abrdn Palladium ETF Trust filed its Form 10-Q for the quarterly period ended September 30, 2026, reporting a decline in net assets and a net loss from operations for both the three- and nine-month periods.

Key Highlights

  • Net assets fell to $637,289,000 at September 30, 2026, down from $1,035,462,000 at December 31, 2025, according to the filing.
  • Shares outstanding declined to 28,837,500 at September 30, 2026, compared with 36,375,000 at December 31, 2025.
  • Net asset value per share was $22.10 at September 30, 2026, versus $28.47 at December 31, 2025.
  • Nine-month total return was -22.37% on a net asset value basis, the filing stated.
  • A five-for-one forward share split was effected after the close of markets on May 14, 2026; prior-period figures have been adjusted to reflect the split.
  • The trust held 521,775.4 ounces of palladium at September 30, 2026, with a fair value of $637,610,000 and a cost basis of $693,864,000.
  • The sponsor's fee expense ratio was 0.60% (annualized) for both the three- and nine-month periods ended September 30, 2026.

abrdn Palladium ETF Trust Financial Results for Q3 2026

According to the filing, abrdn Palladium ETF Trust (NYSE Arca:PALL) reported total assets of $637,610,000 and total liabilities of $321,000 at September 30, 2026, resulting in net assets of $637,289,000. This compares with net assets of $1,035,462,000 at December 31, 2025. The trust's sole investment is physical palladium, which represented 100.05% of net assets at September 30, 2026.

For the nine months ended September 30, 2026, the trust reported a change in net assets from operations of negative $208,392,000, driven primarily by a change in unrealized loss on investment in palladium of negative $259,492,000, partially offset by a realized gain on palladium distributed for the redemption of shares of $54,338,000. By contrast, for the nine months ended September 30, 2025, the trust reported a change in net assets from operations of $138,678,000. For the three months ended September 30, 2026, the change in net assets from operations was negative $6,153,000, compared with positive $47,333,000 for the same period in 2025.

The filing disclosed that share activity during the nine months ended September 30, 2026 included creations of 9,275,000 shares totaling $266,414,000 and redemptions of 16,812,500 shares totaling $456,195,000. The net decrease per share from operations for the nine-month period was negative $6.69. The trust's sponsor fee totaled $3,800,000 for the nine months ended September 30, 2026, compared with $1,922,000 for the nine months ended September 30, 2025. As of November 5, 2026, the trust had 28,787,500 shares outstanding, the filing noted.

What Was Disclosed

The Form 10-Q for the quarter ended September 30, 2026 disclosed the trust's palladium holdings, net asset values, share counts, operating results for three- and nine-month periods, and details of a five-for-one forward share split effected on May 14, 2026.