abrdn Palladium ETF Trust
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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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, 2025 · Filed Aug 7, 2025
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 2025-03-31; filed 2025-05-08.
0001999371-25-005702
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001999371-25-010848
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.
20 unchanged; 8 reworded; 2 added; 2 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 (2)
Current report
The Quarter EndedJune 30, 2025
Current report
The Six Months Ended June 30, 2025
Removed paragraphs (2)
Previous report
The Quarter Ended March 31, 2025
Previous report
The Quarter Ended March 31, 2024
Reworded paragraphs (8)
Previous 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.
Current wording
The Trust’s NAV increased from $368,860,564 at March 31, 2025 to $515,283,024 at June 30, 2025, a 39.70% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of palladium, which rose 15.01% from $986.00 at March 31, 2025 to $1,134.00 at June 30, 2025 and an increase in outstanding Shares, which rose from 4,100,000 Shares at March 31, 2025 to 4,987,500 Shares at June 30, 2025, as a result of 1,287,500 Shares (103 Baskets) being created and 400,000 Shares (32 Baskets) being redeemed for the quarter.
Previous 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.
Current wording
The NAV per Share increased 14.83% from $89.97 at March 31, 2025 to $103.31 at June 30, 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 $582,088 for the quarter, or 0.60% of the Trust’s ANAV.
Previous 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.
Current wording
The NAV per Share of $103.31 at June 30, 2025 was the highest during the quarter, compared with a low of $82.20 at April 9, 2025.
Previous 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.
Current wording
The increase in net assets from operations for the quarter ended June 30, 2025 was $61,317,905, resulting from a change in unrealized gain on investment in palladium of $73,133,479, offset by a realized loss of $138,130 on the transfer of palladium to pay expenses, a realized loss of $11,095,356 on palladium distributed for the redemption of Shares and the Sponsor’s Fee of $582,088. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2025.
Previous 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.
Current wording
The Trust’s NAV increased from $354,057,800 at December 31, 2024 to $515,283,024 at June 30, 2025, a 45.54% increase for the period. The change in the Trust’s NAV resulted from an increase in the price per ounce of palladium, which rose 24.75% from $909.00 at December 31, 2024 to $1,134.00 at June 30, 2025 and an increase in outstanding Shares, which rose from 4,262,500 Shares at December 31, 2024 to 4,987,500 Shares at June 30, 2025, as a result of 1,700,000 Shares (136 Baskets) being created and 975,000 Shares (78 Baskets) being redeemed during the period.
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 increased 24.38% from $83.06 at December 31, 2024 to $103.31 at June 30, 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 $1,103,106 for the period, 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 $103.31 at June 30, 2025 was the highest during the period, compared with a low of $82.20 at April 9, 2025.
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 increase in net assets from operations for the period ended June 30, 2025 was $91,345,225, resulting from a change in unrealized gain on investment in palladium of $118,511,607, offset by a realized loss of $315,689 on the transfer of palladium to pay expenses, a realized loss of $25,747,587 on palladium distributed for the redemption of Shares and the Sponsor’s Fee of $1,103,106. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2025.