abrdn Palladium ETF Trust (NYSE Arca: PALL) issues abrdn Physical Palladium Shares ETF, a physically backed exchange-traded fund that holds allocated London Good Delivery palladium bars in secure vaults to reflect the performance of the LBMA Palladium Price PM, less the Trust's 0.60% expense ratio; the Shares trade on NYSE Arca and are created or redeemed in baskets of 25,000 Shares by authorized participants depositing palladium and cash proportional to the Trust's net asset value. The Trust, formed on December 30, 2009 under New York law, is sponsored by abrdn ETFs Sponsor LLC, a Delaware limited liability company and indirect subsidiary of abrdn plc with headquarters at 1900 Market Street, Suite 200, Philadelphia, PA; The Bank of New York Mellon serves as trustee, while ICBC Standard acts as custodian with vaults in London, UK, inspected twice annually by Bureau Veritas Commodities UK Ltd. The Trust operates in the commodities sector, targeting investors seeking exposure to physical palladium without storage or direct ownership risks, with palladium valued daily using the LME PM Fix and a daily bar list published for transparency. In recent operational changes, the Trust transitioned custodians from JPMorgan Chase Bank, N.A. to ICBC Standard within the last two years, enhancing secure storage arrangements; the sponsor rebranded from Aberdeen Standard Investments ETFs Sponsor LLC prior to March 1, 2022, aligning with abrdn plc's global identity following its 2018 acquisition by abrdn Inc. As of September 30, 2025, the Trust holds approximately 503,738 ounces of palladium valued at $622 million, supporting ongoing issuance and redemptions amid palladium's industrial demand in automotive catalysts and diversification from equities.