<SEC-DOCUMENT>0000930413-11-007147.txt : 20111109
<SEC-HEADER>0000930413-11-007147.hdr.sgml : 20111109
<ACCEPTANCE-DATETIME>20111109154401
ACCESSION NUMBER:		0000930413-11-007147
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20110930
FILED AS OF DATE:		20111109
DATE AS OF CHANGE:		20111109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETFS PALLADIUM TRUST
		CENTRAL INDEX KEY:			0001459862
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34589
		FILM NUMBER:		111191516

	BUSINESS ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-918-5954

	MAIL ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>c67346_10-q.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=4><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=3><B>Washington,
 D.C. 20549</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=5><B>Form
 10-Q</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=WINGDINGS><B>x</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3><B>QUARTERLY REPORT PURSUANT TO
 SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>For the
 Quarterly Period Ended September 30, 2011</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>or</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3 FACE=WINGDINGS><B>o</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=3><B>TRANSITION REPORT PURSUANT TO
 SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>For the
 Transition Period from _____________ to _____________</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>Commission File Number: 001-34589</FONT></P>

<HR SIZE=1 WIDTH="20%" NOSHADE COLOR=BLACK ALIGN=CENTER>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=6><B>ETFS
 PALLADIUM TRUST</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Exact
 name of registrant as specified in its charter)</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>New York</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>26-4733157</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I> (State or other jurisdiction of incorporation or</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I> (I.R.S. Employer Identification No.)</I></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I>organization)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>c/o ETF Securities USA LLC</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>48 Wall Street, 11<SUP>th</SUP> Floor</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>New York, NY</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE="2"><B>10005</B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I> (Address of principal executive offices)</I></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><I> (Zip Code)</I></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><B>Registrant&#146;s telephone number, including area code: <BR>
(212) 918-4954</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>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.</FONT></P>

<P style="margin-top:-32px" ALIGN=RIGHT><FONT SIZE=2>Yes <FONT FACE=WINGDINGS>x</FONT> No <FONT FACE=WINGDINGS>o</FONT></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).</FONT></P>

<P style="margin-top:-32px" ALIGN=RIGHT><FONT SIZE=2>Yes <FONT FACE=WINGDINGS>o</FONT> No <FONT FACE=WINGDINGS>x</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of
&#147;large accelerated filer&#148;, &#147;accelerated filer&#148;, and &#147;smaller reporting company&#148;
in Rule 12b-2 of the Exchange Act.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="51%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Large accelerated filer</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Accelerated
 filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT  FACE=WINGDINGS>o</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Non accelerated filer</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 FACE=WINGDINGS>x</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Smaller reporting
 company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT  FACE=WINGDINGS>o</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="87%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Indicate by check mark
 whether the registrant is a shell company (as defined in Rule 12b-2 of the
 Exchange Act).</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>Yes
 <FONT FACE=WINGDINGS>o</FONT>
 No <FONT FACE=WINGDINGS>x</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>As of November 7, 2011, ETFS Palladium
Trust has 6,800,000
ETFS Physical Palladium Shares outstanding.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>FORM 10-Q</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>FOR THE QUARTER ENDED SEPTEMBER 30, 2011</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>INDEX</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="9%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="86%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>


 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a001_v1">PART I.
 FINANCIAL INFORMATION</A><A HREF="#c67346a001_v1"></A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a002_v1">Item 1.</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a002_v1">Financial
 Statements (Unaudited)</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a003_v1">Item 2.</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a003_v1">Management&#146;s
 Discussion and Analysis of Financial Condition and Results of Operations</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a004_v1">Item 3.</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a004_v1">Quantitative
 and Qualitative Disclosures About Market Risk</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a005_v1">Item 4.</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a005_v1">Controls
 and Procedures</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a005_v1"></A></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a006_v1">Item 4T.</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a006_v1">Controls
 and Procedures</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a007_v1">PART II.
 OTHER INFORMATION</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a008_v1">Item 1.</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a008_v1">Legal
 Proceedings</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a009_v1">Item 1.A</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a009_v1">Risk
 Factors</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a010_v1">Item 2.</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a010_v1">Unregistered
 Sales of Equity Securities and Use of Proceeds</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a011_v1">Item 3.</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a011_v1">Defaults
 Upon Senior Securities</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a012_v1">Item 4.</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a012_v1">(Removed
 and Reserved)</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a013_v1">Item 5.</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a013_v1">Other
 Information</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a014_v1">Item 6.</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a014_v1">Exhibits</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c67346a015_v1">SIGNATURES</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>PAR<A NAME="c67346a001_v1"></A>T I. FINANCIAL
INFORMATION</B></FONT></P>

<P><FONT SIZE=2><B>I<A NAME="c67346a002_v1"></A>tem 1. Financial Statements
(Unaudited)</B></FONT></P>

<P><FONT SIZE=3>Condensed
Statements of Financial Condition (Unaudited)</font><BR><FONT SIZE=2>At September 30, 2011 and December 31, 2010</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=BLACK><B>September 30,<br>
2011</B></FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2  COLOR=BLACK><B>December 31, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 COLOR=BLACK><B>ASSETS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 COLOR=BLACK>Investment in palladium (1)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 COLOR=BLACK>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>466,866,592</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 COLOR=BLACK>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>597,199,695 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 COLOR=BLACK>Palladium receivable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>&#151;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>23,590,861 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 COLOR=BLACK>Total assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 COLOR=BLACK>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>466,866,592</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 COLOR=BLACK>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>620,790,556 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 COLOR=BLACK><B>LIABILITIES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 COLOR=BLACK>Accounts payable to Sponsor</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 COLOR=BLACK>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>265,163</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 COLOR=BLACK>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>437,490 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 COLOR=BLACK>Palladium payable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>9,114,828</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 COLOR=BLACK>Total liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 COLOR=BLACK>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>9,379,991</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 COLOR=BLACK>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>437,490 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 COLOR=BLACK><B>REDEEMABLE SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 COLOR=BLACK>Shares at redemption value to
 investors (2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 COLOR=BLACK>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>470,925,019</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 COLOR=BLACK>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>884,637,847 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 COLOR=BLACK>Shareholders&#146; deficit</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>(13,438,418</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 COLOR=BLACK>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>(264,284,781</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2 COLOR=BLACK>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 COLOR=BLACK>Total liabilities, redeemable Shares
 &amp; shareholders&#146; deficit</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 COLOR=BLACK>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>466,866,592</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 COLOR=BLACK>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=BLACK>620,790,556 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>The
 market value of investment in palladium at September 30, 2011 was
 $480,305,010 and at December 31, 2010 was $861,484,476.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Authorized
 share capital is unlimited and no par value per share. Shares issued and
 outstanding at September 30, 2011 were 7,750,000 and at December 31, 2010
 were 11,250,000.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><I><B>See Notes to the Unaudited Condensed
Financial Statements</B></I></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P><FONT SIZE=3>Condensed
Statements of Operations (Unaudited)</font><BR><FONT SIZE=2>For the three months ended September 30, 2011 and 2010 and the nine
months ended September 30, 2011 and 2010</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="31%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Three Months</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Three Months</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Nine Months</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Nine Months</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Ended</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Ended</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Ended</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Ended</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>September 30, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>September 30, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>September 30, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>September 30, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>REVENUES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Value of palladium transferred to pay
 expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,148,249</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>550,980</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,704,833</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,159,494 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Cost of palladium transferred to pay
 expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(884,567</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(544,830</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(2,773,462</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(1,118,869</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Gain on palladium transferred to pay
 expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>263,682</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6,150</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>931,371</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>40,625 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Gain on palladium distributed for the
 redemption of Shares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>31,588,619</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,534,206</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>85,328,082</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>4,678,808 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Unrealized gain on palladium</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>14,802,112</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Total gain on palladium</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>31,852,301</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>18,342,468</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>86,259,453</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>4,719,433 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>EXPENSES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Sponsor&#146;s Fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,037,809</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>564,314</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,532,504</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,355,068 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Total expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,037,809</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>564,314</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,532,504</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,355,068 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Net gain from operations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>30,814,492</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>17,778,154</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>82,726,949</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,364,365 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><I>Net gain per Share</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3.26</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2.35</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7.97</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.54 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><I>Weighted average number of Shares</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>9,453,804</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>7,567,935</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>10,382,234</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>6,236,081 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><I><B>See Notes to the Unaudited Condensed
Financial Statements</B></I></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P><FONT SIZE=3>Condensed
Statements of Cash Flows (Unaudited)</font><BR><FONT SIZE=2>For the three months ended September 30, 2011 and 2010 and the nine
months ended September 30, 2011 and 2010</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Three Months</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Three Months</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Nine Months</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Nine Months</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Ended</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Ended</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Ended</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Ended</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>September 30, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>September 30, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>September 30, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>September 30, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>INCREASE / (DECREASE) IN CASH FROM
 OPERATIONS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Cash proceeds received from transfer of
 palladium</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Cash expenses paid</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Increase in cash resulting from operations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Cash and cash equivalents at beginning of
 period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Cash and cash equivalents at end of period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>SUPPLEMENTAL DISCLOSURE OF NON-CASH
 FINANCING ACTIVITIES:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><I>Value of palladium received for creation of
 Shares</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15,395,978</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>11,111,712</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>190,757,227</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>392,151,991 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><I>Value of palladium distributed for
 redemption of Shares - at average cost</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>141,749,879</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>50,889,577</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>318,316,868</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>60,083,016 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>RECONCILIATION OF NET GAIN TO NET CASH
 PROVIDED BY OPERATING ACTIVITIES:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Net gain from operations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>30,814,492</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>17,778,154</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>82,726,949</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3,364,365 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Adjustments to reconcile net gain to net
 cash provided by operating activities:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Decrease / (increase) in palladium assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>127,238,467</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>25,520,584</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>130,333,103</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(330,950,107</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>(Increase) / decrease in palladium
 receivable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(25,403,620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>23,590,861</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(25,403,620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Increase / (decrease) in palladium payable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>9,114,828</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(11,118,058</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>9,114,828</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>(Decrease) / increase in amounts payable to
 Sponsor</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(110,441</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12,797</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(172,327</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>193,993 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Increase / (decrease) in redeemable Shares:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Creations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>15,395,978</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>36,516,298</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>167,166,366</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>417,557,499 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Redemptions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(182,453,324</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(43,306,155</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(412,759,780</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(64,762,130</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Net cash provided by operating activities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>SUPPLEMENTAL DISCLOSURE OF NON-CASH
 ACTIVITIES:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE="2"><I>Value of palladium transferred to pay
expenses</I> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,148,249</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>550,980</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,704,833</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,159,494 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><I><B>See Notes to the Unaudited Condensed
Financial Statements</B></I></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P><FONT SIZE=3>Condensed Statement of Changes in
Shareholders&#146; Deficit (Unaudited)</font><BR><FONT SIZE=2>For the nine
months ended September 30, 2011 </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
 <TD width="85%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Nine months</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="85%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Ended</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="85%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>September 30, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="85%" height="13" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="85%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Shareholders&#146; deficit - opening balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(264,284,781 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="85%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Net gain for the period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>82,726,949 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="85%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Adjustment of redeemable Shares to
 redemption value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>168,119,414 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="85%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="85%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Shareholders&#146; deficit - closing balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(13,438,418 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="85%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><I><B>See Notes to the Unaudited Condensed
Financial Statements</B></I></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P><FONT SIZE=2><B>Notes to the Unaudited Condensed Financial Statements </B></FONT></P>

<P><FONT SIZE=2><B>1. Organization </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
ETFS Palladium Trust (the &#147;Trust&#148;) is an investment trust formed on December
30, 2009 (the &#147;Date of Inception&#148;) under New York law pursuant to a depository
trust agreement (the &#147;Trust Agreement&#148;) executed by ETF Securities USA LLC (the
&#147;Sponsor&#148;) and the Bank of New York Mellon (the &#147;Trustee&#148;) at the time of the
Trust&#146;s organization. The Trust holds palladium bullion and issues shares
(&#147;Shares&#148;) (in minimum blocks of 50,000 Shares, also referred to as &#147;Baskets&#148;)
in exchange for deposits of palladium and distributes palladium in connection
with the redemption of Baskets. 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 ETF Securities Limited, a Jersey, Channel Islands based company.
The Trust is governed by the Trust Agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
investment objective of the Trust is for the Shares to reflect the performance
of the price of palladium, less the Trust&#146;s expenses and liabilities. The Trust
is designed to provide an individual owner of beneficial interests in the
Shares (a &#147;Shareholder&#148;) an opportunity to participate in the palladium market
through an investment in securities. The fiscal year end for the Trust is
December 31. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
accompanying unaudited financial statements were prepared in accordance with
the accounting principles generally accepted in the United States of America
for interim financial information and with the instructions for the Form 10-Q.
In the opinion of management of the Sponsor, all adjustments (which include
normal recurring adjustments) necessary to present fairly the financial
position, results of operations and cash flows as of and for the three and nine
months ended September 30, 2011 and for all periods presented have been made. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with accounting principles generally accepted in the
United States of America have been condensed or omitted. These condensed
financial statements should be read in conjunction with the Trust&#146;s Annual
Report on Form 10-K for the fiscal year ended December 31, 2010. The results of
operations for the three and nine months ended September 30, 2011 are not
necessarily indicative of the operating results for the full year. </FONT></P>

<P><FONT SIZE=2><B>2. Significant Accounting Policies </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America 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. </FONT></P>

<P><FONT SIZE=2><I><B>2.1. Valuation of Palladium</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Palladium
is held by JPMorgan Chase Bank, N.A. (the &#147;Custodian&#148;) on behalf of the Trust,
and is valued for financial statement purposes, at the lower of cost or market.
The cost of palladium is determined according to the average cost method and
the market value is based on the London PM Fix used to determine the net asset
value (the &#147;NAV&#148;) of the Trust. Realized gains and losses on transfers of
palladium, or palladium distributed for the redemption of Shares, are
calculated on a trade date basis using average cost. The London PM Fix is the
afternoon session of the twice daily fix of the price of an ounce of palladium
which starts at 2:00 PM London, England time and is performed in London by the
four members of the London Platinum and Palladium Market. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Once
the value of palladium has been determined, the NAV is computed by the Trustee
by deducting all accrued fees and other liabilities of the Trust, including the
remuneration due to the Sponsor (the &#147;Sponsor&#146;s Fee&#148;), from the fair value of
the palladium and all other assets held by the Trust. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P><FONT SIZE=2><B>2. Significant Accounting Policies (Continued) </B></FONT></P>

<P><FONT SIZE=2><I><B>2.1. Valuation of Palladium (Continued)</B></I></FONT></P>

<P><FONT SIZE=2>The table below summarizes
the unrealized gains on the Trust&#146;s palladium holdings as of September 30, 2011
and December 31, 2010: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>September 30, 2011</B></FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>December 31, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Investment
 in palladium - average cost</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>466,866,592</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>597,199,695 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P><FONT SIZE=2>Unrealized
 gain on investment in palladium</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13,438,418</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>264,284,781 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Investment
 in palladium - market value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>480,305,010</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>861,484,476 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>The
Trust recognizes the diminution in value of the investment in palladium which
arises from market declines on an interim basis. Increases in the value of the
investment in palladium through market price recoveries in later interim
periods of the same fiscal year are recognized in the later interim period.
Increases in value recognized on an interim basis may not exceed the previously
recognized diminution in value. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
per Share amount of palladium exchanged for a purchase or redemption is
calculated daily by the Trustee, using the London PM Fix 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. </FONT></P>

<P><FONT SIZE=2><B>2.2. <I>Palladium Receivable
and Payable</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>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&#146;s account. Generally, ownership of the palladium is transferred within
three business days of the trade date. Palladium receivable or payable at
September 30, 2011 and December 31, 2010 is set out below:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>September 30, 2011</B></FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>December 31, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P><FONT SIZE=2>Palladium
 receivable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>23,590,861 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P><FONT SIZE=2>Palladium
 payable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9,114,828</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>2.3. <I>Creations and
Redemptions of Shares</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
Trust expects to create and redeem Shares from time to time, but only in one or
more Baskets. 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,
(3) has entered into an Authorized Participant Agreement with the Trustee, and
(4) has established an Authorized Participant Unallocated Account with the
Trust&#146;s Custodian. 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
clearing bank by an Authorized Participant. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>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. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P><FONT SIZE=2><B>2. Significant Accounting Policies (Continued) </B></FONT></P>

<P><FONT SIZE=2><I><B>2.3. Creations and Redemptions of Shares
(Continued)</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Authorized
Participants may, on any business day, place an order with the Trustee to
create or redeem one or more Baskets. The typical settlement period for Shares
is three 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. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
amount of bullion represented by the Baskets created or redeemed can only be
settled to the nearest 1/1000<SUP>th</SUP> of an ounce. As a result, the value
attributed to the creation or redemption of Shares may differ from the value of
bullion to be delivered or distributed by the Trust. In order to ensure that
the correct metal is available at all times to back the Shares, the Sponsor
accepts an adjustment to its management fees in the event of any shortfall or
excess. For each transaction, this amount is not more than 1/1000<SUP>th</SUP>
of an ounce.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
Shares of the Trust are classified as &#147;Redeemable Capital Shares&#148; for financial
statement purposes, since they are subject to redemption at the option of
Authorized Participants. Outstanding Shares are reflected at redemption value,
which represents the maximum obligation (based on NAV per Share), with the
difference from historical cost recorded as an offsetting amount to retained
earnings. Changes in the Shares for the nine months ended September 30, 2011
and for the period from December 30, 2009 (the &#147;Date of Inception&#148;) through
December 31, 2010 are set out below: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Period</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Nine months</B></FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>December 30, 2009*</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Ended</B></FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Through</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>September 30, 2011</B></FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>December 31, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><U><B>Number of redeemable Shares</B></U></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Opening balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>11,250,000</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Creations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,100,000</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>13,050,000 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Redemptions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(5,600,000</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(1,800,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Closing balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>7,750,000</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>11,250,000 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><U><B>Redeemable Shares</B></U></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Opening balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>884,637,847</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Creations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>167,166,366</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>709,715,700 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Redemptions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(412,759,780</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(102,026,579</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Adjustment to redemption value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(168,119,414</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>276,948,726 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Closing balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>470,925,019</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>884,637,847 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Redemption value per Share at period end</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>60.76</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>78.63 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><I>* Date of inception</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P><FONT SIZE=2><B>2. Significant Accounting Policies
(Continued) </B></FONT></P>

