abrdn Palladium ETF Trust (NYSE Arca: PALL) hit by 42.92% NAV slide

Rhea-AI Filing Summary

abrdn Palladium ETF Trust is a grantor trust holding physical palladium to back the abrdn Physical Palladium Shares ETF (PALL). For the quarter ended June 30, 2026, net asset value (NAV) fell from $789,607,931 to $591,084,802, a 25.14% decline, as the LBMA palladium price dropped 15.75% from $1,448.00 to $1,220.00 per ounce. NAV per Share decreased from $26.27 to $22.10, a quarterly total return of -15.87%.

For the first six months of 2026, NAV declined 42.92% from $1,035,462,345 to $591,084,802, while palladium fell 22.14% from $1,567.00 to $1,220.00 per ounce, producing a -22.37% total return. Net assets from operations decreased by $202,238,357, driven mainly by a $255,755,720 unrealized loss on palladium, partly offset by $56,368,952 of realized gains on redemptions. Palladium holdings declined from 638,401.4 ounces at December 31, 2025 to 490,184.2 ounces, reflecting 5,625,000 Shares created and 15,250,000 Shares redeemed.

The Trust’s only recurring expense is the Sponsor’s Fee, accruing at 0.60% per year of adjusted daily NAV and paid in-kind in palladium, totaling $2,803,624 for the six months. The Trust uses no leverage or derivatives, has no off-balance sheet arrangements, and reports no material changes to previously disclosed risk factors.

Positive

• None.

Negative

• NAV and total return fell sharply for the six months ended June 30, 2026, with NAV down 42.92% to $591,084,802 and NAV total return at -22.37%, reflecting a 22.14% decline in the palladium price.

Filing Explained

As of August 5, 2026, 27,062,500 shares were outstanding after a completed five-for-one split; the Trust had no cash at June 30.

This Form 10-Q is an unaudited quarterly report that updates the Trust’s financial position and liquidity, including the completed share-split and its effect on share units. The Trust effected a five-for-one forward split after the close of markets on May 14, 2026; shareholders of record received five post-split shares for each share, and earlier per-share information was adjusted.

As of August 5, 2026, 27,062,500 shares were outstanding. The Trust creates and redeems shares only in blocks of 12,500 shares, in exchange for palladium, and only through Authorized Participants; individual investors cannot transact those creations or redemptions directly with the Trust.

At June 30, 2026, the Trust had no cash balances. Its only stated liquidity sources were transfers and sales of palladium: the Sponsor’s Fee is paid through in-kind palladium transfers, while the Trustee may sell palladium for expenses not assumed by the Sponsor.

The June 30, 2026 balance sheet reported $6,585,440 of palladium payable for redemptions; the filing states that ownership generally transfers within one business day.

Key Figures

NAV June 30, 2026: $591,084,802 NAV December 31, 2025: $1,035,462,345 Six-month NAV change: 42.92% decrease +5 more

8 metrics

NAV June 30, 2026 $591,084,802 Net asset value at June 30, 2026

NAV December 31, 2025 $1,035,462,345 Net asset value at December 31, 2025

Six-month NAV change 42.92% decrease NAV change for six months ended June 30, 2026

Palladium price June 30, 2026 $1,220.00 per ounce LBMA palladium price used for valuation at June 30, 2026

Palladium ounces held 490,184.2 oz Palladium holdings at June 30, 2026

Shares outstanding June 30, 2026 26,750,000 Shares Shares outstanding at June 30, 2026

Sponsor's Fee rate 0.60% per year Annualized fee on adjusted daily NAV

Total return six months 2026 -22.37% NAV total return for six months ended June 30, 2026

Key Terms

LBMA Palladium Price PM, Authorized Participant, grantor trust, fair value hierarchy, +1 more

5 terms

LBMA Palladium Price PM financial

"valued on the basis of the London Bullion Market Association (LBMA) Palladium Price PM"

Authorized Participant financial

"An Authorized Participant is a person who is a registered broker-dealer or other securities market participant"

An authorized participant is a large broker-dealer or market professional authorized by an exchange-traded fund to create and redeem ETF shares by exchanging baskets of the underlying securities. They act like a bridge between the ETF and its underlying market, helping keep the ETF’s trading price close to the value of its holdings and supplying liquidity. For investors, healthy authorized-participant activity reduces price distortion and makes it easier to buy or sell ETF shares without large costs.

grantor trust financial

"The Trust is classified as a grantor trust for U.S. federal income tax purposes"

A grantor trust is a legal arrangement where the person who puts assets into the trust keeps enough control or rights that, for tax and legal purposes, those assets are treated as still belonging to that person. For investors, that matters because income, gains and losses generated by the trust typically flow through to the grantor (or directly to investors) for tax reporting and distributions, affecting after-tax returns and cash flow predictability — think of it like a mailbox that forwards all the mail back to the sender rather than holding it inside.

fair value hierarchy financial

"ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value"

Allocated Account Agreement financial

"entered into an Allocated Account Agreement and Unallocated Account Agreement with ICBC Standard Bank Plc"

FAQ

How did abrdn Palladium ETF Trust (PALL) perform in Q2 2026?

