abrdn Palladium ETF Trust
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 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 2024-06-30; filed 2024-08-09.
0001999371-24-009835
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0001999371-24-014545
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.
21 unchanged; 8 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 Nine Months Ended September 30, 2024
Removed paragraphs (1)
Previous report
The Six Months Ended June 30, 2024
Reworded paragraphs (8)
Previous 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.
Current wording
The Trust’s NAV decreased from $283,972,501 at June 30, 2024 to $272,860,900 at September 30, 2024, a 3.91% decrease for the quarter. The change in the Trust’s NAV resulted from a decrease in outstanding Shares, which fell from 3,187,500 Shares at June 30, 2024 to 2,987,500 Shares at September 30, 2024, as a result of 237,500 Shares (19 Baskets) being created and 437,500 Shares (35 Baskets) being redeemed, and an increase in the price per ounce of palladium, which rose 2.67% from $972.00 at June 30, 2024 to $998.00 at September 30, 2024 for the quarter.
Previous 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.
Current wording
The NAV per Share increased 2.51% from $89.09 at June 30, 2024 to $91.33 at September 30, 2024. The Trust’s NAV per Share rose slightly less than the price per ounce of palladium on a percentage basis due to the Sponsor’s Fee, which was $416,100 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $100.23 at September 18, 2024 was the highest during the quarter, compared with a low of $78.04 at August 5, 2024.
Previous 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.
Current wording
The increase in net assets from operations for the quarter ended September 30, 2024 was $9,916,467, resulting from a change in unrealized gain on investment in palladium of $26,905,203, offset by a realized loss of $228,613 on the transfer of palladium to pay expenses, a realized loss of $16,344,023 on palladium distributed for the redemption of Shares, and the Sponsor’s Fee of $416,100. Other than the Sponsor's Fee, the Trust had no expenses during the quarter ended September 30, 2024.
Previous 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.
Current wording
The Trust’s NAV increase from $219,309,330 at December 31, 2023 to $272,860,900 at September 30, 2024, a 24.42% increase for the period. The change in the Trust’s NAV resulted from a decrease in the price per ounce of palladium, which fell 12.15% from $1,136.00 at December 31, 2023 to $998.00 at September 30, 2024, and an increase in outstanding Shares, which rose from 2,100,000 Shares at December 31, 2023 to 2,987,500 Shares at September 30, 2024, as a result of 1,762,500 Shares (141 Baskets) being created and 875,000 Shares (70 Baskets) being redeemed during the period. Effective June 18, 2024, the number of Shares that constituted a Basket decreased from 25,000 to12,500. 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 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.
Current wording
The NAV per Share decreased 12.54% from $104.43 at December 31, 2023 to $91.33 at September 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 $1,127,429 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $104.43 at January 1, 2024 was the highest during the period, compared with a low of $78.04 at August 5, 2024.
Previous 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.
Current wording
The decrease in net assets from operations for the period ended September 30, 2024 was $22,416,639 resulting from a change in unrealized gain on investment in palladium of $19,027,342, offset by a realized loss of $669,728 on the transfer of palladium to pay expenses, a realized loss of $39,646,823 on palladium distributed for the redemption of Shares and the Sponsor’s Fee of $1,127,429. Other than the Sponsor's Fee, the Trust had no expenses during the period ended September 30, 2024.