<SEC-DOCUMENT>0001839882-22-022258.txt : 20220929
<SEC-HEADER>0001839882-22-022258.hdr.sgml : 20220929
<ACCEPTANCE-DATETIME>20220929172622
ACCESSION NUMBER:		0001839882-22-022258
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		42
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220929
DATE AS OF CHANGE:		20220929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			abrdn Palladium ETF 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-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34589
		FILM NUMBER:		221281602

	BUSINESS ADDRESS:	
		STREET 1:		712 FIFTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-446-2020

	MAIL ADDRESS:	
		STREET 1:		712 FIFTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Aberdeen Standard Palladium ETF Trust
		DATE OF NAME CHANGE:	20181001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ETFS PALLADIUM TRUST
		DATE OF NAME CHANGE:	20090326
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><i>(Address of principal executive offices)</i></p>
</td>
<td style="width: 4%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0px; text-indent: 0px">&#160;</p>
</td>
<td style="width: 48%; vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><i>(Zip Code)</i></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><i>(Registrant&#8217;s telephone number, including area code) </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Securities registered pursuant to Section 12(b) of the Act:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 100%">

<tr>
<td style="border-bottom: black 1pt solid; border-top-style: none; border-right-style: none; border-left-style: none; width: 38%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Title of each class</b></p>
</td>
<td style="width: 2%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-top-style: none; border-right-style: none; border-left-style: none; width: 20%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Trading Symbol(s)</b></p>
</td>
<td style="width: 2%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid; border-top-style: none; border-right-style: none; border-left-style: none; width: 38%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Name of each exchange on which registered</b></p>
</td>
</tr>
<tr>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_903_edei--Security12bTitle_c20210101__20211231_zQRgPMXUdl3i"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:Security12bTitle">Aberdeen Standard Physical Palladium Shares ETF</ix:nonNumeric></span></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_900_edei--TradingSymbol_c20210101__20211231_zK7sT54rt72f"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:TradingSymbol">PALL</ix:nonNumeric></span></p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_90D_edei--SecurityExchangeName_c20210101__20211231_zlOmiXKI4lNk"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE Arca</ix:nonNumeric></span></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes&#160;&#9744;&#160;&#160;&#160;<span id="xdx_90B_edei--EntityWellKnownSeasonedIssuer_c20210101__20211231_zDoloJIm1fPj"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span>&#160;&#9746;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes&#160;&#9744;&#160;&#160;&#160;<span id="xdx_908_edei--EntityVoluntaryFilers_c20210101__20211231_z4xy9SntLc1b"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span>&#160;&#9746;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant (1)&#160;has filed all reports required to be filed by Section&#160;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)&#160;has been subject to such filing requirements for the past 90 days. <span id="xdx_90C_edei--EntityCurrentReportingStatus_c20210101__20211231_zjaCDfgFTXyl"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span>&#160;&#9746;&#160; &#160;No&#160;&#9744;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). <span id="xdx_90F_edei--EntityInteractiveDataCurrent_c20210101__20211231_zEE8YuhbmAH6"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9746;&#160; &#160;No &#9744;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,&#160;a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer&#8221;, &#8220;accelerated filer&#8221;, &#8220;smaller reporting company&#8221;, and &#8220;emerging growth company&#8221;&#160;in Rule 12b-2 of the Exchange Act.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">

<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0px"><span style="font-family: Times New Roman, Times, Serif">Large
<span id="xdx_90F_edei--EntityFilerCategory_c20210101__20211231_zlZQZk5wT0og"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Accelerated Filer</ix:nonNumeric></span></span></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 40%; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0px; text-align: right; text-indent: 0px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 26%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0px"><span style="font-family: Times New Roman, Times, Serif">Accelerated
Filer</span></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 4%; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0px"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p>
</td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0px"><span style="font-family: Times New Roman, Times, Serif">Non-Accelerated
Filer</span></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 40%; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0px; text-align: right; text-indent: 0px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 26%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0px"><span style="font-family: Times New Roman, Times, Serif">Smaller
Reporting Company</span></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 4%; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_907_edei--EntitySmallBusiness_c20210101__20211231_z1R5sjHaWCg4"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" format="ixt:booleanfalse" name="dei:EntitySmallBusiness">&#9744;</ix:nonNumeric></span></span></td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 40%; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0px; text-align: right; text-indent: 0px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 26%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0px"><span style="font-family: Times New Roman, Times, Serif">Emerging
Growth Company</span></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 4%; vertical-align: top"><span id="xdx_904_edei--EntityEmergingGrowthCompany_c20210101__20211231_zl9gwqxOZa05"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#9744;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&#160;&#9744; Yes&#160; &#160;&#9746; <span id="xdx_90E_edei--EntityShellCompany_c20210101__20211231_zgIlqFxGdRKk"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Aggregate market value of the registrant&#8217;s shares outstanding based upon the closing price of a share on June 30, 2021 as reported by the NYSE Arca, Inc. on that date: $<span id="xdx_90D_edei--EntityPublicFloat_iI_c20210630_zHInHQLCXBy9"><ix:nonFraction name="dei:EntityPublicFloat" contextRef="AsOf2021-06-30" format="ixt:numdotdecimal" decimals="0" unitRef="USD">519,320,008</ix:nonFraction></span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">As of February 24, 2022, Aberdeen Standard Palladium ETF
Trust had <span id="xdx_902_edei--EntityCommonStockSharesOutstanding_iI_c20220224_zoRz2lpibu18"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2022-02-24" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,825,000</ix:nonFraction></span> Aberdeen Standard Physical Palladium Shares ETF outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>DOCUMENTS INCORPORATED BY REFERENCE:</b> None</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<div style="text-align: left; margin-top: 3pt; margin-bottom: 12pt">
<div style="border-top: Black 1pt solid; border-bottom: Black 4pt solid; font-size: 1pt; width: 100%">&#160;</div>
</div>


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<p style="font: 10pt Times New Roman,Times,Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0px; margin-bottom: 6pt; margin-left: 0px; text-align: center"><b>EXPLANATORY NOTE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; margin-right: 0; margin-left: 0; text-align: justify"><span id="xdx_90C_edei--AmendmentDescription_c20210101__20211231_zv3LB6Q5UQbg"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:AmendmentDescription">This Annual
Report on Form 10-K/A constitutes Amendment No. 1 (the &#8220;Amendment&#8221;) to the Annual Report of the abrdn Palladium ETF Trust
(formerly known as Aberdeen Standard Palladium ETF Trust) (the &#8220;Registrant&#8221;) on Form 10-K for the year ended December 31,
2021, which was originally filed with the Securities and Exchange Commission on March 1, 2022&#160;(the &#8220;Original Filing&#8221;).&#160;&#160;This
Amendment is being filed solely to&#160;amend the certifications required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002
(the &#8220;Certifications&#8221;), which were included as Exhibits 31.1, 31.2, 32.1 and 32.2, to include the conformed signatures of
Steven Dunn and Andrea Melia, which were inadvertently omitted in the Original Filing. The Certifications were fully executed on February
28, 2022 and were in the Registrant&#8217;s possession at the time of the Original Filing. The corrected conformed copies of such Certifications,
each dated February 28, 2022, are filed as Exhibits 31.1, 31.2, 32.1 and 32.2 to this Amendment, respectively.</ix:nonNumeric></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; margin-right: 0; margin-left: 0; text-align: justify">Pursuant
to Rule 12b-15 under the Securities Exchange Act of 1934, as a result of this Amendment, the Certifications, filed and furnished, respectively,
as exhibits to the Original Filing, have been re-executed and re-filed as of the date of this Form 10-K/A and are included as Exhibits
31.3, 31.4, 32.3 and 32.4 hereto. Therefore, Part IV, Item 15 of the Original Filing has been amended to reflect the new Certifications
described above.&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; margin-right: 0; margin-left: 0; text-align: justify">No other change is made to the Original Filing. This Amendment does not purport to provide an update or a discussion
of any other developments subsequent to the Original Filing. Accordingly, this Amendment should be read in conjunction with the Original
Filing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0px; margin-left: 0px; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0px; margin-left: 0px; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0px; margin-left: 0px; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>FORWARD LOOKING STATEMENTS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">This Annual Report on Form 10-K contains various &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements usually include the words, &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;projects,&#8221; &#8220;understands&#8221; and other words suggesting uncertainty. We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Additional significant uncertainties and other factors affecting forward-looking statements are presented in the Risk Factors section herein.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>TABLE OF CONTENTS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<table border="0" cellspacing="0" cellpadding="0" style="border-style: none; margin: 0px; width: 100%">

<tr>
<td style="width: 95%; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b><a href="#pall10ka001">PART I</a></b></p>
</td>
<td style="width: 5%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">1</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka002">Item 1. Business</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">1</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka003">Trust Objective</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">1</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka004">Overview of the Palladium Industry</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">2</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka005">Operation of the Palladium Markets</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">3</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka006">Secondary Market Trading</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">6</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka007">Valuation of Palladium and Computation of Net Asset Value</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">6</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka008">Trust Expenses</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">7</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka009">Creation and Redemption of Shares</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">8</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka010">Creation and Redemption Transaction Fee</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">13</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka011">The Sponsor</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">13</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka012">The Trustee</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">13</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka013">The Custodian</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">14</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka014">Inspection of Palladium</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">15</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka015">Description of Shares</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">15</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka016">Custody of the Trust&#8217;s Palladium</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">16</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka017">United States Federal Income Tax Consequences</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">17</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.9pt; text-indent: 0pt"><b><a href="#pall10ka018">ERISA and Related Considerations</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">20</p>
</td>
</tr>
<tr>
<td style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, serif; font-size: 10pt"><b><span><a href="#pall10ka019">Item 1A. Risk Factors</a></span></b></span></td>
<td>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">21</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka020">Item 1B. Unresolved Staff Comments</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">31</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka021">Item 2. Properties</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">31</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka022">Item 3. Legal Proceedings</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">31</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka023">Item 4. Mine Safety Disclosures</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">31</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b><a href="#pall10ka024">PART II</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">32</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka025">Item 5. Market for Registrant&#8217;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">32</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka027">Item 7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">34</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka028">Item 7A. Quantitative and Qualitative Disclosures about Market Risk</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">38</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka029">Item 8. Financial Statements and Supplementary Data</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">39</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka030">Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures </a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">39</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka031">Item 9A. Controls and Procedures</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">40</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka032">Item 9B. Other Information </a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">42</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b><a href="#pall10ka033">PART III</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">43</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka034">Item 10. Directors, Executive Officers and Corporate Governance</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">43</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka035">Item 11. Executive Compensation</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">43</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka036">Item 12. Security </a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">43</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka037">Item 13. Certain Relationships and Related Transactions, and Director Independence</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">44</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka038">Item 14. Principal Accounting Fees and Services</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">45</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>PART IV</b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">46</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka039">Item 15. Exhibits, Financial Statement Schedule</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">46</p>
</td>
</tr>
<tr>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.3pt; text-indent: 0pt"><b><a href="#pall10ka040">Item 16. Form 10K Summary</a></b></p>
</td>
<td style="vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">48</p>
</td>
</tr>

</table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>PAR<span id="pall10ka001"></span>T I</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Item<span id="pall10ka002"></span> 1. Business </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The purpose of the&#160;Aberdeen Standard Palladium ETF Trust (the &#8220;Trust&#8221;) is to own palladium transferred to the Trust in exchange for shares issued by the Trust (&#8220;Shares&#8221;). Each Share represents a fractional undivided beneficial interest in and ownership of the Trust. The assets of the Trust&#160;consist solely of&#160;palladium bullion.&#160;The Trust was formed on December 30, 2009 when an initial deposit of palladium was made in exchange for the issuance of two Baskets (a &#8220;Basket&#8221; consists of 50,000 Shares).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The sponsor of the Trust is Aberdeen
Standard Investments ETFs Sponsor LLC (the &#8220;Sponsor&#8221;). The trustee of the Trust is The Bank of New York Mellon
(the &#8220;Trustee&#8221;) and the custodian is JPMorgan Chase Bank N.A., London Branch (the &#8220;Custodian&#8221;).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trust&#8217;s Shares at redeemable value increased from $356,238,300 at December 31, 2020 to $357,971,468 at December 31, 2021, the Trust&#8217;s fiscal year end. Outstanding Shares in the Trust increased from 1,625,000 Shares at December 31, 2020 to 1,950,000 Shares at December 31, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trust is not managed like a corporation or an active investment vehicle. The Trust has no directors, officers or employees. It does not engage in any activities designed to obtain a profit from or to improve the losses caused by changes in the price of&#160;palladium. The&#160;palladium held by the Trust will only be delivered to pay the remuneration due to the Sponsor (the &#8220;Sponsor&#8217;s Fee&#8221;), distributed to Authorized Participants (defined below) in connection with the redemption of Baskets or sold (1) on an as-needed basis to pay Trust expenses not assumed by the Sponsor, (2) in the event the Trust terminates and liquidates its assets, or (3) as otherwise required by law or regulation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">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. The Trust does not and will not hold or trade in commodities futures contracts, &#8220;commodity interests&#8221; or any other instruments regulated by the Commodity Exchange Act (the &#8220;CEA&#8221;), as administered by the Commodity Futures Trading Commission (the &#8220;CFTC&#8221;) and the National Futures Association (&#8220;NFA&#8221;). The Trust is not a commodity pool for purposes of the CEA and the Shares are not &#8220;commodity interests,&#8221; and neither the Sponsor nor the Trustee is subject to regulation as a commodity pool operator or a commodity trading advisor in connection with the Shares. The Trust has no fixed termination date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Sponsor of the registrant maintains an Internet website at www.abrdn.com/us/etf through which the registrant&#8217;s annual reports on Form 10-K, quarterly reports on Form 10-Q, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are made available free of charge as soon as reasonably practicable after they have been filed or furnished to the Securities and Exchange Commission (the &#8220;SEC&#8221;). Additional information regarding the Trust may also be found on the SEC&#8217;s EDGAR database at www.sec.gov.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Trust Obje<span id="pall10ka003"></span>ctive</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The investment objective of the Trust is for the Shares to reflect the performance of the price of physical&#160;palladium bullion, less the Trust&#8217;s&#160;expenses.&#160;The Shares are intended to constitute a simple and cost-effective means of making an investment similar to an investment in physical palladium. An investment in physical&#160;palladium requires expensive and sometimes complicated arrangements in connection with the assay, transportation, warehousing and insurance of the metal. Traditionally, such expense and complications have resulted in investments in physical&#160;palladium being efficient only in amounts beyond the reach of many investors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Shares are intended to provide institutional and retail investors with a simple and cost-efficient means, with minimal credit risk, of gaining investment benefits similar to those of holding&#160;palladium bullion. The Shares offer an investment that:</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9679;&#160;<i>Easily Accessible and Relatively Cost Effective</i>. Investors can access the palladium market through a traditional brokerage account. The Sponsor believes that investors will be able to more effectively implement strategic and tactical asset allocation strategies that use palladium bullion by using the Shares instead of using the traditional means of purchasing, trading and holding palladium bullion and for many investors, transaction costs related to the Shares will be lower than those associated with the purchase, storage and insurance of physical palladium bullion.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>&#9679;&#160;Exchange Traded and Transparent. </i>The Shares trade on the NYSE Arca, providing investors with an efficient means to implement various investment strategies. The Shares are eligible for margin accounts and are backed by the assets of the Trust and the Trust does not hold or employ any derivative securities. Furthermore, the value of the Trust&#8217;s holdings are reported on the Trust&#8217;s website daily.&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9679; <i>Minimal Credit Risk</i>. The Shares represent an interest in physical palladium owned by the Trust (other than an amount held in unallocated form which is not sufficient to make up a whole&#160;plate or ingot of which is held temporarily to effect a creation or redemption of Shares). Physical&#160;palladium of the Trust in the Custodian&#8217;s possession is not subject to borrowing arrangements with third parties. Other than the&#160;palladium temporarily being held in an unallocated&#160;palladium account with the Custodian, the physical palladium of the Trust is not subject to counterparty or credit risks. See <i>&#8220;Risk Factors&#8212;Palladium held in the Trust&#8217;s unallocated&#160;palladium account and any Authorized Participant&#8217;s unallocated&#160;palladium account is not segregated from the Custodian&#8217;s assets...&#8221; </i>This contrasts with most other financial products that gain exposure to palladium through the use of derivatives that are subject to counterparty and credit risks.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Investing in the Shares does not insulate the investor from certain risks, including price volatility. See &#8220;Risk Factors.&#8221;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Overview of the Pall<span id="pall10ka004"></span>adium</b>&#160;<b>Industry</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">This section provides a brief introduction to the palladium industry by looking at some of the key participants, detailing the primary sources of demand and supply.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">In this annual report, the term &#8220;ounces&#8221; refers to troy ounces.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Platinum Group Metals</i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Platinum and palladium are the two best known metals of the six platinum group metals (&#8220;PGMs&#8221;). Platinum and palladium have the greatest economic importance and are found in the largest quantities. The other four&#8212;iridium, rhodium, ruthenium and osmium&#8212;are produced only as co-products of platinum and palladium.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">PGMs are found primarily in South Africa and Russia. South Africa is the world&#8217;s leading platinum producer and one of the largest palladium producers. Russia is the largest producer of palladium and most production is concentrated in the Norilsk region. All of South Africa&#8217;s production is sourced from the Bushveld Igneous Complex, which hosts the world&#8217;s largest resource of PGMs. Together, South Africa and Russia accounted for over 73% of&#160;palladium supply in 2020.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>World Palladium Supply and Demand 2011-2020</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following table sets forth a summary of the world palladium supply and demand from 2011 to 2020 and is based on information reported by SFA (Oxford).</p>