NAV declined 25.14% in Q2 2026, from $789,607,931 to $591,084,802, as palladium prices fell 15.75% to $1,220.00 per ounce. NAV per Share dropped from $26.27 to $22.10, producing a -15.87% total return for the quarter.

What was abrdn Palladium ETF Trust (PALL)'s year-to-date performance through June 30, 2026?

NAV fell 42.92% in the first half of 2026, from $1,035,462,345 to $591,084,802. Palladium declined 22.14% to $1,220.00 per ounce, and NAV per Share dropped from $28.47 to $22.10, resulting in a -22.37% NAV total return.

How much palladium does abrdn Palladium ETF Trust (PALL) hold?

At June 30, 2026 the Trust held 490,184.2 ounces of palladium, down from 638,401.4 ounces at December 31, 2025. The change reflects 5,625,000 Shares created, 15,250,000 Shares redeemed, and palladium transferred to pay the Sponsor’s Fee.

What fees and expenses does abrdn Palladium ETF Trust (PALL) charge?

The Trust’s primary cost is the Sponsor’s Fee of 0.60% per year of adjusted daily NAV, paid in-kind in palladium. This fee totaled $2,803,624 for the six months ended June 30, 2026. Other ordinary expenses are borne by the Sponsor.

Were there significant creations and redemptions for abrdn Palladium ETF Trust (PALL) in H1 2026?

Yes. Over the six months ended June 30, 2026, the Trust created 5,625,000 Shares (450 Baskets) and redeemed 15,250,000 Shares (1,220 Baskets. Shares outstanding fell from 36,375,000 to 26,750,000 over the period.

Does abrdn Palladium ETF Trust (PALL) use derivatives or leverage?

No. The Trust holds only physical palladium and does not invest in derivatives, borrow to pay expenses, or engage in foreign currency transactions. It reports no off-balance sheet arrangements and is structured to track the spot palladium price less expenses.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from_________________ to_________________

Commission File Number: 001-34589 

abrdn Palladium ETF Trust

(Exact name of registrant as specified in its charter)

New York		26-4733157
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

c/o abrdn ETFs Sponsor LLC
1900 Market Street, Suite 200 Philadelphia, PA (Address of principal executive offices)		19103 (Zip Code)

(844) 383-7289

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
abrdn Physical Palladium Shares ETF		PALL		NYSE Arca

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐		Accelerated Filer	☒
Non-Accelerated Filer	☐		Smaller Reporting Company	☐
			Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes    ☒ No

As of August 5, 2026, abrdn Palladium ETF Trust had 27,062,500 abrdn Physical Palladium Shares ETF outstanding.

abrdn Palladium ETF Trust

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2026

INDEX

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	15
Item 4.	Controls and Procedures	16
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	17
Item 1A.	Risk Factors	17
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	17
Item 3.	Defaults Upon Senior Securities	17
Item 4.	Mine Safety Disclosures	17
Item 5.	Other Information	17
Item 6.	Exhibits	18
SIGNATURES		19

abrdn Palladium ETF Trust

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Statements of Assets and Liabilities

At June 30, 2026 (Unaudited) and December 31, 2025

		June 30, 2026				December 31, 2025
(Amounts in 000’s of US$, except for Share and per Share data)
ASSETS
Investment in palladium (cost: June 30, 2026: $651,131; December 31, 2025: $797,137)		$	597,981			$	1,000,375
Palladium receivable			—				35,583
Total assets			597,981				1,035,958
LIABILITIES
Fees payable to Sponsor			311				496
Palladium payable			6,585				—
Total liabilities			6,896				496
NET ASSETS(1)		$	591,085			$	1,035,462

(1) Authorized share capital is Unlimited with no par value per Share. Shares issued and outstanding at June 30, 2026 were 26,750,000 and at December 31, 2025 were 36,375,000. Net asset values per Share at June 30, 2026 and December 31, 2025 were $22.10 and $28.47, respectively. After the close of markets on May 14, 2026, the Trust effected a five-for-one forward share split of the Shares issued by the Trust (the "Split"). The information presented attributable to periods prior to the Split has been adjusted to reflect the effects of the Split.

