abrdn Palladium ETF Trust (NYSE Arca: PALL) is a commodity trust that holds physical palladium bullion on behalf of shareholders. The Trust generates no operating revenue. Shareholders bear exposure to palladium spot prices through fractional ownership of allocated palladium held in custody, with the Trust's net assets moving directly with the metal's market value. The only expense is the Sponsor's Fee, paid by periodically selling small amounts of palladium from Trust holdings. The Sponsor's Fee for the year ended December 31, 2025 was $3,203,228 (versus $1,737,833 for the year ended December 31, 2024 and $1,464,063 for the year ended December 31, 2023). Shares are created and redeemed in kind against physical palladium, with the Trustee authorized to sell palladium as needed to cover expenses not assumed by the Sponsor. The Trust is sponsored by abrdn, with KPMG serving as independent auditor. Audit fees were $80,000 for the year ended December 31, 2025 and $94,000 for the year ended December 31, 2024.

Revenue model

The Trust collects no revenue. It charges a Sponsor's Fee funded by selling portions of the Trust's palladium holdings. The fee for the year ended December 31, 2025 was $3,203,228. Shareholders bear the economic cost through gradual dilution of palladium per share.

Products and services

Shares representing fractional beneficial ownership of allocated physical palladium bullion held in custody. No other products or services are offered by the Trust.

Customers and end markets

Shareholders seeking direct exposure to palladium spot prices without holding physical metal. The filing references palladium demand applications including automotive, chemical, dental and biomedical, electrical and electronics, jewelry, pollution control, and investment categories, drawn from global palladium supply and demand data included in the 10-K filing.

Value-chain role

Passive custodial vehicle. The Trust holds allocated palladium bullion through a Custodian and sub-custodians operating under London Platinum and Palladium Market (LPPM) rules. The Trustee sells palladium to cover expenses when directed by the Sponsor. The Trust does not trade, refine, or process palladium.

Geographic exposure

The Trust holds palladium in custody under arrangements governed by the London palladium markets and LPPM rules. The filing notes global palladium supply concentrated in South Africa (approximately 2,420 thousand ounces in 2024), Russia (approximately 2,750 thousand ounces in 2024), North America (approximately 814 thousand ounces in 2024), and Zimbabwe (approximately 419 thousand ounces in 2024), per supply data in the 10-K.

Source: SEC 10-K, filed 2026-03-02

Industry: Commodity Contracts Brokers & Dealers