abrdn Palladium ETF Trust
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 2, 2026
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-K
Period ended 2024-12-31; filed 2025-02-28.
0001839882-25-012446
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-02.
0001999371-26-004881
Item 7. 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 40 previous paragraphs and 39 current paragraphs.
30 unchanged; 5 reworded; 4 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 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 (4)
Current report
The Trust’s NAV increased from $354,057,800 at December 31, 2024 to $1,035,462,345 at December 31, 2025, a 192.46% increase for the year. The increase in the Trust’s NAV resulted primarily from an increase in outstanding shares, which rose from 4,262,500 at December 31, 2024 to 7,275,000 at December 31, 2025, a result of 4,925,000 Shares (394 baskets) being created and 1,912,000 Shares (153 Baskets) being redeemed during the year. There was an increase in the price per ounce of palladium, which rose 72.39% from$909.00 at December 31, 2024 to 1,567.00 at December 31, 2025.
Current report
The NAV per Share increased 71.36% from $83.06 at December 31, 2024 to $142.33 at December 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 $3,203,228 for the year, or 0.60% of the Trust’s ANAV.
Current report
The NAV per Share of $166.88 at December 23, 2025 was the highest during the year, compared with a low of $82.20 at April 9, 2025.
Current report
The increase in net assets from operations for the year ended December 31, 2025 was $321,948,064, resulting from a change in unrealized appreciation of $339,753,509, offset by a realized loss of $227,303 on the transfer of palladium to pay expenses and a realized loss of $14,374,914 on palladium distributed for the redemption of Shares and the Sponsor’s Fee of $3,203,228. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2025.
Removed paragraphs (5)
Previous report
Financial Highlights
Previous report
The Trust’s NAV decreased from $357,971,468 at December 31, 2021 to $295,490,794 at December 31, 2022, a 17.45% decrease for the year. The decrease in the Trust’s NAV resulted primarily from a decrease in outstanding shares, which fell from 1,950,000 at December 31, 2021 to 1,800,000 at December 31, 2022, a result of 625,000 Shares (25 baskets) being created and 775,000 Shares (31 Baskets) being redeemed during the year. There was a decrease in the price per ounce of palladium, which fell 9.38% from $1,973.00 at December 31, 2021 to $1,775,000 at December 31, 2022.
Previous report
The NAV per Share decreased 10.58% from $183.58 at December 31, 2021 to $164.16 at December 31, 2022. 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 $2,226,662 for the year, or 0.60% of the Trust’s ANAV.
Previous report
The NAV per Share of $280.22 at March 7, 2022 was the highest during the year, compared with a low of $154.94 at December 20, 2022.
Previous report
The decrease in net assets from operations for the year ended December 31, 2022 was $60,480,880, resulting from a realized gain of $154,729 on the transfer of palladium to pay expenses and a realized gain of $3,889,466 on palladium distributed for the redemption of Shares, offset by a change in unrealized loss on investment in palladium of $62,298,413 and the Sponsor’s Fee of $2,226,662. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2022.
Reworded paragraphs (5)
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, only in aggregations of 12,500 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”). The number of Shares in a block that constitutes a Basket for the purposes of creation and redemptions in the Trust was reduced from 50,000 to 25,000 effective April 1, 2019, and reduced from 25,000 to 12,500 effective June 18, 2024.
Previous wording
The Trust’s NAV increased from $219,309,330 at December 31, 2023 to $354,057,800 at December 31, 2024, a 61.44% increase for the year. The increase in the Trust’s NAV resulted primarily from an increase in outstanding shares, which rose from 2,100,000 at December 31, 2023 to 4,262,500 at December 31, 2024, a result of 4,037500 Shares (323 baskets) being created and 1,875,000 Shares (150 Baskets) being redeemed during the year. There was a decrease in the price per ounce of palladium, which fell 19.98% from $1,136.00 at December 31, 2023 to $909.00 at December 31, 2024.
Current wording
The Trust’s NAV increased from $219,309,330 at December 31, 2023 to $354,057,800 at December 31, 2024, a 61.44% increase for the year. The increase in the Trust’s NAV resulted primarily from an increase in outstanding shares, which rose from 2,100,000 at December 31, 2023 to 4,262,500 at December 31, 2024, a result of 4,037,500 Shares (323 baskets) being created and 1,875,000 Shares (150 Baskets) being redeemed during the year. There was a decrease in the price per ounce of palladium, which fell 19.98% from$1,136.00 at December 31, 2023 to $909.00 at December 31, 2024.
Previous wording
The decrease in net assets from operations for the year ended December 31, 2024 was $67,646,310, resulting from a realized loss of $813,307 on the transfer of palladium to pay expenses and a realized loss of $65,743,179 on palladium distributed for the redemption of Shares, offset by a change in unrealized gain on investment in palladium of $648,009 and the Sponsor’s Fee of $1,737,833. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2024.
Current wording
The decrease in net assets from operations for the year ended December 31, 2024 was $67,646,310, resulting from a realized loss of$813,307 on the transfer of palladium to pay expenses and a realized loss of $65,743,179 on palladium distributed for the redemption of Shares, offset by a change in unrealized gain on investment in palladium of $648,009 and the Sponsor’s Fee of $1,737,833. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2024.
Previous wording
The Trust’s NAV decreased from $295,490,794 at December 31, 2022 to $219,309,330 at December 31, 2023, a 25.78% decrease for the year. The decrease in the Trust’s NAV resulted primarily from an increase in outstanding shares, which rose from 1,800,000 at December 31, 2022 to 2,100,000 at December 31, 2023, a result of 575,000 Shares (23 baskets) being created and 275,000 Shares (11 Baskets) being redeemed during the year. There was a decrease in the price per ounce of palladium, which fell 36.00% from $1,775,000 at December 31, 2022 to $1,136.00 at December 31, 2023.
Current wording
The Trust’s NAV decreased from $295,490,794 at December 31, 2022 to $219,309,330 at December 31, 2023, a 25.78% decrease for the year. The change in the Trust’s NAV resulted from an increase in outstanding shares, which rose from 1,800,000 at December 31, 2022 to 2,100,000 at December 31, 2023, a result of 575,000 Shares (23 baskets) being created and 275,000 Shares (11 Baskets) being redeemed during the year and a decrease in the price per ounce of palladium, which fell 36.00% from $1,775.00 at December 31, 2022 to $1,136.00 at December 31, 2023.
Previous wording
The decrease in net assets from operations for the year ended December 31, 2023 was $111,381,953, resulting from a realized loss of $578,564 on the transfer of palladium to pay expenses and a realized loss of $10,746,737 on palladium distributed for the redemption of Shares, offset by a change in unrealized loss on investment in palladium of $98,592,589 and the Sponsor’s Fee of $1,464,063. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2023.
Current wording
The decrease in net assets from operations for the year ended December 31, 2023 was $111,381,953, resulting from a realized loss of $578,564 on the transfer of palladium to pay expenses, a realized loss of $10,746,737 on palladium distributed for the redemption of Shares, a change in unrealized loss on investment in palladium of $98,592,589 and the Sponsor’s Fee of $1,464,063. Other than the Sponsor’s Fee, the Trust had no expenses during the year ended December 31, 2023.