See Notes to the Financial Statements

1

abrdn Palladium ETF Trust

Schedules of Investments

At June 30, 2026 (Unaudited) and December 31, 2025

		June 30, 2026
Description		oz				Cost				Fair Value				% of Net Assets
Investment in palladium (in 000’s of US$, except for oz and percentage data)
Palladium			490,184.2			$	651,131			$	597,981				101.17	%
Total investment in palladium			490,184.2			$	651,131			$	597,981				101.17	%
Less liabilities											6,896				(1.17	)%
Net Assets										$	591,085				100.00	%

		December 31, 2025
Description		oz				Cost				Fair Value				% of Net Assets
Investment in palladium (in 000’s of US$, except for oz and percentage data)
Palladium			638,401.4			$	797,137			$	1,000,375				96.61	%
Total investment in palladium			638,401.4			$	797,137			$	1,000,375				96.61	%
Other assets less liabilities											35,087				3.39	%
Net Assets										$	1,035,462				100.00	%

See Notes to the Financial Statements

2

abrdn Palladium ETF Trust

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2026 and 2025

		Three Months Ended June 30, 2026				Three Months Ended June 30, 2025				Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
(Amounts in 000’s of US$, except for Share and per Share data)
EXPENSES
Sponsor’s Fee		$	1,162			$	582			$	2,804			$	1,103
Total expenses			1,162				582				2,804				1,103
Net investment loss			(1,162	)			(582	)			(2,804	)			(1,103	)
REALIZED AND UNREALIZED GAINS / (LOSSES)
Realized gain / (loss) on palladium transferred to pay expenses			160				(138	)			584				(315	)
Realized gain / (loss) on palladium distributed for the redemption of Shares			3,559				(11,095	)			56,369				(25,748	)
Change in unrealized (loss) / gain on investment in palladium			(126,964	)			73,133				(255,756	)			118,512
Change in unrealized (loss) / gain on unsettled creations or redemptions			(632	)			—				(632	)			—
Total (loss)/gain on investment in palladium			(123,877	)			61,900				(199,435	)			92,449
Change in net assets from operations		$	(125,039	)		$	61,318			$	(202,239	)		$	91,346
Net increase / (decrease) in net assets per Share(1)		$	(4.22	)		$	2.92			$	(6.17	)		$	4.47
Weighted average number of Shares(1)			29,648,214				21,020,604				32,789,986				20,412,638

(1) After the close of markets on May 14, 2026, the Trust effected a five-for-one forward share split of the Shares issued by the Trust (the "Split"). The information presented attributable to periods prior to the Split has been adjusted to reflect the effects of the Split.

See Notes to the Financial Statements 

3

abrdn Palladium ETF Trust

Statements of Changes in Net Assets (Unaudited)

For the three and six months ended June 30, 2026 and 2025

		Three Months Ended June 30, 2026								Three Months Ended June 30, 2025
(Amounts in 000’s of US$, except for Share data)(1)		Shares				Amount				Shares				Amount
Opening balance			30,062,500			$	789,608				20,500,000			$	368,861
Net investment loss							(1,162	)							(582	)
Realized gain / (loss) on investment in palladium							3,719								(11,233	)
Change in unrealized (loss)/gain on investment in palladium							(126,964	)							73,133
Change in unrealized (loss) / gain on unsettled creations or redemptions							(632	)							—
Creations			2,500,000				69,097				6,437,500				118,740
Redemptions			(5,812,500	)			(142,581	)			(2,000,000	)			(33,636	)
Closing balance			26,750,000			$	591,085				24,937,500			$	515,283

		Six Months Ended June 30, 2026								Six Months Ended June 30, 2025
(Amounts in 000’s of US$, except for Share data)(1)		Shares				Amount				Shares				Amount
Opening balance			36,375,000			$	1,035,462				21,312,500			$	354,058
Net investment loss							(2,804	)							(1,103	)
Realized gain / (loss) on investment in palladium							56,369								(26,063	)
Change in unrealized (loss)/gain on investment in palladium							(255,756	)							118,512
Change in unrealized (loss) / gain on unsettled creations or redemptions							(632	)							—
Creations			5,625,000				177,878				8,500,000				154,990
Redemptions			(15,250,000	)			(420,016	)			(4,875,000	)			(85,111	)
Closing balance			26,750,000			$	591,085				24,937,500			$	515,283

(1) After the close of markets on May 14, 2026, the Trust effected a five-for-one forward share split of the Shares issued by the Trust (the "Split"). The information presented attributable to periods prior to the Split has been adjusted to reflect the effects of the Split.

