abrdn Palladium ETF Trust
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 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 2025-06-30; filed 2025-08-07.
0001999371-25-010848
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001999371-25-017266
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.
16 unchanged; 12 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 EndedSeptember 30, 2025
Current report
The Nine Months Ended September 30, 2025
Removed paragraphs (2)
Previous report
The Quarter EndedJune 30, 2025
Previous report
The Six Months Ended June 30, 2025
Reworded paragraphs (12)
Previous wording
The Trust holds palladium and is expected to issue Baskets in exchange for deposits of palladium and to distribute palladium in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of physical palladium, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing in palladium.
Current wording
The Trust holds palladium and is expected to issue Baskets in exchange for deposits of palladium and to distribute palladium in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of palladium bullion, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing in palladium.
Previous 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”).
Current wording
The Trust issues and redeems Shares only in exchange for palladium and 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
Shares of the Trust trade on the New York Stock Exchange (the “NYSE”) Arca under the symbol “PALL”.
Current wording
Shares of the Trust trade on the NYSE Arca, Inc. (“NYSE Arca”) Arca under the symbol “PALL”.
Previous wording
Once the value of the palladium has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the palladium and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the adjusted net asset value (the “ANAV”) of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.
Current wording
Once the value of the palladium has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the palladium and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.
Previous 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.
Current wording
The Trust’s NAV increased from $515,283,024 at June 30, 2025 to $622,116,604 at September 30, 2025, a 20.73% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of palladium, which rose 8.91% from $1,134.00 at June 30, 2025 to $1,235.00 at September 30, 2025 and an increase in outstanding Shares, which rose from 4,987,500 Shares at June 30, 2025 to 5,537,500 Shares at September 30, 2025, as a result of 1,025,000 Shares (82 Baskets) being created and 475,000 Shares (38 Baskets) being redeemed for the quarter.
Previous 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.
Current wording
The NAV per Share increased 8.75% from $103.31 at June 30, 2025 to $112.35 at September 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 $819,311 for the quarter, or 0.60% of the Trust’s ANAV.
Previous 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.
Current wording
The NAV per Share of $118.13 at July 18, 2025 was the highest during the quarter, compared with a low of $99.21 at August 27, 2025.
Previous 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.
Current wording
The increase in net assets from operations for the quarter ended September 30, 2025 was $47,332,605, resulting from a realized gain of $1,274,155 on palladium distributed for the redemption of Shares and a change in unrealized gain on investment in palladium of $46,905,724, offset by a realized loss of $27,963 on the transfer of palladium to pay expenses and the Sponsor’s Fee of $819,311. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended September 30, 2025.
Previous 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.
Current wording
The Trust’s NAV increased from $354,057,800 at December 31, 2024 to $622,116,604 at September 30, 2025, a 75.71% increase for the period. The change in the Trust’s NAV resulted from an increase in the price per ounce of palladium, which rose 35.86% from $909.00 at December 31, 2024 to $1,235.00 at September 30, 2025 and an increase in outstanding Shares, which rose from 4,262,500 Shares at December 31, 2024 to 5,537,500 Shares at September 30, 2025, as a result of 2,725,000 Shares (218 Baskets) being created and 1,450,000 Shares (116 Baskets) being redeemed during the period.
Previous 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.
Current wording
The NAV per Share increased 35.26% from $83.06 at December 31, 2024 to $112.35 at September 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 $1,922,417 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous 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.
Current wording
The NAV per Share of $118.13 at July 18, 2025 was the highest during the period, compared with a low of $82.20 at April 9, 2025.
Previous 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.
Current wording
The increase in net assets from operations for the period ended September 30, 2025 was $138,677,830, resulting from a change in unrealized gain on investment in palladium of $165,417,331, offset by a realized loss of $343,652 on the transfer of palladium to pay expenses, a realized loss of $24,473,432 on palladium distributed for the redemption of Shares and the Sponsor’s Fee of $1,922,417. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended September 30, 2025.