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<td style="width: 6%; vertical-align: bottom">
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</td>
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</td>
<td style="width: 6%; vertical-align: bottom">
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</td>
<td style="width: 1%; vertical-align: bottom">
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</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td style="width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">South Africa</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,560</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,359</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,465</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,125</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,684</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,570</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,554</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,543</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,648</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,845</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr>
<td style="width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">Russia</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">3,480</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,887</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,628</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,589</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,434</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,773</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,407</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,976</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,802</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">2,810</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td style="width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">Others</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,320</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,239</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,305</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,389</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,337</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,417</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,410</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,458</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,444</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,740</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><b><span style="color: black">Total Supply</span></b></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">7,360</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,485</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,398</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,103</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,455</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,760</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,371</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,977</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,894</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,395</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td style="width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">Autocatalyst</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,155</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,673</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
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<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">7,061</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">7,512</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">7,622</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">7,941</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">8,391</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">8,721</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">9,677</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">7,360</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">440</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">524</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">440</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">358</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">451</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">414</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">529</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">565</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">511</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">600</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
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<tr style="background-color: #cceeff">
<td style="width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">Dental</span></span></p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">540</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">510</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">457</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">468</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">468</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">430</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">398</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">364</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">323</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">200</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr>
<td style="width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">Electrical</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,375</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,190</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,070</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,014</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">903</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">871</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">840</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">807</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">728</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">695</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td style="width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">Investment</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-565</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">467</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-8</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">943</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-659</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-646</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-386</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-574</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-57</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">40</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr>
<td style="width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">Jewelry</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">505</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">442</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">354</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">272</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">222</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">191</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">173</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">157</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">140</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">150</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td style="width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">Other</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">110</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">104</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">109</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">111</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">134</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">151</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">134</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">182</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">180</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">125</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><b><span style="color: black">Total Gross Demand</span></b></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">8,560</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">9,910</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">9,483</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">10,678</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">9,141</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">9,352</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">10,079</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">10,222</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">11,502</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">9,170</span></span></p>
</td>
<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr style="background-color: #cceeff">
<td style="width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr>
<td style="width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><b><span style="color: black">Recycling</span></b></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
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<td style="width: 1%; vertical-align: bottom">
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<td style="width: 1%; vertical-align: bottom">
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<td style="width: 1%; vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
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</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
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<td style="width: 1%; vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 6%; vertical-align: bottom">
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 6%; vertical-align: bottom">
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="width: 6%; vertical-align: bottom">
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<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<td style="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-3,416</span></span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-2,395</span></span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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</td>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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</td>
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<tr style="background-color: #cceeff">
<td style="border-bottom: #000000 2.5pt solid; width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><b><span style="color: black">Total Net Demand</span></b></span></p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,175</span></span></p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">7,598</span></span></p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,958</span></span></p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">7,957</span></span></p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,723</span></span></p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,849</span></span></p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">7,172</span></span></p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">7,098</span></span></p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">8,086</span></span></p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">6,775</span></span></p>
</td>
<td style="border-bottom: #000000 2.5pt solid; width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
</tr>
<tr>
<td style="width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
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</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
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</td>
<td style="width: 1%; vertical-align: bottom">
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
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</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
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<tr style="background-color: #cceeff">
<td style="width: 19%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><b><span style="color: black">Movements in stocks</span></b></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
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</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">1,185</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 1%; vertical-align: bottom">
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</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-1,113</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
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</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 6%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-560</span></span></p>
</td>
<td style="width: 1%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-1,854</span></span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-268</span></span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-89</span></span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-801</span></span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-121</span></span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-1,192</span></span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 9pt"><span style="color: black">-30</span></span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Source: SFA (Oxford), Palladium supply &amp; demand-2021</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following are some of the main characteristics of the palladium market illustrated by the table:</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Russia has traditionally been the largest producer of palladium, providing on average 40% of supply over the past 10 years. South Africa has, on average, supplied approximately 33% of production over the past 10 years. In 2020, Russia provided 44% of mine supplies, while South Africa produced 29%. North America contributed approximately 15% of mine supply in 2020. Autocatalysts continue to be the largest component of palladium demand, representing more than 80% of total demand in 2020, down slightly from 84% of total demand in 2019. Jewelry demand for palladium contributed 1.7% of total demand in 2020,&#160;up from 1.0% in 2019. Other industrial demand (chemical, dental and electrical) has fallen from 28% of total demand in 2011 to 16% of total demand in 2020.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Historical Chart of the Price of Palladium </i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The price of palladium is volatile and fluctuations are expected to have a direct impact on the value of the Shares. However, movements in the price of palladium in the past are not a reliable indicator of future movements. The following chart illustrates the movements in the price of an ounce of palladium in U.S. Dollars from December 31, 2011 to December 31, 2021 and is based on information provided by Bloomberg:</p>
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<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="pall10k001.jpg" alt="image" style="height: 421px; width: 610px" /></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Rising palladium prices tempered in 2011, but concerns over supply shortages due to labor problems at mines in South Africa and dwindling Russian stocks provided some price support into mid-2012. Palladium rose to a 13 year high of $907 per ounce in September 2014, a 27% increase from the start of the year. The rally was driven by supply side concerns following the longest labor strike in South African mining history and escalating tensions between Russia and Ukraine. The strong rally in 2014 was completely unwound in 2015, when South African mine supply resumed back to pre-strike levels and pessimism about industrial demand in China overwhelmed the true tightness in the market. Palladium was then the top performer of the precious metals complex for 3 consecutive years from 2017 to 2019, where it rose nearly 182% from $676 per troy ounce on December 31, 2016 to $1,905 per troy ounce on December 31, 2019. The price of palladium reached an all-time high of $2,781/oz on February 19, 2020, before closing out the year at a price of $2,342/oz on December 31, 2020.&#160;Similar to other precious metals, palladium took a step back in 2021 as it returned -16% (as of December 31, 2021). A decline in autocatalyst demand due to the pandemic was a big reason for the negative performance seen during the year.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Operation of the Pallad<span id="pall10ka005"></span>ium Bullion Market</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The global trade in&#160;palladium consists of Over-the-Counter (&#8220;OTC&#8221;) transactions in spot, forwards, and options and other derivatives, together with exchange-traded futures and options.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Global Over-The-Counter Market</i>&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The OTC market trades on a 24-hour per day continuous basis and accounts for most global palladium trading. Market makers, as well as others in the OTC market, trade with each other and with their clients on a principal-to-principal basis. All risks and issues of credit are between the parties directly involved in the transaction. Market makers include the market-making members of the London Platinum and Palladium Market (&#8220;LPPM&#8221;), the trade association that acts as the coordinator for activities conducted on behalf of its members and other participants in the LPPM. Five member participants of the LPPM are currently participating in the electronic LME PM fix process (as described below) administered by the London Metal Exchange (&#8220;LME&#8221;). The OTC market provides a relatively flexible market in terms of quotes, price, size, destinations for delivery and other factors. Bullion dealers customize transactions to meet clients&#8217; requirements. The OTC market has no formal structure and no open-outcry meeting place. The main centers of the OTC market are London, New York, Hong Kong and Zurich. Mining companies, manufacturers of jewelry and industrial products, together with investors and speculators, tend to transact their business through one of these market centers. Centers such as Dubai and several cities in the Far East also transact substantial OTC market business, typically involving jewelry and small plates or ingots (1 kilogram or less) and will hedge their exposure by selling into one of these main OTC centers. Precious metals dealers have offices around the world and most of the world&#8217;s major bullion dealers are either members or associate members of the London Bullion Market Association (&#8220;LBMA&#8221;) and/or the LPPM. In the OTC market, the standard size of palladium trades between market makers is 1,000 ounces. Liquidity in the OTC market can vary from time to time during the course of the 24-hour trading day. Fluctuations in liquidity are reflected in adjustments to dealing spreads&#8212;the differential between a dealer&#8217;s &#8220;buy&#8221; and &#8220;sell&#8221; prices. The period of greatest liquidity in the palladium market generally occurs at the time of day when trading in the European time zones overlaps with trading in the United States, which is when OTC market trading in London, New York, Zurich and other centers coincides with futures and options trading on the Commodity Exchange, Inc. (&#8220;COMEX&#8221;), a designated contract market within the CME Group. This period lasts for approximately four hours each New York business day morning.