See Notes to the Financial Statements

4

abrdn Palladium ETF Trust

Financial Highlights (Unaudited)

For the three and six months ended June 30, 2026 and 2025

		Three Months Ended June 30, 2026				Three Months Ended June 30, 2025				Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
Per Share Performance (for a Share outstanding throughout the entire period)(1)
Net asset value per Share at beginning of period		$	26.27			$	17.99			$	28.47			$	16.61
Income from investment operations:
Net investment loss			(0.04	)			(0.03	)			(0.09	)			(0.05	)
Total realized and unrealized gains or losses on investment in palladium			(4.13	)			2.70				(6.28	)			4.10
Change in net assets from operations			(4.17	)			2.67				(6.37	)			4.05
Net asset value per Share at end of period		$	22.10			$	20.66			$	22.10			$	20.66
Weighted average number of Shares			29,648,214				21,020,604				32,789,986				20,412,638
Expense ratio(2)			0.60	%			0.60	%			0.60	%			0.60	%
Net investment loss ratio(2)			(0.60	)%			(0.60	)%			(0.60	)%			(0.60	)%
Total return, net asset value(3)			(15.87	)%			14.83	%			(22.37	)%			24.38	%

(1) After the close of markets on May 14, 2026, the Trust effected a five-for-one forward share split of the Shares issued by the Trust (the "Split"). The information presented attributable to periods prior to the Split has been adjusted to reflect the effects of the Split.

(2)	Annualized for periods less than one year.
(3)	Total return is not annualized.

See Notes to the Financial Statements

5

abrdn Palladium ETF Trust

Notes to the Financial Statements (Unaudited)

1. Organization

The abrdn Palladium ETF Trust (the “Trust”) is a common law trust formed on December 30, 2009 under New York law pursuant to a depositary trust agreement (the “Trust Agreement”) executed by abrdn ETFs Sponsor LLC (the “Sponsor”) and The Bank of New York Mellon as Trustee (the “Trustee”). The Trust holds palladium and effective June 18, 2024, issues abrdn Physical Palladium Shares ETF (“Shares”) in minimum blocks of 12,500 Shares (also referred to as “Baskets”) in exchange for deposits of palladium and distributes palladium in connection with the redemption of Baskets. Prior to June 18, 2024, the number of Shares that constituted a Basket was 25,000. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of abrdn Inc., which is a wholly-owned indirect subsidiary of abrdn plc. The Trust is governed by the Trust Agreement.

After the close of markets on May 14, 2026, the Trust effected a five-for-one forward share split of the Shares issued by the Trust (the "Split"). The information presented attributable to periods prior to the Split has been adjusted to reflect the effects of the Split.

The investment objective of the Trust is for the Shares to reflect the performance of the price of physical palladium, in proportions held by the Trust, less the Trust’s expenses. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a “Shareholder”) an opportunity to participate in the palladium market through an investment in securities.

The accompanying financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q. In the opinion of the Trust’s management, all adjustments (which consist of normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for the three and six months ended June 30, 2026, and for all periods presented have been made.

These financial statements should be read in conjunction with the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the operating results for the full year.

2. Significant Accounting Policies

The preparation of financial statements in accordance with U.S. GAAP requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust.

2.1. Basis of Accounting

The Sponsor has determined that the Trust falls within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies, and has concluded that for reporting purposes, the Trust is classified as an Investment Company. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act.

2.2. Valuation of Palladium

The Trust follows the provisions of ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

6

abrdn Palladium ETF Trust

Notes to the Financial Statements (Unaudited)

Effective May 23, 2024, the Trustee, at the direction of the Sponsor, entered into an Allocated Account Agreement and Unallocated Account Agreement with ICBC Standard Bank Plc (“ICBC”), providing for the custody of the Trust’s palladium. At June 30, 2026, all of the Trust’s palladium was held at ICBC.

At the Evaluation Time, the Trustee will value the Trust’s palladium on the basis of the London Bullion Market Association (“LBMA”) Palladium Price PM. If there is no LBMA Palladium Price PM on any day, the Trustee is authorized to use the LBMA Palladium Price AM announced on that day. If neither price is available for that day, the Trustee will value the Trust’s palladium based on the most recently announced LBMA Palladium Price PM or LBMA Palladium Price AM. Realized gains and losses on transfers of palladium, or palladium distributed for the redemption of Shares, are calculated on a trade date basis as the difference between the fair value and average cost of palladium transferred.

ICE Benchmark Administration Limited ("IBA") is responsible for the administration of the LBMA Palladium Price and the electronic auctions through which the benchmark prices are established. Effective July 1, 2026, IBA assumed responsibility for administering the LBMA Palladium Price and the related daily auctions from the London Metal Exchange. The IBA-operated auction process establishes and publishes benchmark prices for troy ounces of palladium twice each London trading day during auction sessions beginning at 9:45 a.m. London time (the "LBMA Palladium Price AM") and 2:00 p.m. London time (the "LBMA Palladium Price PM").

Once the value of palladium has been determined, the net asset value (the “NAV”) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of the Trust, including the remuneration due to the Sponsor (the “Sponsor’s Fee”), from the fair value of the palladium and all other assets held by the Trust.

