abrdn Palladium ETF Trust effects 5-for-1 share split

abrdn Palladium ETF Trust effected a 5-for-1 forward share split of its Shares, effective May 18, 2026.

Rhea-AI Filing Summary

abrdn Palladium ETF Trust effected a 5-for-1 forward share split of its Shares, effective May 18, 2026. Every pre-split Share held of record as of the close of markets on May 14, 2026 was exchanged for five post-split Shares. Shares issued and outstanding increased from 6,112,500 to 30,562,500, and the NAV per Share was adjusted from $128.69 to $25.74.

The supplement updates Prospectus disclosures including the Creation and redemption section, the Summary Financial Condition paragraph and the Hypothetical Expense Example table to reflect the 5-for-1 split. The Trust states the aggregate NAV as of the close of business on May 18, 2026 was $784,933,487.67.

Insights

ETF Strategist

Split increases share count and lowers NAV-per-share; fund economics unchanged.

The 5-for-1 forward split increased outstanding shares to 30,562,500 and reduced NAV per Share to $25.74, preserving the Trust's aggregate NAV of $784,933,487.67 as stated for May 18, 2026. The split does not change the Trust's CUSIP or ticker.

Operationally, the Prospectus text and the Hypothetical Expense Example were updated to reflect post-split share and NAV figures; cash‑flow treatment and Sponsor fee rate (0.60) remain as disclosed.

Fund Accountant

Accounting and investor records require proportional adjustments; NAV arithmetic preserved.

The filing confirms pre-split NAV per Share $128.69 and post-split NAV per Share $25.74, with shares outstanding moving from 6,112,500 to 30,562,500. The aggregate NAV reported is $784,933,487.67 as of May 18, 2026.

Prospectus line items including the Creation and redemption disclosure and the Hypothetical Expense Example table were replaced to reflect the split; timing and fee percentages are unchanged in the excerpt.

Key Figures

Pre-split Shares outstanding: 6,112,500 shares Post-split Shares outstanding: 30,562,500 shares Pre-split NAV per Share: $128.69 +3 more

6 metrics

Pre-split Shares outstanding 6,112,500 shares Immediately prior to the Split

Post-split Shares outstanding 30,562,500 shares Immediately after the Split on <date>May 18, 2026</date>

Pre-split NAV per Share $128.69 Immediately prior to the Split

Post-split NAV per Share $25.74 Immediately after the Split

Aggregate NAV $784,933,487.67 As of the close of business on <date>May 18, 2026</date>

Sponsor's Fee 0.60% Hypothetical Expense Example table

Key Terms

net asset value (NAV), Sponsor's Fee, Creation and redemption

3 terms

net asset value (NAV) financial

"NAV of the Trust, which represents the value of the palladium deposited into and held by the Trust"

Net asset value (NAV) is the per-share value of an investment fund calculated by totaling the fund’s assets, subtracting its liabilities, and dividing the remainder by the number of outstanding shares. Think of it like a price tag on each share of a collective piggy bank: investors use NAV to see what each share is worth, to compare funds, and, for many funds, it’s the price at which shares are bought or redeemed.

Sponsor's Fee financial

"Sponsor’s Fee 0.60% shown in the Hypothetical Expense Example table"

Creation and redemption regulatory

"The disclosure under the heading “Creation and redemption” in the section entitled “THE OFFERING,” is deleted"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did abrdn Palladium ETF Trust (PALL) change on May 18, 2026?

The Trust effected a 5-for-1 forward share split, increasing Shares outstanding to 30,562,500 and reducing NAV per Share to $25.74, effective May 18, 2026.

How did the split affect the Trust's aggregate NAV?

The aggregate NAV remained $784,933,487.67 as of the close of business on May 18, 2026, with per-share NAV adjusted to reflect the 5-for-1 split.

Did the split change PALL's ticker or CUSIP?

No. The filing states the split did not affect the Trust's CUSIP 003262102 or ticker symbol PALL following the 5-for-1 split.

Were Prospectus disclosures updated following the split?

Yes. The supplement replaces the Creation and redemption disclosure, the Summary Financial Condition paragraph, and the Hypothetical Expense Example table to reflect post-split shares and NAV figures.

Did the Sponsor's fee change because of the split?

