How does a 5-for-1 split affect the NAV per share for PALL?

A 5-for-1 split reduces NAV per share to one-fifth of the pre-split NAV. According to the company, total value remains the same because the number of shares increases proportionally.

ABERDEEN INVESTMENTS ANNOUNCES 10-FOR-1 FORWARD SHARE SPLIT OF ABRDN PHYSICAL PLATINUM SHARES ETF (PPLT) AND 5-FOR-1 FORWARD SHARE SPLIT OF ABRDN PHYSICAL PALLADIUM SHARES ETF (PALL)

Rhea-AI Impact

(High)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

abrdn Physical Palladium Shares ETF (NYSE Arca: PALL) will undergo a 5-for-1 forward share split, and abrdn Physical Platinum Shares ETF (PPLT) will undergo a 10-for-1 forward share split. Record date is May 14, 2026, payable after market close May 15, 2026, and post-split trading begins May 18, 2026. Tickers and CUSIPs remain unchanged. The splits proportionally decrease per-share price while increasing the number of shares outstanding; total investment value is unchanged. Examples show a pre-split $100 NAV per share becoming $20 (5-for-1) or $10 (10-for-1) post-split while total value stays constant.

Positive

PALL 5-for-1 split effective for holders of record May 14, 2026
PPLT 10-for-1 split effective for holders of record May 14, 2026
Post-split trading begins on May 18, 2026 with tickers unchanged

Negative

Per-share price reduction may increase intraday trading volatility
Trusts focused on single commodities generally experience greater volatility

News Market Reaction – PALL

-5.60%

-5.60% Session close to close

In the Apr 23 session, PALL declined 5.60%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -5.6% in the session following this news. A negative reaction despite the mechanical...

Analysis

The stock moved -5.6% in the session following this news. A negative reaction despite the mechanically neutral 5-for-1 forward split would have reflected concerns beyond the split itself, since total investment value per holder remained unchanged. Before the news, PALL traded at $138.12, above its 200-day MA of $132.98 but about 30.03% under its 52-week high. Absent a clear historical pattern in the provided data, any sharp decline would likely have related to broader sentiment toward palladium exposure or ETF structure.

Key Figures

PALL split ratio: 5-for-1 PPLT split ratio: 10-for-1 Record date: May 14, 2026 +5 more

8 metrics

PALL split ratio 5-for-1 Forward share split for abrdn Physical Palladium Shares ETF

PPLT split ratio 10-for-1 Forward share split for abrdn Physical Platinum Shares ETF

Record date May 14, 2026 Shareholders of record eligible for forward splits

Payable date May 15, 2026 Split shares payable after market close

Post-split trading date May 18, 2026 Shares trade at post-split prices

10-for-1 example 10 shares at $100 → 100 shares at $10 Hypothetical 10-for-1 split keeps total value at $1,000

5-for-1 example 10 shares at $100 → 50 shares at $20 Hypothetical 5-for-1 split keeps total value at $1,000

Aggregate market value $501,792,375 PALL shares as of June 30, 2025 (10-K/10-K/A)

Key Terms

forward share split, net asset value ("NAV"), bullion, CUSIP

4 terms

net asset value ("NAV") financial

"priced at one-tenth the net asset value ("NAV") of a pre-split share"

Net asset value (NAV) is the total value of a fund’s assets minus its liabilities, divided by the number of shares outstanding, giving a per-share price that represents the underlying value investors own. Think of it like the size of a pie (assets) minus any bills (debts), then splitting the remainder into equal slices; investors use NAV to judge whether a fund’s market price is fair and to track performance over time.

bullion technical

"intended to reflect, at any given time, the market price of gold, silver, platinum and/or palladium bullion"

Bullion is physical precious metal — typically gold or silver — shaped into bars or rounds and valued by weight and purity rather than by a collectible or decorative premium. Investors buy bullion as a tangible store of value or hedge against inflation and market swings; think of it as a durable savings account you can hold in your hand, whose worth moves with global metal prices.

CUSIP technical

"The ticker symbols and CUSIP numbers for each fund will not change."

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

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04/22/2026 - 04:17 PM

PHILADELPHIA, April 22, 2026 /PRNewswire/ -- Aberdeen Investments announced today a 10-for-1 forward share split for the abrdn Physical Platinum Shares ETF (NYSE Arca: PPLT) and a 5-for-1 forward share split for the abrdn Physical Palladium Shares ETF (NYSE Arca: PALL). The splits will not change the total value of a shareholder's investment.

Ticker	Name	Split Ratio
PPLT	abrdn Physical Platinum Shares ETF	10 for 1
PALL	abrdn Physical Palladium Shares ETF	5 for 1

All forward share splits will apply to shareholders of record as of the market close on May 14, 2026 (the "Record Date"), payable after market close on May 15, 2026. Shares of each of fund will trade at their post-split prices on May 18, 2026. The ticker symbols and CUSIP numbers for each fund will not change.

The forward share splits will decrease the price per share of each fund, with a proportionate increase in the number of shares outstanding. In a 10-for-1 forward share split, every pre-split share will result in the receipt of ten post-split shares, which will be priced at one-tenth the net asset value ("NAV") of a pre-split share. In a 5-for-1 forward share split, every pre-split share will result in the receipt of five post-split shares, which will be priced at one-fifth the NAV of a pre-split share.