The Trust recognizes changes in fair value of the investment in palladium as changes in unrealized gains or losses on investment in palladium through the Statements of Operations.

The per Share amount of palladium exchanged for a purchase or redemption is calculated daily by the Trustee using the LBMA Palladium Price PM to calculate the palladium amount in respect of any liabilities for which covering palladium sales have not yet been made, and represents the per Share amount of palladium held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.

Fair Value Hierarchy

ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

– Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

– Level 2. Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments and similar data.

– Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

7

abrdn Palladium ETF Trust

Notes to the Financial Statements (Unaudited)

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The Trust’s investment in palladium is classified as a level 1 asset, as its value is calculated using unadjusted quoted prices from primary market sources.

The categorization of the Trust’s assets is as shown below:

(Amounts in 000’s of US$)		June 30, 2026				December 31, 2025
Level 1
Investment in palladium		$	597,981			$	1,000,375

There were no transfers between levels during the six months ended June 30, 2026 or the year ended December 31, 2025.

2.3. Palladium Receivable and Payable

Palladium receivable or payable represents the quantity of palladium covered by contractually binding orders for the creation or redemption of Shares respectively, where the palladium has not yet been transferred to or from the Trust’s account. Generally, ownership of palladium is transferred within one business day of the trade date. At June 30, 2026, the Trust had no palladium receivable for the creation of Shares and $6,585,440 of palladium payable for the redemption of Shares. At December 31, 2025, the Trust had $35,582,903 of palladium receivable for the creation of Shares and no palladium payable for the redemption of Shares.

2.4. Creations and Redemptions of Shares

The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets (a Basket equals a block of 12,500 Shares). The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) is a participant in The Depository Trust Company (“DTC”); (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust’s Custodian or other palladium bullion clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the palladium required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated palladium account, either loco London or loco Zurich, established with the Custodian or a palladium bullion clearing bank by an Authorized Participant.

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abrdn Palladium ETF Trust

Notes to the Financial Statements (Unaudited)

The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of palladium represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.

Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. Effective May 28, 2024, the standard settlement period for Shares is one business day. Prior to May 28, 2024, the settlement period for Shares was two business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When palladium is exchanged in settlement of a redemption, it is considered a sale of palladium for financial statement purposes.

The amount of palladium represented by the Baskets created or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of palladium to be delivered or distributed by the Trust. In order to ensure that the correct amount of palladium is available at all times to back the Shares, the Sponsor accepts an adjustment to its Sponsor’s Fee in the event of any shortfall or excess on each transaction. For each transaction, this amount is not more than 1/1000th of an ounce of palladium.

As the Shares of the Trust are subject to redemption at the option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares outstanding are presented in the Statement of Changes in Net Assets.

2.5. Income Taxes

The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.

The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of June 30, 2026 or December 31, 2025.

2.6. Investment in Palladium

Changes in ounces of palladium and their respective values for the three and six months ended June 30, 2026 and 2025 are set out below:

		Three Months Ended June 30, 2026				Three Months Ended June 30, 2025
(Amounts in 000’s of US$, except for ounces data)
Ounces of palladium
Opening balance			545,618.0				374,276.3
Creations			50,763.4				117,359.5
Redemptions			(105,335.9	)			(36,489.5	)
Transfers of palladium to pay expenses			(861.3	)			(537.7	)
Closing balance			490,184.2				454,608.6

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abrdn Palladium ETF Trust

Notes to the Financial Statements (Unaudited)

		Three Months Ended June 30, 2026				Three Months Ended June 30, 2025
Investment in palladium
Opening balance		$	790,055			$	369,036
Creations			69,096				118,740
Redemptions			(135,995	)			(33,636	)
Realized gain / (loss) on palladium distributed for the redemption of Shares			3,559				(11,095	)
Transfers of palladium to pay expenses			(1,298	)			(514	)
Realized gain / (loss) on palladium transferred to pay expenses			160				(138	)
Change in unrealized (loss) / gain on investment in palladium			(126,964	)			73,133
Change in unrealized (loss) / gain on unsettled creations or redemptions			(632	)			—
Closing balance		$	597,981			$	515,526

		Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
(Amounts in 000’s of US$, except for ounces data)
Ounces of palladium
Opening balance			638,401.4				389,706.3
Creations			130,224.0				155,002.0
Redemptions			(276,601.7	)			(88,999.8	)
Transfers of palladium to pay expenses			(1,839.5	)			(1,099.9	)
Closing balance			490,184.2				454,608.6
Investment in palladium
Opening balance		$	1,000,375			$	354,243
Creations			213,460				154,990
Redemptions			(413,430	)			(85,111	)
Realized gain / (loss) on palladium distributed for the redemption of Shares			56,369				(25,748	)
Transfers of palladium to pay expenses			(2,989	)			(1,045	)
Realized gain / (loss) on palladium transferred to pay expenses			584				(315	)
Change in unrealized (loss) / gain on investment in palladium			(255,756	)			118,512
Change in unrealized (loss) / gain on unsettled creations or redemptions			(632	)			—
Closing balance		$	597,981			$	515,526

2.7. Expenses / Realized Gains / Losses

The primary expense of the Trust is the Sponsor’s Fee, which is paid by the Trust through in-kind transfers of palladium to the Sponsor.