<P><FONT SIZE=2><I><B>2.4. Revenue
Recognition Policy</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The primary expense of the Trust is the Sponsor&#146;s Fee, which is paid by
the Trust through in-kind transfers of palladium to the Sponsor. 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&#146;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&#146;s holdings of assets other than
palladium. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Unless otherwise directed by the Sponsor, when selling palladium the
Trustee will endeavor to sell at the price established by the London PM Fix.
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 London PM Fix 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. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>2.5. <I>Income
Taxes</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust is classified as a &#147;grantor trust&#148; 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&#146;s income and expenses will &#147;flow through&#148; to the
Shareholders, and the Trustee will report the Trust&#146;s proceeds, income,
deductions, gains, and losses to the Internal Revenue Service on that basis. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust has adopted Financial Accounting Standards Board (&#147;FASB&#148;)
Accounting Standards Codification (&#147;ASC&#148;) 740-10, <I>Income Taxes</I>. The Sponsor has evaluated the application of
ASC 740 to the Trust, to determine whether or not there are uncertain tax
positions that require financial statement recognition. Based on this
evaluation, the Trust has determined no reserves for uncertain tax positions
are required to be recorded as a result of the application of ASC 740. As a
result, no income tax liability or expense has been recorded in the accompanying
financial statements. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>2.6. <I>Investment
in Palladium</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Changes in ounces of palladium and the respective values for the nine
months ended September 30, 2011 and for the period from December 30, 2009 (the
&#147;Date of Inception&#148;) through December 31, 2010 are set out below:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Period</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Nine months</B></FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>December 30, 2009*</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Ended</B></FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Through</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>September 30, 2011</B></FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>December 31, 2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><U><B>Ounces of palladium</B></U></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Opening balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,089,108.1</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Creations (excluding
     palladium receivable at September 30, 2011 - 0 and at December 31, 2010
     - 29,824.1 respectively)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>238,310.9</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,272,055.2 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Redemptions
     (excluding palladium payable at September 30, 2011 - 14,845.0 and at December
     31, 2010 - 0, respectively)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(540,400.5</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(179,276.9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Transfers of palladium</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(4,762.7</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(3,670.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Closing balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>782,255.8</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,089,108.1 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><U><B>Investment in palladium (lower of cost or
 market)</B></U></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Opening balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>597,199,695</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Creations  (excluding
     palladium receivable at September 30, 2011 - $0 and at December 31, 2010
     - $23,590,861 respectively)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>190,757,227</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>686,119,618 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Redemptions
      (excluding palladium payable at September 30, 2011 - $9,114,828 and at
     December 31, 2010 - $0, respectively)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(318,316,868</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(87,202,088</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Transfers of palladium</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(2,773,462</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(1,717,835</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Closing balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>466,866,592</FONT></P>
 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>597,199,695 </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD width="75%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD width="5%" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><I>* Date of inception</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P><FONT SIZE=2><B>2. Significant Accounting Policies
(Continued) </B></FONT></P>

<P><FONT SIZE=2><B>2.7. <I>Expenses</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust will transfer palladium to pay the Sponsor&#146;s Fee that will
accrue daily at an annualized rate equal to 0.60% of the adjusted net asset
value (&#147;ANAV&#148;) of the Trust, paid monthly in arrears. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Sponsor has agreed to assume administrative and marketing expenses
incurred by the Trust, including the Trustee&#146;s monthly fee and out of pocket
expenses, the Custodian&#146;s fee and the reimbursement of the Custodian&#146;s
expenses, exchange listing fees, United States Securities and Exchange
Commission (the &#147;SEC&#148;) registration fees, printing and mailing costs, audit
fees and certain legal expenses. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>For the three months ended September 30, 2011 and September 30, 2010 the
Sponsor&#146;s Fee was $1,037,809 and $564,314 respectively. For the nine months
ended September 30, 2011 and September 30, 2010 the Sponsor&#146;s Fee was
$3,532,504 and $1,355,068 respectively. At September 30, 2011 and at December
31, 2010 the fees payable to the Sponsor were $265,163 and $437,490
respectively. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>3. Related Parties</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Sponsor and the Trustee are considered to be related parties to the
Trust. The Trustee&#146;s fee is paid by the Sponsor and is not a separate expense
of the Trust. The Trustee and the Custodian and their affiliates may from time
to time act as Authorized Participants or purchase or sell palladium or Shares
for their own account, as agent for their customers and for accounts over which
they exercise investment discretion. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>4. Concentration of Risk </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust&#146;s sole business activity is the investment in palladium, and
substantially all the Trust&#146;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 forward
selling by palladium producers, purchases made by palladium producers to unwind
palladium hedge positions, central bank purchases and sales, and production and
cost levels in major palladium-producing countries; (ii) investors&#146;
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. 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&#146;s financial position and
results of operations. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>5. Indemnification </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Under the Trust&#146;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 or willful misconduct on its part and
    without reckless disregard on its part of its obligations and duties under
    the Trust&#146;s
organizational documents. The Trust&#146;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. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><B>6. Subsequent Events </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In accordance with the provisions set forth in FASB ASC 855-10, <I>Subsequent Events</I>, the Trust&#146;s management
has evaluated the possibility of subsequent events existing in the Trust&#146;s
financial statements through the filing date. During this period, no material
subsequent events were identified. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P><FONT SIZE=2><B>Item 2. Management&#146;s Discussion and Analysis of Financial
Condition and Results of O<A NAME="c67346a003_v1"></A>perations </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE="2"><I>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 with respect to
the Trust&#146;s financial conditions, operations, future performance and business.
These statements can be identified by the use of the words &#147;may&#148;, &#147;should&#148;,
&#147;expect&#148;, &#147;plan&#148;, &#147;anticipate&#148;, &#147;believe&#148;, &#147;estimate&#148;, &#147;predict&#148;, &#147;potential&#148;
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&#146;s expectations or predictions.</I> </FONT> </P>


<P><FONT SIZE=2><I><B>Introduction</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
Trust is a common law trust, formed under the laws of the state of New York on
the Date of Inception. 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 will not hold or trade
in commodity futures contracts, nor is it a commodity pool, subject to
regulation as a commodity pool operator or a commodity trading adviser in
connection with issuing Shares. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>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, less
the Trust&#146;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. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
Trust issues and redeems Shares only with Authorized Participants in exchange
for palladium, only in aggregations of 50,000 or integral multiples thereof. A
list of current Authorized Participants is available from the Sponsor or the
Trustee. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Shares
of the Trust trade on the New York Stock Exchange (the &#147;NYSE&#148;) Arca under the
symbol &#147;PALL&#148;. </FONT></P>

<P><FONT SIZE=2><I><B>Valuation of Palladium and Computation of
Net Asset Value</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>As
of the London PM Fix on each day that the NYSE Arca is open for regular trading
or as soon as practicable after 4:00 p.m. New York time on such day, (the
&#147;Evaluation Time&#148;) the Trustee values the palladium held by the Trust and
determines both the ANAV and the NAV of the Trust. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>At
the Evaluation Time, the Trustee values the Trust&#146;s palladium on the basis of
that day&#146;s London PM Fix, or, if no London PM Fix is made on such day or has
not been announced by the Evaluation Time, the next most recent London
palladium price (AM or PM) determined prior to the Evaluation Time is used,
unless the Sponsor determines that such price is inappropriate as a basis for
valuation. In the case this determination is made, the Sponsor will identify an
alternative basis for such evaluation to be used by the Trustee. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Once
the value of the palladium held by the Trust has been determined, the Trustee
subtracts all estimated accrued but unpaid fees and other liabilities of the
Trust from the total value of the palladium and all other assets of the Trust.
The resulting figure is the ANAV of the Trust. The ANAV is used to compute the
Sponsor&#146;s Fee. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
Trustee then subtracts from the ANAV the amount of Sponsor&#146;s Fees computed for
such day to determine the net asset value (&#147;NAV&#148;) of the Trust. The Trustee
also determines the NAV per Share by dividing the NAV of the Trust by the
number of Shares outstanding as of the close of trading on the NYSE Arca. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P><FONT SIZE=2><I><B>The Quarter Ended September 30, 2011 </B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
NAV of the Trust is obtained by subtracting the Trust&#146;s liabilities on any day
from the value of the palladium owned or 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. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
Trust&#146;s NAV decreased from $761,809,687 at June 30, 2011 to $470,925,019 at
September 30, 2011, a 38.18% decrease for the quarter. The decrease in the
Trust&#146;s NAV resulted primarily from a decrease in the price per ounce of
palladium, which fell 19.32% from $761.00 at June 30, 2011 to $614.00 at
September 30, 2011 and a decrease in outstanding Shares from 10,100,000 Shares
at June 30, 2011 to 7,750,000 Shares at September 30, 2011, a result of 200,000
Shares (4 Baskets) being created and 2,550,000 Shares (51 Baskets) being
redeemed during the quarter. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>NAV
per Share decreased 19.45% from $75.43 at June 30, 2011 to $60.76 at September
30, 2011. The Trust&#146;s NAV per Share fell slightly more than the price per ounce
of palladium on a percentage basis due to Sponsor&#146;s Fees, which were $1,037,809
for the quarter, or 0.60% of the Trust&#146;s assets on an annualized basis. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
NAV per Share of $83.42 at July 27, 2011 was the highest during the quarter,
compared with a low of $60.76 at September 30, 2011. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Net
gain from operations for the quarter ended September 30, 2011 was $30,814,492,
resulting from a net gain of $263,682 on the transfer of palladium to pay
expenses and a net gain of $31,588,619 on palladium distributed for the
redemption of Shares, offset by Sponsor&#146;s Fees of $1,037,809 Other than the
Sponsor&#146;s Fee, the Trust had no expenses during the quarter ended September 30,
2011. </FONT></P>

<P><FONT SIZE=2><I><B>The Nine Months Ended September 30, 2011 </B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
Trust&#146;s NAV decreased from $884,637,847 at December 31, 2010 to $470,925,019 at
September 30, 2011, a 46.77% decrease for the period. The decrease in the
Trust&#146;s NAV resulted primarily from an decrease in the price per ounce of
palladium, which fell 22.38% from $791.00 at December 31, 2010 to $614.00 at
September 30, 2011 and a decrease in outstanding Shares, which fell from
11,250,000 Shares at December 31, 2010 to 7,750,000 Shares at September 30, 2011,
a result of 2,100,000 Shares (42 Baskets) being created and 5,600,000 Shares
(112 Baskets) being redeemed during the period. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>NAV
per Share decrease 22.73% from $78.63 at December 31, 2010 to $60.76 at
September 30, 2011. The Trust&#146;s NAV per Share fell slightly more than the price
per ounce of palladium on a percentage basis due to Sponsor&#146;s Fees, which were
$3,532,504 for the period, or 0.60% of the Trust&#146;s assets on an annualized
basis. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
NAV per Share of $84.13 at February 18, 2011 was the highest during the period,
compared with a low of $60.76 at September 30, 2011. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Net
gain from operations for the nine-month period ended September 30, 2011 was
$82,726,949, resulting from a net gain of $931,371 on the transfer of palladium
to pay expenses and a net gain of $85,328,082 on palladium distributed for the
redemption of Shares, offset by Sponsor&#146;s Fees of $3,532,504. Other than
the Sponsor&#146;s Fee, the Trust had no expenses during the period ended September
30, 2011. </FONT></P>

<P><FONT SIZE=2><I><B>Liquidity &amp; Capital Resources</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>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&#146;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&#146;s Fee. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
Trustee will, at the direction of the Sponsor or in its own discretion, sell
the Trust&#146;s palladium as necessary to pay the Trust&#146;s expenses not otherwise
assumed by the Sponsor. The Trustee will not sell palladium to pay the
Sponsor&#146;s Fee but will pay the Sponsor&#146;s Fee through in-kind transfers of
palladium to the Sponsor. At September 30, 2011 the Trust did not have any cash
balances. </FONT></P>

<P><FONT SIZE=2><I><B>Off-Balance Sheet Arrangements</B></I></FONT></P>

<P><FONT SIZE=2>The Trust has no off-balance
sheet arrangements. </FONT></P>

<P><FONT SIZE=2><I><B>Critical Accounting Estimates</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>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&#146;s financial position and results of operations. These
estimates and assumptions affect the Trust&#146;s application of accounting policies.
In addition, please refer to Note 2 to the financial statements for further
discussion of accounting policies. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P><FONT SIZE=2><B>Item 3. Quantitative and Qualitative Disclosures About Market
R<A NAME="c67346a004_v1"></A>isk </B></FONT></P>

<P><FONT SIZE=2>Not applicable. </FONT></P>

<P><FONT SIZE=2><B>Item 4. Controls and P<A NAME="c67346a005_v1"></A>rocedures </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The
authorized officers of the Sponsor performing functions equivalent to those
that a principal executive officer and principal financial officer of the Trust
would perform if the Trust had any officers, and with the participation of the
Trustee, have evaluated the effectiveness of the Trust&#146;s disclosure controls
and procedures, and have concluded that the disclosure controls and procedures
of the Trust have been effective as of the end of the period covered by this
Form 10-Q. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>There
have been no changes in the Trust&#146;s or Sponsor&#146;s internal control over
financial reporting that occurred during the Trust&#146;s fiscal quarter ended
September 30, 2011 that have materially affected, or are reasonably likely to
materially affect, the Trust&#146;s or Sponsor&#146;s internal control over financial
reporting. </FONT></P>

<P><FONT SIZE=2><B>Item 4T. Controls and P<A NAME="c67346a006_v1"></A>rocedures </B></FONT></P>

<P><FONT SIZE=2>Not applicable. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>12</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PALLADIUM TRUST</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>PART II. OTHER I<A NAME="c67346a007_v1"></A>NFORMATION</B></FONT></P>

<P><FONT SIZE=2><B>Item 1. Legal P<A NAME="c67346a008_v1"></A>roceedings </B></FONT></P>

<P><FONT SIZE=2>None. </FONT></P>

<P><FONT SIZE=2><B>Item 1A. Risk F<A NAME="c67346a009_v1"></A>actors </B></FONT></P>

<P><FONT SIZE=2>There have been no material
changes to the risk factors previously disclosed in the Trust&#146;s Annual Report
on Form 10-K for the fiscal year ended December 31, 2010. </FONT></P>

<P><FONT SIZE=2><B>Item 2. Unregistered Sales of Equity Securities and Use of P<A NAME="c67346a010_v1"></A>roceeds</B></FONT></P>

<P><FONT SIZE=2><B>Item 2(a).</B> None. </FONT></P>

<P><FONT SIZE=2><B>Item 2(b).</B> Not applicable. </FONT></P>

<P><FONT SIZE=2><B>Item 2(c).</B> For the three months ended September 30, 2011: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="85%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4 Baskets were created.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><BR>51 Baskets were redeemed.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="49%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2><B>Period</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Total Baskets<BR>
 Redeemed</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Total Shares<BR>
 Redeemed</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Average Ounces<BR>
 of Palladium Per<BR>
 Share</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>July 2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>150,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.0991</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>August 2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>17</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>850,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.0991</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>September 2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>31</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,550,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>0.0990</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Total</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>51</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,550,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.0990</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>Item 3. Defaults Upon Senior S<A NAME="c67346a011_v1"></A>ecurities
</B></FONT></P>

<P><FONT SIZE=2>None. </FONT></P>

<P><FONT SIZE=2><B>Item 4. (Removed and R<A NAME="c67346a012_v1"></A>eserved) </B></FONT></P>

<P><FONT SIZE=2>None. </FONT></P>

<P><FONT SIZE=2><B>Item 5. Other I<A NAME="c67346a013_v1"></A>nformation </B></FONT></P>

