Recent news coverage highlights the Trust's performance and market positioning within the commodity ETF space, including technical trading signals and recognition among top-performing ETFs.

• ETFS Physical Palladium Shares (PALL) Shares crossed below the 200-day moving average in October 2024, indicating a technical trading signal [N1].
• The Trust was featured among best-performing commodity ETFs in late January 2026, reflecting investor interest in commodity-linked ETFs [N1].
• The Trust was highlighted in early 2026 as part of notable ETF stories expected to influence the market, emphasizing its role in metals exposure [N2].
• The Trust was recognized for its potential among off-the-beaten-path metals ETFs, underscoring its niche appeal in the metals investment space [N3].
• Palladium ETF (PALL) hit a new 52-week high in October 2025, marking a significant price milestone [N6].

The Trust benefits from the unique position of offering direct physical palladium exposure in an ETF format, appealing to investors seeking commodity diversification. The palladium market's supply concentration in Russia and South Africa, combined with demand primarily from the automotive sector for pollution control, creates a dynamic market environment. Recent price rallies and recognition among best-performing commodity ETFs highlight investor interest and potential for continued market relevance.

Risks include palladium price volatility driven by geopolitical events, supply disruptions, and demand fluctuations, which directly impact the Trust's Share value. Counterparty risk arises from unallocated palladium held by the Custodian, which is not segregated and could be at risk in the event of Custodian insolvency. Operational risks related to the Trustee and Custodian, as well as the Trust's net losses reported in recent financials, also present challenges to investor confidence.

The Trust's moat lies in its structure as a physically-backed palladium ETF, providing investors with a transparent, liquid, and cost-efficient means to gain exposure to palladium without the logistical challenges of direct ownership. Its backing by physical palladium held by a reputable custodian and trustee, combined with its listing on a major exchange, supports investor confidence and accessibility. The minimal credit risk relative to derivative-based palladium products and the Sponsor's assumption of administrative expenses further enhance its competitive positioning.

• Price Volatility: The value of the Trust's Shares is directly affected by fluctuations in the price of palladium, which can be volatile due to geopolitical, economic, and market factors.
• Counterparty Risk: Unallocated palladium held in the Custodian's accounts is not segregated from the Custodian's assets, exposing the Trust to credit risk if the Custodian becomes insolvent.
• Operational Risk: The Trust relies on the Trustee and Custodian for administration and safekeeping of palladium. Failures or breaches in their duties could adversely affect the Trust.
• Net Losses: The Trust reported a net loss of $125 million and negative basic EPS as of June 30, 2026, which may impact investor perception and Trust operations.

• abrdn Palladium ETF Trust is an exchange-traded fund (ETF) that holds physical palladium bullion as its sole asset, representing fractional undivided beneficial interests in the Trust.
• The Trust was formed on December 30, 2009, and its Shares trade on the NYSE Arca under the ticker PALL.
• The Trust's objective is to reflect the performance of the price of physical palladium, less expenses, providing investors a cost-effective and accessible means to invest in palladium bullion without the complexities of direct ownership such as assay, transportation, warehousing, and insurance.
• Shares are eligible for margin accounts and are backed by physical palladium held by the Trust, with minimal credit risk as the palladium is not subject to borrowing arrangements and is held by a custodian.
• The Sponsor of the Trust is abrdn ETFs Sponsor LLC; the Trustee is The Bank of New York Mellon; the Custodian is ICBC Standard Bank Plc.
• The Trust does not engage in active management or trading of derivatives; it holds only physical palladium bullion.
• The Sponsor's Fee is 0.60% annually of the Trust's assets and is paid monthly in palladium.
• The Trust's palladium holdings are allocated and unallocated accounts managed by the Custodian, with unallocated palladium not segregated from the Custodian's assets, posing a counterparty risk in case of Custodian insolvency.
• The Trust's financials as of June 30, 2026, show a net loss of $125,039,000 and basic EPS of -4.22 USD per share, with no cash or equivalents reported.
• The palladium market is characterized by supply concentrated mainly in Russia and South Africa, with demand primarily from the automotive sector for pollution control.
• Palladium prices have been volatile, influenced by geopolitical events, supply disruptions, and demand shifts, with recent price increases noted in 2025.
• The Trust's Shares provide a transparent and liquid investment vehicle with daily reported net asset values and are designed to minimize transaction costs compared to direct palladium ownership.
• The Trust's risk factors include price volatility of palladium, counterparty risk related to unallocated palladium accounts, and operational risks related to the Trustee and Custodian.
• Recent news highlights include the Trust's Shares crossing below and above key moving averages, hitting new 52-week highs, and being recognized among best-performing commodity ETFs in recent periods.