The Trust will transfer palladium to the Sponsor to pay the Sponsor’s Fee that accrues daily at an annualized rate equal to 0.60% of the adjusted daily net asset value (“ANAV”) of the Trust, paid monthly in arrears.

The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee’s monthly fee and out of pocket expenses, the Custodian’s fee and the reimbursement of the Custodian’s expenses, exchange listing fees, United States Securities and Exchange Commission (the “SEC”) registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses.

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abrdn Palladium ETF Trust

Notes to the Financial Statements (Unaudited)

For the three months ended June 30, 2026 and 2025, the Sponsor’s Fee was $1,161,743 and $582,088, respectively. For the six months ended June 30, 2026 and 2025, the Sponsor’s Fee was $2,803,624 and $1,103,106, respectively.

At June 30, 2026 and at December 31, 2025, the fees payable to the Sponsor were $310,818 and $495,511, respectively.

With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s palladium as necessary to pay these expenses. When selling palladium to pay expenses, the Trustee will endeavor to sell the smallest amounts of palladium needed to pay these expenses in order to minimize the Trust’s holdings of assets other than palladium. Other than the Sponsor’s Fee, the Trust had no expenses during the three and six months ended June 30, 2026 and 2025.

Unless otherwise directed by the Sponsor, when selling palladium the Trustee will endeavor to sell at the price established by the LBMA Palladium Price. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such palladium only if the sale transaction is made at the next LBMA Palladium Price PM or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the palladium sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale.

Realized gains and losses result from the transfer of palladium for Share redemptions and/or to pay expenses and are recognized on a trade date basis as the difference between the fair value and average cost of palladium transferred.

2.8. Segment Reporting

Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity’s chief operating decision maker (“CODM”) when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Sponsor acts as the Trust’s CODM. The CODM monitors the operating results of the Trust as a whole, and the Trust’s asset allocation is managed in accordance with its Prospectus. The Trust operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Trust’s prospectus describes the Trust’s fees, investment objective, principal investment strategy and principal risks, among other items. The Trust’s portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Trust’s financial statements. The accompanying financial statements detail the Trust’s segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the Trust’s Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

2.9. Subsequent Events

In accordance with the provisions set forth in FASB ASC 855-10, Subsequent Events, the Trust’s management has evaluated the possibility of subsequent events impacting the Trust’s financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure in the financial statements were identified.

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abrdn Palladium ETF Trust

Notes to the Financial Statements (Unaudited)

3. Related Parties

The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. In addition, the Trustee and the Custodian and their affiliates may from time to time purchase or sell palladium directly, for their own account, as agent for their customers and for accounts over which they exercise investment discretion. The Trustee’s and Custodian’s fees are paid by the Sponsor and are not separate expenses of the Trust.

4. Concentration of Risk

The Trust’s sole business activity is the investment in palladium, and substantially all the Trust’s assets are holdings of palladium, which creates a concentration of risk associated with fluctuations in the price of palladium. Several factors could affect the price of palladium, including: (i) global palladium supply and demand, which is influenced by factors such as production and cost levels in major palladium-producing countries, recycling, autocatalyst demand, industrial demand, jewelry demand, investment demand, and sales of existing stockpiles of palladium, which have been a key source of supply and are likely to be exhausted soon, placing a higher burden on new mine supply; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations, including tariffs, sanctions, and other restrictions on trade. In addition, there is no assurance that palladium will maintain its long-term value in terms of purchasing power in the future. In the event that the price of palladium declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations.

5. Indemnification

Under the Trust’s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith, willful misconduct or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trust’s organizational documents. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

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abrdn Palladium ETF Trust

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the financial statements and notes to the financial statements included in Item 1 of Part 1 of this Form 10-Q. The discussion and analysis that follows may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements may relate to the Trust’s financial condition, operations, future performance and business. These statements can be identified by the use of the words “may”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or similar words and phrases. These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and expected future developments. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements, to conform such statements to actual results or to reflect a change in management’s expectations or predictions.

Introduction

The Trust is a common law trust, formed under the laws of the state of New York on December 30, 2009. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. It does not hold or trade in commodity futures contracts, nor is it a commodity pool, or subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing Shares.