<P><FONT SIZE=2>None. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>Item 6. E<A NAME="c67346a014_v1"></A>xhibits</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2><B> (a)
 Exhibits</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>31.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief Executive Officer&#146;s
 Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>31.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>Chief Financial Officer&#146;s
 Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>32.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>Chief Executive Officer&#146;s
 Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
 Section 906 of the Sarbanes-Oxley Act of 2002.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>32.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>Chief Financial Officer&#146;s
 Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
 Section 906 of the Sarbanes-Oxley Act of 2002.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>101.INS</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>XBRL Instance Document*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>101.SCH</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>XBRL Taxonomy Extension
 Schema Document*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>101.CAL</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>XBRL Taxonomy Extension
 Calculation Document*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>101.DEF</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>XBRL Taxonomy Extension
 Definitions Document*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>101.LAB</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>XBRL Taxonomy Extension
 Labels Document*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>101.PRE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>XBRL Taxonomy Extension
 Presentation Document*</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>*</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>In accordance with
 Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly
 Report on Form 10-Q shall be deemed to be &#147;furnished&#148; and not &#147;filed.&#148; </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>S<A NAME="c67346a015_v1"></A>IGNATURES</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>ETF SECURITIES USA LLC</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Sponsor of the ETFS
 Palladium Trust</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT  SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date: November 9, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Graham Tuckwell</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Graham Tuckwell</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President and Chief
 Executive Officer<BR>
 (Principal Executive Officer)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date: November 9, 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Thomas Quigley</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Thomas Quigley</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief Financial Officer and
 Treasurer<BR>
 (Principal Financial Officer and Principal<BR>
 Accounting Officer)</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>*
The Registrant is a trust and the persons are si<FONT SIZE=1>g</FONT>ning in their capacities as officers of ETF
Securities USA LLC, the Sponsor of the Registrant. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>c67346_ex31-1.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c67346_ex31-1.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P align="center">
<B><FONT size=2 face="serif">Exhibit 31.1</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">FORM OF CERTIFICATION</FONT></B><BR>
<B><FONT size=2 face="serif">PURSUANT TO RULE 13a-14 AND 15d-14 </FONT></B><BR>
<B><FONT size=2 face="serif">UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED </FONT></B><BR>
<B><FONT size=2 face="serif">CERTIFICATIONS</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">I, Graham Tuckwell, certify that:</FONT></P>
<P align="justify">
<FONT size=2 face="serif">1. I have reviewed this Quarterly Report on Form 10-Q of ETFS Palladium Trust;</FONT></P>
<P align="justify">
<FONT size=2 face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; </FONT></P>
<P align="justify"><FONT size=2 face="serif">3. Based on my knowledge, the financial
    statements, and other financial information included in this report, fairly
    present in all material respects the financial condition, results of operations
    and cash flows of the registrant as of, and for, the periods presented in
  this report; </FONT></P>
<P align="justify"><FONT size=2 face="serif">4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure
  controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </FONT></P>
<P align="justify"><FONT size=2 face="serif">(a) Designed such disclosure
  controls and procedures, or caused such disclosure controls and procedures
    to be designed under our supervision, to ensure that material information
    relating to the registrant, including its consolidated subsidiaries, is made
    known to us by others within those entities, particularly during the period
    in which this report is being prepared; </FONT></P>
<P align="justify"><FONT size=2 face="serif">(b) Designed such internal control
    over financial reporting, or caused such internal control over financial
    reporting to be designed under our supervision, to provide reasonable assurance
    regarding the reliability of financial reporting and the preparation of financial
    statements for external purposes in accordance with generally accepted accounting
    principles; </FONT></P>
<P align="justify"><FONT size=2 face="serif">(c) Evaluated the effectiveness
    of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
  </FONT></P>
<P align="justify"><FONT size=2 face="serif">(d) Disclosed in this report any
    change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual
  report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and </FONT></P>
<P align="justify"><FONT size=2 face="serif">5. The registrant&#8217;s other certifying officer and I have disclosed, based on our most
  recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions): </FONT></P>
<P align="justify"><FONT size=2 face="serif">(a) All significant
  deficiencies and material weaknesses in the design or operation of internal
    control over financial reporting which are reasonably likely to adversely
    affect the registrant&#8217;s ability to record, process, summarize and report financial
  information; and </FONT></P>
<P align="justify"><FONT size=2 face="serif">(b) Any fraud, whether or not material,
    that involves management or other employees who have a significant role in
    the registrant&#8217;s internal control over financial reporting.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=42% align=left nowrap>
<FONT size=2 face="serif">Date:&nbsp;&nbsp;November 9, 2011</FONT>	</TD>
	<TD width=20%>&nbsp;	</TD>
	<TD width=38% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/ Graham Tuckwell</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Graham Tuckwell</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Principal Executive Officer)</FONT>	</TD>
</TR>
</TABLE><BR>
<P align="justify">
<FONT size=2 face="serif">* The Registrant is a trust and Mr. Tuckwell is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant.</FONT></P>

<HR noshade align="center" width="100%" size=4>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>c67346_ex31-2.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c67346_ex31-2.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">




<P align="center">
<B><FONT size=2 face="serif">Exhibit 31.2</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">FORM OF CERTIFICATION</FONT></B><BR>
<B><FONT size=2 face="serif">PURSUANT TO RULE 13a-14 AND 15d-14 </FONT></B><BR>
<B><FONT size=2 face="serif">UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED </FONT></B><BR>
<B><FONT size=2 face="serif">CERTIFICATIONS</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="justify">
<FONT size=2 face="serif">I, Thomas Quigley, certify that:</FONT></P>
<P align="justify">
<FONT size=2 face="serif">1. I have reviewed this Quarterly Report on Form 10-Q of ETFS Palladium Trust;</FONT></P>
<P align="justify">
<FONT size=2 face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report; </FONT></P>
<P align="justify"><FONT size=2 face="serif">3. Based on my knowledge, the financial
    statements, and other financial information included in this report, fairly
    present in all material respects the financial condition, results of operations
    and cash flows of the registrant as of, and for, the periods presented in
  this report; </FONT></P>
<P align="justify"><FONT size=2 face="serif">4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure
  controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </FONT></P>
<P align="justify"><FONT size=2 face="serif">(a) Designed such disclosure
  controls and procedures, or caused such disclosure controls and procedures
    to be designed under our supervision, to ensure that material information
    relating to the registrant, including its consolidated subsidiaries, is made
    known to us by others within those entities, particularly during the period
  in which this report is being prepared; </FONT></P>
<P align="justify"><FONT size=2 face="serif">(b) Designed such internal control
  over financial reporting, or caused such internal control over financial
  reporting to be designed under our supervision, to provide reasonable assurance
  regarding the reliability of financial reporting and the preparation of financial
  statements for external purposes in accordance with generally accepted accounting
  principles; </FONT></P>
<P align="justify"><FONT size=2 face="serif">(c) Evaluated the effectiveness
  of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>
<P align="justify"><FONT size=2 face="serif"> (d) Disclosed in this report any
    change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an annual
  report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and </FONT></P>
<P align="justify"><FONT size=2 face="serif">5. The registrant&#8217;s other certifying officer and I have disclosed, based on our most
  recent evaluation of internal control over financial reporting, to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions): </FONT></P>
<P align="justify"><FONT size=2 face="serif">(a) All significant
  deficiencies and material weaknesses in the design or operation of internal
    control over financial reporting which are reasonably likely to adversely
    affect the registrant&#8217;s ability to record, process, summarize and report financial
  information; and </FONT></P>
<P align="justify"><FONT size=2 face="serif">(b) Any fraud, whether or not material,
    that involves management or other employees who have a significant role in
    the registrant&#8217;s internal control over financial reporting.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=34% align=left nowrap>
<FONT size=2 face="serif">Date:&nbsp;&nbsp;November 9, 2011</FONT>	</TD>
	<TD width=28%>&nbsp;	</TD>
	<TD width=38% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/ Thomas Quigley</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Thomas Quigley</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Chief Financial Officer and Treasurer</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Principal Financial Officer and Principal</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Accounting Officer)</FONT>	</TD>
</TR>
</TABLE><BR>
<P align="justify">
<FONT size=2 face="serif">* The Registrant is a trust and Mr. Quigley is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant.</FONT></P>

<HR noshade align="center" width="100%" size=4>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>c67346_ex32-1.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c67346_ex32-1.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<P align="center">
<B><FONT size=2 face="serif">Exhibit 32.1</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO</FONT></B><BR>
<B><FONT size=2 face="serif">18 U.S.C. SECTION 1350</FONT></B><BR>
<B><FONT size=2 face="serif">AS ADOPTED PURSUANT TO <br>
</FONT></B><B><FONT size=2 face="serif">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">In connection with the Quarterly Report of ETFS Palladium
Trust (the &#8220;Company&#8221;) on Form 10-Q for the period ended September
30, 2011 as filed with the Securities and Exchange Commission on November 9,
2011 (the &#8220;Report&#8221;), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that: </FONT></P>
<P align="justify"><FONT size=2 face="serif">1. The Report fully complies with
    the requirements of section 13(a) or 15(d) of the Securities Exchange Act
    of 1934, as amended; and </FONT></P>
<P align="justify"><FONT size=2 face="serif">2. The information contained in
    the Report fairly presents, in all material respects, the financial condition
    and results of operations of the Company.</FONT></P><br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Date:&nbsp;&nbsp;November 9, 2011</FONT>	</TD>
	<TD width=12%>&nbsp;	</TD>
	<TD width=38% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/ Graham Tuckwell</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Graham Tuckwell</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Principal Executive Officer)</FONT>	</TD>
</TR>
</TABLE><BR>
<P align="justify">
<FONT size=2 face="serif">* The Registrant is a trust and Mr. Tuckwell is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant.</FONT></P>

<HR noshade align="center" width="100%" size=4>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>c67346_ex32-2.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c67346_ex32-2.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">




<P align="center">
<B><FONT size=2 face="serif">Exhibit 32.2</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO</FONT></B><BR>
<B><FONT size=2 face="serif">18 U.S.C. SECTION 1350</FONT></B><BR>
<B><FONT size=2 face="serif">AS ADOPTED PURSUANT TO <br>
</FONT></B><B><FONT size=2 face="serif">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">In connection with the Quarterly Report of ETFS Palladium
Trust (the &#8220;Company&#8221;) on Form 10-Q for the period ended September
30, 2011 as filed with the Securities and Exchange Commission on November 9,
2011 (the &#8220;Report&#8221;), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that: </FONT></P>
<P align="justify"><FONT size=2 face="serif">1. The Report fully complies with
    the requirements of section 13(a) or 15(d) of the Securities Exchange Act
    of 1934, as amended; and </FONT></P>
<P align="justify"><FONT size=2 face="serif">2. The information contained in
    the Report fairly presents, in all material respects, the financial condition
    and results of operations of the Company.</FONT></P><br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Date:&nbsp;&nbsp;November 9, 2011</FONT>	</TD>
	<TD width=12%>&nbsp;	</TD>
	<TD width=38% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/ Thomas Quigley</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Thomas Quigley</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Chief Financial Officer and Treasurer</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Principal Financial Officer and Principal</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Accounting Officer)</FONT>	</TD>
</TR>
</TABLE><BR>
<P align="justify">
<FONT size=2 face="serif">* The Registrant is a trust and Mr. Quigley is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant. </FONT></P>

