abrdn Palladium ETF Trust

abrdn Palladium ETF Trust is a New York common law trust that issues exchange-traded shares backed by physical palladium bullion. Its shares trade on NYSE Arca under the ticker PALL and are designed to track the price of palladium, less the Trust’s expenses.

— abrdn Palladium ETF Trust
%
Physical palladium exposure100% Shares designed to reflect the price performance of bullion held by the Trust.
Basket creation and redemption0% Authorized Participants create or redeem shares in exchange for palladium baskets.
Trust administration and custody0% Administration, valuation, and custody arrangements supporting the ETF structure.

The Trust’s primary users are investors seeking direct, exchange-traded exposure to palladium without holding the metal...

  • Secondary market investorsprimary

    Retail and institutional investors buy PALL shares on exchange to gain palladium exposure without bullion custody.

  • Authorized Participantsprimary

    Broker-dealers and market participants create or redeem baskets in exchange for palladium to keep shares aligned with NAV.

  • Commodity allocators and hedgerssecondary

    Portfolio managers and hedgers use the Trust as a liquid instrument for palladium price exposure.

The Trust is organized in the United States and its shares trade on NYSE Arca in New York...

  • •United States listing and administration through NYSE Arca
  • •Global palladium pricing drives the Trust’s NAV and share price
  • •Supply conditions in Russia and South Africa affect metal value
  • •Benchmark pricing references LBMA Palladium Price PM/AM
  • •Trading spreads can widen when U.S. and metal markets are out of sync

The Trust’s core strategy is to provide a simple, exchange-traded vehicle that mirrors the price of physical palladium...

01
Maintain tight tracking to palladium spot pricesshort-term

The product’s value proposition depends on minimizing tracking differences versus physical palladium.

02
Preserve liquidity and tradability of sharesmedium-term

Secondary-market liquidity and efficient creation/redemption support investor access and pricing efficiency.

03
Maintain a low-complexity passive structurelong-term

A trust structure with limited operating activity keeps the product focused on metal exposure rather than active management.

The Trust is exposed primarily to palladium price volatility, since share value moves with the underlying metal price...

critical

Palladium price volatility

Share value is directly linked to the market price of physical palladium held by the Trust.

Scope
NAV and secondary-market share price
Materiality
high
high

Benchmark and valuation disruption

The Trust relies on LBMA Palladium Price PM/AM for daily valuation, so benchmark issues can affect NAV calculation.

Scope
NAV, sponsor fee calculation, trading price
Materiality
high
high

Creation/redemption market impact

Basket activity can temporarily increase or decrease palladium prices and affect share pricing.

Scope
Spot palladium market and PALL trading price
Materiality
medium
high

Custody and access risk

Physical bullion may be lost, stolen, damaged, or inaccessible due to operational or external events.

Scope
Trust assets held in custody
Materiality
high
medium

Liquidity and trading-hour mismatch

NYSE Arca trading continues after major palladium markets close, which can widen spreads and premiums/discounts.

Scope
Secondary-market pricing efficiency
Materiality
medium
Fair value measurement of palladium
Primary driver of unrealized gains and NAV per share
In-kind fee settlement
Reduces bullion holdings and creates realized loss items
Benchmark substitution judgment
Can affect reported NAV and comparability across periods
Accrued expenses and liabilities
Small but recurring reduction to reported asset value

abrdn Platinum ETF Trust

PPLT · Commodity Contracts Brokers & Dealers

abrdn Precious Metals Basket ETF Trust

GLTR · Commodity Contracts Brokers & Dealers

abrdn Silver ETF Trust

SIVR · Commodity Contracts Brokers & Dealers

abrdn Gold ETF Trust

SGOL · Commodity Contracts Brokers & Dealers

iShares Silver Trust

SLV · Commodity Contracts Brokers & Dealers

iShares Gold Trust Micro

IAUM · Commodity Contracts Brokers & Dealers

: 29/04/2026