available price is not appropriate as a basis for evaluation of the Trust’s palladium or for any determination as to the alternative basis for such evaluation provided that such determination is made in good faith.
Current wording
At the Evaluation Time, the Trustee values the Trust’s palladium on the basis of that day’s LBMA Palladium Price PM or, if no LBMA Palladium Price PM is made on such day, that day’s LBMA Palladium Price AM will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the LBMA Palladium Price PM, the LBMA Palladium Price AM or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust’s palladium is not an appropriate basis for evaluation of the Trust’s palladium, it shall identify an alternative basis for such evaluation to be employed by the Trustee. Neither the Trustee nor the Sponsor shall be liable to any person for the determination that the LBMA Palladium Price PM, the LBMA Palladium Price AM or such other publicly available price is not appropriate as a basis for evaluation of the Trust’s palladium or for any determination as to the alternative basis for such evaluation provided that such determination is made in good faith.
Previous wording
The Trust’s NAV increased from $219,309,330 at December 31, 2023 to $224,048,402 at March 31, 2024, a 2.16% increase for the quarter. The change in the Trust’s NAV resulted from a decrease in the price per ounce of palladium, which fell 10.48% from $1,136.00 at December 31, 2023 to $1,017.00 at March 31, 2024 and an increase in outstanding Shares, which rose from 2,100,000 Shares at December 31, 2023 to 2,400,000 Shares at March 31, 2024, as a result of 475,000 Shares (19 Baskets) being created and 175,000 Shares (7 Baskets) being redeemed for the quarter.
Current wording
The Trust’s NAV increased from $224,048,402 at March 31, 2024 to $283,972,501 at June 30, 2024, a 26.75% increase for the quarter. The change in the Trust’s NAV resulted from a decrease in the price per ounce of palladium, which fell 4.42% from $1,017.00 at March 31, 2024 to $972.00 at June 30, 2024 and an increase in outstanding Shares, which rose from 2,400,000 Shares at March 31, 2024 to 3,187,500 Shares at June 30, 2024, as a result of 1,050,000 Shares (84 Baskets) being created and 262,500 Shares (21 Baskets) being redeemed for the quarter. Effective June 18, 2024, the number of Shares that constituted a Basket decreased from 25,000 to 12,500. Accordingly, information prior to this change has been retroactively adjusted to conform with the change in Basket size.
Previous wording
The NAV per Share decreased 10.61% from $104.43 at December 31, 2023 to $93.35 at March 31, 2024. The Trust’s NAV per Share fell slightly more than the price per ounce of palladium on a percentage basis due to the Sponsor’s Fee, which was $315,292 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Current wording
The NAV per Share decreased 4.56% from $93.35 at March 31, 2024 to $89.09 at June 30, 2024. The Trust’s NAV per Share fell slightly more than the price per ounce of palladium on a percentage basis due to the Sponsor’s Fee, which was $396,037 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous wording
The NAV per Share of $104.43 at January 1, 2024 was the highest during the quarter, compared with a low of $80.38 at February 10, 2024.
Current wording
The NAV per Share of $98.20 at April 12, 2024 was the highest during the quarter, compared with a low of $79.94 at June 18, 2024.
Previous wording
The decrease in net assets from operations for the quarter ended March 31, 2024 was $21,124,729, resulting from a realized loss of $228,093 on the transfer of palladium to pay expenses, a realized loss of $11,719,179 on palladium distributed for the redemption of Shares, a change in unrealized loss on investment in palladium of $8,862,165 and the Sponsor’s Fee of $315,292. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2024.
Current wording
The decrease in net assets from operations for the quarter ended June 30, 2024 was $11,208,377, resulting from a change in unrealized gain on investment in palladium of $984,303, offset by realized loss of $213,022 on the transfer of palladium to pay expenses, a realized loss of $11,583,621 on palladium distributed for the redemption of Shares, and the Sponsor’s Fee of $396,037. Other than the Sponsor's Fee, the Trust had no expenses during the quarter ended June 30, 2024.
Previous wording
The Trust’s NAV decreased from $295,490,794 at December 31, 2022 to $275,197,768 at March 31, 2023, a 6.87% decrease for the quarter. The change in the Trust’s NAV resulted from a decrease in the price per ounce of palladium, which fell 16.06% from $1,775.00 at December 31, 2022 to $1,490.00 at March 31, 2023 and an increase in outstanding Shares, which rose from 1,800,000 Shares at December 31, 2022 to 2,000,000 Shares at March 31, 2023, as a result of 375,000 Shares (15 Baskets) being created and 175,000 Shares (7 Baskets) being redeemed during the quarter.
Current wording
The Trust’s NAV increased from $219,309,330 at December 31, 2023 to $283,972,501 at June 30, 2024, a 29.48% increase for the period. The change in the Trust’s NAV resulted from a decrease in the price per ounce of palladium, which fell 14.44% from $1,136.00 at December 31, 2023 to $972.00 at June 30, 2024, and a increase in outstanding Shares, which rose from 2,100,000 Shares at December 31, 2023 to 3,187,500 Shares at June 30, 2024, as a result of 1,525,000 Shares (122 Baskets) being created and 437,500 Shares (35 Baskets) being redeemed during the period. Effective June 18, 2024, the number of Shares that constituted a Basket decreased from 25,000 to 12,500. Accordingly, information prior to this change has been retroactively adjusted to conform with the change in Basket size.
Previous wording
The NAV per Share decreased 16.18% from $164.16 at December 31, 2022 to $137.60 at March 31, 2023. The Trust’s NAV per Share fell slightly more than the price per ounce of palladium on a percentage basis due to the Sponsor’s Fee, which was $419,495 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Current wording
The NAV per Share decreased 14.69% from $104.43 at December 31, 2023 to $89.09 at June 30, 2024. The Trust’s NAV per Share fell slightly more than the price per ounce of palladium on a percentage basis due to the Sponsor’s Fee, which was $711,329 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous wording
The NAV per Share of $166.63 at January 10, 2023 was the highest during the quarter, compared with a low of $125.73 at March 9, 2023.
Current wording
The NAV per Share of $101.21 at January 2, 2024 was the highest during the period, compared with a low of $79.94 at June 18, 2024.
Previous wording
The decrease in net assets from operations for the quarter ended March 31, 2023 was $48,060,361, resulting from a realized loss of $72,847 on the transfer of palladium to pay expenses, a realized loss of $6,533,096 on palladium distributed for the redemption of Shares, a change in unrealized loss on investment in palladium of $41,034,923 and the Sponsor’s Fee of $419,495. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2023.
Current wording
The decrease in net assets from operations for the period ended June 30, 2024 was $32,333,106, resulting from a realized loss of $441,115 on the transfer of palladium to pay expenses, a realized loss of $23,302,800 on palladium distributed for the redemption of Shares, change in unrealized loss on investment in palladium of $7,877,862 and the Sponsor’s Fee of $711,329. Other than the Sponsor's Fee, the Trust had no expenses during the period ended June 30, 2024.