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;<i>The Zurich and London Palladium Bullion Markets</i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Although the market for physical palladium is distributed globally, most palladium is stored and most OTC market trades are cleared through Zurich. As of September 1, 2009, London also serves as a center for the clearing of OTC trades in palladium. In addition to coordinating market activities, the LPPM acts as the principal point of contact between the market and its regulators. A primary function of the LPPM is its involvement in the promotion of refining standards by maintenance of the &#8220;London/Zurich Good Delivery Lists,&#8221; which are the lists of LPPM accredited refiners of palladium. The LPPM also coordinates market clearing and vaulting, promotes good trading practices and develops standard documentation.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Palladium is traded generally on a loco Zurich basis, meaning the precious metal is physically held in vaults in Zurich or is transferred into accounts established in Zurich. As of September 1, 2009, palladium began trading on a loco London basis as well, meaning that the precious metal is physically held in vaults in London or is transferred into accounts established in London. The basis for settlement and delivery of a loco Zurich spot trade is payment (generally in U.S. Dollars) two business days after the trade date against delivery. Delivery of the palladium can either be by physical delivery or through the clearing systems to an unallocated account.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The unit of trade in London and Zurich is the troy ounce, whose conversion between grams is: 1,000 grams equals 32.1507465 troy ounces, and one troy ounce equals 31.1034768 grams. A good delivery palladium plate or ingot on the LPPM approved list is acceptable for delivery in settlement of a transaction on the OTC market (a &#8220;Good Delivery Plate or Ingot&#8221;). A Good Delivery Plate or Ingot must contain between 32 and 192 troy ounces of palladium with a minimum fineness (or purity) of 999.5 parts per 1,000 (99.95%), be of good appearance, and be easy to handle and stack. The palladium content of a palladium plate or ingot is calculated by multiplying the gross weight by the fineness of the plate or ingot. A Good Delivery Plate or Ingot must also bear the stamp of one of the refiners who are on the LPPM approved list. Unless otherwise specified, the palladium spot price always refers to that of &#8220;Good Delivery Standards&#8221; set by the LPPM. Business is generally conducted over the phone and through electronic dealing systems.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Since December 1, 2014, the LME has been administering the operation of electronic palladium bullion price fixing systems (&#8220;LMEbullion&#8221;) that replicate electronically the manual London palladium fix processes previously employed by the London Platinum and Palladium Fixing Company Ltd (&#8220;LPPFCL&#8221;) as well as providing electronic market clearing processes for palladium bullion transactions at the fixed prices established by the LME pricing mechanism. The LME&#8217;s electronic price fixing processes, like the previous London palladium fix processes, establishes and publishes fixed prices for troy ounces of palladium twice each London trading day during fixing sessions beginning at 9:45 a.m. London time (the LME AM Fix) and 2:00 p.m. London time (the LME PM Fix). In addition to utilizing the same London palladium fix standards and methods, the LME also supervises the palladium electronic price fixing processes through its market operations, compliance, internal audit and third-party complaint handling capabilities in order to support the integrity of the LME PM Fix. The LME, in administering LMEbullion, uses a pricing methodology that meets the administrative and regulatory needs of palladium market participants, including the International Organization of Securities Commission&#8217;s (IOSCO) Principles for Financial Benchmarks.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Daily during London trading hours the LME AM Fix and the LME PM Fix each provide reference palladium prices for that day&#8217;s trading. Many long-term contracts will be priced on the basis of either the LME AM Fix or the LME PM Fix, and market participants will usually refer to one or the other of these prices when looking for a basis for valuations. The Trust values its palladium on the basis of the LME PM Fix.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Formal participation in the LME PM Fix is limited to participating LPPM members. Five LPPM members are currently participating in establishing the LME PM Fix (Goldman Sachs International, HSBC Bank USA NA, ICBC Standard Bank plc, Johnson Matthey plc and BASF Metals Ltd.). Any other market participant wishing to participate in the trading on the LME PM Fix is required to do so through one of the participating LPPM members.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Orders are placed either with one of the participating LPPM member participants or with another precious metals dealer who will then be in contact with a participating LPPM member during the fixing. The fix begins with the chair reflecting the market price and other data, prevailing at the opening of the fix. This is relayed by the LPPM member participants to their dealing rooms which have direct communication with all interested parties. Any market member may enter the fixing process at any time, or adjust or withdraw his order. The palladium price is adjusted up or down until all the buy and sell orders are electronically matched, at which time the price is declared fixed. All fixing orders are transacted on the basis of this fixed price, which is instantly relayed to the market through various media.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The LBMA and the LME have asserted that the LME&#8217;s electronic price fixing processes are similar to the non-electronic processes previously used to establish the applicable London palladium fix where the London palladium fix process adjusted the palladium price up or down until all the buy and sell orders entered by the participating LPPM members are matched, at which time the price was declared fixed. Nevertheless, the LME PM Fix has several advantages over the previous London palladium fix. The LME&#8217;s electronic price fixing processes are intended to be transparent. The LME asserts that its electronic price fixing processes are fully auditable by third parties since an audit trail exists from the beginning of each fixing session. The LME also asserts that the market operation, compliance, internal audit and third-party complaint handling capabilities of the LME will support the integrity of the LME PM Fix.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Since December 1, 2014, the Sponsor determined that the London palladium fix, which has been revised based on the new LME method and is now known as the LME PM Fix, is an appropriate basis for valuing palladium bullion received upon purchase of the Trust&#8217;s Shares, delivered upon redemption of the Trust&#8217;s Shares and for determining the value of the Trust&#8217;s palladium bullion each trading day. The Sponsor also has determined that the LME PM Fix will fairly represent the commercial value of palladium bullion held by the Trust and, the &#8220;Benchmark Price&#8221; (as defined in the Trust Agreement) of the Trust&#8217;s palladium bullion as of any day is the LME PM Fix for such day.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">As of December 1, 2014, the LPPFCL transferred ownership of the historic and future intellectual property of the twice daily &#8220;fix&#8221; for platinum and palladium bullion to a subsidiary company of the LBMA.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Futures Exchanges</i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The most significant palladium futures exchanges are the COMEX&#160;and the Tokyo Commodity Exchange (&#8220;TOCOM&#8221;). The COMEX is the largest exchange in the world for trading precious metals futures and options and launched palladium futures in 1968, followed with options in 2010. The TOCOM has been trading palladium since 1992. Trading on these exchanges is based on fixed delivery dates and transaction sizes for the futures and options contracts traded. Trading costs are negotiable. As a matter of practice, only a small percentage of the futures market turnover ever comes to physical delivery of the palladium represented by the contracts traded. Both exchanges permit trading on margin. Margin trading can add to the speculative risk involved given the potential for margin calls if the price moves against the contract holder. The COMEX trades palladium futures almost continuously (with one short break in the evening) through its CME Globex electronic trading system and clears through its central clearing system. On June 6, 2003, the TOCOM adopted a similar clearing system. In each case, the exchange acts as a counterparty for each member for clearing purposes.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Market Regulation</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The global&#160;palladium markets are overseen and regulated by both governmental and self-regulatory organizations. In addition, certain trade associations have established rules and protocols for market practices and participants. In the United Kingdom, responsibility for the regulation of the financial market participants, including the major participating members of the&#160;LPPM falls under the authority of the Financial Conduct Authority&#160;(&#8220;FCA&#8221;) as provided by the Financial Services and Markets Act 2000 (&#8220;FSM Act&#8221;). Under this act, all UK-based banks, together with other investment firms, are subject to a range of requirements, including fitness and properness, capital adequacy, liquidity, and systems and controls.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The FCA is responsible for regulating investment products, including derivatives, and those who deal in investment products. Regulation of spot, commercial forwards, and deposits of&#160;palladium not covered by the FSM Act is provided for by The London Code of Conduct for Non-Investment Products, which was established by market participants in conjunction with the Bank of England.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The TOCOM has authority to perform financial and operational surveillance on its members&#8217; trading activities, scrutinize positions held by members and large-scale customers, and monitor the price movements of futures markets by comparing them with cash and other derivative markets&#8217; prices. To act as a Futures Commission Merchant Broker on the TOCOM, a broker must obtain a license from Japan&#8217;s Ministry of Economy, Trade and Industry (&#8220;METI&#8221;), the regulatory authority that oversees the operations of the TOCOM.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The CFTC regulates trading in commodity contracts, such as futures, options and swaps. In addition, under the CEA, the CFTC has jurisdiction to prosecute manipulation and fraud in any commodity (including precious metals) traded in interstate commerce as spot as well as deliverable forwards. The CFTC is the exclusive regulator of U.S. commodity exchanges and clearing houses.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Secondary Mark<span id="pall10ka006"></span>et Trading </b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">While the Trust&#8217;s investment objective is for the Shares to reflect the performance of&#160;palladium bullion, less the expenses of the Trust, the Shares may trade in the secondary market on the NYSE Arca at prices that are lower or higher relative to their net asset value (the value of the Trust&#8217;s assets less its liabilities (&#8220;NAV&#8221;)) per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca, COMEX and the London&#160;Zurich palladium markets. While the Shares trade on the NYSE Arca until 4:00 PM New York time, liquidity in the global&#160;palladium market is reduced after the close of the COMEX at 1:30 PM New York time. As a result, during this time, trading spreads, and the resulting premium or discount, on the Shares may widen.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation of Palladium and C<span id="pall10ka007"></span>omputation of Net Asset Value </b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">On each day that the NYSE Arca is open for
regular trading, as promptly as practicable after 4:00 p.m., New York time, on such day (the &#8220;Evaluation Time&#8221;), the
Trustee evaluates the palladium held by the Trust and determines both the adjusted net asset value (&#8220;ANAV&#8221;) and the NAV of the
Trust. For the purposes of making these calculations, a business day means any day other than a day when NYSE Arca is closed for
regular trading.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">At the Evaluation Time, the Trustee values the Trust&#8217;s palladium on the basis of that day&#8217;s LME PM Fix or, if no LME PM Fix is made on such day, the next most recent LME PM Fix determined prior to the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation. In the event the Sponsor determines that the LME PM Fix or such other publicly available price as the Sponsor may deem fairly represents the commercial value of the Trust&#8217;s palladium is not an appropriate basis for evaluation of the Trust&#8217;s palladium, it shall identify an alternative basis for such evaluation to be employed by the Trustee. Neither the Trustee nor the Sponsor shall be liable to any person for the determination that the LME PM Fix or such other publicly available price is not appropriate as a basis for evaluation of the Trust&#8217;s palladium or for any determination as to the alternative basis for such evaluation provided that such determination is made in good faith. See <i>&#8220;Operation of the Palladium Market&#8212;The Zurich and London Palladium Bullion Markets&#8221;</i> for a description of the LME PM Fix.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Once the value of the&#160;palladium has been determined, the Trustee subtracts all estimated accrued but unpaid fees (other than the fees accruing for such day on which the valuation takes place which are&#160;computed by reference to the value of the Trust or its assets), expenses and other liabilities of the Trust from the total value of the&#160;palladium and&#160;any other assets of the Trust. The resulting figure is ANAV of the Trust. The ANAV of the Trust is used to compute the Sponsor&#8217;s Fee.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">All fees accruing for the day on which the valuation takes place which are&#160;computed by reference to the value of the Trust or its assets are calculated using the ANAV calculated for such day. The Trustee subtracts from the ANAV the amount of accrued fees so computed for such day and the resulting figure is the NAV of the Trust. The Trustee&#160;also determines the NAV per Share by dividing the NAV of the Trust by the number of the Shares outstanding as of the close of trading on the NYSE Arca (which includes the net number of any Shares created or redeemed on such evaluation day).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Any estimate of the accrued but unpaid fees, expenses and liabilities&#160;of the Trust for purposes of computing the NAV of the Trust and ANAV made by the Trustee in good faith shall be conclusive upon all persons interested in the Trust and no revision or correction in any computation made under the Trust Agreement will be required by reason of any difference in amounts estimated from those actually paid.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Sponsor and the Shareholders may rely on any evaluation furnished by the Trustee, and the Sponsor has no responsibility for the evaluation&#8217;s accuracy. The determinations the Trustee makes will be made in good faith upon the basis of, and the Trustee will not be liable for any errors contained in, information reasonably available to it. The Trustee will not be liable to the Sponsor, DTC, Authorized Participants, the Shareholders or any other person for errors in judgment. However, the preceding liability exclusion will not protect the Trustee against any liability resulting from bad faith or gross negligence in the performance of its duties.&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Trust Exp<span id="pall10ka008"></span>enses </b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trust&#8217;s only ordinary recurring expense is the Sponsor&#8217;s Fee. In exchange for the Sponsor&#8217;s Fee, the Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee&#8217;s monthly fee and out-of-pocket expenses, the Custodian&#8217;s fee and reimbursement of the Custodian&#8217;s expenses under the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. The Sponsor also paid the costs of the Trust&#8217;s organization and the initial sale of the Shares, including the applicable SEC registration fees.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Sponsor&#8217;s Fee accrues daily at an annualized rate equal to 0.60% of the ANAV of the Trust and is payable monthly in arrears. The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor&#8217;s Fee at its discretion for a stated period of time. Presently, the Sponsor does not intend to waive any of its fee.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Furthermore, the Sponsor may, in its sole discretion, agree to rebate all or a portion of the Sponsor&#8217;s Fee attributable to Shares held by institutional investors subject to minimum shareholding and lock up requirements as determined by the Sponsor to foster stability in the Trust&#8217;s asset levels. Any such rebate will be subject to negotiation and written agreement between the Sponsor and the investor on a case by case basis. The Sponsor is under no obligation to provide any rebates of the Sponsor&#8217;s Fee. Neither the Trust nor the Trustee will be a party to any Sponsor&#8217;s Fee rebate arrangements negotiated by the Sponsor. Any Sponsor&#8217;s Fee rebate shall be paid from the funds of the Sponsor and not from the assets of the Trust.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Sponsor&#8217;s Fee is paid by delivery of palladium to an account maintained by the Custodian for the Sponsor on an unallocated basis, monthly on the first business day of the month in respect of fees payable for the prior month.&#160;The delivery is of that number of ounces of palladium which equals the daily accrual of the Sponsor&#8217;s Fee for such prior month calculated at the LME PM Fix.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trustee will, when directed by the Sponsor, and, in the absence of such direction, may, in its discretion, sell&#160;palladium in such quantity and at such times as may be necessary to permit payment in cash of Trust expenses not assumed by the Sponsor. The Trustee is authorized to sell&#160;palladium at such times and in the smallest amounts required to permit such payments as they become due, it being the intention to avoid or minimize the Trust&#8217;s holdings of assets other than palladium. Accordingly, the amount of&#160;palladium to be sold will vary from time to time depending on the level of the Trust&#8217;s expenses and the market price of&#160;palladium. The Custodian is authorized to purchase from the Trust, at the request of the Trustee,&#160;palladium needed to cover Trust expenses not assumed by the Sponsor at the price used by the Trustee to determine the value of the&#160;palladium held by the Trust on the date of the sale.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Sponsor&#8217;s Fee for the year ended December 31, 2021 was $2,447,225 (December 31, 2020: $2,012,865; December 31, 2019: $1,392,218).</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Cash held by the Trustee pending payment of the Trust&#8217;s expenses will not bear any interest.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Creation and Re<span id="pall10ka009"></span>demption of Shares</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trust creates and redeems Shares from time to time, but only in one or more Baskets. Prior to April 1, 2019, the number of Shares that constituted a Basket was 50,000 Shares. Effective April 1, 2019, the Basket size was decreased to 25,000 Shares.&#160;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&#160;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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Authorized Participants are the only persons
that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers or other
securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers
to engage in securities transactions, and (2) participants in DTC. To become an Authorized Participant, a person must enter into an
Authorized Participant Agreement with the Sponsor and the Trustee. The Authorized Participant Agreement provides the procedures for
the creation and redemption of Baskets and for the delivery of the palladium and any cash required for such creations and
redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trustee and the
Sponsor, without the consent of any Shareholder or Authorized Participant. Authorized Participants pay a transaction fee of $500 to
the Trustee for each order they place to create or redeem one or more Baskets. Authorized Participants who make deposits with the
Trust in exchange for Baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the
Sponsor or the Trust for serving as an Authorized participant, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or