<HR noshade align="center" width="100%" size=4>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>6
<FILENAME>pall-20110930.xml
<DESCRIPTION>XBRL INSTANCE FILE
<TEXT>
<XBRL>
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<!-- Created: Wed Nov 09 04:13:16 UTC 2011 -->
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  <link:schemaRef xlink:type="simple" xlink:href="pall-20110930.xsd"/>
  <context id="c0_AsOf30Sep2011">
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      <identifier scheme="http://www.sec.gov/CIK">0001459862</identifier>
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  <context id="c3_From1Jul2010To30Sep2010">
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      <endDate>2011-09-30</endDate>
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  <context id="c5_From1Jan2010To30Sep2010">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001459862</identifier>
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  <context id="c6_AsOf30Jun2011">
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      <identifier scheme="http://www.sec.gov/CIK">0001459862</identifier>
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  <context id="c10_AsOf7Nov2011">
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      <identifier scheme="http://www.sec.gov/CIK">0001459862</identifier>
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      <instant>2011-11-07</instant>
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  <unit id="usd">
    <measure>iso4217:USD</measure>
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  <unit id="shares">
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  <unit id="usdPerShare">
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    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_0" xml:lang="en-US">The market value of investment in palladium at September 30, 2011 was $480,305,010 and at December 31, 2010 was $861,484,476.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_1" xml:lang="en-US">Authorized share capital is unlimited and no par value per share. Shares issued and outstanding at September 30, 2011 were 7,750,000 and at December 31, 2010 were 11,250,000.</link:footnote>
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    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="_InvestmentInPalladium-c1_AsOf31Dec2010" xlink:to="ftnt_0" order="1"/>
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  <pall:InvestmentInPalladium id="_InvestmentInPalladium-c0_AsOf30Sep2011" unitRef="usd" contextRef="c0_AsOf30Sep2011" decimals="0">466866592</pall:InvestmentInPalladium>
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  <dei:EntityRegistrantName contextRef="c4_From1Jan2011To30Sep2011">ETFS PALLADIUM TRUST</dei:EntityRegistrantName>
  <dei:DocumentType contextRef="c4_From1Jan2011To30Sep2011">10-Q</dei:DocumentType>
  <dei:CurrentFiscalYearEndDate contextRef="c4_From1Jan2011To30Sep2011">--12-31</dei:CurrentFiscalYearEndDate>
  <dei:EntityCommonStockSharesOutstanding unitRef="shares" contextRef="c10_AsOf7Nov2011" decimals="INF">6800000</dei:EntityCommonStockSharesOutstanding>
  <dei:AmendmentFlag contextRef="c4_From1Jan2011To30Sep2011">false</dei:AmendmentFlag>
  <dei:EntityCentralIndexKey contextRef="c4_From1Jan2011To30Sep2011">0001459862</dei:EntityCentralIndexKey>
  <dei:EntityCurrentReportingStatus contextRef="c4_From1Jan2011To30Sep2011">Yes</dei:EntityCurrentReportingStatus>
  <dei:EntityVoluntaryFilers contextRef="c4_From1Jan2011To30Sep2011">No</dei:EntityVoluntaryFilers>
  <dei:EntityFilerCategory contextRef="c4_From1Jan2011To30Sep2011">Non-accelerated Filer</dei:EntityFilerCategory>
  <dei:EntityWellKnownSeasonedIssuer contextRef="c4_From1Jan2011To30Sep2011">Yes</dei:EntityWellKnownSeasonedIssuer>
  <dei:DocumentFiscalYearFocus contextRef="c4_From1Jan2011To30Sep2011">2011</dei:DocumentFiscalYearFocus>
  <dei:DocumentFiscalPeriodFocus contextRef="c4_From1Jan2011To30Sep2011">Q3</dei:DocumentFiscalPeriodFocus>
  <dei:DocumentPeriodEndDate contextRef="c4_From1Jan2011To30Sep2011">2011-09-30</dei:DocumentPeriodEndDate>
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="c4_From1Jan2011To30Sep2011">&lt;p&gt;&#xd;
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    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The ETFS Palladium Trust (the&#xd;
      &amp;#8220;Trust&amp;#8221;) is an investment trust formed on December&#xd;
      30, 2009 (the &amp;#8220;Date of Inception&amp;#8221;) under New York&#xd;
      law pursuant to a depository trust agreement (the &amp;#8220;Trust&#xd;
      Agreement&amp;#8221;) executed by ETF Securities USA LLC (the&#xd;
      &amp;#8220;Sponsor&amp;#8221;) and the Bank of New York Mellon (the&#xd;
      &amp;#8220;Trustee&amp;#8221;) at the time of the Trust&amp;#8217;s&#xd;
      organization. The Trust holds palladium bullion and issues&#xd;
      shares (&amp;#8220;Shares&amp;#8221;) (in minimum blocks of 50,000&#xd;
      Shares, also referred to as &amp;#8220;Baskets&amp;#8221;) in exchange&#xd;
      for deposits of palladium and distributes palladium in&#xd;
      connection with the redemption of Baskets. Shares represent&#xd;
      units of fractional undivided beneficial interest in and&#xd;
      ownership of the Trust which are issued by the Trust. The&#xd;
      Sponsor is a Delaware limited liability company and a&#xd;
      wholly-owned subsidiary of ETF Securities Limited, a Jersey,&#xd;
      Channel Islands based company. The Trust is governed by the&#xd;
      Trust Agreement.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The investment objective of the Trust is for&#xd;
      the Shares to reflect the performance of the price of&#xd;
      palladium, less the Trust&amp;#8217;s expenses and liabilities.&#xd;
      The Trust is designed to provide an individual owner of&#xd;
      beneficial interests in the Shares (a&#xd;
      &amp;#8220;Shareholder&amp;#8221;) an opportunity to participate in the&#xd;
      palladium market through an investment in securities. The&#xd;
      fiscal year end for the Trust is December 31.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The accompanying unaudited financial&#xd;
      statements were prepared in accordance with the accounting&#xd;
      principles generally accepted in the United States of America&#xd;
      for interim financial information and with the instructions&#xd;
      for the Form 10-Q. In the opinion of management of the&#xd;
      Sponsor, all adjustments (which include normal recurring&#xd;
      adjustments) necessary to present fairly the financial&#xd;
      position, results of operations and cash flows as of and for&#xd;
      the three and nine months ended September 30, 2011 and for&#xd;
      all periods presented have been made.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Certain information and footnote disclosures&#xd;
      normally included in financial statements prepared in&#xd;
      accordance with accounting principles generally accepted in&#xd;
      the United States of America have been condensed or omitted.&#xd;
      These condensed financial statements should be read in&#xd;
      conjunction with the Trust&amp;#8217;s Annual Report on Form 10-K&#xd;
      for the fiscal year ended December 31, 2010. The results of&#xd;
      operations for the three and nine months ended September 30,&#xd;
      2011 are not necessarily indicative of the operating results&#xd;
      for the full year.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
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  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="c4_From1Jan2011To30Sep2011">&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;b&gt;2. Significant Accounting&#xd;
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      &lt;font size=&quot;2&quot;&gt;The preparation of financial statements in&#xd;
      accordance with accounting principles generally accepted in&#xd;
      the United States of America requires those responsible for&#xd;
      preparing financial statements to make estimates and&#xd;
      assumptions that affect the reported amounts and disclosures.&#xd;
      Actual results could differ from those estimates. The&#xd;
      following is a summary of significant accounting policies&#xd;
      followed by the Trust.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;i&gt;&lt;b&gt;2.1. Valuation of&#xd;
      Palladium&lt;/b&gt;&lt;/i&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Palladium is held by JPMorgan Chase Bank, N.A.&#xd;
      (the &amp;#8220;Custodian&amp;#8221;) on behalf of the Trust, and is&#xd;
      valued for financial statement purposes, at the lower of cost&#xd;
      or market. The cost of palladium is determined according to&#xd;
      the average cost method and the market value is based on the&#xd;
      London PM Fix used to determine the net asset value (the&#xd;
      &amp;#8220;NAV&amp;#8221;) of the Trust. Realized gains and losses on&#xd;
      transfers of palladium, or palladium distributed for the&#xd;
      redemption of Shares, are calculated on a trade date basis&#xd;
      using average cost. The London PM Fix is the afternoon&#xd;
      session of the twice daily fix of the price of an ounce of&#xd;
      palladium which starts at 2:00 PM London, England time and is&#xd;
      performed in London by the four members of the London&#xd;
      Platinum and Palladium Market.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Once the value of palladium has been&#xd;
      determined, the NAV is computed by the Trustee by deducting&#xd;
      all accrued fees and other liabilities of the Trust,&#xd;
      including the remuneration due to the Sponsor (the&#xd;
      &amp;#8220;Sponsor&amp;#8217;s Fee&amp;#8221;), from the fair value of the&#xd;
      palladium and all other assets held by the Trust.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The table below summarizes the unrealized&#xd;
      gains on the Trust&amp;#8217;s palladium holdings as of September&#xd;
      30, 2011 and December 31, 2010:&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;September 30, 2011&lt;/b&gt;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;Investment in palladium - average&#xd;
            cost&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;466,866,592&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
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          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;597,199,695&lt;/font&gt;&#xd;
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        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Unrealized gain on investment in&#xd;
            palladium&lt;/font&gt;&#xd;
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          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;13,438,418&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;264,284,781&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Investment in palladium - market&#xd;
            value&lt;/font&gt;&#xd;
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        &lt;/td&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;480,305,010&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;861,484,476&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The Trust recognizes the diminution in value&#xd;
      of the investment in palladium which arises from market&#xd;
      declines on an interim basis. Increases in the value of the&#xd;
      investment in palladium through market price recoveries in&#xd;
      later interim periods of the same fiscal year are recognized&#xd;
      in the later interim period. Increases in value recognized on&#xd;
      an interim basis may not exceed the previously recognized&#xd;
      diminution in value.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The per Share amount of palladium exchanged&#xd;
      for a purchase or redemption is calculated daily by the&#xd;
      Trustee, using the London PM Fix to calculate the palladium&#xd;
      amount in respect of any liabilities for which covering&#xd;
      palladium sales have not yet been made, and represents the&#xd;
      per Share amount of palladium held by the Trust, after giving&#xd;
      effect to its liabilities, to cover expenses and liabilities&#xd;
      and any losses that may have occurred.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;b&gt;2.2. &lt;i&gt;Palladium Receivable and&#xd;
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    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Palladium receivable or payable represents the&#xd;
      quantity of palladium covered by contractually binding orders&#xd;
      for the creation or redemption of Shares respectively, where&#xd;
      the palladium has not yet been transferred to or from the&#xd;
      Trust&amp;#8217;s account. Generally, ownership of the palladium&#xd;
      is transferred within three business days of the trade date.&#xd;
      Palladium receivable or payable at September 30, 2011 and&#xd;
      December 31, 2010 is set out below:&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table border=&quot;0&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; width=&quot;100%&quot;&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;/p&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;September 30, 2011&lt;/b&gt;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;December 31, 2010&lt;/b&gt;&lt;/font&gt;&#xd;
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        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Palladium receivable&lt;/font&gt;&#xd;
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          &lt;p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&amp;#8212;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;23,590,861&lt;/font&gt;&#xd;
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        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
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          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
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          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Palladium payable&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;9,114,828&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&amp;#8212;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;b&gt;2.3. &lt;i&gt;Creations and Redemptions of&#xd;
      Shares&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The Trust expects to create and redeem Shares&#xd;
      from time to time, but only in one or more Baskets. The Trust&#xd;
      issues Shares in Baskets to Authorized Participants on an&#xd;
      ongoing basis. Individual investors cannot purchase or redeem&#xd;
      Shares in direct transactions with the Trust. An Authorized&#xd;
      Participant is a person who (1) is a registered broker-dealer&#xd;
      or other securities market participant such as a bank or&#xd;
      other financial institution which is not required to register&#xd;
      as a broker-dealer to engage in securities transactions, (2)&#xd;
      is a participant in The Depository Trust Company, (3) has&#xd;
      entered into an Authorized Participant Agreement with the&#xd;
      Trustee, and (4) has established an Authorized Participant&#xd;
      Unallocated Account with the Trust&amp;#8217;s Custodian. An&#xd;
      Authorized Participant Agreement is an agreement entered into&#xd;
      by each Authorized Participant, the Sponsor and the Trustee&#xd;
      which provides the procedures for the creation and redemption&#xd;
      of Baskets and for the delivery of the palladium required for&#xd;
      such creations and redemptions. An Authorized Participant&#xd;
      Unallocated Account is an unallocated palladium account,&#xd;
      either loco London or loco Zurich, established with the&#xd;
      Custodian or a palladium clearing bank by an Authorized&#xd;
      Participant.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The creation and redemption of Baskets is only&#xd;
      made in exchange for the delivery to the Trust or the&#xd;
      distribution by the Trust of the amount of palladium&#xd;
      represented by the Baskets being created or redeemed, the&#xd;
      amount of which is based on the combined NAV of the number of&#xd;
      Shares included in the Baskets being created or redeemed&#xd;
      determined on the day the order to create or redeem Baskets&#xd;
      is properly received.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Authorized Participants may, on any business&#xd;
      day, place an order with the Trustee to create or redeem one&#xd;
      or more Baskets. The typical settlement period for Shares is&#xd;
      three business days. In the event of a trade date at period&#xd;
      end, where a settlement is pending, a respective account&#xd;
      receivable and/or payable will be recorded. When palladium is&#xd;
      exchanged in settlement of a redemption, it is considered a&#xd;
      sale of palladium for financial statement purposes.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The amount of bullion represented by the&#xd;
      Baskets created or redeemed can only be settled to the&#xd;
      nearest 1/1000&lt;sup&gt;th&lt;/sup&gt; of an ounce. As a result, the&#xd;
      value attributed to the creation or redemption of Shares may&#xd;
      differ from the value of bullion to be delivered or&#xd;
      distributed by the Trust. In order to ensure that the correct&#xd;
      metal is available at all times to back the Shares, the&#xd;
      Sponsor accepts an adjustment to its management fees in the&#xd;
      event of any shortfall or excess. For each transaction, this&#xd;
      amount is not more than 1/1000&lt;sup&gt;th&lt;/sup&gt; of an&#xd;
      ounce.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The Shares of the Trust are classified as&#xd;
      &amp;#8220;Redeemable Capital Shares&amp;#8221; for financial statement&#xd;
      purposes, since they are subject to redemption at the option&#xd;
      of Authorized Participants. Outstanding Shares are reflected&#xd;
      at redemption value, which represents the maximum obligation&#xd;
      (based on NAV per Share), with the difference from historical&#xd;
      cost recorded as an offsetting amount to retained earnings.&#xd;
      Changes in the Shares for the nine months ended September 30,&#xd;
      2011 and for the period from December 30, 2009 (the&#xd;
      &amp;#8220;Date of Inception&amp;#8221;) through December 31, 2010 are&#xd;
      set out below:&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table border=&quot;0&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; width=&quot;100%&quot;&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Period&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Nine months&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;December 30, 2009*&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Ended&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Through&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;September 30, 2011&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;December 31, 2010&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;u&gt;&lt;b&gt;Number of redeemable&#xd;
            Shares&lt;/b&gt;&lt;/u&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
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          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Opening balance&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;11,250,000&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&amp;#8212;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Creations&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;2,100,000&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
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          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Closing balance&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;470,925,019&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;884,637,847&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Redemption value per Share at period&#xd;
            end&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;60.76&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;78.63&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;table border=&quot;0&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; width=&quot;100%&quot;&gt;&#xd;
      &lt;tr style=&quot;FONT-SIZE:1PX&quot;&gt;&#xd;
        &lt;td width=&quot;55%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;3%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;1%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;13%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;3%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;1%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;13%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;1%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;top&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;top&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;top&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;top&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;top&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;top&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;top&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;top&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;i&gt;* Date of inception&lt;/i&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;i&gt;&lt;b&gt;2.4. Revenue Recognition&#xd;
      Policy&lt;/b&gt;&lt;/i&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The primary expense of the Trust is the&#xd;
      Sponsor&amp;#8217;s Fee, which is paid by the Trust through&#xd;
      in-kind transfers of palladium to the Sponsor. With respect&#xd;
      to expenses not otherwise assumed by the Sponsor, the Trustee&#xd;
      will, at the direction of the Sponsor or in its own&#xd;
      discretion, sell the Trust&amp;#8217;s palladium as necessary to&#xd;
      pay these expenses. When selling palladium to pay expenses,&#xd;
      the Trustee will endeavor to sell the smallest amounts of&#xd;
      palladium needed to pay these expenses in order to minimize&#xd;
      the Trust&amp;#8217;s holdings of assets other than&#xd;
      palladium.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Unless otherwise directed by the Sponsor, when&#xd;
      selling palladium the Trustee will endeavor to sell at the&#xd;
      price established by the London PM Fix. The Trustee will&#xd;
      place orders with dealers (which may include the Custodian)&#xd;
      through which the Trustee expects to receive the most&#xd;
      favorable price and execution of orders. The Custodian may be&#xd;
      the purchaser of such palladium only if the sale transaction&#xd;
      is made at the next London PM Fix or such other publicly&#xd;
      available price that the Sponsor deems fair, in each case as&#xd;
      set following the sale order. A gain or loss is recognized&#xd;
      based on the difference between the selling price and the&#xd;
      average cost of the palladium sold. Neither the Trustee nor&#xd;
      the Sponsor is liable for depreciation or loss incurred by&#xd;
      reason of any sale.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;b&gt;2.5. &lt;i&gt;Income Taxes&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The Trust is classified as a &amp;#8220;grantor&#xd;
      trust&amp;#8221; for U.S. federal income tax purposes. As a&#xd;
      result, the Trust itself will not be subject to U.S. federal&#xd;
      income tax. Instead, the Trust&amp;#8217;s income and expenses&#xd;
      will &amp;#8220;flow through&amp;#8221; to the Shareholders, and the&#xd;
      Trustee will report the Trust&amp;#8217;s proceeds, income,&#xd;
      deductions, gains, and losses to the Internal Revenue Service&#xd;
      on that basis.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The Trust has adopted Financial Accounting&#xd;
      Standards Board (&amp;#8220;FASB&amp;#8221;) Accounting Standards&#xd;
      Codification (&amp;#8220;ASC&amp;#8221;) 740-10, &lt;i&gt;Income Taxes&lt;/i&gt;.&#xd;
      The Sponsor has evaluated the application of ASC 740 to the&#xd;
      Trust, to determine whether or not there are uncertain tax&#xd;
      positions that require financial statement recognition. Based&#xd;
      on this evaluation, the Trust has determined no reserves for&#xd;
      uncertain tax positions are required to be recorded as a&#xd;
      result of the application of ASC 740. As a result, no income&#xd;
      tax liability or expense has been recorded in the&#xd;
      accompanying financial statements.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;b&gt;2.6. &lt;i&gt;Investment in&#xd;
      Palladium&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Changes in ounces of palladium and the&#xd;
      respective values for the nine months ended September 30,&#xd;
      2011 and for the period from December 30, 2009 (the&#xd;
      &amp;#8220;Date of Inception&amp;#8221;) through December 31, 2010 are&#xd;
      set out below:&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table border=&quot;0&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; width=&quot;100%&quot;&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Period&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Nine months&lt;/b&gt;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;December 30, 2009*&lt;/b&gt;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Ended&lt;/b&gt;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Through&lt;/b&gt;&lt;/font&gt;&#xd;
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          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;September 30, 2011&lt;/b&gt;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;December 31, 2010&lt;/b&gt;&lt;/font&gt;&#xd;
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      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;u&gt;&lt;b&gt;Ounces of palladium&lt;/b&gt;&lt;/u&gt;&lt;/font&gt;&#xd;
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          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Opening balance&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;1,089,108.1&lt;/font&gt;&#xd;
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        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&amp;#8212;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Creations (excluding palladium&#xd;
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        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;238,310.9&lt;/font&gt;&#xd;
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        &lt;td width=&quot;5%&quot; valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;1,272,055.2&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;(540,400.5&lt;/font&gt;&#xd;
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          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;)&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;(179,276.9&lt;/font&gt;&#xd;
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          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;)&lt;/font&gt;&#xd;
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        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;(4,762.7&lt;/font&gt;&#xd;
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        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
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          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;782,255.8&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;1,089,108.1&lt;/font&gt;&#xd;
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          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&lt;u&gt;&lt;b&gt;Investment in palladium (lower of&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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      &lt;tr&gt;&#xd;
        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Opening balance&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;597,199,695&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&amp;#8212;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;Creations (excluding palladium&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;190,757,227&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;686,119,618&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;Redemptions (excluding palladium payable&#xd;
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            &lt;font size=&quot;2&quot;&gt;(318,316,868&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;(87,202,088&lt;/font&gt;&#xd;
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        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;(2,773,462&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;(1,717,835&lt;/font&gt;&#xd;