The Trust holds palladium and is expected to issue Baskets in exchange for deposits of palladium and to distribute palladium in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of palladium bullion, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing in palladium.

The Trust issues and redeems Shares only in exchange for palladium and only in aggregations of 12,500 Shares effective June 18, 2024 (prior to June 18, 2024, the number of Shares that constituted a Basket was 25,000 Shares) or integral multiples thereof (each, a “Basket”), and only in transactions with registered broker-dealers (or other securities market participants not required to register as broker-dealers, such as a bank or other financial institution) that (1) are participants in DTC and (2) have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such dealers, the “Authorized Participants”).

Shares of the Trust trade on the NYSE Arca, Inc. (“NYSE Arca”) under the symbol “PALL”.

Valuation of Palladium and Computation of Net Asset Value

On each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m. New York time on such day (the “Evaluation Time”), the Trustee evaluates the palladium held by the Trust and determines the NAV of the Trust.

At the Evaluation Time, the Trustee values the Trust’s palladium on the basis of that day’s LBMA Palladium Price PM or, if no LBMA Palladium Price PM Fix is made on such day, or has not been announced by the Evaluation Time, the LBMA Palladium Price AM announced on that day will be used. If neither price is available for that day, the Trust will value its palladium based on the most recently announced LBMA Palladium Price PM or LBMA Palladium Price AM, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the applicable LBMA Palladium Price PM or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust’s palladium is not an appropriate basis for evaluation of the Trust’s palladium, it shall identify an alternative basis for such evaluation to be employed by the Trustee. Neither the Trustee nor the Sponsor shall be liable to any person for the determination that the LBMA Palladium Price PM or such other publicly available price is not appropriate as a basis for evaluation of the Trust’s palladium or for any determination as to the alternative basis for such evaluation provided that such determination is made in good faith.

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Once the value of the palladium has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place that are computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the palladium and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsor’s Fee.

All fees accruing for the day on which the valuation takes place that are computed by reference to the value of the Trust or its assets are calculated using the ANAV calculated for such day. The Trustee subtracts from the ANAV the amount of accrued fees so computed for such day and the resulting figure is the NAV of the Trust. The Trustee also determines the NAV per Share by dividing the NAV of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes the net number of any Shares created or redeemed on such evaluation day).

Any estimate of the accrued but unpaid fees, expenses and liabilities of the Trust for purposes of computing the NAV of the Trust and ANAV made by the Trustee in good faith shall be conclusive upon all persons interested in the Trust and no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.

The NAV of the Trust is obtained by subtracting the Trust’s liabilities on any day from the value of the palladium owned and receivable by the Trust on that day; the NAV per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.

Recent Events

After the close of markets on May 14, 2026, the Trust effected a five-for-one forward share split of the Shares issued by the Trust (the "Split").

The Split applied to shareholders of record as of the close of the markets on May 14, 2026, and was payable after the close of the markets on May 15, 2026. The Split was effective prior to the market open on May 18, 2026, when the Shares of the Trust began trading at their post-Split prices. In the five-for-one Split, shareholders received five post-Split-Shares for every Share held of record as of the close of the markets on May 14, 2026.

The information presented attributable to periods prior to the Split has been adjusted to reflect the effects of the Split.

The Quarter Ended June 30, 2026

The Trust’s NAV decreased from $789,607,931 at March 31, 2026 to $591,084,802 at June 30, 2026, a 25.14% decrease for the quarter. The change in the Trust’s NAV resulted from a decrease in the price per ounce of palladium, which fell 15.75% from $1,448.00 at March 31, 2026 to $1,220.00 at June 30, 2026 and a decrease in outstanding Shares, which fell from 30,062,500 Shares at March 31, 2026 to 26,750,000 Shares at June 30, 2026, as a result of 2,500,000 Shares (200 Baskets) being created and 5,812,500 Shares (465 Baskets) being redeemed for the quarter.

The NAV per Share decreased 15.87% from $26.27 at March 31, 2026 to $22.10 at June 30, 2026. The Trust’s NAV per Share fell slightly more than the price per ounce of palladium on a percentage basis due to the Sponsor’s Fee, which was $1,161,743 for the quarter, or 0.60% of the Trust’s ANAV on an annualized basis.

The NAV per Share of $29.00 at April 8, 2026 was the highest during the quarter, compared with a low of $21.41 at June 24, 2026.

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The decrease in net assets from operations for the quarter ended June 30, 2026 was $125,037,857, resulting from a change in unrealized loss on investment in palladium of $126,963,660, an unrealized loss on unsettled creations or redemptions of 632,157 and the Sponsor’s Fee of $1,161,743, offset by a realized gain of $160,447 on the transfer of palladium to pay expenses and a realized gain of $3,559,256 on palladium distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the quarter ended June 30, 2026.