resale of Shares.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Authorized Participants are cautioned that some of their activities will result in their being deemed participants in a distribution in a manner which would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of the Securities Act, as described in &#8220;Plan of Distribution.&#8221;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Prior to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian or a palladium clearing bank to establish an Authorized Participant Unallocated Account in London or Zurich (Authorized Participant Unallocated Bullion Account Agreement). Palladium held in Authorized Participant Unallocated Accounts is typically not segregated from the Custodian&#8217;s or other palladium clearing bank&#8217;s assets, as a consequence of which an Authorized Participant will have no proprietary interest in any specific plates or ingots of palladium held by the Custodian or the clearing bank. Credits to its Authorized Participant Unallocated Account are therefore at risk of the Custodian&#8217;s or other palladium clearing bank&#8217;s insolvency. No fees will be charged by the Custodian for the use of the Authorized Participant Unallocated Account as long as the Authorized Participant Unallocated Account is used solely for palladium transfers to and from the Trust Unallocated Account and the Custodian (or one of its affiliates) receives compensation for maintaining the Trust Allocated Account. Authorized Participants should be aware that the Custodian&#8217;s liability threshold under the Authorized Participant Unallocated Bullion Account Agreement is generally gross negligence, not negligence, which is the Custodian&#8217;s liability threshold under the Trust&#8217;s Custody Agreements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">As the terms of the Authorized Participant Unallocated Bullion Account Agreement differ in certain respects from the terms of the Trust Unallocated Account Agreement, potential Authorized Participants should review the terms of the Authorized Participant Unallocated Bullion Account Agreement carefully. A copy of the Authorized Participant Agreement may be obtained by potential Authorized Participants from the Trustee.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Certain Authorized Participants are expected to have the facility to participate directly in the physical palladium market and the palladium futures market. In some cases, an Authorized Participant may from time to time acquire palladium from or sell palladium to its affiliated palladium trading desk, which may profit in these instances. Each Authorized Participant must be registered as a broker-dealer under the Securities Exchange Act of 1934 (Exchange Act) and regulated by FINRA or be exempt from being or otherwise not be required to be so regulated or registered, and be qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants are regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Authorized Participants may act for their own accounts or as agents for broker-dealers, custodians and other securities market participants that wish to create or redeem Baskets. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple clients. As of the date of this report, Credit Suisse Securities (USA) LLC, Goldman Sachs &amp; Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley &amp; Co. Inc., Scotia Capital (USA) Inc., UBS Securities LLC and Virtu Financial BD, LLC have each signed an Authorized Participant Agreement with the Trust and, upon the effectiveness of such agreement, may create and redeem Baskets as described above. Persons interested in purchasing Baskets should contact the Sponsor or the Trustee to obtain the contact information for the Authorized Participants. Shareholders who are not Authorized Participants will only be able to redeem their Shares through an Authorized Participant.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">All palladium is delivered to the Trust and distributed by the Trust in unallocated form through credits and debits between Authorized Participant Unallocated Accounts and the Trust Unallocated Account. Palladium transferred from an Authorized Participant Unallocated Account to the Trust in unallocated form will first be credited to the Trust Unallocated Account. Thereafter, the Custodian will allocate, or cause the allocation by the Zurich Sub-Custodian of, specific plates or ingots of palladium, in each case representing the amount of palladium credited to the Trust Unallocated Account (to the extent such amount is representable by palladium plates or ingots) to the Trust Allocated Account. The movement of palladium is reversed for the distribution of palladium to an Authorized Participant in connection with the redemption of Baskets.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">All physical palladium represented by a credit to any Authorized Participant Unallocated Account and to the Trust Unallocated Account and all physical palladium held in the Trust Allocated Account with the Custodian or for the Custodian by the Zurich Sub-Custodian must be of at least a minimum fineness (or purity) of 999.5 parts per 1,000 (99.95%) and otherwise conform to the rules, regulations practices and customs of the LPPM, including the specifications for a Good Delivery Palladium Plate or Ingot.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Under the Authorized Participant Agreement, the Sponsor has agreed to indemnify the Authorized Participants against certain liabilities, including liabilities under the Securities Act.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Loco London &amp; Loco Zurich Palladium Delivery
Elections.</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Authorized Participants can elect to deliver palladium loco London or loco Zurich in connection with the creation of a Basket. Authorized Participants can also elect to receive delivery of palladium loco London or loco Zurich in connection with the redemption of a Basket. A Basket creation order that elects a loco London or loco Zurich delivery of palladium will cause the Custodian to effect an allocation of such palladium to the Trust Allocated Account maintained by the Custodian in its London vault premises or by the Zurich Sub-Custodian in its Zurich vault premises. Likewise, a Basket redemption order that elects a loco London or loco Zurich delivery of palladium will cause the Custodian to effect a de-allocation of palladium necessary to satisfy such redemption requests from the Trust Allocated Account maintained by the Custodian to the Trust Unallocated Account.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">In the event that there is not sufficient palladium in the Trust Allocated Account in London to satisfy loco London redemptions, the Custodian shall cause the Zurich Sub-Custodian to de-allocate sufficient palladium held in the Trust Allocated Account in Zurich and cause a transfer of palladium from the Trust Unallocated Account maintained by the Custodian in Zurich to the Authorized Participant Unallocated Account maintained in London. Likewise, in the event that there is not sufficient palladium in the Trust Allocated Account in Zurich to satisfy loco Zurich redemptions, the Custodian will initiate the reverse procedure to transfer palladium from London to Zurich. These transfers between London and Zurich unallocated accounts will generally occur pursuant to loco swap arrangements and will not expose the Authorized Participant or the Trust to any additional expense. The Custodian has assumed the responsibility and expenses for loco swap transfers and shall bear any risk of loss related to the palladium being transferred. If no loco swap counterparty is available, the Custodian shall arrange, at its own expense and risk, for the physical transportation of palladium between the Zurich Sub-Custodian&#8217;s Zurich vault premises and the Custodian&#8217;s London vault premises. If such a loco swap or physical transfer is necessary to effect a loco London or loco Zurich redemption, the settlement of loco London or loco Zurich redemption deliveries may be delayed more than two, but not more than five, business days. The Custodian, in its sole discretion, has the right to limit the location where Authorized Participants can elect to receive delivery of palladium to either loco London or loco Zurich.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following description of the procedures for the creation and redemption of Baskets is only a summary and an investor should refer to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Creation Procedures</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">On any business day, an Authorized
Participant may place an order with the Trustee to create one or more Baskets. Creation and redemption orders are accepted on
&#8220;business days&#8221; the NYSE Arca is open for regular trading. Settlements of such orders requiring receipt or delivery, or
confirmation of receipt or delivery, of palladium in the United Kingdom, Zurich or another jurisdiction will occur on
&#8220;business days&#8221; when (1) banks in the United Kingdom, Zurich and such other jurisdiction and (2) the London and Zurich
palladium markets are regularly open for business. If such banks or the London or Zurich palladium markets are not open for regular
business for a full day, such a day will only be a &#8220;business day&#8221; for settlement purposes if the settlement procedures
can be completed by the end of such day. Redemption settlements including palladium deliveries loco London may be delayed longer
than two, but no more than five, business days following the redemption order date. Settlement of orders requiring receipt or
delivery, or confirmation of receipt or delivery, of Shares will occur, after confirmation of the applicable palladium delivery, on
&#8220;business days&#8221; when the NYSE Arca is open for regular trading. Purchase orders must be placed no later than 3:59:59
p.m. on each business day the NYSE Arca is open for regular trading. In the event of a level 3 market-wide circuit breaker resulting
in a trading halt for the remainder of the trading day, the time of the market wide trading halt is considered the close of regular
trading and no creation orders for the current trade date will be accepted after that time (the &#8220;cutoff&#8221;). Orders placed after the
cutoff will be deemed to be rejected and will not be processed. Orders should be placed in proper form on the following business
day. The day on which the Trustee receives a valid purchase order is the purchase order date.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">By placing a purchase order, an Authorized Participant agrees to deposit palladium with the Trust. Prior to the delivery of Baskets for a purchase order, the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for the purchase order.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Determination of required deposits</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The amount of the required palladium deposit is determined by dividing the number of ounces of palladium held by the Trust by the number of Baskets outstanding, as adjusted for the amount of palladium constituting estimated accrued but unpaid fees and expenses of the Trust.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Fractions of a fine ounce of palladium smaller than 0.001 of a fine ounce which are included in the palladium deposit amount are disregarded in the foregoing calculation. All questions as to the composition of a Creation Basket Deposit will be finally determined by the Trustee. The Trustee&#8217;s determination of the Creation Basket Deposit shall be final and binding on all persons interested in the Trust.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Delivery of required deposits</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">An Authorized Participant who places a
purchase order is responsible for crediting its Authorized Participant Unallocated Account with the required palladium deposit
amount by the second business day in London or Zurich following the purchase order date. Upon receipt of the palladium deposit
amount, the Custodian, after receiving appropriate instructions from the Authorized Participant and the Trustee, will transfer on
the second business day following the purchase order date the palladium deposit amount from the Authorized Participant Unallocated
Account to the Trust Unallocated Account and the Trustee will direct DTC to credit the number of Baskets ordered to the Authorized
Participant&#8217;s DTC account. The expense and risk of delivery, ownership and safekeeping of palladium until such palladium has
been received by the Trust shall be borne solely by the Authorized Participant. The Trustee may accept delivery of palladium by such
other means as the Sponsor, from time to time, my determine with the Trustee to be acceptable for the Trust, provided that the same
is disclosed in a prospectus relating to the Trust filed with the SEC pursuant to Rule 424 under the Securities Act. If palladium is
to be delivered other than as described above, the Sponsor is authorized to establish such procedures and to appoint such custodians
and establish such custody accounts in addition to those described in this report, as the Sponsor determines to be desirable.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Acting on standing instructions given by the Trustee, the Custodian will transfer the palladium deposit amount from the Trust Unallocated Account to the Trust Allocated Account by transferring palladium plates and ingots from its inventory or the inventory of the Zurich Sub-Custodian to the Trust Allocated Account. The Custodian will use commercially reasonable efforts to complete the transfer of palladium to the Trust Allocated Account prior to the time by which the Trustee is to credit the Basket to the Authorized Participant&#8217;s DTC account; if, however, such transfers have not been completed by such time, the number of Baskets ordered will be delivered against receipt of the palladium deposit amount in the Trust Unallocated Account, and all Shareholders will be exposed to the risks of unallocated palladium to the extent of that palladium deposit amount until the Custodian completes the allocation process or a Zurich Sub-Custodian completes the allocation process for the Custodian. See &#8220;Risk Factors&#8212;Palladium held in the Trust&#8217;s unallocated palladium account and any Authorized Participant&#8217;s unallocated palladium account is not segregated from the Custodian&#8217;s assets....&#8221;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Because palladium is only allocated in multiples of whole plates or ingots, the amount of palladium allocated from the Trust Unallocated Account to the Trust Allocated Account may be less than the total fine ounces of palladium credited to the Trust Unallocated Account. Any balance will be held in the Trust Unallocated Account. The Custodian uses commercially reasonable efforts to minimize the amount of palladium held in the Trust Unallocated Account; no more than 192.904 troy ounces of palladium (maximum weight to make one Good Delivery Palladium Plate or Ingot) is expected to be held in the Trust Unallocated Account at the close of each business day.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Rejection of purchase orders</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">The Trustee may reject a purchase order or a Creation Basket Deposit if such order or Creation Basket Deposit is not presented in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order, in the opinion of counsel, might be unlawful. None of the Trustee, the Sponsor or the Custodian will be liable for the rejection of any purchase order or Creation Basket Deposit.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Redemption Procedures</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The procedures by which an Authorized
Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets. On any business day, an Authorized
Participant may place an order with the Trustee to redeem one or more Baskets. Redemption orders must be placed no later than
3:59:59 p.m. on each business day the NYSE Arca is open for regular trading. In the event of a level 3 market-wide circuit breaker
resulting in a trading halt for the remainder of the trading day, the time of the market wide trading halt is considered the close
of regular trading and no redemption orders for the current trade date will be accepted after that time (the "cutoff"). Orders
placed after the cutoff will be deemed to be rejected and will not be processed. Orders should be placed in proper form on the
following business day. A redemption order so received is effective on the date it is received in satisfactory form by the Trustee.
The redemption procedures allow Authorized Participants to redeem Baskets and do not entitle an individual Shareholder to redeem any
Shares in an amount less than a Basket, or to redeem Baskets other than through an Authorized Participant.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">By placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC&#8217;s book entry system to the Trust not later than the second business day following the effective date of the redemption order. Prior to the delivery of the redemption distribution for a redemption order, the Authorized Participant must also have wired to the Trustee the non-refundable transaction fee due for the redemption order.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Determination of redemption distribution</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The redemption distribution from the Trust consists of a credit to the redeeming Authorized Participant&#8217;s Authorized Participant Unallocated Account representing the amount of the palladium held by the Trust evidenced by the Shares being redeemed. Fractions of a fine ounce of palladium included in the redemption distribution smaller than 0.001 of a fine ounce are disregarded. Redemption distributions will be subject to the deduction of any applicable tax or other governmental charges which may be due.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Delivery of redemption distribution</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The redemption distribution due from the Trust will be delivered to the Authorized Participant on the second business day following a loco Zurich redemption order date if, by 10:00 a.m. New York time on such second business day, the Trustee&#8217;s DTC account has been credited with the Baskets to be redeemed. The redemption distribution due from the Trust will be delivered to the Authorized Participant on or before the fifth business day following a loco London redemption order date if, by 10:00 a.m. New York time on the second business day after the loco London redemption order date, the Trustee&#8217;s DTC account has been credited with the Baskets to be redeemed. If a loco swap or physical transfer is necessary to effect a loco London or loco Zurich redemption, the redemption distribution due from the Trust will be delivered to the Authorized Participant on or before the fifth business day following such a loco London or loco Zurich redemption order date if, by 10:00 a.m. New York time on the second business day after the loco London or loco Zurich redemption order date, the Trustee&#8217;s DTC account has been credited with the Baskets to be redeemed. In the event that, by 10:00 a.m. New York time on the second business day following the order date of a redemption order, the Trustee&#8217;s DTC account has not been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such redemption order, the Trustee shall send to the Authorized Participant and the Custodian via fax or electronic mail message notice of such fact and the Authorized Participant shall have two business days following receipt of such notice to correct such failure. If such failure is not cured within such two business day period, the Trustee (in consultation with the Sponsor) will cancel such redemption order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled order. The Trustee is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Trustee&#8217;s DTC account by 10:00 a.m. New York time on the second business day following the redemption order date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC&#8217;s book entry system on such terms as the Sponsor and the Trustee may from time to time agree upon.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Custodian transfers the redemption palladium amount from the Trust Allocated Account to the Trust Unallocated Account and, thereafter, to the redeeming Authorized Participant&#8217;s Authorized Participant Unallocated Account. The Authorized Participant and the Trust are each at risk in respect of palladium credited to their respective unallocated accounts in the event of the Custodian&#8217;s insolvency. See &#8220;Risk Factors&#8212;Palladium held in the Trust&#8217;s unallocated palladium account and any Authorized Participant&#8217;s unallocated palladium account is not segregated from the Custodian&#8217;s assets....&#8221;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">As with the allocation of palladium to the Trust Allocated Account which occurs upon a purchase order, if in transferring palladium from the Trust Allocated Account to the Trust Unallocated Account in connection with a redemption order there is an excess amount of palladium transferred to the Trust Unallocated Account, the excess over the palladium redemption amount will be held in the Trust Unallocated Account. The Custodian uses commercially reasonable efforts to minimize the amount of palladium held in the Trust Unallocated Account; no more than 192 ounces of palladium (maximum weight to make one Good Delivery Palladium Plate or Ingot) is expected to be held in the Trust Unallocated Account at the close of each business day.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Suspension or rejection of redemption orders</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trustee may, in its discretion, and will when directed by the Sponsor, suspend the right of redemption, or postpone the redemption settlement date, (1) for any period during which the NYSE Arca is closed other than customary weekend or holiday closings, or trading on the NYSE Arca is suspended or restricted or (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of palladium is not reasonably practicable. None of the Sponsor, the Trustee or the Custodian are liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trustee will reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order, in the opinion of its counsel, might be unlawful.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Creation and Redem<span id="pall10ka010"></span>ption Transaction Fee </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">To compensate the Trustee for services in
processing the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Trustee of
$500 per order to create or redeem Baskets. An order may include multiple Baskets. The transaction fee may be reduced, increased or
otherwise changed by the Trustee with the consent of the Sponsor. From time to time, the Trustee, with the consent of the Sponsor,
may waive all or a portion of the applicable transaction fee. The Trustee shall notify DTC of any agreement to change the
transaction fee and will not implement any increase in the fee for the redemption of Baskets until 30 days after the date of the
notice.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>The Sponso<span id="pall10ka011"></span>r </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Sponsor is a Delaware limited liability company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Sponsor&#8217;s office is
located at c/o&#160;Aberdeen Standard Investments ETFs Sponsor LLC, 712 Fifth Avenue, 49th Floor, New York, NY 10019. abrdn
Inc. (known as Aberdeen Standard Investments Inc. prior to January 1, 2022), a Delaware corporation, is the sole member of
the Sponsor. abrdn Inc. is a wholly-owned indirect subsidiary of abrdn plc, which together with its affiliates and
subsidiaries, is collectively referred to as &#8220;abrdn.&#8221; Under the Delaware Limited Liability Company Act and the
governing documents of the Sponsor, the sole member of the Sponsor, abrdn Inc., is not responsible for the debts, obligations