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          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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        &lt;td width=&quot;75%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;466,866,592&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;597,199,695&lt;/font&gt;&#xd;
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      &lt;font size=&quot;2&quot;&gt;The Trust will transfer palladium to pay the&#xd;
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      (&amp;#8220;ANAV&amp;#8221;) of the Trust, paid monthly in&#xd;
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      &lt;font size=&quot;2&quot;&gt;The Sponsor has agreed to assume&#xd;
      administrative and marketing expenses incurred by the Trust,&#xd;
      including the Trustee&amp;#8217;s monthly fee and out of pocket&#xd;
      expenses, the Custodian&amp;#8217;s fee and the reimbursement of&#xd;
      the Custodian&amp;#8217;s expenses, exchange listing fees, United&#xd;
      States Securities and Exchange Commission (the&#xd;
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      costs, audit fees and certain legal expenses.&lt;/font&gt;&#xd;
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      &lt;font size=&quot;2&quot;&gt;For the three months ended September 30, 2011&#xd;
      and September 30, 2010 the Sponsor&amp;#8217;s Fee was $1,037,809&#xd;
      and $564,314 respectively. For the nine months ended&#xd;
      September 30, 2011 and September 30, 2010 the Sponsor&amp;#8217;s&#xd;
      Fee was $3,532,504 and $1,355,068 respectively. At September&#xd;
      30, 2011 and at December 31, 2010 the fees payable to the&#xd;
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      Trust. The Trustee and the Custodian and their affiliates may&#xd;
      from time to time act as Authorized Participants or purchase&#xd;
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      &lt;font size=&quot;2&quot;&gt;The Trust&amp;#8217;s sole business activity is the&#xd;
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      concentration of risk associated with fluctuations in the&#xd;
      price of palladium. Several factors could affect the price of&#xd;
      palladium, including: (i) global palladium supply and demand,&#xd;
      which is influenced by factors such as forward selling by&#xd;
      palladium producers, purchases made by palladium producers to&#xd;
      unwind palladium hedge positions, central bank purchases and&#xd;
      sales, and production and cost levels in major&#xd;
      palladium-producing countries; (ii) investors&amp;#8217;&#xd;
      expectations with respect to the rate of inflation; (iii)&#xd;
      currency exchange rates; (iv) interest rates; (v) investment&#xd;
      and trading activities of hedge funds and commodity funds;&#xd;
      and (vi) global or regional political, economic or financial&#xd;
      events and situations. In addition, there is no assurance&#xd;
      that palladium will maintain its long-term value in terms of&#xd;
      purchasing power in the future. In the event that the price&#xd;
      of palladium declines, the Sponsor expects the value of an&#xd;
      investment in the Shares to decline proportionately. Each of&#xd;
      these events could have a material effect on the Trust&amp;#8217;s&#xd;
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      &lt;font size=&quot;2&quot;&gt;Under the Trust&amp;#8217;s organizational&#xd;
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      directors, officers, employees and affiliates) are&#xd;
      indemnified by the Trust against any liability, cost or&#xd;
      expense it incurs without gross negligence, bad faith or&#xd;
      willful misconduct on its part and without reckless disregard&#xd;
      on its part of its obligations and duties under the&#xd;
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      would involve future claims that may be made against the&#xd;
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  <us-gaap:SubsequentEventsTextBlock contextRef="c4_From1Jan2011To30Sep2011">&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;b&gt;6. Subsequent Events&lt;/b&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;In accordance with the provisions set forth in&#xd;
      FASB ASC 855-10, &lt;i&gt;Subsequent Events&lt;/i&gt;, the Trust&amp;#8217;s&#xd;
      management has evaluated the possibility of subsequent events&#xd;
      existing in the Trust&amp;#8217;s financial statements through the&#xd;
      filing date. During this period, no material subsequent&#xd;
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<TYPE>EX-101.SCH
<SEQUENCE>7
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  <xs:element name="SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract"/>
  <xs:element name="ValueOfPalladiumDistributedForRedemptionOfShares" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="pall_ValueOfPalladiumDistributedForRedemptionOfShares"/>
  <xs:element name="ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract"/>
  <xs:element name="AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract"/>
  <xs:element name="IncreaseDecreaseInPalladiumAssets" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="pall_IncreaseDecreaseInPalladiumAssets"/>
  <xs:element name="IncreaseDecreaseInRedeemableSharesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_IncreaseDecreaseInRedeemableSharesAbstract"/>
  <xs:element name="SupplementalDisclosureOfNonCashActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_SupplementalDisclosureOfNonCashActivitiesAbstract"/>
  <xs:element name="CondensedStatementsOfChangesInShareholdersDeficitAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_CondensedStatementsOfChangesInShareholdersDeficitAbstract"/>
  <xs:element name="AdjustmentOfRedeemableSharesToRedemptionValue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="pall_AdjustmentOfRedeemableSharesToRedemptionValue"/>
  <xs:element name="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract"/>
  <xs:element name="SignificantAccountingPoliciesTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_SignificantAccountingPoliciesTextBlockAbstract"/>
  <xs:element name="RelatedPartyTransactionsDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_RelatedPartyTransactionsDisclosureTextBlockAbstract"/>
  <xs:element name="ConcentrationRiskDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_ConcentrationRiskDisclosureTextBlockAbstract"/>
  <xs:element name="CommitmentsAndContingenciesDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_CommitmentsAndContingenciesDisclosureTextBlockAbstract"/>
  <xs:element name="SubsequentEventsTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_SubsequentEventsTextBlockAbstract"/>
  <xs:element name="DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_DocumentAndEntityInformationAbstract"/>
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>pall-20110930_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Wed Nov 09 04:13:16 UTC 2011 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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  <roleRef xlink:type="simple" xlink:href="pall-20110930.xsd#pall_ConsolidatedCashFlow" roleURI="http://www.etfsecurities.com/role/ConsolidatedCashFlow"/>
  <calculationLink xlink:type="extended" xlink:role="http://www.etfsecurities.com/role/ConsolidatedBalanceSheet">
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    <loc xlink:type="locator" xlink:label="pall_InvestmentInPalladium" xlink:href="pall-20110930.xsd#pall_InvestmentInPalladium"/>
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit" order="3" weight="1"/>
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  <calculationLink xlink:type="extended" xlink:role="http://www.etfsecurities.com/role/ConsolidatedIncomeStatement">
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    <loc xlink:type="locator" xlink:label="pall_ValueOfPalladiumTransferredToPayExpenses" xlink:href="pall-20110930.xsd#pall_ValueOfPalladiumTransferredToPayExpenses"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_GrossProfit" xlink:to="pall_ValueOfPalladiumTransferredToPayExpenses" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="pall_CostOfPalladiumTransferredToPayExpenses" xlink:href="pall-20110930.xsd#pall_CostOfPalladiumTransferredToPayExpenses"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_GrossProfit" xlink:to="pall_CostOfPalladiumTransferredToPayExpenses" order="2" weight="-1"/>
<!-- [WMV3][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt+zoEiIZmtp2K7SL7P1GDa7FvigrF1j0I79JdJpDHQcdXyAsDALlGuho6I9/LYlRVZU4LxEUrZP5sQSb/6dgfCcdM2ff43URgL4WSPoTGnz9RQTqS6Ea8I1lKGrqCOkT6X34dLUWNFUpeiOQ4UiBcEGu5V/bpy6JG7xWZ82pFvT8BYqiq5z5kIF4InECk+kZIQjgiqfshtWw5sP9zR+2ic+9uznHujK0/0mf+FI6OGMmVw6PlCgH4xi] CSR-->
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="pall_TotalGainOnPalladium" xlink:to="us-gaap_GrossProfit" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares" xlink:href="pall-20110930.xsd#pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="pall_TotalGainOnPalladium" xlink:to="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares" xlink:href="pall-20110930.xsd#pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="pall_TotalGainOnPalladium" xlink:to="pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares" order="3" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingExpenses"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SponsorFees" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SponsorFees"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_SponsorFees" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLoss" xlink:to="pall_TotalGainOnPalladium" order="1" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_OperatingExpenses" order="2" weight="-1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://www.etfsecurities.com/role/ConsolidatedCashFlow">
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetIncomeLoss" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInOtherAccountsPayable" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOtherAccountsPayable"/>
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" order="3" weight="1"/>
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock" order="4" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock" order="5" weight="1"/>
    <loc xlink:type="locator" xlink:label="pall_IncreaseDecreaseInPalladiumAssets" xlink:href="pall-20110930.xsd#pall_IncreaseDecreaseInPalladiumAssets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="pall_IncreaseDecreaseInPalladiumAssets" order="6" weight="-1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInReceivables"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_IncreaseDecreaseInReceivables" order="7" weight="-1"/>
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</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>9
<FILENAME>pall-20110930_def.xml
<DESCRIPTION>XBRL DEFINITION FILE
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Wed Nov 09 04:13:16 UTC 2011 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xbrldt="http://xbrl.org/2005/xbrldt">
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  <roleRef xlink:type="simple" xlink:href="pall-20110930.xsd#DocumentAndEntityInformation" roleURI="http://www.etfsecurities.com/role/DocumentAndEntityInformation"/>
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    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_AmendmentDescription" order="6"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCentralIndexKey"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_EntityCentralIndexKey" order="7"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCurrentReportingStatus" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCurrentReportingStatus"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_EntityCurrentReportingStatus" order="8"/>
    <loc xlink:type="locator" xlink:label="dei_EntityVoluntaryFilers" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityVoluntaryFilers"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_EntityVoluntaryFilers" order="9"/>
    <loc xlink:type="locator" xlink:label="dei_EntityFilerCategory" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityFilerCategory"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_EntityFilerCategory" order="10"/>
    <loc xlink:type="locator" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityWellKnownSeasonedIssuer"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_EntityWellKnownSeasonedIssuer" order="11"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentPeriodEndDate"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_DocumentPeriodEndDate" order="12"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalYearFocus" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalYearFocus"/>
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    <loc xlink:type="locator" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalPeriodFocus"/>
    <definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="us-gaap_StatementLineItems" xlink:to="dei_DocumentFiscalPeriodFocus" order="14"/>
  </definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>pall-20110930_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Wed Nov 09 04:13:16 UTC 2011 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel"/>
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel"/>
  <labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:label="pall_CondensedStatementsOfFinancialConditionAbstract" xlink:href="pall-20110930.xsd#pall_CondensedStatementsOfFinancialConditionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_CondensedStatementsOfFinancialConditionAbstract_lbl" xml:lang="en-US">Condensed Statements of Financial Condition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CondensedStatementsOfFinancialConditionAbstract" xlink:to="pall_CondensedStatementsOfFinancialConditionAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CondensedStatementsOfFinancialConditionAbstract_lbl0" xml:lang="en-US">Condensed Statements of Financial Condition [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CondensedStatementsOfFinancialConditionAbstract" xlink:to="pall_CondensedStatementsOfFinancialConditionAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl0" xml:lang="en-US">ASSETS [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="pall_InvestmentInPalladium" xlink:href="pall-20110930.xsd#pall_InvestmentInPalladium"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_InvestmentInPalladium_lbl" xml:lang="en-US">Value of investment in palladium received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_InvestmentInPalladium" xlink:to="pall_InvestmentInPalladium_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_InvestmentInPalladium_lbl0" xml:lang="en-US">Investment in palladium (1)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_InvestmentInPalladium" xlink:to="pall_InvestmentInPalladium_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ReceivablesNetCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ReceivablesNetCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ReceivablesNetCurrent_lbl" xml:lang="en-US">Palladium receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesNetCurrent" xlink:to="us-gaap_ReceivablesNetCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Assets" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">LIABILITIES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAbstract_lbl0" xml:lang="en-US">LIABILITIES [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableRelatedPartiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent_lbl" xml:lang="en-US">Accounts payable to Sponsor</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableRelatedPartiesCurrent" xlink:to="us-gaap_AccountsPayableRelatedPartiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_PalladiumPayable" xlink:href="pall-20110930.xsd#pall_PalladiumPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_PalladiumPayable_lbl" xml:lang="en-US">Market value of palladium payable by the Trust in respect of the redemption of Shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_PalladiumPayable" xlink:to="pall_PalladiumPayable_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="pall_PalladiumPayable_lbl0" xml:lang="en-US">Palladium payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_PalladiumPayable" xlink:to="pall_PalladiumPayable_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Liabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Liabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_RedeemableSharesAbstract" xlink:href="pall-20110930.xsd#pall_RedeemableSharesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_RedeemableSharesAbstract_lbl" xml:lang="en-US">REDEEMABLE SHARES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RedeemableSharesAbstract" xlink:to="pall_RedeemableSharesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_RedeemableSharesAbstract_lbl0" xml:lang="en-US">REDEEMABLE SHARES [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RedeemableSharesAbstract" xlink:to="pall_RedeemableSharesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Shares at redemption value to investors (2)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Shareholders&#8217; deficit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities, redeemable Shares &amp; shareholders&#8217; deficit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_MarketValueOfInvestmentInPalladium" xlink:href="pall-20110930.xsd#pall_MarketValueOfInvestmentInPalladium"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_MarketValueOfInvestmentInPalladium_lbl" xml:lang="en-US">Market value of investment in palladium received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_MarketValueOfInvestmentInPalladium" xlink:to="pall_MarketValueOfInvestmentInPalladium_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_MarketValueOfInvestmentInPalladium_lbl0" xml:lang="en-US">Market value of investment in Palladium (in Dollars)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_MarketValueOfInvestmentInPalladium" xlink:to="pall_MarketValueOfInvestmentInPalladium_lbl0"/>
    <loc xlink:type="locator" xlink:label="pall_CommonStockSharesAuthorised" xlink:href="pall-20110930.xsd#pall_CommonStockSharesAuthorised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CommonStockSharesAuthorised_lbl" xml:lang="en-US">The maximum number of common stock shares which the Trust is authorised to issue.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CommonStockSharesAuthorised" xlink:to="pall_CommonStockSharesAuthorised_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CommonStockSharesAuthorised_lbl0" xml:lang="en-US">Common stock, shares authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CommonStockSharesAuthorised" xlink:to="pall_CommonStockSharesAuthorised_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_CondensedStatementsOfOperationsAbstract" xlink:href="pall-20110930.xsd#pall_CondensedStatementsOfOperationsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_CondensedStatementsOfOperationsAbstract_lbl" xml:lang="en-US">Condensed Statements of Operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CondensedStatementsOfOperationsAbstract" xlink:to="pall_CondensedStatementsOfOperationsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CondensedStatementsOfOperationsAbstract_lbl0" xml:lang="en-US">Condensed Statements of Operations [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CondensedStatementsOfOperationsAbstract" xlink:to="pall_CondensedStatementsOfOperationsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RevenuesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RevenuesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US">REVENUES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenuesAbstract_lbl0" xml:lang="en-US">REVENUES [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="pall_ValueOfPalladiumTransferredToPayExpenses" xlink:href="pall-20110930.xsd#pall_ValueOfPalladiumTransferredToPayExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ValueOfPalladiumTransferredToPayExpenses_lbl" xml:lang="en-US">Value of Palladium transferred to pay Trust&apos;s expenses during the period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValueOfPalladiumTransferredToPayExpenses" xlink:to="pall_ValueOfPalladiumTransferredToPayExpenses_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ValueOfPalladiumTransferredToPayExpenses_lbl0" xml:lang="en-US">Value of palladium transferred to pay expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValueOfPalladiumTransferredToPayExpenses" xlink:to="pall_ValueOfPalladiumTransferredToPayExpenses_lbl0"/>
    <loc xlink:type="locator" xlink:label="pall_CostOfPalladiumTransferredToPayExpenses" xlink:href="pall-20110930.xsd#pall_CostOfPalladiumTransferredToPayExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CostOfPalladiumTransferredToPayExpenses_lbl" xml:lang="en-US">Cost of Palladium transferred to pay Trust&apos;s expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CostOfPalladiumTransferredToPayExpenses" xlink:to="pall_CostOfPalladiumTransferredToPayExpenses_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="pall_CostOfPalladiumTransferredToPayExpenses_lbl0" xml:lang="en-US">Cost of palladium transferred to pay expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CostOfPalladiumTransferredToPayExpenses" xlink:to="pall_CostOfPalladiumTransferredToPayExpenses_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_GrossProfit" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GrossProfit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GrossProfit_lbl" xml:lang="en-US">Gain on palladium transferred to pay expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares" xlink:href="pall-20110930.xsd#pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Realized gain or loss during the period on palladium distributed for the redemption of Shares.Realized gains or losses are calculated on a trade date basis using average cost.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares" xlink:to="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares_lbl0" xml:lang="en-US">Gain on palladium distributed for the redemption of Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares" xlink:to="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares_lbl0"/>
    <loc xlink:type="locator" xlink:label="pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares" xlink:href="pall-20110930.xsd#pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Unrealized gain or loss during the period on palladium distributed for the redemption of Shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares" xlink:to="pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares_lbl0" xml:lang="en-US">Unrealized gain on palladium</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares" xlink:to="pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares_lbl0"/>
    <loc xlink:type="locator" xlink:label="pall_TotalGainOnPalladium" xlink:href="pall-20110930.xsd#pall_TotalGainOnPalladium"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_TotalGainOnPalladium_lbl" xml:lang="en-US">The net gain or loss in the period on palladium.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TotalGainOnPalladium" xlink:to="pall_TotalGainOnPalladium_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="pall_TotalGainOnPalladium_lbl0" xml:lang="en-US">Total gain on palladium</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TotalGainOnPalladium" xlink:to="pall_TotalGainOnPalladium_lbl0"/>
    <loc xlink:type="locator" xlink:label="pall_ExpensesAbstract" xlink:href="pall-20110930.xsd#pall_ExpensesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_ExpensesAbstract_lbl" xml:lang="en-US">EXPENSES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ExpensesAbstract" xlink:to="pall_ExpensesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ExpensesAbstract_lbl0" xml:lang="en-US">EXPENSES [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ExpensesAbstract" xlink:to="pall_ExpensesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SponsorFees" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SponsorFees"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_SponsorFees_lbl" xml:lang="en-US">Sponsor&#8217;s Fee</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SponsorFees" xlink:to="us-gaap_SponsorFees_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Total expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net gain from operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_EarningsPerShareBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareBasic"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Net gain per Share (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Weighted average number of Shares (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_CondensedStatementsOfCashFlowsAbstract" xlink:href="pall-20110930.xsd#pall_CondensedStatementsOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_CondensedStatementsOfCashFlowsAbstract_lbl" xml:lang="en-US">Condensed Statements of Cash Flows</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CondensedStatementsOfCashFlowsAbstract" xlink:to="pall_CondensedStatementsOfCashFlowsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CondensedStatementsOfCashFlowsAbstract_lbl0" xml:lang="en-US">Condensed Statements of Cash Flows [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CondensedStatementsOfCashFlowsAbstract" xlink:to="pall_CondensedStatementsOfCashFlowsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="pall_IncreaseDecreaseInCashFromOperationsAbstract" xlink:href="pall-20110930.xsd#pall_IncreaseDecreaseInCashFromOperationsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_IncreaseDecreaseInCashFromOperationsAbstract_lbl" xml:lang="en-US">INCREASE / (DECREASE) IN CASH FROM OPERATIONS:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_IncreaseDecreaseInCashFromOperationsAbstract" xlink:to="pall_IncreaseDecreaseInCashFromOperationsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_IncreaseDecreaseInCashFromOperationsAbstract_lbl0" xml:lang="en-US">INCREASE / (DECREASE) IN CASH FROM OPERATIONS: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_IncreaseDecreaseInCashFromOperationsAbstract" xlink:to="pall_IncreaseDecreaseInCashFromOperationsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromCustomers" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromCustomers"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromCustomers_lbl" xml:lang="en-US">Cash proceeds received from transfer of palladium</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromCustomers" xlink:to="us-gaap_ProceedsFromCustomers_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsForOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsForOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PaymentsForOperatingActivities_lbl" xml:lang="en-US">Cash expenses paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForOperatingActivities" xlink:to="us-gaap_PaymentsForOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Increase in cash resulting from operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents at beginning of period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl0" xml:lang="en-US">Cash and cash equivalents at end of period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl0"/>
    <loc xlink:type="locator" xlink:label="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" xlink:href="pall-20110930.xsd#pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_lbl" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" xlink:to="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_lbl0" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" xlink:to="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueOfAssetsAcquired" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueOfAssetsAcquired"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOfAssetsAcquired_lbl" xml:lang="en-US">Value of palladium received for creation of Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOfAssetsAcquired" xlink:to="us-gaap_FairValueOfAssetsAcquired_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_ValueOfPalladiumDistributedForRedemptionOfShares" xlink:href="pall-20110930.xsd#pall_ValueOfPalladiumDistributedForRedemptionOfShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ValueOfPalladiumDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Value of palladium distributed at average cost for the redemption of Shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValueOfPalladiumDistributedForRedemptionOfShares" xlink:to="pall_ValueOfPalladiumDistributedForRedemptionOfShares_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ValueOfPalladiumDistributedForRedemptionOfShares_lbl0" xml:lang="en-US">Value of palladium distributed for redemption of Shares - at average cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValueOfPalladiumDistributedForRedemptionOfShares" xlink:to="pall_ValueOfPalladiumDistributedForRedemptionOfShares_lbl0"/>
