abrdn Palladium ETF Trust Files Form 10-K/A: Key Details for Investors

Overview

abrdn Palladium ETF Trust (“the Trust”) has filed an Amendment No. 1 (Form 10-K/A) with the SEC for the fiscal year ended December 31, 2025. This amendment was filed on March 3, 2026, to include KPMG’s Report on Internal Controls over Financial Reporting, which was inadvertently omitted from the original 10-K filing. The Trust is listed on NYSE Arca under the trading symbol PALL and provides investors exposure to physical palladium bullion.

Key Highlights from the Report

• Reason for Amendment: The primary reason for the 10-K/A filing is the addition of KPMG’s report regarding the internal control over financial reporting. No other material changes or updates to financial statements or disclosures have been made. Investors should note that this amendment is administrative in nature and does not reflect new financial information or events subsequent to the original filing.
• Trust Structure: The Trust holds physical palladium and is not an actively managed investment vehicle. It does not hold or trade in commodity futures contracts or other derivatives, and therefore is not subject to Commodity Exchange Act regulation as a commodity pool.
• Trust Objective: The Trust’s investment objective is for the shares to reflect the price performance of physical palladium, less Trust expenses. The goal is to provide a simple, cost-effective, and relatively low-credit-risk way for both institutional and retail investors to gain exposure to palladium, avoiding the complexities and costs of physical ownership.
• Shares Outstanding and Market Value: As of February 26, 2026, there were 7,300,000 shares outstanding. The aggregate market value of shares based on closing price as of June 30, 2025, was \$501,792,375.
• Sponsor’s Fee: The only recurring ordinary expense of the Trust is the Sponsor’s Fee, which accrues daily at an annualized rate of 0.60% of the Trust’s adjusted net asset value (ANAV), payable monthly in arrears. The Sponsor may temporarily waive or rebate all or a portion of its fee, typically for institutional investors meeting certain requirements, but presently does not intend to do so.
• Valuation and NAV: The Trust’s NAV is calculated daily, as soon as practicable after 4:00 p.m. New York time (the close of NYSE Arca). The NAV per share represents the Trust’s total assets less liabilities, divided by the number of shares outstanding.
• Trading and Liquidity Considerations: Shares may trade on the NYSE Arca at a premium or discount to NAV, especially during periods when trading hours in the US and the major palladium bullion markets do not overlap. Reduced liquidity after COMEX closes at 1:30 p.m. (ET) can impact trading spreads and premiums/discounts.
• Risk Factors: The Trust’s value is directly impacted by the price of palladium, which is historically volatile. While the Trust structure mitigates some counterparty risks (most palladium is held in allocated form by the Custodian, ICBC Standard Bank Plc), investors remain exposed to price fluctuations and other risks discussed in the comprehensive “Risk Factors” section.
• Industry Context: The report includes a detailed overview of the palladium industry, including the importance of PGMs (platinum group metals), the structure of the global bullion market, regulatory landscape, and recent supply/demand and price trends. These factors can influence the value of the Trust’s shares and are crucial for investors to understand.

Potential Price-Sensitive and Shareholder-Relevant Points

• Administrative Amendment Only: The amendment does not reflect restatements of financials, corrections of errors, or new events. Its sole purpose is to add the audit firm’s attestation. This is not expected to be price-moving unless investors were previously concerned about the completeness of controls reporting.
• No Material Changes or Updates: Shareholders should note there are no updates to previously disclosed financial results, risks, or operations. The Trust remains fully compliant with SEC reporting and regulatory requirements.
• Stable Share Structure and Fees: The number of shares outstanding and the Sponsor’s Fee remain consistent, with no announced waivers except as negotiated with certain institutional holders.
• Market Risk Remains: Palladium price volatility continues to be the main driver of share value. The Trust’s structure is designed to minimize other risks but does not protect against price declines in the underlying metal.

Detailed Trust Operations and Market Factors

• Physical Holdings and Custody: The Trust’s palladium is held by ICBC Standard Bank Plc in London and Zurich, with daily reporting of holdings on the Trust’s website. This transparency and custody arrangement offers investors direct exposure to palladium assets.
• Regulatory Environment: The Trust operates under US securities regulation but is not a commodity pool. The global palladium market is regulated by both governmental and self-regulatory bodies, primarily in the UK (FCA) and Japan (TOCOM). This regulatory oversight helps maintain market integrity.
• Market Structure and Trading: Most palladium trading and vaulting is cleared through London and Zurich, with pricing influenced by global demand, supply, and trading hours mismatches between US and international markets.

Conclusion

Bottom Line for Investors: This Form 10-K/A filing is a technical correction to ensure full compliance and transparency, adding the KPMG report on internal controls. There are no changes to the Trust’s financials, business operations, or risk profile. Shareholders should feel reassured regarding the Trust’s governance and reporting standards, but there are no new developments or price-sensitive disclosures in this amendment.

Investors are reminded that the primary drivers of PALL’s share price remain the spot price of palladium and fluctuations in supply/demand for the metal, not Trust-specific events or operational changes at this time.

Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. Investors should review the full official filings and consult with their financial advisor before making investment decisions. Past performance is not indicative of future results. The value of investments may go down as well as up, especially in commodities such as palladium.

View abrdn Palladium ETF Trust Historical chart here