Illustration of a Forward Share Split

The following table shows the effect of a hypothetical 10-for-1 share split:

Period	# of Shares	Hypothetical Net Asset Value (NAV) per share	Total Value
Pre-Split	10	$100	$1,000
Post-Split	100	$10	$1,000

The following table shows the effect of a hypothetical 5-for-1 share split:

Period	# of Shares	Hypothetical Net Asset Value (NAV) per share	Total Value
Pre-Split	10	$100	$1,000
Post-Split	50	$20	$1,000

For more information about Aberdeen's ETF suite, please visit here.

Important Information

abrdn Silver ETF Trust (which issues shares of the abrdn Physical Silver Shares ETF), abrdn Gold ETF Trust (which issues shares of the abrdn Physical Gold Shares ETF), abrdn Platinum ETF Trust (which issues shares of the abrdn Physical Platinum Shares ETF) and abrdn Palladium ETF Trust (which issues shares of the abrdn Physical Palladium Shares ETF) and abrdn Precious Metals Basket ETF Trust (which issues shares of the abrdn Physical Precious Metals Basket Shares ETF) (the "Trusts") are not investment companies registered under the Investment Company Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act. Shares of the Trusts are not subject to the same regulatory requirements as mutual funds. These investments are not suitable for all investors. Trusts focusing on a single commodity generally experience greater volatility. Please refer to the prospectus for complete information regarding all risks associated with the Trusts.

This material must be accompanied or preceded by the prospectus. Carefully consider the investment objectives, risk factors, and fees and expenses of each Trust before investing. To view a Trust's prospectus, please click here – abrdn Silver ETF Trust, abrdn Gold ETF Trust, abrdn Platinum ETF Trust, abrdn Palladium ETF Trust and abrdn Precious Metals Basket ETF Trust.

Investing involves risk, including possible loss of principal. Because shares of the Trust are intended to reflect the price of the gold held by the Trust, the market price of the shares is subject to fluctuations similar to those affecting gold prices. Additionally, shares of the Trust are bought and sold at market price, not at net asset value ("NAV"). Brokerage commissions will reduce returns. Commodities' prices may be highly volatile. Prices may be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals.

Shares of the Trusts are intended to reflect, at any given time, the market price of gold, silver, platinum and/or palladium bullion ("Bullion") owned by such Trust at that time less the Trust's expenses and liabilities. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the Bullion represented by such shares. If an investor sells the shares at a time when no active market for them exists, such lack of an active market will most likely adversely affect the price received for the shares. For a more complete discussion of the risk factors relative to the Trust, carefully read the prospectus.

This material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

About Aberdeen Investments
Aberdeen Investments Global is the trade name of Aberdeen's investments business, herein referred to as "Aberdeen Investments" or "Aberdeen". Aberdeen Investments is a specialist asset manager that focuses on areas where we have both strength and scale across public and private markets, including credit, specialist equities and real assets. Our teams collaborate across regions, asset classes and specialisms, connecting diverse perspectives and working with clients to identify investment opportunities that suit their needs.

In the United States, Aberdeen Investments refers to the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited. abrdn ETFs Sponsor LLC, a wholly-owned subsidiary of abrdn Inc., serves as sponsor to Aberdeen's precious metals ETF trusts. Aberdeen Investments has extensive experience serving as manager or sponsor of U.S. mutual funds, closed-end funds and ETFs (including commodity, precious metals and actively-managed ETFs). As of December 31, 2025, Aberdeen Investments managed or sponsored approximately $525 billion in assets.
www.aberdeeninvestments.com

About Aberdeen Group
Aberdeen is a leading Wealth & Investments group, working to help millions of customers and clients turn their financial goals into reality. As of December 31, 2025, Aberdeen managed and administered $747 billion of client and customer assets across its three core business, interactive investor, Adviser and Investments.

ALPS Distributors, Inc. is the marketing agent for the Trusts, and is not affiliated with Aberdeen

Ref:
ETF002472 5/31/27

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SOURCE Aberdeen Investments

FAQ

What does the PALL 5-for-1 split mean for shareholders of PALL?

Shareholders will receive five post-split shares for each pre-split share. According to the company, the split reduces the per-share NAV to one-fifth while keeping total investment value unchanged and trading post-split begins May 18, 2026.

When will PALL and PPLT trade at their post-split prices (NYSE Arca: PALL, PPLT)?

Both funds will trade at post-split prices on May 18, 2026. According to the company, record date is May 14, payable after market close May 15, and tickers/CUSIPs will not change.

Will the PALL split change the ticker symbol or CUSIP for PALL (NYSE Arca: PALL)?

No, the ticker symbols and CUSIP numbers will remain unchanged after the split. According to the company, only the number of shares and per-share price change proportionally.

Are there investor risks linked to PALL’s 5-for-1 split and PPLT’s 10-for-1 split?

Yes. Lower per-share prices can increase trading activity and volatility. According to the company, trusts focused on a single commodity generally experience greater volatility and investors should review the prospectus.