and liabilities of the Sponsor solely by reason of being the sole member of the Sponsor.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Sponsor&#8217;s Role</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Sponsor arranged for the creation of the Trust, and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of the Shares on the NYSE Arca. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: 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 under the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses. The Sponsor also paid the costs of the Trust&#8217;s organization and the initial sale of the Shares, including the applicable SEC registration fees.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Sponsor does not exercise day-to-day oversight over the Trustee or the Custodian. The Sponsor may remove the Trustee and appoint a successor Trustee (i) if the Trustee ceases to meet certain objective requirements (including the requirement that it have capital, surplus and undivided profits of at least $150 million), (ii) if, having received written notice of a material breach of its obligations under the Trust Agreement, the Trustee has not cured the breach within 30 days, or (iii) if the Trustee refuses to consent to the implementation of an amendment to the Trust&#8217;s initial Internal Control Over Financial Reporting. The Sponsor also has the right to replace the Trustee during the 90 days following any merger, consolidation or conversion in which the Trustee is not the surviving entity or, in its discretion, on the fifth anniversary of the creation of the Trust or on any subsequent third anniversary thereafter. The Sponsor also has the right to approve any new or additional custodian that the Trustee may wish to appoint and any new or additional Zurich Sub-Custodian that the Custodian may wish to appoint.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Sponsor or one of its affiliates or agents (1) develops a marketing plan for the Trust on an ongoing basis, (2) prepares marketing materials regarding the Shares, including the content of the Trust&#8217;s website and (3) executes the marketing plan for the Trust.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>The Tr<span id="pall10ka012"></span>ustee</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers (&#8220;BNYM&#8221;), serves as the Trustee. BNYM has a trust office at 240 Greenwich Street,&#160;&#160;New York, NY 10286. BNYM is subject to supervision by the New York State Financial Services Department and the Board of Governors of the Federal Reserve System. Information regarding creation and redemption Basket composition, NAV of the Trust, transaction fees and the names of the parties that have each executed an Authorized Participant Agreement may be obtained from BNYM. A copy of the Trust Agreement is available for inspection at BNYM&#8217;s trust office identified above. Under the Trust Agreement, the Trustee is required to have capital, surplus and undivided profits of at least $150 million.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Trustee&#8217;s Role</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trustee is generally responsible for the day-to-day administration of the Trust, including keeping the Trust&#8217;s operational records. The Trustee&#8217;s principal responsibilities include (1) transferring the Trust&#8217;s&#160;palladium as needed to pay the Sponsor&#8217;s Fee in&#160;palladium (palladium transfers are expected to occur approximately monthly in the ordinary course), (2) valuing the Trust&#8217;s&#160;palladium and calculating the NAV of the Trust and the NAV per Share, (3) receiving and processing orders from Authorized Participants to create and redeem Baskets and coordinating the processing of such orders with the Custodian and DTC, (4) selling the Trust&#8217;s&#160;palladium as needed to pay any extraordinary Trust expenses that are not assumed by the Sponsor, (5) when appropriate, making distributions of cash or other property to Shareholders, and (6) receiving and reviewing reports from or on the Custodian&#8217;s custody of and transactions in the Trust&#8217;s palladium. The Trustee shall, with respect to directing the Custodian, act in accordance with the instructions of the Sponsor. If the Custodian resigns, the Trustee shall appoint an additional or replacement Custodian selected by the Sponsor.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trustee intends to regularly communicate with the Sponsor to monitor the overall performance of the Trust. The Trustee does not monitor the performance of the Custodian, the Zurich Sub-Custodian, or any other sub-custodian other than to review the reports provided by the Custodian pursuant to the Custody Agreements. The Trustee, along with the Sponsor, will liaise with the Trust&#8217;s legal, accounting and other professional service providers as needed. The Trustee will assist and support the Sponsor with the preparation of all periodic reports required to be filed with the SEC on behalf of the Trust.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trustee&#8217;s monthly fees and out-of-pocket expenses are paid by the Sponsor.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell&#160;palladium or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. Affiliates of the Trustee are subject to the same transaction fee as other Authorized Participants.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>The Custod<span id="pall10ka013"></span>ian </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">JPMorgan Chase Bank, N.A. (&#8220;JPMorgan&#8221;) serves as the Custodian of the Trust&#8217;s palladium. JPMorgan is a national banking association organized under the laws of the United States of America. JPMorgan is subject to supervision by the Federal Reserve Bank of New York and the Federal Deposit Insurance Corporation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">JPMorgan&#8217;s London office is regulated by the FCA and is located at 25 Bank Street, Canary Wharf, London, E14 5JP, United Kingdom. JPMorgan is a subsidiary of JPMorgan Chase &amp; Co.&#160;&#160;While the United Kingdom operations of the Custodian are regulated by the FCA, the custodial services provided by the Custodian and any sub-custodian, including the Zurich Sub-Custodian under the Custody Agreements, are presently not a regulated activity subject to the supervision and rules of the FCA. The Zurich Sub-Custodian that the Custodian currently uses is UBS AG, which is located at 45 Bahnhofstrasse, 8001 Zurich, Switzerland.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Custodian&#8217;s Role</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Custodian is responsible for safekeeping of the Trust&#8217;s palladium deposited with it by Authorized Participants in connection with the creation of Baskets. The Custodian is also responsible for selecting the Zurich Sub-Custodian and its other direct sub-custodians, if any. The Custodian facilitates the transfer of palladium in and out of the Trust through the unallocated palladium accounts it will maintain for each Authorized Participant and the unallocated and allocated palladium accounts it will maintain for the Trust. The Custodian holds at its London, England vault premises that portion of the Trust&#8217;s allocated palladium to be held in London. The Zurich Sub-Custodian holds at its Zurich, Switzerland vault premises that portion of the Trust&#8217;s allocated palladium to be held in Zurich on behalf of the Custodian. The Custodian is responsible for allocating specific plates or ingots of physical palladium to the Trust&#8217;s allocated palladium account. The Custodian provides the Trustee with regular reports detailing the palladium transfers in and out of the Trust&#8217;s unallocated and allocated palladium accounts and identifying the palladium plates or ingots held in the Trust&#8217;s allocated palladium account.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Custodian&#8217;s fees and expenses under the Custody Agreements are paid by the Sponsor.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Custodian and its 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. The Custodian and its affiliates are subject to the same transaction fee as other Authorized Participants.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Inspection of Pa<span id="pall10ka014"></span>lladium</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Under the Custody Agreements, the Trustee, the Sponsor and the Trust&#8217;s auditors and inspectors may, only up to twice a year, visit the premises of the Custodian and the Zurich Sub-Custodian for the purpose of examining the Trust&#8217;s&#160;palladium and certain related records maintained by the Custodian. &#160;Under the Allocated Account Agreement, the Custodian agreed to procure similar inspection rights from the Zurich Sub-Custodian. Any such inspection rights with respect to the Zurich Sub-Custodian are expected to be granted in accordance with the normal course of dealing between the Custodian and the Zurich Sub-Custodian. Visits by auditors and inspectors to the Zurich Sub-Custodian&#8217;s facilities will be arranged through the Custodian. Other than with respect to the Zurich Sub-Custodian, the Trustee and the Sponsor have no right to visit the premises of any sub-custodian for the purposes of examining the Trust&#8217;s&#160;palladium or any records maintained by the sub-custodian, and no sub-custodian is obligated to cooperate in any review the Trustee or the Sponsor may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian.&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Sponsor has exercised its right to visit the Custodian and the Zurich Sub-Custodian, in order to examine the palladium&#160;and the records maintained by them. Inspections were conducted by Inspectorate International Limited, a leading commodity inspection and testing company retained by the Sponsor, as of July 23, 2021 and December 31, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">There can be no guarantee that the Sponsor or the Trust&#8217;s auditors and inspectors will be able to perform physical inspections of the Trust&#8217;s palladium as planned. Local policies, regulations, or ordinances, as well as polices or restrictions adopted by the Custodian or a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust&#8217;s auditors and inspectors, from performing a physical inspection of the Trust&#8217;s palladium on a desired date. In those situations, the Sponsor or the Trust&#8217;s auditors and inspectors may seek to verify the palladium held by the Trust by alternate means, including through virtual inspections of the Trust&#8217;s palladium and/or a review of pertinent records.&#160;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Description <span id="pall10ka015"></span>of the Shares </b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>General </i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trustee is authorized under the Trust Agreement to create and issue an unlimited number of Shares. The Trustee creates Shares only in Baskets and only upon the order of an Authorized Participant. Effective April 1, 2019, the number of Shares that constitute a Basket for the purposes of creations and redemptions is 25,000 Shares.&#160;Prior to April 1, 2019, a Basket consisted of 50,000 Shares. The Shares represent units of fractional undivided beneficial interest in and ownership of the Trust and have no par value. Any creation and issuance of Shares above the amount registered on the Trust&#8217;s then-current and effective registration statement with the SEC will require the registration of such additional Shares.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Description of Limited Rights </i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Shares do not represent a traditional investment and Shareholders should not view them as similar to shares of a corporation operating a business enterprise with management and a board of directors. Shareholders do not have the statutory rights normally associated with the ownership of shares of a corporation, including, for example, the right to bring &#8220;oppression&#8221; or &#8220;derivative&#8221; actions. All Shares are of the same class with equal rights and privileges. Each Share is transferable, is fully paid and non-assessable and entitles the holder to vote on the limited matters upon which Shareholders may vote under the Trust Agreement. The Shares do not entitle their holders to any conversion or pre-emptive rights, or, except as provided below, any redemption rights or rights to distributions.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Distributions</i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">If the Trust is terminated and liquidated, the Trustee will distribute to the Shareholders any amounts remaining after the satisfaction of all outstanding liabilities of the Trust and the establishment of such reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Trustee shall determine. Shareholders of record on the record date fixed by the Trustee for a distribution will be entitled to receive their pro rata portion of any distribution.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Voting and Approvals </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Under the Trust Agreement, Shareholders have no voting rights, except in limited circumstances. The Trustee may terminate the Trust upon the agreement of Shareholders owning at least 75% of the outstanding Shares. In addition, certain amendments to the Trust Agreement require advance notice to the Shareholders before the effectiveness of such amendments, but no Shareholder vote or approval is required for any amendment to the Trust Agreement.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Redemption of the Shares </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Shares may only be redeemed by or through an Authorized Participant and only in Baskets.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Book-Entry Form </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Individual certificates will not be issued for the Shares. Instead, one or more global certificates is deposited by the Trustee with DTC and registered in the name of Cede &amp; Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Under the Trust Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies (DTC Participants), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (Indirect Participants), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares. Transfers will be made in accordance with standard securities industry practice.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Custody of the Trus<span id="pall10ka016"></span>t&#8217;s Palladium </b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Custody of the physical palladium deposited with and held by the Trust is provided by the Custodian at its London, England vaults and by the Zurich Sub-Custodian selected by the Custodian in its Zurich vaults and by other sub-custodians on a temporary basis. The Custodian is a market maker, clearer and approved weigher under the rules of the LPPM.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Custodian is the custodian of the
physical palladium credited to the Trust Allocated Account in accordance with the Custody Agreements. The Custodian segregates the
physical palladium credited to the Trust&#8217;s Allocated Account from any other precious metal it holds or holds for others by
entering appropriate entries in its books and records, and requires the Zurich Sub-Custodian to also segregate the physical
palladium of the Trust from the other palladium held by it for other customers of the Custodian and the Zurich Sub-Custodian&#8217;s
other customers. The Custodian requires the Zurich Sub-Custodian to identify in its books and records the Trust as having the rights
to the physical palladium credited to its Trust Allocated Account. Under the Custody Agreements, the Trustee, the Sponsor and the Trust&#8217;s auditors and inspectors may inspect the vaults of the Custodian
and the Zurich Sub-Custodian. See &#8220;Inspection of Platinum&#8221;.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Custodian, as instructed by the Trustee on behalf of the Trust, is authorized to accept, on behalf of the Trust, deposits of palladium in unallocated form. Acting on standing instructions specified in the Custody Agreements, the Custodian will or will require the Zurich Sub-Custodian to allocate palladium deposited in unallocated form with the Trust by selecting plates or ingots of palladium for deposit to the Trust Allocated Account. All physical palladium allocated to the Trust must conform to the rules, regulations, practices and customs of the LPPM.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The process of withdrawing&#160;palladium from the Trust for a redemption of a Basket follows the same general procedure as for depositing&#160;palladium with the Trust for a creation of a Basket, only in reverse. Each transfer of&#160;palladium between the Trust Allocated Account and the Trust Unallocated Account connected with a creation or redemption of a Basket may result in a small amount of&#160;palladium being held in the Trust Unallocated Account after the completion of the transfer. In making deposits and withdrawals between the Trust Allocated Account and the Trust Unallocated Account, the Custodian will use commercially reasonable efforts to minimize the&#160;amount of palladium held in the Trust Unallocated Account as of the close of each business day. See &#8220;Creation and Redemption of Shares.&#8221;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>United States Federa<span id="pall10ka017"></span>l Income Tax Consequences</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The following discussion of the material US federal income tax consequences generally applies to the purchase, ownership and disposition of Shares by a US Shareholder (as defined below), and certain US federal income tax consequences that may apply to an investment in Shares by a Non-US Shareholder (as defined below). The discussion is based on the United States Internal Revenue Code of 1986 as amended (the &#8220;Code&#8221;). The discussion below is based on the Code, United States Treasury Regulations (&#8220;Treasury Regulations&#8221;) promulgated under the Code and judicial and administrative interpretations of the Code, all as in effect on the date of this annual report and all of which are subject to change either prospectively or retroactively. The tax treatment of Shareholders may vary depending upon their own particular circumstances. Certain Shareholders (including broker-dealers, traders, banks and other financial institutions, insurance companies, real estate investment trusts, tax-exempt entities, Shareholders whose functional currency is not the U.S. Dollar or other investors with special circumstances) may be subject to special rules not discussed below. In addition, the following discussion applies only to investors who hold Shares as &#8220;capital assets&#8221; within the meaning of Code section 1221 and not as part of a straddle, hedging transaction or a conversion or constructive sale transaction. Moreover, the discussion below does not address the effect of any state, local or foreign tax law or any transfer tax on an owner of Shares. Purchasers of Shares are urged to consult their own tax advisors with respect to all federal, state, local and foreign tax law or any transfer tax considerations potentially applicable to their investment in Shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">For purposes of this discussion, a &#8220;US Shareholder&#8221; is a Shareholder that is:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9679;&#160;An individual who is a citizen or resident of the United States;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9679;&#160;A corporation (or other entity treated as a corporation for US federal tax purposes) created or organized in or under the laws of the United States or any political subdivision thereof;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9679;&#160;An estate, the income of which is includible in gross income for US federal income tax purposes regardless of its source; or</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#9679;&#160;A trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more US persons have the authority to control all substantial decisions of the trust.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A Shareholder that is not a US Shareholder as defined above (other than a partnership, or an entity treated as a partnership for US federal tax purposes) generally is considered a &#8220;Non-US Shareholder&#8221; for purposes of this discussion. For US federal income tax purposes, the treatment of any beneficial owner of an interest in a partnership, including any entity treated as a partnership for US federal income tax purposes, generally depends upon the status of the partner and upon the activities of the partnership. Partnerships and partners in partnerships should consult their tax advisors about the US federal income tax consequences of purchasing, owning and disposing of Shares.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Taxation of the Trust </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trust is classified as a &#8220;grantor trust&#8221; for US federal income tax purposes. As a result, the Trust itself is not subject to US federal income tax. Instead, the Trust&#8217;s income and expenses &#8220;flow through&#8221; to the Shareholders, and the Trustee reports the Trust&#8217;s income, gains, losses and deductions to the Internal Revenue Service (&#8220;IRS&#8221;) on that basis.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Taxation of US Shareholders </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Shareholders generally are treated, for US federal income tax purposes, as if they directly owned a pro rata share of the underlying assets held by the Trust. Shareholders are also treated as if they directly received their respective pro rata share of the Trust&#8217;s income, if any, and as if they directly incurred their respective pro rata share of the Trust&#8217;s expenses. In the case of a Shareholder that purchases Shares for cash, its initial tax basis in its pro rata share of the assets held by the Trust at the time it acquires its Shares is equal to its cost of acquiring the Shares. In the case of a Shareholder that acquires its Shares as part of a creation of a Basket, the delivery of&#160;palladium to the Trust in exchange for the Shares is not a taxable event to the Shareholder, and the Shareholder&#8217;s tax basis and holding period for the Shares are the same as its tax basis and holding period for the&#160;palladium delivered in exchange therefore (except to the extent of any cash contributed for such Shares). For purposes of this discussion, it is assumed that all of a Shareholder&#8217;s Shares are acquired on the same date and at the same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their tax advisors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">When the Trust sells or transfers palladium, for example to pay expenses, a Shareholder generally will recognize a gain or loss in an amount equal to the difference between (1) the Shareholder&#8217;s pro rata share of the amount realized by the Trust upon the sale or transfer and (2) the Shareholder&#8217;s tax basis for its pro rata share of the palladium that was sold or transferred. Such gain or loss will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder has a holding period in its Shares of longer than one year. A Shareholder&#8217;s tax basis for its share of any palladium sold by the Trust generally will be determined by multiplying the Shareholder&#8217;s total basis for its Shares immediately prior to the sale, by a fraction the numerator of which is the amount of palladium sold, and the denominator of which is the total amount of the palladium held by the Trust immediately prior to the sale. After any such sale, a Shareholder&#8217;s tax basis for its pro rata share of the palladium remaining in the Trust will be equal to its tax basis for its Shares immediately prior to the sale, less the portion of such basis allocable to its share of the palladium that was sold.