    <loc xlink:type="locator" xlink:label="pall_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:href="pall-20110930.xsd#pall_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl" xml:lang="en-US">RECONCILIATION OF NET GAIN TO NET CASH PROVIDED BY OPERATING ACTIVITIES:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:to="pall_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl0" xml:lang="en-US">RECONCILIATION OF NET GAIN TO NET CASH PROVIDED BY OPERATING ACTIVITIES: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:to="pall_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl0" xml:lang="en-US">Net gain from operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl0"/>
    <loc xlink:type="locator" xlink:label="pall_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:href="pall-20110930.xsd#pall_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net gain to net cash provided by operating activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:to="pall_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl0" xml:lang="en-US">Adjustments to reconcile net gain to net cash provided by operating activities: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:to="pall_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl0"/>
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    <loc xlink:type="locator" xlink:label="pall_IncreaseDecreaseInPalladiumAssets" xlink:href="pall-20110930.xsd#pall_IncreaseDecreaseInPalladiumAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_IncreaseDecreaseInPalladiumAssets_lbl" xml:lang="en-US">Net change during the reporting period in the carrying value of palladium.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_IncreaseDecreaseInPalladiumAssets" xlink:to="pall_IncreaseDecreaseInPalladiumAssets_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pall_IncreaseDecreaseInPalladiumAssets_lbl0" xml:lang="en-US">Decrease / (increase) in palladium assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_IncreaseDecreaseInPalladiumAssets" xlink:to="pall_IncreaseDecreaseInPalladiumAssets_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInReceivables_lbl" xml:lang="en-US">(Increase) / decrease in palladium receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInReceivables" xlink:to="us-gaap_IncreaseDecreaseInReceivables_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInOtherAccountsPayable" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOtherAccountsPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherAccountsPayable_lbl" xml:lang="en-US">Increase / (decrease) in palladium payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherAccountsPayable" xlink:to="us-gaap_IncreaseDecreaseInOtherAccountsPayable_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_lbl" xml:lang="en-US">(Decrease) / increase in amounts payable to Sponsor</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_IncreaseDecreaseInRedeemableSharesAbstract" xlink:href="pall-20110930.xsd#pall_IncreaseDecreaseInRedeemableSharesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_IncreaseDecreaseInRedeemableSharesAbstract_lbl" xml:lang="en-US">Increase / (decrease) in redeemable Shares:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_IncreaseDecreaseInRedeemableSharesAbstract" xlink:to="pall_IncreaseDecreaseInRedeemableSharesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_IncreaseDecreaseInRedeemableSharesAbstract_lbl0" xml:lang="en-US">Increase / (decrease) in redeemable Shares: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_IncreaseDecreaseInRedeemableSharesAbstract" xlink:to="pall_IncreaseDecreaseInRedeemableSharesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US">Creations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xml:lang="en-US">Redemptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_SupplementalDisclosureOfNonCashActivitiesAbstract" xlink:href="pall-20110930.xsd#pall_SupplementalDisclosureOfNonCashActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_SupplementalDisclosureOfNonCashActivitiesAbstract_lbl" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_SupplementalDisclosureOfNonCashActivitiesAbstract" xlink:to="pall_SupplementalDisclosureOfNonCashActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_SupplementalDisclosureOfNonCashActivitiesAbstract_lbl0" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_SupplementalDisclosureOfNonCashActivitiesAbstract" xlink:to="pall_SupplementalDisclosureOfNonCashActivitiesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_ValueOfPalladiumTransferredToPayExpenses_lbl1" xml:lang="en-US">Value of palladium transferred to pay expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValueOfPalladiumTransferredToPayExpenses" xlink:to="pall_ValueOfPalladiumTransferredToPayExpenses_lbl1"/>
    <loc xlink:type="locator" xlink:label="pall_CondensedStatementsOfChangesInShareholdersDeficitAbstract" xlink:href="pall-20110930.xsd#pall_CondensedStatementsOfChangesInShareholdersDeficitAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_CondensedStatementsOfChangesInShareholdersDeficitAbstract_lbl" xml:lang="en-US">Condensed Statements of Changes in Shareholders&apos; Deficit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CondensedStatementsOfChangesInShareholdersDeficitAbstract" xlink:to="pall_CondensedStatementsOfChangesInShareholdersDeficitAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CondensedStatementsOfChangesInShareholdersDeficitAbstract_lbl0" xml:lang="en-US">Condensed Statements of Changes in Shareholders&apos; Deficit [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CondensedStatementsOfChangesInShareholdersDeficitAbstract" xlink:to="pall_CondensedStatementsOfChangesInShareholdersDeficitAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl0" xml:lang="en-US">Shareholders&#8217; deficit - opening balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLoss_lbl1" xml:lang="en-US">Net gain for the period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl1"/>
    <loc xlink:type="locator" xlink:label="pall_AdjustmentOfRedeemableSharesToRedemptionValue" xlink:href="pall-20110930.xsd#pall_AdjustmentOfRedeemableSharesToRedemptionValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_AdjustmentOfRedeemableSharesToRedemptionValue_lbl" xml:lang="en-US">Adjustment of redeemable Shares to redemption value.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AdjustmentOfRedeemableSharesToRedemptionValue" xlink:to="pall_AdjustmentOfRedeemableSharesToRedemptionValue_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_AdjustmentOfRedeemableSharesToRedemptionValue_lbl0" xml:lang="en-US">Adjustment of redeemable Shares to redemption value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AdjustmentOfRedeemableSharesToRedemptionValue" xlink:to="pall_AdjustmentOfRedeemableSharesToRedemptionValue_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl1" xml:lang="en-US">Shareholders&#8217; deficit - closing balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl1"/>
    <loc xlink:type="locator" xlink:label="pall_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract" xlink:href="pall-20110930.xsd#pall_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract_lbl" xml:lang="en-US">Organization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract" xlink:to="pall_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_SignificantAccountingPoliciesTextBlockAbstract" xlink:href="pall-20110930.xsd#pall_SignificantAccountingPoliciesTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_SignificantAccountingPoliciesTextBlockAbstract_lbl" xml:lang="en-US">Significant Accounting Policies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_SignificantAccountingPoliciesTextBlockAbstract" xlink:to="pall_SignificantAccountingPoliciesTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_RelatedPartyTransactionsDisclosureTextBlockAbstract" xlink:href="pall-20110930.xsd#pall_RelatedPartyTransactionsDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_RelatedPartyTransactionsDisclosureTextBlockAbstract_lbl" xml:lang="en-US">Related Parties</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RelatedPartyTransactionsDisclosureTextBlockAbstract" xlink:to="pall_RelatedPartyTransactionsDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_ConcentrationRiskDisclosureTextBlockAbstract" xlink:href="pall-20110930.xsd#pall_ConcentrationRiskDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ConcentrationRiskDisclosureTextBlockAbstract_lbl" xml:lang="en-US">Concentration of Risk</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ConcentrationRiskDisclosureTextBlockAbstract" xlink:to="pall_ConcentrationRiskDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Concentration Risk Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_CommitmentsAndContingenciesDisclosureTextBlockAbstract" xlink:href="pall-20110930.xsd#pall_CommitmentsAndContingenciesDisclosureTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CommitmentsAndContingenciesDisclosureTextBlockAbstract_lbl" xml:lang="en-US">Indemnification</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CommitmentsAndContingenciesDisclosureTextBlockAbstract" xlink:to="pall_CommitmentsAndContingenciesDisclosureTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_SubsequentEventsTextBlockAbstract" xlink:href="pall-20110930.xsd#pall_SubsequentEventsTextBlockAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_SubsequentEventsTextBlockAbstract_lbl" xml:lang="en-US">Subsequent Events</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_SubsequentEventsTextBlockAbstract" xlink:to="pall_SubsequentEventsTextBlockAbstract_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SubsequentEventsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SubsequentEventsTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US">Subsequent Events [Text Block]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US">Scenario, Unspecified [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScenarioUnspecifiedDomain" xlink:to="us-gaap_ScenarioUnspecifiedDomain_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementScenarioAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementScenarioAxis_lbl" xml:lang="en-US">Statement, Scenario [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_StatementScenarioAxis_lbl"/>
    <loc xlink:type="locator" xlink:label="pall_DocumentAndEntityInformationAbstract" xlink:href="pall-20110930.xsd#pall_DocumentAndEntityInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document and Entity Information [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_DocumentAndEntityInformationAbstract" xlink:to="pall_DocumentAndEntityInformationAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_IncreaseDecreaseInPalladiumAssets_lbl1" xml:lang="en-US">IncreaseDecreaseInPalladiumAssets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_IncreaseDecreaseInPalladiumAssets" xlink:to="pall_IncreaseDecreaseInPalladiumAssets_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CostOfPalladiumTransferredToPayExpenses_lbl1" xml:lang="en-US">CostOfPalladiumTransferredToPayExpenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CostOfPalladiumTransferredToPayExpenses" xlink:to="pall_CostOfPalladiumTransferredToPayExpenses_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_TotalGainOnPalladium_lbl1" xml:lang="en-US">TotalGainOnPalladium</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TotalGainOnPalladium" xlink:to="pall_TotalGainOnPalladium_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares_lbl1" xml:lang="en-US">UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares" xlink:to="pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_PalladiumPayable_lbl1" xml:lang="en-US">PalladiumPayable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_PalladiumPayable" xlink:to="pall_PalladiumPayable_lbl1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl2" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl2"/>
    <loc xlink:type="locator" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:label="dei_DocumentType" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentType"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl"/>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>pall-20110930_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Wed Nov 09 04:13:16 UTC 2011 -->
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E1GAC"><tr><th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Condensed Statements of Financial Condition (Parentheticals) (USD $)<br /></strong></div></th><th class="th"><div>Sep. 30, 2011</div></th><th class="th"><div>Dec. 31, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_MarketValueOfInvestmentInPalladium', window );">Market value of investment in Palladium (in Dollars)</a></td><td class="nump">$ 480,305,010<span /></td><td class="nump">$ 861,484,476<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_CommonStockSharesAuthorised', window );">Common stock, shares authorized</a></td><td class="text">Unlimited<span /></td><td class="text">Unlimited<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td><td class="nump">7,750,000<span /></td><td class="nump">11,250,000<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td><td class="nump">7,750,000<span /></td><td class="nump">11,250,000<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CommonStockSharesAuthorised"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common stock shares which the Trust is authorised to issue.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_CommonStockSharesAuthorised</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_MarketValueOfInvestmentInPalladium"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Market value of investment in palladium received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_MarketValueOfInvestmentInPalladium</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 30<br /><br /> -Article 5<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.5-02.29)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommonStockSharesIssued</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.3-04)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 505<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 2<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Principles Board Opinion (APB)<br /><br /> -Number 12<br /><br /> -Paragraph 10<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.5-02.29)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 3<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 30<br /><br /> -Article 5<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0ECAAG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Condensed Statements of Operations (USD $)<br /></strong></div></th><th class="th" colspan="2">3 Months Ended</th><th class="th" colspan="2">9 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th><th class="th"><div>Sep. 30, 2010</div></th><th class="th"><div>Sep. 30, 2011</div></th><th class="th"><div>Sep. 30, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>REVENUES</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ValueOfPalladiumTransferredToPayExpenses', window );">Value of palladium transferred to pay expenses</a></td><td class="nump">$ 1,148,249<span /></td><td class="nump">$ 550,980<span /></td><td class="nump">$ 3,704,833<span /></td><td class="nump">$ 1,159,494<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_CostOfPalladiumTransferredToPayExpenses', window );">Cost of palladium transferred to pay expenses</a></td><td class="num">(884,567)<span /></td><td class="num">(544,830)<span /></td><td class="num">(2,773,462)<span /></td><td class="num">(1,118,869)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gain on palladium transferred to pay expenses</a></td><td class="nump">263,682<span /></td><td class="nump">6,150<span /></td><td class="nump">931,371<span /></td><td class="nump">40,625<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares', window );">Gain on palladium distributed for the redemption of Shares</a></td><td class="nump">31,588,619<span /></td><td class="nump">3,534,206<span /></td><td class="nump">85,328,082<span /></td><td class="nump">4,678,808<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares', window );">Unrealized gain on palladium</a></td><td class="nump">0<span /></td><td class="nump">14,802,112<span /></td><td class="nump">0<span /></td><td class="nump">0<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_TotalGainOnPalladium', window );">Total gain on palladium</a></td><td class="nump">31,852,301<span /></td><td class="nump">18,342,468<span /></td><td class="nump">86,259,453<span /></td><td class="nump">4,719,433<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ExpensesAbstract', window );"><strong>EXPENSES</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor&#x2019;s Fee</a></td><td class="nump">1,037,809<span /></td><td class="nump">564,314<span /></td><td class="nump">3,532,504<span /></td><td class="nump">1,355,068<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td><td class="nump">1,037,809<span /></td><td class="nump">564,314<span /></td><td class="nump">3,532,504<span /></td><td class="nump">1,355,068<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net gain from operations</a></td><td class="nump">$ 30,814,492<span /></td><td class="nump">$ 17,778,154<span /></td><td class="nump">$ 82,726,949<span /></td><td class="nump">$ 3,364,365<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Net gain per Share (in Dollars per share)</a></td><td class="nump">$ 3.26<span /></td><td class="nump">$ 2.35<span /></td><td class="nump">$ 7.97<span /></td><td class="nump">$ 0.54<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of Shares (in Shares)</a></td><td class="nump">9,453,804<span /></td><td class="nump">7,567,935<span /></td><td class="nump">10,382,234<span /></td><td class="nump">6,236,081<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CostOfPalladiumTransferredToPayExpenses"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost of Palladium transferred to pay Trust's expenses.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_CostOfPalladiumTransferredToPayExpenses</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ExpensesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_ExpensesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Realized gain or loss during the period on palladium distributed for the redemption of Shares.Realized gains or losses are calculated on a trade date basis using average cost.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_TotalGainOnPalladium"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net gain or loss in the period on palladium.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_TotalGainOnPalladium</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrealized gain or loss during the period on palladium distributed for the redemption of Shares.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_UnrealizedGainLossOnPalladiumDistributedForRedemptionOfShares</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ValueOfPalladiumTransferredToPayExpenses"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of Palladium transferred to pay Trust's expenses during the period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_ValueOfPalladiumTransferredToPayExpenses</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 260<br /><br /> -SubTopic 10<br /><br /> -Section 55<br /><br /> -Paragraph 52<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6945512&amp;loc=d3e4984-109258<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Emerging Issues Task Force (EITF)<br /><br /> -Number 07-4<br /><br /> -Paragraph 4<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Article 5<br /><br /> -Section 03<br /><br /> -Paragraph 20<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 944<br /><br /> -SubTopic 225<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.7-04.19)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Article 7<br /><br /> -Paragraph 18<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 942<br /><br /> -SubTopic 225<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.9-04.23)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 128<br /><br /> -Paragraph 36, 37, 38<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 260<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 1<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br /><br /><br /><br />Reference 9: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 225<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (SX 210.5-03.21)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br /><br /><br /><br />Reference 10: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 21<br /><br /> -Article 9<br /><br /><br /><br />Reference 11: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 260<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 2<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_EarningsPerShareBasic</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>num:perShareItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 225<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (SX 210.5-03.1,2)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_GrossProfit</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 944<br /><br /> -SubTopic 225<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.7-04.22)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 225<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (SX 210.5-03.18)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph a<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 260<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 1<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 220<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 6<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph A7<br /><br /> -Appendix A<br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 130<br /><br /> -Paragraph 10, 15<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 9: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Other Comprehensive Income<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br /><br /><br /><br />Reference 10: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph d<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 11: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Emerging Issues Task Force (EITF)<br /><br /> -Number 87-21<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 12: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Net Income<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br /><br /><br /><br />Reference 13: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 944<br /><br /> -SubTopic 225<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.7-04.19)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br /><br /><br /><br />Reference 14: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Article 5<br /><br /> -Section 03<br /><br /> -Paragraph 19<br /><br /><br /><br />Reference 15: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28, 29, 30<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 16: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 04<br /><br /> -Paragraph 20<br /><br /> -Article 9<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetIncomeLoss</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OperatingExpenses</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_RevenuesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SponsorFees"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fees paid to advisors who provide certain management support and administrative oversight services including the organization and sale of stock, investment funds, limited partnerships and mutual funds.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 225<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (SX 210.5-03.3)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_SponsorFees</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 260<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 260<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 10<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1448-109256<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 128<br /><br /> -Paragraph 171<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Weighted-Average Number of Common Shares Outstanding<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 128<br /><br /> -Paragraph 40<br /><br /> -Subparagraph a<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 128<br /><br /> -Paragraph 8<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Emerging Issues Task Force (EITF)<br /><br /> -Number 07-4<br /><br /> -Paragraph 4<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E4KAE"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information<br /></strong></div></th><th class="th" colspan="1">9 Months Ended</th><th class="th" colspan="1" /></tr><tr><th class="th"><div>Sep. 30, 2011</div></th><th class="th"><div>Nov. 07, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td><td class="text">ETFS PALLADIUM TRUST<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td><td class="text">10-Q<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td><td class="text">--12-31<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td><td class="text">&#xA0;<span /></td><td class="nump">6,800,000<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td><td class="text">false<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td><td class="text">0001459862<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td><td class="text">Yes<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td><td class="text">No<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td><td class="text">Non-accelerated Filer<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td><td class="text">Yes<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td><td class="text">Sep. 30,
         2011<span /></td><td class="text"><span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td><td class="text">2011<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td><td class="text">Q3<span /></td><td class="text">&#xA0;<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document as an amendment to previously-filed/accepted document.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_AmendmentFlag</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:booleanItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_CurrentFiscalYearEndDate</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:gMonthDayItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>dei:fiscalPeriodItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_DocumentFiscalYearFocus</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:gYearItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_DocumentPeriodEndDate</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:dateItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, and Other.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_DocumentType</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>dei:submissionTypeItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation 12B<br /><br /> -Number 240<br /><br /> -Section 12b<br /><br /> -Subsection 1<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityCentralIndexKey</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>dei:centralIndexKeyItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:sharesItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityCurrentReportingStatus</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>dei:yesNoItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityFilerCategory</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>dei:filerCategoryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation 12B<br /><br /> -Number 240<br /><br /> -Section 12b<br /><br /> -Subsection 1<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityRegistrantName</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:normalizedStringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityVoluntaryFilers</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>dei:yesNoItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>dei</td></tr><tr><td><strong> Data Type:</strong></td><td>dei:yesNoItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_DocumentAndEntityInformationAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_DocumentAndEntityInformationAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0ELG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Events<br /></strong></div></th><th class="th" colspan="1">9 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Subsequent Events [Text Block]</a></td><td class="text"><p align="justify">