The Six Months Ended June 30, 2026

The Trust’s NAV decreased from $1,035,462,345 at December 31, 2025 to $591,084,802 at June 30, 2026, a 42.92% decrease for the period. The change in the Trust’s NAV resulted from a decrease in the price per ounce of palladium, which fell 22.14% from $1,567.00 at December 31, 2025 to $1,220.00 at June 30, 2026 and a decrease in outstanding Shares, which fell from 36,375,000 Shares at December 31, 2025 to 26,750,000 Shares at June 30, 2026, as a result of 5,625,000 Shares (450 Baskets) being created and 15,250,000 Shares (1,220 Baskets) being redeemed for the period.

The NAV per Share decreased 22.37% from $28.47 at December 31, 2025 to $22.10 at June 30, 2026. The Trust’s NAV per Share fell slightly more than the price per ounce of palladium on a percentage basis due to the Sponsor’s Fee, which was $2,803,624 for the period, or 0.60% of the Trust’s ANAV on an annualized basis.

The NAV per Share of $38.24 at January 29, 2026 was the highest during the period, compared with a low of $21.41 at June 24, 2026.

The decrease in net assets from operations for the period ended June 30, 2026 was $202,238,357, resulting from a change in unrealized loss on investment in palladium of $255,755,720, an unrealized loss on unsettled creations or redemptions of 632,157 and the Sponsor’s Fee of $2,803,624, offset by a realized gain of $584,192 on the transfer of palladium to pay expenses and a realized gain of $56,368,952 on palladium distributed for the redemption of Shares. Other than the Sponsor’s Fee, the Trust had no expenses during the period ended June 30, 2026.

Liquidity & Capital Resources

The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor’s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor’s Fee.

The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s palladium as necessary to pay the Trust’s expenses not otherwise assumed by the Sponsor. The Trustee will not sell palladium to pay the Sponsor’s Fee but will pay the Sponsor’s Fee through in-kind transfers of palladium to the Sponsor. At June 30, 2026, the Trust did not have any cash balances. The Trust's only source of liquidity is its transfers and sales of palladium.

Off-Balance Sheet Arrangements

The Trust is not a party to any off-balance sheet arrangements.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust’s financial position and results of operations. These estimates and assumptions affect the Trust’s application of accounting policies. Refer to Note 2 to the Financial Statements for further information on accounting policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Trust Agreement does not authorize the Trustee to borrow for payment of the Trust’s ordinary expenses. The Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk. The Trust invests in no derivative financial instruments and has no foreign operations or long-term debt instruments.

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Item 4. Controls and Procedures

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust’s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15d-15(e). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of June 30, 2026, the Trust’s disclosure controls and procedures were effective.

Internal controls over financial reporting have been maintained throughout the Trust’s quarter ended June 30, 2026. There have been no changes that have materially affected, or are reasonably likely to materially affect, the Trust’s or Sponsor’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 2(a). None.

Item 2(b). Not applicable.

Item 2(c). For the three months ended June 30, 2026:

200 Baskets were created.

465 Baskets were redeemed.

Period		Total Baskets Redeemed				Total Shares Redeemed				Average ounces of palladium per Share
April 2026			130				1,625,000				0.091
May 2026			70				875,000				0.091
June 2026			265				3,312,500				0.091
			465				5,812,500				0.091

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

No officers or directors of the Trust have adopted, modified or terminated trading plans under either a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement for the three months ended June 30, 2026.

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Item 6. Exhibits

31.1	Chief Executive Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Chief Financial Officer’s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Chief Executive Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Chief Financial Officer’s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	The following financial statements from the Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in Inline XBRL: (i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv) Notes to the Financial Statements.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Document
101.DEF	Inline XBRL Taxonomy Extension Definitions Document
101.LAB	Inline XBRL Taxonomy Extension Labels Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Document
104	The cover page from the Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in Inline XBRL (included as Exhibit 101).

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abrdn Palladium ETF Trust

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities thereunto duly authorized.

			abrdn ETFs Sponsor LLC
	Date: August 7, 2026		/s/ Steven Dunn*
			Steven Dunn **
			President and Chief Executive Officer
			(Principal Executive Officer)
	Date: August 7, 2026		/s/ Sharon Ferrari*
			Sharon Ferrari**
			Chief Financial Officer and Treasurer
			(Principal Financial Officer and Principal Accounting Officer)
*		The originally executed copy of this Certification will be maintained at the Sponsor’s offices and will be made available for inspection upon request.
**		The Registrant is a trust and the persons are signing in their capacities as officers of abrdn ETFs Sponsor LLC, the Sponsor of the Registrant.

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