abrdn Palladium ETF Trust
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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.
Jun 30, 2026 · Filed Aug 7, 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-Q
Period ended 2026-03-31; filed 2026-05-08.
0001999371-26-010356
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001999371-26-017413
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 34 previous paragraphs and 34 current paragraphs.
21 unchanged; 11 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 information presented attributable to periods prior to the Split has been adjusted to reflect the effects of the Split.
Current report
The Six Months Ended June 30, 2026
Removed paragraphs (2)
Previous report
The Split will decrease the price per Share of the Registrant with a proportionate increase in the number of Shares outstanding. In the 5-for-1 Split, shareholders will receive five post-Split-Shares for every Share held of record as of the close of the markets on May 14, 2026. The post-Split Shares will be priced at one-fifth the NAV of a pre-Split Share.
Previous report
The Quarter Ended March 31, 2025
Reworded paragraphs (11)
Previous wording
On April 22, 2026, the Sponsor announce a 5-for-1 forward share split (the "Split") of the Shares issued by the Trust.
Current wording
After the close of markets on May 14, 2026, the Trust effected a five-for-one forward share split of the Shares issued by the Trust (the "Split").
Previous wording
The Split will apply to shareholders of record as of the close of the markets on May 14, 2026, and will be payable after the close of the markets on May 15, 2026. The Split will be effective prior to the market open on May 18, 2026, when the Shares of the Registrant will trade at their post-Split prices. The ticker symbol and CUSIP number for the Shares will not change.
Current wording
The Split applied to shareholders of record as of the close of the markets on May 14, 2026, and was payable after the close of the markets on May 15, 2026. The Split was effective prior to the market open on May 18, 2026, when the Shares of the Trust began trading at their post-Split prices. In the five-for-one Split, shareholders received five post-Split-Shares for every Share held of record as of the close of the markets on May 14, 2026.
Previous wording
The Trust’s NAV decreased from $1,035,462,345 at December 31, 2025 to $789,607,931 at March 31, 2026, a 23.74% decrease for the quarter. The change in the Trust’s NAV resulted from a decrease in the price per ounce of palladium, which fell 7.59% from $1,567.00 at December 31, 2025 to $1,448.00 at March 31, 2026 and a decrease in outstanding Shares, which fell from 7,275,000 Shares at December 31, 2025 to 6,012,500 Shares at March 31, 2026, as a result of 625,000 Shares (50 Baskets) being created and 1,887,500 Shares (151 Baskets) being redeemed for the quarter.
Current wording
The Trust’s NAV decreased from $789,607,931 at March 31, 2026 to $591,084,802 at June 30, 2026, a 25.14% decrease for the quarter. The change in the Trust’s NAV resulted from a decrease in the price per ounce of palladium, which fell 15.75% from $1,448.00 at March 31, 2026 to $1,220.00 at June 30, 2026 and a decrease in outstanding Shares, which fell from 30,062,500 Shares at March 31, 2026 to 26,750,000 Shares at June 30, 2026, as a result of 2,500,000 Shares (200 Baskets) being created and 5,812,500 Shares (465 Baskets) being redeemed for the quarter.
Previous wording
The NAV per Share decreased 7.73% from $142.33 at December 31, 2025 to $131.33 at March 31, 2026. 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 $1,641,881 for the quarter, or 0.60% of the Trust’s ANAV.
Current wording
The NAV per Share decreased 15.87% from $26.27 at March 31, 2026 to $22.10 at June 30, 2026. 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 $1,161,743 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous wording
The NAV per Share of $191.20 at January 29, 2026 was the highest during the quarter, compared with a low of $124.45 at March 26, 2026.
Current wording
The NAV per Share of $29.00 at April 8, 2026 was the highest during the quarter, compared with a low of $21.41 at June 24, 2026.
Previous wording
The decrease in net assets from operations for the quarter ended March 31, 2026 was $77,200,499, resulting from a change in unrealized loss on investment in palladium of $128,792,060 and the Sponsor’s Fee of $1,641,881, offset by a realized gain of $423,745 on the transfer of palladium to pay expenses and a realized gain of$52,809,697 on palladium distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended March 31, 2026.
Current wording
The decrease in net assets from operations for the quarter ended June 30, 2026 was $125,037,857, resulting from a change in unrealized loss on investment in palladium of $126,963,660, an unrealized loss on unsettled creations or redemptions of 632,157 and the Sponsor’s Fee of $1,161,743, offset by a realized gain of $160,447 on the transfer of palladium to pay expenses and a realized gain of$3,559,256 on palladium distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2026.
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 decreased from $1,035,462,345 at December 31, 2025 to $591,084,802 at June 30, 2026, a 42.92% decrease for the period. The change in the Trust’s NAV resulted from a decrease in the price per ounce of palladium, which fell 22.14% from $1,567.00 at December 31, 2025 to $1,220.00 at June 30, 2026 and a decrease in outstanding Shares, which fell from 36,375,000 Shares at December 31, 2025 to 26,750,000 Shares at June 30, 2026, as a result of 5,625,000 Shares (450 Baskets) being created and 15,250,000 Shares (1,220 Baskets) being redeemed for the period.
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 on an annualized basis.
Current wording
The NAV per Share decreased 22.37% from $28.47 at December 31, 2025 to $22.10 at June 30, 2026. 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 $2,803,624 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.
Previous wording
The NAV per Share of $97.78 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 $38.24 at January 29, 2026 was the highest during the period, compared with a low of $21.41 at June 24, 2026.
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 decrease in net assets from operations for the period ended June 30, 2026 was $202,238,357, resulting from a change in unrealized loss on investment in palladium of $255,755,720, an unrealized loss on unsettled creations or redemptions of 632,157 and the Sponsor’s Fee of $2,803,624, offset by a realized gain of $584,192 on the transfer of palladium to pay expenses and a realized gain of$56,368,952 on palladium distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2026.
Previous wording
The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s palladium as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell palladium to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of palladium to the Sponsor. At March 31, 2026, the Trust did not have any cash balances.
Current wording
The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s palladium as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell palladium to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of palladium to the Sponsor. At June 30, 2026, the Trust did not have any cash balances. The Trust's only source of liquidity is its transfers and sales of palladium.