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Upon a Shareholder&#8217;s sale of some or all of its Shares, the Shareholder will be treated as having sold a pro rata share of the&#160;palladium held in the Trust at the time of the sale. Accordingly, the Shareholder generally will recognize a&#160;gain or loss on the sale in an amount equal to the difference between (1) the amount realized pursuant to the sale of the Shares, and (2) the Shareholder&#8217;s tax basis for the Shares sold, as determined in the manner described in the preceding paragraph.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A redemption of some or all of a Shareholder&#8217;s Shares in exchange for the underlying&#160;palladium represented by the Shares redeemed generally will not be a taxable event to the Shareholder. The Shareholder&#8217;s tax basis for the&#160;palladium received in the redemption generally will be the same as the Shareholder&#8217;s tax basis for the Shares redeemed. The Shareholder&#8217;s holding period with respect to the&#160;palladium received should include the period during which the Shareholder held the Shares redeemed. A subsequent sale of the&#160;palladium received by the Shareholder will be a taxable event.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">An Authorized Participant and other investors may be able to re-invest, on a tax-deferred basis, in-kind redemption proceeds received from exchange-traded products that are substantially similar to the Trust in the Trust&#8217;s Shares. Authorized Participants and other investors should consult their tax advisors as to whether and under what circumstances the reinvestment in the Shares of proceeds from substantially similar exchange-traded products can be accomplished on a tax-deferred basis.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Under current law, gains recognized by individuals, estates or trusts from the sale of &#8220;collectibles,&#8221; including physical palladium, held for more than one year are taxed at a maximum federal income tax rate of 28%, rather than the 20% rate applicable to most other long-term capital gains. For these purposes, gains recognized by an individual upon the sale of Shares held for more than one year, or attributable to the Trust&#8217;s sale of any physical&#160;palladium which the Shareholder is treated (through its ownership of Shares) as having held for more than one year, generally will be taxed at a maximum rate of 28%. The tax rates for capital gains recognized upon the sale of assets held by an individual US Shareholder for one year or less or by a corporate taxpayer are generally the same as those at which ordinary income is taxed.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">In addition, high-income individuals and certain trusts and estates are subject to a 3.8% Medicare contribution tax that is imposed on net investment income and gain. Shareholders should consult their tax advisor regarding this tax.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Brokerage Fees and Trust Expenses</i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Any brokerage or other transaction fees incurred by a Shareholder in purchasing Shares is treated as part of the Shareholder&#8217;s tax basis in the Shares. Similarly, any brokerage fee incurred by a Shareholder in selling Shares reduces the amount realized by the Shareholder with respect to the sale.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Shareholders will be required to recognize gain or loss upon a sale of&#160;palladium by the Trust (as discussed above), even though some or all of the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata share of each expense incurred by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust, to the extent that such expenses may be deducted, as miscellaneous itemized deductions. Under the Tax Cuts and Jobs Act (P.L. 115-97), miscellaneous itemized deductions, including expenses for the production of income, will not be deductible for either regular federal income tax or alternative minimum tax purposes for taxable years beginning after December 31, 2017 and before January 1, 2026.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Investment by Regulated Investment Companies</i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Mutual funds and other investment vehicles which are &#8220;regulated investment companies&#8221; within the meaning of Code section 851 should consult with their tax advisors concerning (1) the likelihood that an investment in Shares, although they are a &#8220;security&#8221; within the meaning of the Investment Company Act of 1940, may be considered an investment in the underlying&#160;palladium for purposes of Code section 851(b), and (2) the extent to which an investment in Shares might nevertheless be consistent with preservation of their qualification under Code section 851. In recent administrative guidance, the IRS stated that it will no longer issue rulings under Code section 851(b) relating to the determination of whether or not an instrument or position is a &#8220;security&#8221;, but, instead, intends to defer to guidance from the SEC for such determination.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>United States Information Reporting and Backup Withholding Tax for US and Non-US Shareholders </i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trustee or the appropriate broker will file certain information returns with the IRS, and provides certain tax-related information to Shareholders, in accordance with applicable Treasury Regulations. Each Shareholder will be provided with information regarding its allocable portion of the Trust&#8217;s annual income (if any) and expenses.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A US Shareholder may be subject to US backup withholding tax in certain circumstances unless it provides its taxpayer identification number and complies with certain certification procedures. Non-US Shareholders may have to comply with certification procedures to establish that they are not a US person in order to avoid the backup withholding tax.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The amount of any backup withholding tax will be allowed as a credit against a Shareholder&#8217;s US federal income tax liability and may entitle such a Shareholder to a refund, provided that the required information is furnished to the IRS.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Income Taxation of Non-US Shareholders </i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trust does not expect to generate taxable income except for gains (if any) upon the sale of palladium. A Non-US Shareholder generally is not subject to US federal income tax with respect to gains recognized upon the sale or other disposition of Shares, or upon the sale of&#160;palladium by the Trust, unless (1) the Non-US Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from United States sources; or (2) the gain is effectively connected with the conduct by the Non-US Shareholder of a trade or business in the United States.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Taxation in Jurisdictions other than the United States</i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Prospective purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their own tax advisers as to the tax consequences, under the laws of such jurisdiction (or any other jurisdiction not being the United States to which they are subject), of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular, as to whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale, redemption or other dealing.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>ERISA and Relate<span id="pall10ka018"></span>d Considerations</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;), and/or Code section 4975 impose certain requirements on certain employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities, Keogh plans, and certain commingled investment vehicles or insurance company general or separate accounts in which such plans or arrangements are invested (collectively, &#8220;Plans&#8221;), and on persons who are fiduciaries with respect to the investment of &#8220;plan assets&#8221; of a Plan. Government plans and some church plans are not subject to the fiduciary responsibility provisions of ERISA or the provisions of section 4975 of the Code, but may be subject to substantially similar rules under other federal law, or under state or local law (&#8220;Other Law&#8221;).</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">In contemplating an investment of a portion of Plan assets in Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and circumstances of the Plan and the &#8220;Risk Factors&#8221; discussed above and whether such investment is consistent with its fiduciary responsibilities under ERISA or Other Law, including, but not limited to: (1) whether the investment is permitted under the Plan&#8217;s governing documents, (2) whether the fiduciary has the authority to make the investment, (3) whether the investment is consistent with the Plan&#8217;s funding objectives, (4) the tax effects of the investment on the Plan, and (5) whether the investment is prudent considering the factors discussed in this report. In addition, ERISA and Code section 4975 prohibit a broad range of transactions involving assets of a plan and persons who are &#8220;parties in interest&#8221; under ERISA or &#8220;disqualified persons&#8221; under section 4975 of the Code. A violation of these rules may result in the imposition of significant excise taxes and other liabilities. Plans subject to Other Law may be subject to similar restrictions.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">It is anticipated that the Shares will constitute &#8220;publicly offered securities&#8221; as defined in the Department of Labor &#8220;Plan Asset Regulations,&#8221; &#167;2510.3-101 (b)(2) as modified by section 3(42) of ERISA. Accordingly, pursuant to the Plan Asset Regulations, only Shares purchased by a Plan, and not an interest in the underlying assets held in the Trust, should be treated as assets of the Plan, for purposes of applying the &#8220;fiduciary responsibility&#8221; rules of ERISA and the &#8220;prohibited transaction&#8221; rules of ERISA and the Code. Fiduciaries of plans subject to Other Law should consult legal counsel to determine whether there would be a similar result under the Other Law.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Investment by Certain Retirement Plans </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Code section 408(m) provides that the acquisition of a &#8220;collectible&#8221; by an individual retirement account (&#8220;IRA&#8221;) or a participant-directed account maintained under any plan that is tax-qualified under Code section 401(a) (&#8220;Tax Qualified Account&#8221;) is treated as a taxable distribution from the account to the owner of the IRA, or to the participant for whom the Tax Qualified Account is maintained, of an amount equal to the cost to the account of acquiring the collectible. The term &#8220;collectible&#8221; is defined to include, with certain exceptions, &#8220;any metal or gem&#8221;. The IRS has issued several private letter rulings to the effect that a purchase by an IRA, or by a participant-directed account under a Code section 401(a) plan, of publicly-traded shares in a trust holding precious metals&#160;will not be treated as resulting in a taxable distribution to the IRA owner or Tax Qualified Account participant under Code section 408(m). However the private letter rulings provide that, if any of the Shares so purchased are distributed from the IRA or Tax Qualified Account to the IRA owner or Tax Qualified Account participant, or if any precious metal is received by such IRA or Tax Qualified Account upon the redemption of any of the Shares purchased by it, the Shares or&#160;precious metal&#160;so distributed will be subject to federal income tax in the year of distribution, to the extent provided under the applicable provisions of Code sections 408(d), 408(m) or 402. Accordingly, potential IRA or Tax Qualified Account investors are urged to consult with their own professional advisors concerning the treatment of an investment in Shares under Code section 408(m).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Item 1<span id="pall10ka019"></span>A. Risk Factors </b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Shareholders should consider carefully the risks described below before making an investment decision. Shareholders should also refer to the other information included in this report, including the Trust&#8217;s financial statements and the related notes.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>RISKS RELATED TO PALLADIUM</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The price of palladium may be affected by the sale of ETVs tracking the palladium markets.</i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 17.95pt 0pt 0pt; text-align: justify">To the extent existing exchange traded vehicles (&#8220;ETVs&#8221;) tracking the palladium markets represent a significant proportion of demand for physical palladium bullion, large redemptions of the securities of these ETVs could negatively affect physical palladium bullion prices and the price and NAV of the Shares.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Crises may motivate large-scale sales of palladium which could decrease the price of palladium and adversely affect an investment in the Shares.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 4pt; margin-top: 0pt; margin-bottom: 0pt">The possibility of large-scale distress sales of palladium in times of crisis may have a short-term negative impact on the price of palladium and adversely affect an investment in the Shares. For example, the 2008 financial credit crisis resulted in significantly depressed prices of palladium largely due to forced sales and deleveraging from institutional investors such as hedge funds and pension funds as expectations of economic growth slumped. Crises in the future may impair palladium&#8217;s price performance which would, in turn, adversely affect an investment in the Shares.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.05pt; margin-top: 0pt; margin-bottom: 0pt"><i>Several factors may have the effect of causing a decline in the prices of palladium and a corresponding decline in the price of Shares. Among them:</i></p>
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<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0pt 0pt 0px; text-indent: 0px">A significant increase in palladium hedging activity by palladium producers. Should there be an increase in the level of hedge activity of palladium producing companies, it could cause a decline in world palladium prices, adversely affecting the price of the Shares.</p>
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</table>
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<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0pt 0pt 0px; text-indent: 0px">A significant change in the attitude of speculators, investors and central banks towards palladium. Should the speculative community take a negative view towards palladium or central banking authorities determine to sell national palladium reserves, either event could cause a decline in world palladium prices, negatively impacting the price of the Shares.</p>
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</table>
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<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0pt 0pt 0px; text-indent: 0px">A widening of interest rate differentials between the cost of money and the cost of palladium could negatively affect the price of palladium which, in turn, could negatively affect the price of the Shares.</p>
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<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0pt 0pt 0px; text-align: justify; text-indent: 0px">A combination of rising money interest rates and a continuation of the current low cost of borrowing palladium could improve the economics of selling palladium forward. This could result in an increase in hedging by palladium mining companies and short selling by speculative interests, which would negatively affect the price of palladium. Under such circumstances, the price of the Shares would be similarly affected.</p>
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<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0pt 0pt 0px; text-indent: 0px">Autocatalysts, automobile components that use palladium, accounted for approximately 80% of the net global demand in palladium in 2020. While the automotive sector in China and the US is showing signs of recovery, the European market is currently experiencing declining demand and, in certain cases, solvency concerns. Reduced automotive industry sales in Europe may result in a decline in autocatalyst demand.</p>
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<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0px; text-indent: 0px">A decline in the global automotive industry may impact the price of palladium and affect the price of the Shares.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Conversely, several factors may trigger a temporary increase in the price of palladium prior to your investment in the Shares. For example,
sudden increased investor interest in palladium may cause an increase in world palladium prices, increasing the price of the Shares. If
that is the case, you will be buying Shares at prices affected by the temporarily high prices of palladium, and you may incur losses when
the causes for the temporary increase disappear.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 11.25pt; margin-top: 0pt; margin-bottom: 0pt"><i>A decline in the automobile industry or a shift from gasoline-powered to electric vehicles may have the effect of causing a decline in the price of palladium and a corresponding decline in the price of Shares.</i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0pt">Autocatalysts, automobile components for emissions control that use palladium, accounted for approximately 80% of the global demand in palladium in 2020. Reduced automotive industry sales or a shift from gasoline-powered to electric vehicles may result in a decline in autocatalyst demand. A contraction in the global automotive industry or more widespread acceptance of electric vehicles may impact the price of palladium and the price of Shares.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The value of the Shares relates directly to the value of the palladium held by the Trust and fluctuations in the price of palladium could materially adversely affect an investment in the Shares.</i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Shares are designed to mirror as closely as possible the performance of the price of palladium bullion, and the value of the Shares relates directly to the value of the palladium held by the Trust, less the Trust&#8217;s liabilities (including estimated accrued but unpaid expenses). The price of palladium has fluctuated widely over the past several years. Several factors may affect the price of palladium, including:</p>
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</td>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Global palladium supply, which is influenced by such factors as production and cost levels in major palladium-producing countries such as Russia and South Africa.&#160;&#160;Recycling, autocatalyst demand, industrial demand, jewelry demand and investment demand are also important drivers of palladium supply and demand. Sales of existing stockpiles of palladium have been a key source of supply in the past decade and could potentially soon be exhausted, placing a higher burden on new mine supply;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 100%">

<tr>
<td style="width: 0.25in; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 0.25in; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></p>
</td>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Currency exchange rates;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 100%">

<tr>
<td style="width: 0.25in; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 0.25in; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></p>
</td>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Interest rates;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 100%">

<tr>
<td style="width: 0.25in; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 0.25in; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></p>
</td>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Investment and trading activities of hedge funds and commodity funds</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin: 0px; width: 100%">

<tr>
<td style="width: 0.25in; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
</td>
<td style="width: 0.25in; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></p>
</td>
<td style="vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">Global or regional
political, economic or financial events and situations. ; and</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">A significant change in investor interest, including in response
to online campaigns or other activities specifically targeting investments in palladium.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">In addition, investors should be aware that 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>RISKS RELATED TO THE SHARES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The sale of the Trust&#8217;s palladium to pay expenses not assumed by the Sponsor, or unexpected liabilities affecting the Trust, at a time of low palladium prices could adversely affect the value of the Shares.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trustee sells palladium held by the Trust to pay Trust expenses not assumed by the Sponsor on an as-needed basis irrespective of then-current palladium prices. The Trust is not actively managed and no attempt will be made to buy or sell palladium to protect against or to take advantage of fluctuations in the price of palladium. Consequently, the Trust&#8217;s palladium may be sold at a time when the palladium price is low, resulting in the sale of more palladium than would be required if the Trust sold when prices where higher. The sale of the Trust's palladium to pay
