abrdn Palladium ETF Trust

Previous 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.

Current wording

The Trust issues and redeems Shares only in exchange for palladium, only in aggregations of 12,500 Shares effective June 18, 2024 (Prior to June 18, 2024, the number of Shares that constituted a Basket was 25,000 Shares) or integral multiples thereof (each, a “Basket”), and only in transactions with registered broker-dealers (or other securities market participants not required to register as broker-dealers, such as a bank or other financial institution) that (1) are participants in DTC and (2) have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such dealers, the “Authorized Participants”).

Previous 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.

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 Fix is made on such day, or has not been announced by the Evaluation Time, the LBMA Palladium Price AM announced on that day will be used. If neither price is available for that day, the Trust will value its palladium based on the most recently announced LBMA Palladium Price PM or LBMA Palladium Price AM, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the applicable LBMA Palladium Price PM 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 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 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.

Current wording

The Trust’s NAV increased from $354,057,800 at December 31, 2024 to $368,860,564 at March 31, 2025, a 4.18% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of palladium, which rose 8.47% from $909.00 at December 31, 2024 to $986.00 at March 31, 2025 and a decrease in outstanding Shares, which fell from 4,262,500 Shares at December 31, 2024 to 4,100,000 Shares at March 31, 2025, as a result of 412,500 Shares (33 Baskets) being created and 575,000 Shares (46 Baskets) being redeemed for the quarter.

Previous 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.

Current wording

The NAV per Share increased 8.32% from $83.06 at December 31, 2024 to $89.97 at March 31, 2025. 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 $521,017 for the quarter, or 0.60% of the Trust’s ANAV.

Previous 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.

Current wording

The NAV per Share of $91.78 at February 3, 2025 was the highest during the quarter, compared with a low of $83.80 at February 28, 2025.

Previous 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.

Current wording

The decrease in net assets from operations for the quarter ended March 31, 2025 was $30,027,321, resulting from a realized loss of $177,559 on the transfer of palladium to pay expenses, a realized loss of $14,652,231 on palladium distributed for the redemption of Shares, and the Sponsor’s Fee of $521,017, offset by a change in unrealized gain on investment in palladium of $45,378,128. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2025.

Previous 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.

Current wording

The Trust’s NAV increase 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 period.

Previous 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.

Current 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.

Previous 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.

Current 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.

Previous 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.

Current 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.

Previous wording

The Trust has no off-balance sheet arrangements.

Current wording

The Trust is not a party to any off-balance sheet arrangements.