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      <font size="2">In accordance with the provisions set forth in

      FASB ASC 855-10, <i>Subsequent Events</i>, the Trust&#8217;s

      management has evaluated the possibility of subsequent events

      existing in the Trust&#8217;s financial statements through the

      filing date. During this period, no material subsequent

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      <font size="2">The preparation of financial statements in

      accordance with accounting principles generally accepted in

      the United States of America 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

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      <font size="2"><i><b>2.1. Valuation of

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      <font size="2">Palladium is held by JPMorgan Chase Bank, N.A.

      (the &#8220;Custodian&#8221;) on behalf of the Trust, and is

      valued for financial statement purposes, at the lower of cost

      or market. The cost of palladium is determined according to

      the average cost method and the market value is based on the

      London PM Fix used to determine the net asset value (the

      &#8220;NAV&#8221;) of the Trust. Realized gains and losses on

      transfers of palladium, or palladium distributed for the

      redemption of Shares, are calculated on a trade date basis

      using average cost. The London PM Fix is the afternoon

      session of the twice daily fix of the price of an ounce of

      palladium which starts at 2:00 PM London, England time and is

      performed in London by the four members of the London

      Platinum and Palladium Market.</font>

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      <font size="2">Once the value of palladium has been

      determined, the NAV is computed by the Trustee by deducting

      all accrued fees and other liabilities of the Trust,

      including the remuneration due to the Sponsor (the

      &#8220;Sponsor&#8217;s Fee&#8221;), from the fair value of the

      palladium and all other assets held by the Trust.</font>

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      <font size="2">The table below summarizes the unrealized

      gains on the Trust&#8217;s palladium holdings as of September

      30, 2011 and December 31, 2010:</font>

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            <font size="2"><b>September 30, 2011</b></font>

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            <font size="1">&#160;</font>

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          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">Investment in palladium - average

            cost</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">466,866,592</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">597,199,695</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p>

            <font size="2">Unrealized gain on investment in

            palladium</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">13,438,418</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">264,284,781</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">Investment in palladium - market

            value</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">480,305,010</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">861,484,476</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

    </table><br/><p align="justify">

      <font size="2">The Trust recognizes the diminution in value

      of the investment in palladium which arises from market

      declines on an interim basis. Increases in the value of the

      investment in palladium through market price recoveries in

      later interim periods of the same fiscal year are recognized

      in the later interim period. Increases in value recognized on

      an interim basis may not exceed the previously recognized

      diminution in value.</font>

    </p><br/><p align="justify">

      <font size="2">The per Share amount of palladium exchanged

      for a purchase or redemption is calculated daily by the

      Trustee, using the London PM Fix 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.</font>

    </p><br/><p>

      <font size="2"><b>2.2. <i>Palladium Receivable and

      Payable</i></b></font>

    </p><br/><p align="justify">

      <font size="2">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&#8217;s account. Generally, ownership of the palladium

      is transferred within three business days of the trade date.

      Palladium receivable or payable at September 30, 2011 and

      December 31, 2010 is set out below:</font>

    </p><br/><table border="0" cellspacing="0" cellpadding="0" width="100%">

      <tr>

        <td width="75%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>September 30, 2011</b></font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>December 31, 2010</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p>

            <font size="2">Palladium receivable</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">23,590,861</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p>

            <font size="2">Palladium payable</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">9,114,828</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

    </table><br/><p>

      <font size="2"><b>2.3. <i>Creations and Redemptions of

      Shares</i></b></font>

    </p><br/><p align="justify">

      <font size="2">The Trust expects to create and redeem Shares

      from time to time, but only in one or more Baskets. 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, (3) has

      entered into an Authorized Participant Agreement with the

      Trustee, and (4) has established an Authorized Participant

      Unallocated Account with the Trust&#8217;s Custodian. 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 clearing bank by an Authorized

      Participant.</font>

    </p><br/><p align="justify">

      <font size="2">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.</font>

    </p><br/><p align="justify">

      <font size="2">Authorized Participants may, on any business

      day, place an order with the Trustee to create or redeem one

      or more Baskets. The typical settlement period for Shares is

      three 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.</font>

    </p><br/><p align="justify">

      <font size="2">The amount of bullion represented by the

      Baskets created or redeemed can only be settled to the

      nearest 1/1000<sup>th</sup> of an ounce. As a result, the

      value attributed to the creation or redemption of Shares may

      differ from the value of bullion to be delivered or

      distributed by the Trust. In order to ensure that the correct

      metal is available at all times to back the Shares, the

      Sponsor accepts an adjustment to its management fees in the

      event of any shortfall or excess. For each transaction, this

      amount is not more than 1/1000<sup>th</sup> of an

      ounce.</font>

    </p><br/><p align="justify">

      <font size="2">The Shares of the Trust are classified as

      &#8220;Redeemable Capital Shares&#8221; for financial statement

      purposes, since they are subject to redemption at the option

      of Authorized Participants. Outstanding Shares are reflected

      at redemption value, which represents the maximum obligation

      (based on NAV per Share), with the difference from historical

      cost recorded as an offsetting amount to retained earnings.

      Changes in the Shares for the nine months ended September 30,

      2011 and for the period from December 30, 2009 (the

      &#8220;Date of Inception&#8221;) through December 31, 2010 are

      set out below:</font>

    </p><br/><table border="0" cellspacing="0" cellpadding="0" width="100%">

      <tr>

        <td width="75%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Period</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Nine months</b></font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>December 30, 2009*</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Ended</b></font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Through</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>September 30, 2011</b></font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>December 31, 2010</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2"><u><b>Number of redeemable

            Shares</b></u></font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Opening balance</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">11,250,000</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Creations</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">2,100,000</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">13,050,000</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Redemptions</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(5,600,000</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(1,800,000</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Closing balance</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">7,750,000</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">11,250,000</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2"><u><b>Redeemable Shares</b></u></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Opening balance</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">884,637,847</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Creations</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">167,166,366</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">709,715,700</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Redemptions</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(412,759,780</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(102,026,579</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Adjustment to redemption value</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(168,119,414</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">276,948,726</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Closing balance</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">470,925,019</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">884,637,847</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Redemption value per Share at period

            end</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">60.76</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">78.63</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

    </table><br/><table border="0" cellspacing="0" cellpadding="0" width="100%">

      <tr style="FONT-SIZE:1PX">

        <td width="55%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="3%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="13%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="3%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="13%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

      </tr>

      <tr>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2"><i>* Date of inception</i></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

    </table><br/><p>

      <font size="2"><i><b>2.4. Revenue Recognition

      Policy</b></i></font>

    </p><br/><p align="justify">

      <font size="2">The primary expense of the Trust is the

      Sponsor&#8217;s Fee, which is paid by the Trust through

      in-kind transfers of palladium to the Sponsor. 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&#8217;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&#8217;s holdings of assets other than

      palladium.</font>

    </p><br/><p align="justify">

      <font size="2">Unless otherwise directed by the Sponsor, when

      selling palladium the Trustee will endeavor to sell at the

      price established by the London PM Fix. 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 London PM Fix 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.</font>

    </p><br/><p align="justify">

      <font size="2"><b>2.5. <i>Income Taxes</i></b></font>

    </p><br/><p align="justify">

      <font size="2">The Trust is classified as a &#8220;grantor

      trust&#8221; 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&#8217;s income and expenses

      will &#8220;flow through&#8221; to the Shareholders, and the

      Trustee will report the Trust&#8217;s proceeds, income,

      deductions, gains, and losses to the Internal Revenue Service

      on that basis.</font>

    </p><br/><p align="justify">

      <font size="2">The Trust has adopted Financial Accounting

      Standards Board (&#8220;FASB&#8221;) Accounting Standards

      Codification (&#8220;ASC&#8221;) 740-10, <i>Income Taxes</i>.

      The Sponsor has evaluated the application of ASC 740 to the

      Trust, to determine whether or not there are uncertain tax

      positions that require financial statement recognition. Based

      on this evaluation, the Trust has determined no reserves for

      uncertain tax positions are required to be recorded as a

      result of the application of ASC 740. As a result, no income

      tax liability or expense has been recorded in the

      accompanying financial statements.</font>

    </p><br/><p align="justify">

      <font size="2"><b>2.6. <i>Investment in

      Palladium</i></b></font>

    </p><br/><p align="justify">

      <font size="2">Changes in ounces of palladium and the

      respective values for the nine months ended September 30,

      2011 and for the period from December 30, 2009 (the

      &#8220;Date of Inception&#8221;) through December 31, 2010 are

      set out below:</font>

    </p><br/><table border="0" cellspacing="0" cellpadding="0" width="100%">

      <tr>

        <td width="75%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Period</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Nine months</b></font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>December 30, 2009*</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Ended</b></font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Through</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>September 30, 2011</b></font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>December 31, 2010</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2"><u><b>Ounces of palladium</b></u></font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Opening balance</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">1,089,108.1</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Creations (excluding palladium

            receivable at September 30, 2011 - 0 and at December

            31, 2010 - 29,824.1 respectively)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">238,310.9</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">1,272,055.2</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Redemptions (excluding palladium payable

            at September 30, 2011 - 14,845.0 and at December 31,

            2010 - 0, respectively)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(540,400.5</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(179,276.9</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Transfers of palladium</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(4,762.7</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(3,670.2</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Closing balance</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">782,255.8</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">1,089,108.1</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2"><u><b>Investment in palladium (lower of

            cost or market)</b></u></font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Opening balance</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">597,199,695</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Creations (excluding palladium

            receivable at September 30, 2011 - $0 and at December

            31, 2010 - $23,590,861 respectively)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">190,757,227</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">686,119,618</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Redemptions (excluding palladium payable

            at September 30, 2011 - $9,114,828 and at December 31,

            2010 - $0, respectively)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(318,316,868</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(87,202,088</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Transfers of palladium</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(2,773,462</font>

          </p>

        </td>

        <td width="5%" valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(1,717,835</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Closing balance</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">466,866,592</font>

          </p>

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">597,199,695</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td width="75%" valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td width="5%" valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

    </table><br/><table border="0" cellspacing="0" cellpadding="0" width="100%">

      <tr style="FONT-SIZE:1PX">

        <td width="55%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="3%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="13%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="3%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="13%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

      </tr>

      <tr>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="top">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2"><i>* Date of inception</i></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

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      <font size="2"><b>2.7. <i>Expenses</i></b></font>

    </p><br/><p align="justify">

      <font size="2">The Trust will transfer palladium to pay the

      Sponsor&#8217;s Fee that will accrue daily at an annualized

      rate equal to 0.60% of the adjusted net asset value

      (&#8220;ANAV&#8221;) of the Trust, paid monthly in

      arrears.</font>

    </p><br/><p align="justify">

      <font size="2">The Sponsor has agreed to assume

      administrative and marketing expenses incurred by the Trust,

      including the Trustee&#8217;s monthly fee and out of pocket

      expenses, the Custodian&#8217;s fee and the reimbursement of

      the Custodian&#8217;s expenses, exchange listing fees, United

      States Securities and Exchange Commission (the

      &#8220;SEC&#8221;) registration fees, printing and mailing

      costs, audit fees and certain legal expenses.</font>

    </p><br/><p align="justify">

      <font size="2">For the three months ended September 30, 2011

      and September 30, 2010 the Sponsor&#8217;s Fee was $1,037,809

      and $564,314 respectively. For the nine months ended

      September 30, 2011 and September 30, 2010 the Sponsor&#8217;s

      Fee was $3,532,504 and $1,355,068 respectively. At September

      30, 2011 and at December 31, 2010 the fees payable to the

      Sponsor were $265,163 and $437,490 respectively.</font>

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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E6CAC"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Condensed Statements of Changes in Shareholders' Deficit (USD $)<br /></strong></div></th><th class="th" colspan="1">9 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Shareholders&#x2019; deficit - opening balance</a></td><td class="num">$ (264,284,781)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net gain for the period</a></td><td class="nump">82,726,949<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_AdjustmentOfRedeemableSharesToRedemptionValue', window );">Adjustment of redeemable Shares to redemption value</a></td><td class="nump">168,119,414<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Shareholders&#x2019; 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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0ELG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Parties<br /></strong></div></th><th class="th" colspan="1">9 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Party Transactions Disclosure [Text Block]</a></td><td class="text"><p align="justify">

      <font size="2"><b>3. Related Parties</b></font>

    </p><br/><p align="justify">

      <font size="2">The Sponsor and the Trustee are considered to

      be related parties to the Trust. The Trustee&#8217;s fee is

      paid by the Sponsor and is not a separate expense of the

      Trust. The Trustee and the Custodian and their affiliates may

      from time to time act as Authorized Participants or purchase

      or sell palladium or Shares for their own account, as agent

      for their customers and for accounts over which they exercise

      investment discretion.</font>

    </p><br/><span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 235<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.4-08.(k))<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Article 3A<br /><br /> -Section 04<br /><br /> -Paragraph b<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 57<br /><br /> -Paragraph 1-4<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 850<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 5<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Article 4<br /><br /> -Section 08<br /><br /> -Paragraph k<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 850<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 6<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 850<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 1<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 850<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 4<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br /><br /><br /><br />Reference 9: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 850<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 3<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_RelatedPartyTransactionsDisclosureTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>nonnum:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0ELG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Concentration of Risk<br /></strong></div></th><th class="th" colspan="1">9 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskDisclosureTextBlock', window );">Concentration Risk Disclosure [Text Block]</a></td><td class="text"><p align="justify">

      <font size="2"><b>4. Concentration of Risk</b></font>

    </p><br/><p align="justify">

      <font size="2">The Trust&#8217;s sole business activity is the

      investment in palladium, and substantially all the

      Trust&#8217;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 forward selling by

      palladium producers, purchases made by palladium producers to

      unwind palladium hedge positions, central bank purchases and

      sales, and production and cost levels in major

      palladium-producing countries; (ii) investors&#8217;

      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. 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&#8217;s

      financial position and results of operations.</font>

    </p><br/><span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskDisclosureTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 275<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 20<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6404-108592<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Statement of Position (SOP)<br /><br /> -Number 94-6<br /><br /> -Paragraph 21, 22, 24<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 825<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 21<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13537-108611<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 107<br /><br /> -Paragraph 15A<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 275<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 21<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6442-108592<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 825<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 20<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13531-108611<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 275<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 16<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6327-108592<br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 275<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 18<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6351-108592<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_ConcentrationRiskDisclosureTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>nonnum:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0ELG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Indemnification<br /></strong></div></th><th class="th" colspan="1">9 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Commitments and Contingencies Disclosure [Text Block]</a></td><td class="text"><p align="justify">

      <font size="2"><b>5. Indemnification</b></font>

    </p><br/><p align="justify">

      <font size="2">Under the Trust&#8217;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 or

      willful misconduct on its part and without reckless disregard

      on its part of its obligations and duties under the

      Trust&#8217;s organizational documents. The Trust&#8217;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.</font>