expenses not assumed by the Sponsor, or unexpected liabilities affecting the Trust, at a time of low palladium prices could adversely
affect the value of the Shares.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The value of the Shares will be adversely affected if the Trust is required to indemnify the Sponsor or the Trustee under the Trust Agreement.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Under the Trust Agreement, each of the Sponsor and the Trustee has a right to be indemnified from the Trust for any liability or expense it incurs without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard on its part. That means the Sponsor or the Trustee may require the assets of the Trust to be sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce the NAV of the Trust and the value of the Shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Shares may trade at a price which is at, above or below the NAV per Share and any discount or premium in the trading price relative to the NAV per Share may widen as a result of non-concurrent trading hours between the NYSE Arca and London, Zurich and COMEX.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Shares may trade at, above or below the NAV per Share. The NAV per Share fluctuates with changes in the market value of the Trust&#8217;s assets. The trading price of the Shares fluctuates in accordance with changes in the NAV per Share as well as market supply and demand. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by non-concurrent trading hours between the NYSE Arca and the major palladium markets. While the Shares trade on the NYSE Arca until 4:00 p.m. New York time, liquidity in the market for palladium is reduced after the close of the major world palladium markets, including London, Zurich and the COMEX. As a result, during this time, trading spreads, and the resulting premium or discount on the Shares, may widen.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>A possible &#8220;short squeeze&#8221; due to a sudden increase in demand of Shares that largely exceeds supply may lead to price volatility in the Shares.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Investors may purchase Shares to hedge existing palladium exposure or to speculate on the price of palladium. Speculation on the price of palladium may involve long and short exposures. To the extent aggregate short exposure exceeds the number of Shares available for purchase (for example, in the event that large redemption requests by Authorized Participants dramatically affect Share liquidity), investors with short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders. Those repurchases may in turn, dramatically increase the price of the Shares until additional Shares are created through the creation process. This is often referred to as a &#8220;short squeeze.&#8221; A short squeeze could lead to volatile price movements in Shares that are not directly correlated to the price of palladium.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Purchasing activity in the palladium market associated with Basket creations or selling activity following Basket redemptions may affect the price of palladium and Share trading prices. These price changes may adversely affect an investment in the Shares.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Purchasing activity associated with
acquiring the palladium required for deposit into the Trust in connection with the creation of Baskets may temporarily increase the
market price of palladium, which will result in higher prices for the Shares. Temporary Increases in the market price of palladium
may also occur as a result of the purchasing activity of other market participants. Other market participants may attempt to benefit
from an increase in the market price of palladium that may result from increased purchasing activity of palladium connected with the
issuance of Baskets. Consequently, the market price of palladium may decline immediately after Baskets are created. If the price of
palladium declines, the trading price of the Shares may also decline.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Selling activity associated with sales of
palladium withdrawn from the Trust in connection with the redemption of Baskets may temporarily decrease the market price of
palladium, which will result in lower prices for the Shares. Temporary Decreases in the market price of palladium may also occur as
a result of the selling activity of other market participants. If the price of palladium declines, the trading price of the Shares
may also decline.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Sponsor is unable to ascertain whether the palladium price movements since the commencement of the Trust&#8217;s initial public offering on January 8, 2010 were attributable to the Trust&#8217;s Basket creation and redemption process or independent metal market forces or both. Nevertheless, the Trust and the Sponsor cannot assure Shareholders that future Basket creations or redemptions will have no effect on the palladium metal prices and, consequently, Share trading prices.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Since there is no limit on the amount of palladium that the Trust may acquire, the Trust, as it grows, may have an impact on the supply and demand of palladium that ultimately may affect the price of the Shares in a manner unrelated to other factors affecting the global market for palladium.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trust Agreement places no limit on the amount of palladium the Trust may hold. Moreover, the Trust may issue an unlimited number of Shares, subject to registration requirements, and thereby acquire an unlimited amount of palladium. The global market for palladium is characterized by supply and demand constraints that are generally not present in the markets for other precious metals such as gold and silver. From 2016 to 2020, world palladium mine supply averaged 6.7 million ounces, while world gross demand averaged 10.1 million ounces. If the amount of palladium acquired by the Trust is large enough in relation to global palladium supply and demand, further in-kind creations and redemptions of Shares could have an impact on the supply and demand of palladium unrelated to other factors affecting the global market for palladium. Such an impact could affect the price for palladium that would directly affect the price at which Shares are traded on the Exchange or the price of future Baskets created or redeemed by the Trust.&#160;The Trust and the Sponsor cannot provide Shareholders any assurance that increased metal holdings by the Trust in the future will have no such long-term metal price impact thereby affecting Share trading prices.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Shares and their value could decrease if unanticipated operational or trading problems arise.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">There may be unanticipated problems or issues with respect to the mechanics of the Trust&#8217;s operations and the trading of the Shares that could have a material adverse effect on an investment in the Shares. In addition, although the Trust is not actively &#8220;managed&#8221; by traditional methods, to the extent that unanticipated operational or trading problems or issues arise, the Sponsor&#8217;s past experience and qualifications may not be suitable for solving these problems or issues.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Discrepancies, disruptions or unreliability of the LME PM Fix could impact the value of the Trust&#8217;s palladium and the market price of the Shares.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trustee values the Trust&#8217;s palladium pursuant to the LME PM Fix. In the event that the LME PM Fix proves to be an inaccurate benchmark, or the LME PM Fix varies materially from the prices determined by other mechanisms for valuing palladium, the value of the Trust&#8217;s palladium and the market price of the Shares could be adversely impacted. Any future developments in the LME PM Fix, to the extent it has a material impact on the LME PM Fix, could adversely impact the value of the Trust&#8217;s palladium and the market price of the Shares. It is possible that electronic failures or other unanticipated events may occur that could result in delays in the announcement of, or the inability of the benchmark to produce, the LME PM Fix on any given date. Furthermore, any actual or perceived disruptions that result in the perception that the LME PM Fix is vulnerable to actual or attempted manipulation could adversely affect the behavior of market participants, which may have an effect on the price of palladium. If the LME PM Fix is unreliable for any reason, the price of palladium and the market price for the Shares may decline or be subject to greater volatility.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>If the process of creation and redemption of Baskets encounters any unanticipated difficulties, the possibility for arbitrage transactions intended to keep the price of the Shares closely linked to the price of palladium may not exist and, as a result, the price of the Shares may fall.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">If the processes of creation and redemption of Shares (which depend on timely transfers of palladium to and by the Custodian) encounter any unanticipated difficulties, potential market participants who would otherwise be willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying palladium may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. If this is the case, the liquidity of Shares may decline and the price of the Shares may fluctuate independently of the price of palladium and may fall. Additionally, redemptions could be suspended for any period during which (1) the NYSE Arca is closed (other than customary weekend or holiday closings) or trading on the NYSE Arca is suspended or restricted, or (2) an emergency exists as a result of which delivery, disposal or evaluation of the palladium is not reasonably practicable.&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The liquidity of the Shares may be affected by the withdrawal from participation of one or more Authorized Participants.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">In the event that one or more Authorized Participants having substantial interests in Shares or otherwise responsible for a significant portion of the Shares&#8217; daily trading volume on the Exchange withdraw from participation, the liquidity of the Shares will likely decrease which could adversely affect the market price of the Shares and result in Shareholders incurring a loss on their investment.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act of 1940 or the protections afforded by the Commodity Exchange Act (&#8220;CEA&#8221;).</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">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. Consequently, Shareholders do
not&#160;have the regulatory protections provided to investors in investment companies. The Trust does not and will not hold or
trade in commodity futures contracts, &#8220;commodity interests&#8221; or any other instruments regulated by the CEA, as
administered by the CFTC and the National Futures Association (&#8220;NFA&#8221;). Furthermore, the Trust is not a commodity pool
for purposes of the CEA and the Shares are not &#8220;commodity interests&#8221;, and neither the Sponsor nor the Trustee is subject
to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in connection with the Trust or the Shares.
Consequently, Shareholders do not have the regulatory protections provided to investors in CEA-regulated instruments or commodity
pools operated by registered commodity pool operators or advised by registered commodity trading advisors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">If the Trust is required to terminate and liquidate, such termination and liquidation could occur at a time which is disadvantageous to Shareholders, such as when&#160;palladium prices are lower than the&#160;palladium prices at the time when Shareholders purchased their Shares. In such a case, when the Trust&#8217;s&#160;palladium is sold as part of the Trust&#8217;s liquidation, the resulting proceeds distributed to Shareholders will be less than if&#160;palladium prices were higher at the time of sale.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The lack of an active trading market for the Shares may result in losses on investment at the time of disposition of the Shares</i><i>.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Although Shares are listed for trading on the NYSE Arca, it cannot be assumed that an active trading market for the Shares will develop or be maintained. If an investor needs to sell Shares at a time when no active market for Shares exists, such lack of an active market will most likely adversely affect the price the investor receives for the Shares (assuming the investor is able to sell them).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Shareholders do not have the rights enjoyed by investors in certain other vehicles.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">As interests in an investment trust, the Shares have none of the statutory rights normally associated with the ownership of shares of a corporation (including, for example, the right to bring &#8220;oppression&#8221; or &#8220;derivative&#8221; actions). In addition, the Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors or approve amendments to the Trust Agreement and do not receive dividends).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>An investment in the Shares may be adversely affected by competition from other methods of investing in palladium.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trust competes with other financial vehicles, including traditional debt and equity securities issued by companies in the&#160;palladium industry and other securities backed by or linked to palladium, direct investments in&#160;palladium and investment vehicles similar to the Trust. Market and financial conditions, and other conditions beyond the Sponsor&#8217;s control, may make it more attractive to invest in other financial vehicles or to invest in&#160;palladium directly, which could limit the market for the Shares and reduce the liquidity of the Shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The amount of&#160;palladium represented by each Share will decrease over the life of the Trust due to the recurring deliveries of&#160;palladium necessary to pay the Sponsor&#8217;s Fee in-kind and potential sales of&#160;palladium to pay in cash the Trust expenses not assumed by the Sponsor. Without increases in the price of&#160;palladium sufficient to compensate for that decrease, the price of the Shares will also decline proportionately over the life of the Trust.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The amount of&#160;palladium represented by each Share decreases each day by the Sponsor&#8217;s Fee. In addition, although the Sponsor has agreed to assume all organizational and certain administrative and marketing expenses incurred by the Trust (the Trustee&#8217;s monthly fee and out-of-pocket expenses, the Custodian&#8217;s fee and reimbursement of the Custodian&#8217;s expenses under the Custody Agreements, Exchange listing fees, SEC registration fees, printing and mailing costs, audit fees and up to $100,000 per annum in legal expenses), in exceptional cases certain Trust expenses may need to be paid by the Trust. Because the Trust does not have any income, it must either make payments in-kind by deliveries of&#160;palladium (as is the case with the Sponsor&#8217;s Fee) or it must sell&#160;palladium to obtain cash (as in the case of any exceptional expenses).&#160;The result of these sales of&#160;palladium and recurring deliveries of&#160;palladium to pay the Sponsor&#8217;s Fee in-kind is a decrease in the amount of&#160;palladium represented by each Share. New deposits of palladium, received in exchange for new Shares issued by the Trust, will not reverse this trend.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A decrease in the amount of&#160;palladium represented by each Share results in a decrease in each Share&#8217;s price even if the price of&#160;palladium bullion does not&#160;change. To retain the Share&#8217;s original price, the price of&#160;palladium must increase. Without that increase, the lesser amount of&#160;palladium represented by the Share will have a correspondingly lower price. If this increase does not occur, or is not sufficient to counter the lesser amount of&#160;palladium represented by each Share, Shareholders will sustain losses on their investment in Shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">An increase in Trust expenses not assumed by the Sponsor, or the existence of unexpected liabilities affecting the Trust, will require the Trustee to sell larger amounts of palladium, and will result in a more rapid decrease of the amount of&#160;palladium represented by each Share and a&#160;corresponding decrease in its value.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>RISKS RELATED TO THE CUSTODY OF PALLADIUM</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Trust&#8217;s&#160;palladium may be subject to loss, damage, theft or restriction on access.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">There is a risk that part or all of the Trust&#8217;s&#160;palladium could be lost, damaged or stolen. Access to the Trust&#8217;s&#160;palladium could also be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in the Shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Trust&#8217;s lack of insurance protection and the Shareholders&#8217; limited rights of legal recourse against the Trust, the Trustee, the Sponsor, the Custodian, the Zurich Sub-Custodian and any other sub-custodian exposes the Trust and its Shareholders to the risk of loss of the Trust&#8217;s&#160;palladium for which no person is liable.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Trust does not insure its palladium. The Custodian maintains insurance with regard to its business on such terms and conditions as it considers appropriate in connection with its custodial obligations and is responsible for all costs, fees and expenses arising from the insurance policy or policies. The Trust is not a beneficiary of any such insurance and does not have the ability to dictate the existence, nature or amount of coverage. Therefore, Shareholders cannot be assured that the Custodian maintains adequate insurance or any insurance with respect to the&#160;palladium held by the Custodian on behalf of the Trust. In addition, the Custodian and the Trustee do not require the Zurich Sub-Custodian or any other direct or indirect sub-custodians to be insured or bonded with respect to their custodial activities or in respect of the&#160;palladium held by them on behalf of the Trust. Further, Shareholders&#8217; recourse against the Trust, the Trustee and the Sponsor under New York law, the Custodian, the Zurich Sub-Custodian and any other sub-custodian under English law, and any other sub-custodian under the law governing their custody operations is limited. Consequently, a loss may be suffered with respect to the Trust&#8217;s&#160;palladium which is not covered by insurance and for which no person is liable in damages.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Custodian&#8217;s limited liability under the Custody Agreements and English law may impair the ability of the Trust to recover losses concerning its&#160;palladium and any recovery may be limited, even in the event of fraud, to the market value of the&#160;palladium at the time the fraud is discovered.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The liability of the Custodian is limited
under the Custody capital A agreements. Under the Custody Agreements between the Trustee and the Custodian which establish the
Trust&#8217;s unallocated&#160;palladium account (&#8220;Unallocated Account&#8221;) and the Trust&#8217;s allocated&#160;palladium
account (&#8220;Allocated Account&#8221;), the Custodian is only liable for losses that are the direct result of its own negligence,
fraud or willful default in the performance of its duties. Any such liability is further limited to the market value of
the&#160;palladium lost or damaged at the time such negligence, fraud or willful default is discovered by the Custodian provided the
Custodian notifies the Trust and the Trustee promptly after the discovery of the loss or damage. Under each Authorized Participant
Unallocated&#160;Bullion Account Agreement (between the Custodian and an Authorized Participant establishing an Authorized
Participant Unallocated Account), the Custodian is not contractually or otherwise liable for any losses suffered by any Authorized
Participant or Shareholder that are not the direct result of its own gross negligence, fraud or willful default in the performance
of its duties under such agreement, and in no event will its liability exceed the market value of the balance in the Authorized
Participant Unallocated Account at the time such gross negligence, fraud or willful default is discovered by the Custodian. For any
Authorized Participant Unallocated Bullion Account Agreement between an Authorized Participant and another palladium clearing bank,
the liability of the palladium clearing bank to the Authorized Participant may be greater or lesser than the Custodian&#8217;s
liability to the Authorized Participant described in the preceding sentence, depending on the terms of the agreement. In addition,
the Custodian will not be liable for any delay in performance or any non-performance of any of its obligations under the Allocated
Account Agreement, the Unallocated Account Agreement or the Authorized Participant Unallocated&#160;Bullion Account Agreement by
reason of any cause beyond its reasonable control, including acts of God, war or terrorism. As a result, the recourse of the Trustee
or a Shareholder, under English law, is limited. Furthermore, under English common law, the Custodian,&#160;the Zurich
Sub-Custodian, or any other sub-custodian will not be liable for any delay in the performance or any non-performance of its
custodial obligations by reason of any cause beyond its reasonable control.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The obligations of the Custodian,&#160;the Zurich Sub-Custodian and any other sub-custodians are governed by English law, which may frustrate the Trust in attempting to seek legal redress against the Custodian, the Zurich Sub-Custodian&#160;or any other sub-custodian concerning its palladium.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The obligations of the Custodian under the
Custody Agreements are, and the Authorized Participant Unallocated&#160;Bullion Account Agreements may be, governed by English law.
