The abrdn Palladium ETF Trust is a passive investment vehicle that holds physical palladium bullion on behalf of shareholders. Each share represents a fractional ownership interest in the Trust's palladium holdings, and the Trust's sole objective is for shares to track the spot price of palladium, net of expenses. The Trust holds palladium in allocated form at its custodian's London vaults, and does not use derivatives or actively manage its holdings. Shares trade on NYSE Arca, allowing investors to gain palladium price exposure through a standard brokerage account without the burden of directly buying, storing, or insuring physical metal. New shares are created and redeemed exclusively by Authorized Participants — large financial institutions like Goldman Sachs, J.P. Morgan, and Morgan Stanley — in blocks of 12,500 shares called Baskets, exchanged for physical palladium, which keeps the share price aligned with the underlying NAV. The Trust charges a single Sponsor's Fee of 0.60% per year of adjusted net asset value, accrued daily and paid monthly in palladium rather than cash, meaning the Trust's palladium holdings gradually decline over time relative to shares outstanding. The Sponsor covers most routine operating costs out of this fee, making 0.60% effectively the all-in cost to investors. Revenue scales with both the amount of palladium held and the spot price of palladium.