abrdn Palladium ETF Trust
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-07.
0001999371-26-017413
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001999371-26-024819
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.
25 unchanged; 8 reworded; 1 added; 1 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 (1)
Current report
The Nine Months Ended September 30, 2026
Removed paragraphs (1)
Previous report
The Six Months Ended June 30, 2026
Reworded paragraphs (8)
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 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.
Current wording
At the Evaluation Time, the Trustee will value the Trust's palladium on the basis of the London Bullion Market Association ("LBMA") Palladium Price PM. If there is no LBMA Palladium Price PM on any day, the Trustee is authorized to use the LBMA Palladium Price AM announced on that day. 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 $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.
Current wording
The Trust’s NAV increased from $591,084,802 at June 30, 2026 to $637,288,698 at September 30, 2026, a 7.82% increase for the quarter. The change in the Trust’s NAV resulted from an increase in the price per ounce of palladium, which rose 0.16% from $1,220.00 at June 30, 2026 to $1,222.00 at September 30, 2026 and an increase in outstanding Shares, which rose from 26,750,000 Shares at June 30, 2026 to 28,837,500 Shares at September 30, 2026, as a result of 3,650,000 Shares (292 Baskets) being created and 1,562,500 Shares (125 Baskets) being redeemed for the quarter.
Previous 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.
Current wording
The NAV per Share did not change from $22.10 at June 30, 2026 to $22.10 at September 30, 2026. The Trust’s NAV per Share did not change compared to the price per ounce of palladium on a percentage basis due to the Sponsor’s Fee, which was $996,838 for the quarter, or 0.60% of the Trust’s ANAV.
Previous 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.
Current wording
The NAV per Share of $26.13 at August 28, 2026 was the highest during the quarter, compared with a low of $21.82 at July 1, 2026.
Previous 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.
Current wording
The decrease in net assets from operations for the quarter ended September 30, 2026 was $6,153,625, resulting from a realized loss of $22,235 on the transfer of palladium to pay expenses, a realized loss of$2,031,535 on palladium distributed for the redemption of Shares, a change in unrealized loss on investment in palladium of $3,736,174 and the Sponsor’s Fee of $996,838, offset by an unrealized gain on unsettled creations or redemptions of $632,157. Other than the Sponsor's Fee, the Trust had no expenses during the quarter ended September 30, 2026.
Previous 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.
Current wording
The Trust’s NAV decreased from $1,035,462,345 at December 31, 2025 to $637,288,698 at September 30, 2026, a 38.45% decrease for the period. The change in the Trust’s NAV resulted from a decrease in the price per ounce of palladium, which fell 22.02% from $1,567.00 at December 31, 2025 to $1,222.00 at September 30, 2026 and a decrease in outstanding Shares, which fell from 36,375,000 Shares at December 31, 2025 to 28,837,500 Shares at September 30, 2026, as a result of 9,275,000 Shares (742 Baskets) being created and 16,812,500 Shares (1,345 Baskets) being redeemed for the period.
Previous 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.
Current wording
The NAV per Share decreased 22.37% from $28.47 at December 31, 2025 to $22.10 at September 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 $3,800,461 for the period, or 0.60% of the Trust’s ANAV.
Previous 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.
Current wording
The decrease in net assets from operations for the period ended September 30, 2026 was $208,391,981 resulting from a change in unrealized loss on investment in palladium of $259,491,894 and the Sponsor’s Fee of $3,800,461, offset by a realized gain of $561,956 on the transfer of palladium to pay expenses and a realized gain of$54,338,418 on palladium distributed for the redemption of Shares. Other than the Sponsor's Fee, the Trust had no expenses during the period ended September 30, 2026.