No. The table in the supplement continues to show the Sponsor's Fee at 0.60% in the Hypothetical Expense Example after the 5-for-1 split.

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

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Accepted by SEC EDGAR 05/20/2026 - 09:08 AM Learn about SEC filing dates

Filed pursuant to Rule 424(b)(3)

Registration Statement No. 333-272037

abrdn Palladium ETF Trust

(the “Trust”)

Supplement dated May 19, 2026 to the Prospectus dated September 27, 2023

This Supplement dated May 19, 2026 amends and supplements the prospectus for the Trust dated September 27, 2023, as supplemented to date (the “Prospectus”), and should be read in conjunction with, and must be delivered with, the Prospectus.

Effective May 18, 2026, the Trust effected a five-for-one forward share split of the Shares issued by the Trust (the “Split”). As a result of the Split, every pre-Split Share held of record as of the close of the markets on May 14, 2026 was automatically exchanged for five post-Split Shares. Immediately prior to the Split, there were 6,112,500 Shares issued and outstanding, each representing a net asset value (“NAV”) of $128.69. Immediately after the Split, the number of issued and outstanding Shares increased to 30,562,500, and the NAV per Share decreased to $25.74. The Split did not affect the Shares’ CUSIP number (003262102) or ticker symbol (PALL).

In connection with the Split, the following changes are hereby made to the Trust’s Prospectus:

The disclosure under the heading “Creation and redemption” in the section entitled “THE OFFERING,” is deleted in its entirety and replaced with the following:

Creation and redemption 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 25,000 Shares). The creation and redemption of Baskets requires the delivery to the Trust or the distribution by the Trust of the amount of palladium and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined NAV of the number of Shares included in the Baskets being created or redeemed. On December 30, 2009, the Trust’s formation date, the initial amount of palladium required for deposit with the Trust to create Shares was 5,000 ounces per Basket. On May 18, 2026, after giving effect to the 5-for-1 share split that occurred on that date, creation of a Basket required delivery of 226.56 ounces of palladium. The number of ounces of palladium required to create a Basket or to be delivered upon the redemption of a Basket gradually decreases over time, due to the accrual of the Trust’s expenses and the sale or delivery of the Trust’s palladium to pay the Trust’s expenses. See “Business of the Trust—Trust Expenses.” Baskets may be created or redeemed only by Authorized Participants, who pay a transaction fee to the Trustee for each order to create or redeem Baskets and may sell the Shares included in the Baskets they create to other investors. The Trust will not issue fractions of a Basket. See “Creation and Redemption of Shares” for more details.

The paragraph of disclosure under the heading “Summary Financial Condition” in the section entitled “PROSPECTUS SUMMARY” is hereby deleted and replaced with the following:

As of the close of business on May 18, 2026, the NAV of the Trust, which represents the value of the palladium deposited into and held by the Trust less any liabilities of the Trust, was $784,933,487.67 and the NAV per Share was $25.68.*

*Adjusted to give effect to the 5-for-1 Share split effected on May 18, 2026.

In the section entitled “BUSINESS OF THE TRUST,” under the heading “Hypothetical Expense Example,” the table is deleted in its entirety and replaced with the following:

		Year
		1				2				3
Hypothetical palladium price per ounce		$	2,100.00			$	2,100.00			$	2,100.00
Sponsor’s Fee			0.60	%			0.60	%			0.60	%
Shares of Trust, beginning			125,000				125,000				125,000
Ounces of palladium in Trust, beginning			1,250.00				1,242.50				1,235.05
Beginning adjusted net asset value of the Trust		$	2,625,000			$	2,609,250			$	2,593,595
Beginning NAV per share		$	21.00			$	20.87			$	20.75
Ounces of palladium to be delivered to cover the Sponsor’s Fee			7.50				7.46				7.41
Ounces of palladium in Trust, ending			1,242.50				1,235.05				1,227.63
Ending adjusted net asset value of the Trust		$	2,609,250			$	2,593,595			$	2,578,033
Ending NAV per share*		$	20.87			$	20.75			$	20.62

* Adjusted to give effect to the 5-for-1 Share split effected on May 18, 2026. 

*****

The Prospectus remains unchanged in all other respects. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Prospectus, as supplemented to date.

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