    </p><br/><span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 450<br /><br /> -SubTopic 20<br /><br /> -Section 50<br /><br /> -Paragraph 4<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14435-108349<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 460<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 8<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6398077&amp;loc=d3e12565-110249<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name FASB Interpretation (FIN)<br /><br /> -Number 14<br /><br /> -Paragraph 3<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 440<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 2<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 5<br /><br /> -Paragraph 9, 10, 11, 12<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.5-02.25)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 825<br /><br /> -SubTopic 20<br /><br /> -Section 50<br /><br /> -Paragraph 1<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CommitmentsAndContingenciesDisclosureTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>nonnum:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0EM1AG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Condensed Statements of Cash Flows (USD $)<br /></strong></div></th><th class="th" colspan="2">3 Months Ended</th><th class="th" colspan="2">9 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th><th class="th"><div>Sep. 30, 2010</div></th><th class="th"><div>Sep. 30, 2011</div></th><th class="th"><div>Sep. 30, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_IncreaseDecreaseInCashFromOperationsAbstract', window );"><strong>INCREASE / (DECREASE) IN CASH FROM OPERATIONS:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromCustomers', window );">Cash proceeds received from transfer of palladium</a></td><td class="nump">$ 0<span /></td><td class="nump">$ 0<span /></td><td class="nump">$ 0<span /></td><td class="nump">$ 0<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForOperatingActivities', window );">Cash expenses paid</a></td><td class="nump">0<span /></td><td class="nump">0<span /></td><td class="nump">0<span /></td><td class="nump">0<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Increase in cash resulting from operations</a></td><td class="nump">0<span /></td><td class="nump">0<span /></td><td class="nump">0<span /></td><td class="nump">0<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of period</a></td><td class="nump">0<span /></td><td class="nump">0<span /></td><td class="nump">0<span /></td><td class="nump">0<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of period</a></td><td class="nump">0<span /></td><td class="nump">0<span /></td><td class="nump">0<span /></td><td class="nump">0<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfAssetsAcquired', window );">Value of palladium received for creation of Shares</a></td><td class="nump">15,395,978<span /></td><td class="nump">11,111,712<span /></td><td class="nump">190,757,227<span /></td><td class="nump">392,151,991<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ValueOfPalladiumDistributedForRedemptionOfShares', window );">Value of palladium distributed for redemption of Shares - at average cost</a></td><td class="nump">141,749,879<span /></td><td class="nump">50,889,577<span /></td><td class="nump">318,316,868<span /></td><td class="nump">60,083,016<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract', window );"><strong>RECONCILIATION OF NET GAIN TO NET CASH PROVIDED BY OPERATING ACTIVITIES:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net gain from operations</a></td><td class="nump">30,814,492<span /></td><td class="nump">17,778,154<span /></td><td class="nump">82,726,949<span /></td><td class="nump">3,364,365<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net gain to net cash provided by operating activities:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_IncreaseDecreaseInPalladiumAssets', window );">Decrease / (increase) in palladium assets</a></td><td class="nump">127,238,467<span /></td><td class="nump">25,520,584<span /></td><td class="nump">130,333,103<span /></td><td class="num">(330,950,107)<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInReceivables', window );">(Increase) / decrease in palladium receivable</a></td><td class="nump">0<span /></td><td class="num">(25,403,620)<span /></td><td class="nump">23,590,861<span /></td><td class="num">(25,403,620)<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherAccountsPayable', window );">Increase / (decrease) in palladium payable</a></td><td class="nump">9,114,828<span /></td><td class="num">(11,118,058)<span /></td><td class="nump">9,114,828<span /></td><td class="nump">0<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties', window );">(Decrease) / increase in amounts payable to Sponsor</a></td><td class="num">(110,441)<span /></td><td class="nump">12,797<span /></td><td class="num">(172,327)<span /></td><td class="nump">193,993<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_IncreaseDecreaseInRedeemableSharesAbstract', window );"><strong>Increase / (decrease) in redeemable Shares:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Creations</a></td><td class="nump">15,395,978<span /></td><td class="nump">36,516,298<span /></td><td class="nump">167,166,366<span /></td><td class="nump">417,557,499<span /></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Redemptions</a></td><td class="num">(182,453,324)<span /></td><td class="num">(43,306,155)<span /></td><td class="num">(412,759,780)<span /></td><td class="num">(64,762,130)<span /></td></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td><td class="nump">0<span /></td><td class="nump">0<span /></td><td class="nump">0<span /></td><td class="nump">0<span /></td></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_SupplementalDisclosureOfNonCashActivitiesAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:</strong></a></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td><td class="text">&#xA0;<span /></td></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ValueOfPalladiumTransferredToPayExpenses', window );">Value of palladium transferred to pay expenses</a></td><td class="nump">$ 1,148,249<span /></td><td class="nump">$ 550,980<span /></td><td class="nump">$ 3,704,833<span /></td><td class="nump">$ 1,159,494<span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_IncreaseDecreaseInCashFromOperationsAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_IncreaseDecreaseInCashFromOperationsAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_IncreaseDecreaseInPalladiumAssets"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net change during the reporting period in the carrying value of palladium.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_IncreaseDecreaseInPalladiumAssets</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_IncreaseDecreaseInRedeemableSharesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_IncreaseDecreaseInRedeemableSharesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period 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Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ValueOfPalladiumDistributedForRedemptionOfShares"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of palladium distributed at average cost for the redemption of Shares.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_ValueOfPalladiumDistributedForRedemptionOfShares</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ValueOfPalladiumTransferredToPayExpenses"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of Palladium transferred to pay Trust's expenses during the period.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_ValueOfPalladiumTransferredToPayExpenses</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.5-02.1)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher SEC<br /><br /> -Name Regulation S-X (SX)<br /><br /> -Number 210<br /><br /> -Section 02<br /><br /> -Paragraph 1<br /><br /> -Article 5<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 7<br /><br /> -Footnote 1<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 4<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 8, 9<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 6: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 210<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br /><br /><br /><br />Reference 7: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Cash<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 7, 26<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 9: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Glossary Cash Equivalents<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 26<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 24<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOfAssetsAcquired"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of assets acquired in noncash investing or financing activities.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 5<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 32<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 4<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 3<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_FairValueOfAssetsAcquired</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the obligations due for goods and services provided by the following types of related parties: a parent company and its subsidiaries, subsidiaries of a common parent, an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management, an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherAccountsPayable"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in other obligations due by the reporting entity that are payable within one year (or one business cycle), not otherwise defined in the taxonomy.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInOtherAccountsPayable</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInReceivables"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -Subparagraph (a)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_IncreaseDecreaseInReceivables</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 24<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 25<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 28<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 95<br /><br /> -Paragraph 26<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 5: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 944<br /><br /> -SubTopic 225<br /><br /> -Section S99<br /><br /> -Paragraph 1<br /><br /> -Subparagraph (SX 210.7-04.22)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 230<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 28<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 225<br /><br /> -SubTopic 10<br /><br /> -Section S99<br /><br /> -Paragraph 2<br /><br /> -Subparagraph (SX 210.5-03.18)<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 38<br /><br /> -Subparagraph a<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0ELG"><tr><th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization<br /></strong></div></th><th class="th" colspan="1">9 Months Ended</th></tr><tr><th class="th"><div>Sep. 30, 2011</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</a></td><td class="text"><p>

      <font size="2"><b>1. Organization</b></font>

    </p><br/><p align="justify">

      <font size="2">The ETFS Palladium Trust (the

      &#8220;Trust&#8221;) is an investment trust formed on December

      30, 2009 (the &#8220;Date of Inception&#8221;) under New York

      law pursuant to a depository trust agreement (the &#8220;Trust

      Agreement&#8221;) executed by ETF Securities USA LLC (the

      &#8220;Sponsor&#8221;) and the Bank of New York Mellon (the

      &#8220;Trustee&#8221;) at the time of the Trust&#8217;s

      organization. The Trust holds palladium bullion and issues

      shares (&#8220;Shares&#8221;) (in minimum blocks of 50,000

      Shares, also referred to as &#8220;Baskets&#8221;) in exchange

      for deposits of palladium and distributes palladium in

      connection with the redemption of Baskets. 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 ETF Securities Limited, a Jersey,

      Channel Islands based company. The Trust is governed by the

      Trust Agreement.</font>

    </p><br/><p align="justify">

      <font size="2">The investment objective of the Trust is for

      the Shares to reflect the performance of the price of

      palladium, less the Trust&#8217;s expenses and liabilities.

      The Trust is designed to provide an individual owner of

      beneficial interests in the Shares (a

      &#8220;Shareholder&#8221;) an opportunity to participate in the

      palladium market through an investment in securities. The

      fiscal year end for the Trust is December 31.</font>

    </p><br/><p align="justify">

      <font size="2">The accompanying unaudited financial

      statements were prepared in accordance with the accounting

      principles generally accepted in the United States of America

      for interim financial information and with the instructions

      for the Form 10-Q. In the opinion of management of the

      Sponsor, all adjustments (which include normal recurring

      adjustments) necessary to present fairly the financial

      position, results of operations and cash flows as of and for

      the three and nine months ended September 30, 2011 and for

      all periods presented have been made.</font>

    </p><br/><p align="justify">

      <font size="2">Certain information and footnote disclosures

      normally included in financial statements prepared in

      accordance with accounting principles generally accepted in

      the United States of America have been condensed or omitted.

      These condensed financial statements should be read in

      conjunction with the Trust&#8217;s Annual Report on Form 10-K

      for the fiscal year ended December 31, 2010. The results of

      operations for the three and nine months ended September 30,

      2011 are not necessarily indicative of the operating results

      for the full year.</font>

    </p><br/><span /></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 720<br /><br /> -SubTopic 15<br /><br /> -URI http://asc.fasb.org/subtopic&amp;trid=2122524<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 810<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 1<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6921930&amp;loc=d3e5614-111684<br /><br /><br /><br />Reference 3: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 810<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 8<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6970148&amp;loc=SL6228881-111685<br /><br /><br /><br />Reference 4: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Name Statement of Position (SOP)<br /><br /> -Publisher AICPA<br /><br /> -Number 94-6<br /><br /> -Paragraph 10<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 8: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Name FASB Interpretation (FIN)<br /><br /> -Publisher FASB<br /><br /> -Number 46R<br /><br /> -Paragraph 4, 14, 15<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 9: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 852<br /><br /> -SubTopic 10<br /><br /> -URI http://asc.fasb.org/subtopic&amp;trid=2209116<br /><br /><br /><br />Reference 10: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 275<br /><br /> -SubTopic 10<br /><br /> -URI http://asc.fasb.org/subtopic&amp;trid=2134480<br /><br /><br /><br />Reference 11: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher AICPA<br /><br /> -Name Accounting Research Bulletin (ARB)<br /><br /> -Number 51<br /><br /> -Paragraph 2-6<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br /><br /><br /><br />Reference 12: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 915<br /><br /> -SubTopic 235<br /><br /> -Section 50<br /><br /> -Paragraph 1<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6472506&amp;loc=d3e38932-110933<br /><br /><br /><br />Reference 13: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 205<br /><br /> -SubTopic 10<br /><br /> -URI http://asc.fasb.org/subtopic&amp;trid=2122150<br /><br /><br /><br />Reference 14: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 205<br /><br /> -SubTopic 10<br /><br /> -Section 45<br /><br /> -Paragraph 3<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6359553&amp;loc=d3e288-107754<br /><br /><br /><br />Reference 15: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 235<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 3<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br /><br /><br /><br />Reference 16: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 810<br /><br /> -SubTopic 10<br /><br /> -URI http://asc.fasb.org/subtopic&amp;trid=2197480<br /><br /><br /><br /></p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>us-gaap</td></tr><tr><td><strong> Data Type:</strong></td><td>nonnum:textBlockItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table></div></body></html>
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<?xml version="1.0" encoding="us-ascii"?><html><head><link rel="StyleSheet" type="text/css" href="report.css" /><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head><body><span style="display: none;">v2.3.0.15</span><table class="report" border="0" cellspacing="2" id="ID0E5GAE"><tr><th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Condensed Statements of Financial Condition (USD $)<br /></strong></div></th><th class="th" colspan="2"><div>Sep. 30, 2011</div></th><th class="th" colspan="2"><div>Dec. 31, 2010</div></th></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS</strong></a></td><td class="text">&#xA0;<span /></td><td class="fn" style="border-bottom: 0px;" /><td class="text">&#xA0;<span /></td><td class="fn" style="border-bottom: 0px;" /></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_InvestmentInPalladium', window );">Investment in palladium (1)</a></td><td class="nump">$ 466,866,592<span /></td><td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td><td class="nump">$ 597,199,695<span /></td><td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesNetCurrent', window );">Palladium receivable</a></td><td class="nump">0<span /></td><td class="fn" style="border-bottom: 0px;" /><td class="nump">23,590,861<span /></td><td class="fn" style="border-bottom: 0px;" /></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td><td class="nump">466,866,592<span /></td><td class="fn" style="border-bottom: 0px;" /><td class="nump">620,790,556<span /></td><td class="fn" style="border-bottom: 0px;" /></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>LIABILITIES</strong></a></td><td class="text">&#xA0;<span /></td><td class="fn" style="border-bottom: 0px;" /><td class="text">&#xA0;<span /></td><td class="fn" style="border-bottom: 0px;" /></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableRelatedPartiesCurrent', window );">Accounts payable to Sponsor</a></td><td class="nump">265,163<span /></td><td class="fn" style="border-bottom: 0px;" /><td class="nump">437,490<span /></td><td class="fn" style="border-bottom: 0px;" /></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_PalladiumPayable', window );">Palladium payable</a></td><td class="nump">9,114,828<span /></td><td class="fn" style="border-bottom: 0px;" /><td class="nump">0<span /></td><td class="fn" style="border-bottom: 0px;" /></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td><td class="nump">9,379,991<span /></td><td class="fn" style="border-bottom: 0px;" /><td class="nump">437,490<span /></td><td class="fn" style="border-bottom: 0px;" /></tr><tr class="re"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_RedeemableSharesAbstract', window );"><strong>REDEEMABLE SHARES</strong></a></td><td class="text">&#xA0;<span /></td><td class="fn" style="border-bottom: 0px;" /><td class="text">&#xA0;<span /></td><td class="fn" style="border-bottom: 0px;" /></tr><tr class="ro"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Shares at redemption value to investors (2)</a></td><td class="nump">470,925,019<span /></td><td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td><td class="nump">884,637,847<span /></td><td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td></tr><tr class="reu"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Shareholders&#x2019; deficit</a></td><td class="num">(13,438,418)<span /></td><td class="fn" style="border-bottom: 0px;" /><td class="num">(264,284,781)<span /></td><td class="fn" style="border-bottom: 0px;" /></tr><tr class="rou"><td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities, redeemable Shares &amp; shareholders&#x2019; deficit</a></td><td class="nump">$ 466,866,592<span /></td><td class="fn" style="border-bottom: 0px;" /><td class="nump">$ 620,790,556<span /></td><td class="fn" style="border-bottom: 0px;" /></tr><tr><td colspan="5" /></tr><tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote"><td style="vertical-align: top;" valign="top">[1]</td><td style="vertical-align: top;" valign="top">The market value of investment in palladium at September 30, 2011 was $480,305,010 and at December 31, 2010 was $861,484,476.</td></tr><tr class="outerFootnote"><td style="vertical-align: top;" valign="top">[2]</td><td style="vertical-align: top;" valign="top">Authorized share capital is unlimited and no par value per share. Shares issued and outstanding at September 30, 2011 were 7,750,000 and at December 31, 2010 were 11,250,000.</td></tr></table></td></tr></table><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_InvestmentInPalladium"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of investment in palladium received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_InvestmentInPalladium</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>debit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_PalladiumPayable"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Market value of palladium payable by the Trust in respect of the redemption of Shares.</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_PalladiumPayable</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:monetaryItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>credit</td></tr><tr><td><strong> Period Type:</strong></td><td>instant</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_RedeemableSharesAbstract"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0"><tr><td><strong> Name:</strong></td><td><nobr>pall_RedeemableSharesAbstract</nobr></td></tr><tr><td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td><td>pall</td></tr><tr><td><strong> Data Type:</strong></td><td>xbrli:stringItemType</td></tr><tr><td><strong> Balance Type:</strong></td><td>na</td></tr><tr><td><strong> Period Type:</strong></td><td>duration</td></tr></table></div></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableRelatedPartiesCurrent"><tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr><tr><td><div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Accounting Standards Codification<br /><br /> -Topic 850<br /><br /> -SubTopic 10<br /><br /> -Section 50<br /><br /> -Paragraph 1<br /><br /> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br /><br /><br /><br />Reference 2: http://www.xbrl.org/2003/role/presentationRef<br /><br /> -Publisher FASB<br /><br /> -Name Statement of Financial Accounting Standard (FAS)<br /><br /> -Number 57<br /><br /> -Paragraph 2<br /><br /> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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    <Log type="Info">Process Flow-Through: 001 - Statement - Condensed Statements of Financial Condition</Log>
    <Log type="Info">Process Flow-Through: 002 - Statement - Condensed Statements of Financial Condition (Parentheticals)</Log>
    <Log type="Info">Process Flow-Through: 003 - Statement - Condensed Statements of Operations</Log>
    <Log type="Info">Process Flow-Through: 004 - Statement - Condensed Statements of Cash Flows</Log>
    <Log type="Info">Process Flow-Through: 005 - Statement - Condensed Statements of Changes in Shareholders' Deficit</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Sep. 30, 2011'</Log>
    <Log type="Info">	Process Flow-Through: Removing column '3 Months Ended
Sep. 30, 2010'</Log>
    <Log type="Info">	Process Flow-Through: Removing column '9 Months Ended
Sep. 30, 2010'</Log>
  </Logs>
  <InputFiles>
    <File>pall-20110930.xml</File>
    <File>pall-20110930.xsd</File>
    <File>pall-20110930_cal.xml</File>
    <File>pall-20110930_def.xml</File>
    <File>pall-20110930_lab.xml</File>
    <File>pall-20110930_pre.xml</File>
  </InputFiles>
  <SupplementalFiles />
  <BaseTaxonomies />
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>27
<FILENAME>Financial_Report.xls
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<FILENAME>0000930413-11-007147-xbrl.zip
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