The Custodian has entered into arrangements with the Zurich Sub-Custodian and may enter into arrangements with any other
sub-custodians for the temporary custody of the Trust&#8217;s palladium, which arrangements may also be
governed by English law. The Trust is a New York common law trust. Any United States, New York or other court situated in the United
States may have difficulty interpreting English law (which, insofar as it relates to custody arrangements, is largely derived from
court rulings rather than statute),&#160;LPPM rules or the customs and practices in the London custody market. It may be difficult
or impossible for the Trust to sue&#160;the Zurich Sub-Custodian or any other sub-custodian in a United States, New York or other
court situated in the United States. In addition, it may be difficult, time consuming and/or expensive for the Trust to enforce in a
foreign court a judgment rendered by a United States, New York or other court situated in the United States.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Although the relationship between the Custodian and the Zurich Sub-Custodian concerning the Trust&#8217;s allocated&#160;palladium is expressly governed by English law, a court hearing any legal dispute concerning their arrangement may disregard that choice of law and apply Swiss law, in which case the ability of the Trust to seek legal redress against&#160;the Zurich Sub-Custodian may be frustrated.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The obligations of the Zurich Sub-Custodian under its arrangement with the Custodian with respect to the Trust&#8217;s allocated&#160;palladium is expressly governed by English law. Nevertheless, a court in the United States, England or Switzerland may determine that English law should not apply and, instead, apply Swiss law to that arrangement. Not only might it be difficult or impossible for a United States or English court to apply Swiss law to the Zurich Sub-Custodian&#8217;s arrangement, but application of Swiss law may, among other things, alter the relative rights and obligations of the Custodian and the Zurich Sub-Custodian to the extent that a loss to the Trust&#8217;s&#160;palladium may not have adequate or any legal redress. Further, the ability of the Trust to seek legal redress against&#160;the Zurich Sub-Custodian may be frustrated by application of Swiss law.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Trust may not have adequate sources of recovery if its&#160;palladium is lost, damaged, stolen or destroyed.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">If the Trust&#8217;s&#160;palladium is lost, damaged, stolen or destroyed under circumstances rendering a party liable to the Trust, the responsible party may not have the financial resources sufficient to satisfy the Trust&#8217;s claim. For example, as to a particular event of loss, the only source of recovery for the Trust might be limited to the Custodian, the Zurich Sub-Custodian or any other sub-custodian or, to the extent identifiable, other responsible third parties (e.g., a thief or terrorist), any of which may not have the financial resources (including liability insurance coverage) to satisfy a valid claim of the Trust.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Shareholders and Authorized Participants lack the right under the Custody Agreements to assert claims directly against the Custodian, the Zurich Sub-Custodian, and any other sub-custodian.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Neither the Shareholders nor any Authorized Participant have a right under the Custody Agreements to assert a claim of the Trust against the Custodian, the Zurich Sub-Custodian or any other sub-custodian. Claims under the Custody Agreements may only be asserted by the Trustee on behalf of the Trust.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Custodian is reliant on the Zurich Sub-Custodian for the safekeeping of all or a substantial portion of the Trust&#8217;s palladium. Furthermore, the Custodian has limited obligations to oversee or monitor the Zurich Sub-Custodian. As a result, failure by any Zurich Sub-Custodian to exercise due care in the safekeeping of the Trust&#8217;s palladium could result in a loss to the Trust.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Palladium generally trades on a loco London or loco Zurich basis whereby the physical palladium is held in vaults located in London or Zurich or is transferred into accounts established in London or Zurich. The Custodian does not have a vault in Zurich and is reliant on the Zurich Sub-Custodian for the safekeeping of all or a substantial portion of the Trust&#8217;s allocated palladium. Other than obligations to (1) use reasonable care in appointing the Zurich Sub-Custodian, (2) require any Zurich Sub-Custodian to segregate the palladium held by it for the Trust from any other palladium held by it for the Custodian and any other customers of the Custodian by making appropriate entries in its books and records and (3) ensure that the Zurich Sub-Custodian provides confirmation to the Trustee that it has undertaken to segregate the palladium held by it for the Trust, the Custodian is not liable for the acts or omissions of the Zurich Sub-Custodian. Other than as described above, the Custodian does not undertake to monitor the performance by the Zurich Sub-Custodian of its custody functions. The Trustee&#8217;s obligation to monitor the performance of the Custodian is limited to receiving and reviewing the reports of the Custodian. The Trustee does not monitor the performance of the Zurich Sub-Custodian or any other sub-custodian. In addition, the ability of the Trustee and the Sponsor to monitor the performance of the Custodian may be limited because under the Custody Agreements, the Trustee and the Sponsor have only limited rights to visit the premises of the Custodian or the Zurich Sub-Custodian for the purpose of examining the Trust&#8217;s palladium and certain related records maintained by the Custodian or Zurich Sub-Custodian.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">As a result of the above, any failure by any
Zurich Sub-Custodian to exercise due care in the safekeeping of the Trust&#8217;s palladium may not be detectable or controllable by
the Custodian, the Sponsor or the Trustee and could result in a loss to the Trust.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Custodian relies on its Zurich Sub-Custodian to hold the palladium allocated to the Trust Allocated Account and used to settle redemptions. As a result, settlement of palladium in connection with redemptions loco London may require more than two business days.</i></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Custodian is reliant on its Zurich Sub-Custodian to hold the palladium allocated to the Trust Allocated Account in order to effect redemption of Shares. As a result, in the case for redemption orders electing palladium deliveries to be received loco London, it may take longer than two business days for palladium to be credited to the Authorized Participant Unallocated Account, which may result in a delay of settlement of the redemption order that is settled loco London.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Because the Trustee does not, and the Custodian has limited obligations to, oversee or monitor the activities of sub-custodians who may hold the Trust&#8217;s palladium, failure by the sub-custodians to exercise due care in the safekeeping of the Trust&#8217;s palladium could result in a loss to the Trust.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Under the Allocated Account Agreement, the Custodian may appoint from time to time one or more sub-custodians to hold the Trust&#8217;s palladium on a temporary basis pending delivery to the Custodian. The sub-custodians which the Custodian currently uses are HSBC Bank plc, ICBC Standard Bank plc, Malca-Amit SA Zurich, and UBS Zurich. The Custodian has selected the Zurich Sub-Custodian, and the Zurich Sub-Custodian maintains custody of all of the Trust&#8217;s allocated palladium to be held in Zurich for the Custodian. The Custodian is required under the Allocated Account Agreement to use reasonable care in appointing the Zurich Sub-Custodian and any other sub-custodians, making the Custodian liable only for negligence or bad faith in the selection of such sub-custodians, and has an obligation to use commercially reasonable efforts to obtain delivery of the Trust&#8217;s palladium from any sub-custodians appointed by the Custodian. Otherwise, the Custodian is not liable for the acts or omissions of its sub-custodians. These sub-custodians may in turn appoint further sub-custodians, but the Custodian is not responsible for the appointment of these further sub-custodians. The Custodian does not undertake to monitor the performance by sub-custodians of their custody functions or their selection of further sub-custodians. The Trustee does not monitor the performance of the Custodian other than to review the reports provided by the Custodian pursuant to the Custody Agreements and does not undertake to monitor the performance of any sub-custodian. Furthermore, except for the Zurich Sub-Custodian, the Trustee may have no right to visit the premises of any sub-custodian for the purposes of examining the Trust&#8217;s palladium or any records maintained by the sub-custodian, and no sub-custodian will be obligated to cooperate in any review the Trustee may wish to conduct of the facilities, procedures, records or creditworthiness of such sub-custodian. In addition, the ability of the Trustee to monitor the performance of the Custodian and the Zurich Sub-Custodian may be limited because under the Allocated Account Agreement and the Unallocated Account Agreement the Trustee has only limited rights to visit the premises of the Custodian and the Zurich Sub-Custodian for the purpose of examining the Trust&#8217;s palladium and certain related records maintained by the Custodian and the Zurich Sub-Custodian.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The obligations of any sub-custodian of the Trust&#8217;s palladium are not determined by contractual arrangements but by LPPM rules and London palladium market customs and practices, which may prevent the Trust&#8217;s recovery of damages for losses on its palladium custodied with sub-custodians.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Except for the Custodian&#8217;s arrangement with the Zurich Sub-Custodian, there are expected to be no written contractual arrangements between sub-custodians that hold the Trust&#8217;s palladium and the Trustee or the Custodian because traditionally such arrangements are based on the LPPM&#8217;s rules and on the customs and practices of the London bullion market. In the event of a legal dispute with respect to or arising from such arrangements, it may be difficult to define such customs and practices. The LPPM&#8217;s rules may be subject to change outside the control of the Trust. Under English law, neither the Trustee nor the Custodian would have a supportable breach of contract claim against a sub-custodian for losses relating to the safekeeping of palladium. If the Trust&#8217;s palladium is lost or damaged while in the custody of a sub-custodian, the Trust may not be able to recover damages from the Custodian or the sub-custodian. Whether a sub-custodian will be liable for the failure of sub-custodians appointed by it to exercise due care in the safekeeping of the Trust&#8217;s palladium will depend on the facts and circumstances of the particular situation. Shareholders cannot be assured that the Trustee will be able to recover damages from sub-custodians whether appointed by the Custodian or by another sub-custodian for any losses relating to the safekeeping of palladium by such sub-custodians.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Palladium bullion allocated to the Trust in connection with the creation of a Basket may not meet the London/Zurich Good Delivery Standards and, if a Basket is issued against such palladium, the Trust may suffer a loss.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Neither the Trustee nor the Custodian independently confirms the fineness of the palladium allocated to the Trust in connection with the creation of a Basket. The palladium bullion allocated to the Trust by the Custodian may be different from the reported fineness or weight required by the LPPM&#8217;s standards for palladium plates or ingots delivered in settlement of a palladium trade (London/Zurich Good Delivery Standards), the standards required by the Trust. If the Trustee nevertheless issues a Basket against such palladium, and if the Custodian fails to satisfy its obligation to credit the Trust the amount of any deficiency, the Trust may suffer a loss<i>.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Palladium held in the Trust&#8217;s unallocated palladium account and any Authorized Participant&#8217;s unallocated palladium account is not segregated from the Custodian&#8217;s assets. If the Custodian becomes insolvent, its assets may not be adequate to satisfy a claim by the Trust or any Authorized Participant. In addition, in the event of the Custodian&#8217;s insolvency, there may be a delay and costs incurred in identifying the bullion held in the Trust&#8217;s allocated palladium account.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Palladium which is part of a deposit for a purchase order or part of a redemption distribution is held for a time in the Trust Unallocated Account and, previously or subsequently in, the Authorized Participant Unallocated Account of the purchasing or redeeming Authorized Participant. During those times, the Trust and the Authorized Participant, as the case may be, have no proprietary rights to any specific plates or ingots of palladium held by the Custodian and are each an unsecured creditor of the Custodian with respect to the amount of palladium held in such unallocated accounts. In addition, if the Custodian fails to allocate the Trust&#8217;s palladium in a timely manner, in the proper amounts or otherwise in accordance with the terms of the Unallocated Account Agreement, or if a sub-custodian fails to so segregate palladium held by it on behalf of the Trust, unallocated palladium will not be segregated from the Custodian&#8217;s assets, and the Trust will be an unsecured creditor of the Custodian with respect to the amount so held in the event of the insolvency of the Custodian. In the event the Custodian becomes insolvent, the Custodian&#8217;s assets might not be adequate to satisfy a claim by the Trust or the Authorized Participant for the amount of palladium held in their respective unallocated palladium accounts.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">In the case of the insolvency of the Custodian, a liquidator may seek to freeze access to the&#160;palladium held in all of the accounts held by the Custodian, including the Trust Allocated Account. Although the Trust would be able to claim ownership of properly allocated palladium, the Trust could incur expenses in connection with asserting such claims, and the assertion of such a claim by the liquidator could delay creations and redemptions of Baskets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>In issuing Baskets, the Trustee relies on certain information received from the Custodian which is subject to confirmation after the Trustee has relied on the information. If such information turns out to be incorrect, Baskets may be issued in exchange for an amount of&#160;palladium which is more or less than the amount of&#160;palladium which is required to be deposited with the Trust.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Custodian&#8217;s definitive records are prepared after the close of its business day. However, when issuing Baskets, the Trustee relies on information reporting the amount of&#160;palladium credited to the Trust&#8217;s accounts which it receives from the Custodian during the business day and which is subject to correction during the preparation of the Custodian&#8217;s definitive records after the close of business. If the information relied upon by the Trustee is incorrect, the amount of&#160;palladium actually received by the Trust may be more or less than the amount required to be deposited for the issuance of Baskets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>GENERAL RISKS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Trust relies on the information and technology systems of the Trustee, the Custodian, the Marketing Agent and, to a lesser degree, the Sponsor, which could be adversely affected by information systems interruptions, cybersecurity attacks or other disruptions which could have a material adverse effect on the Trust&#8217;s record keeping and operations.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Custodian, the Trustee, the Marketing
Agent and the Sponsor depend upon information technology infrastructure, including network, hardware and software systems to conduct
their business as it relates to the Trust. A cybersecurity incident, or a failure to protect their computer systems, networks and
information against cybersecurity threats, could result in a loss of information and adversely impact their ability to conduct their
business, including their business on behalf of the Trust. Despite implementation of network and other cybersecurity measures, their
security measures may not be adequate to protect against all cybersecurity threats.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Uncertainty regarding the effects of Brexit could adversely affect the price of the Shares.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The United Kingdom (the &#8220;UK&#8221;) left the European Union (the &#8220;EU&#8221;) (&#8220;Brexit&#8221;) on January 31, 2020, subject to a transitional period which&#160;ended December 31, 2020. During the transitional period, although the UK was no longer a member state of the EU, it remained subject to EU law and regulations as if it were still a member state. The UK and the EU were to negotiate the terms of their future trading relationship during the transitional period. On December 24, 2020, negotiators representing the UK and EU came to a preliminary trade agreement (the "TCA"), which was
subsequently ratified by the UK parliament on December 30, 2020. On May 1, 2021, the EU Parliament ratified the TCA and the TCA entered into force. Despite the existence of the TCA, many aspects of the trade relationship between the EU and the UK, including matters related to financial services, are subject to future negotiation. It is not possible to predict the nature of the future trading relationship between the EU and the UK due to political uncertainty.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The unavoidable uncertainties and events related to Brexit could increase taxes and costs of business and cause volatility in currency exchange rates and interest rates. Brexit could adversely affect the performance of contracts in existence at the date of Brexit and European, UK or worldwide political, regulatory, economic or market conditions and could contribute to instability in political institutions, regulatory agencies and financial markets. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations as a new relationship between the&#160;UK and EU is defined and the UK determines which EU laws to replace or replicate. Any of these effects of Brexit, and others that cannot be anticipated, could adversely affect the price of the Shares. The impact of Brexit on the Trust, the Trust&#8217;s service providers, and markets generally may not be fully known for some time.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>The Trust as well as the Sponsor and its service providers are vulnerable to the effects of public health crises, including the ongoing novel coronavirus pandemic.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The COVID-19 pandemic has caused major disruptions to economies and markets around the world, including the markets in which the Trust invests, and which has and may continue to negatively impact the value of certain of the Trust&#8217;s investments. Although vaccines for COVID-19 and variants thereof are becoming more widely available, the COVID-19 pandemic and impacts thereof may continue for an extended period of time and may vary from market to market. To the extent the impacts of COVID-19 continue, the Trust may experience negative impacts to its business that could exacerbate other risks to which the Trust is subject. Policy and legislative changes in countries around the world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Conflicts of interest may arise among the Sponsor and its affiliates, on the one hand, and the Trust and its Shareholders, on the other hand. As a result of these conflicts, the Sponsor may favor its own interests and the interests of its affiliates over the Trust and its Shareholders. As an example, the Sponsor, its affiliates and their officers and employees are not prohibited from engaging in other businesses or activities, including those that might be in direct competition with the Trust.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Item 1B. Unre<span id="pall10ka020"></span>solved Staff Comments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">None.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Item 2. Proper<span id="pall10ka021"></span>ties</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Not applicable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Item 3. Legal Procee<span id="pall10ka022"></span>dings</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">None</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Item 4. Mine Safety Discl<span id="pall10ka023"></span>osure</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Not applicable.</p>

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<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka024"></span>PART
II</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka025"></span>Item
5. Market for Registrant&#8217;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s Shares have been listed on the NYSE Arca under the symbol PALL since its initial public offering on January 8, 2010.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables set out the range of high and low closing prices for the Shares as reported for NYSE Arca transactions for each
of the quarters during the years ended December 31, 2021 and 2020:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Fiscal Year Ended December 31, 2021: Quarter Ended</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">High</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Low</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 73%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, 2021</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">208.37</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 30, 2021</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">279.31</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">231.17</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 30, 2021</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">267.23</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">172.65</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2021</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">148.60</td><td style="text-align: left">&#160;</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Fiscal Year Ended December 31, 2020: Quarter Ended</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 73%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, 2020</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">148.21</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 30, 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">168.99</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 30, 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">224.00</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">178.49</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">206.99</td><td style="text-align: left">&#160;</td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of outstanding Shares of the Trust as of February 24, 2022 was 1,825,000.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Monthly
Share Price</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth, for each of the most recent six months, the high and low closing prices of the Shares, as reported
for NYSE Arca transactions.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">Month</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 2021</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">228.30</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">172.65</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right">204.67</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">160.91</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">$</td><td style="text-align: right">148.60</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuer
Purchase of Equity Securities </i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust issues and redeems Shares only with Authorized Participants in exchange for palladium, only in aggregations of 25,000 Shares,
referred to as a Basket. A list of current Authorized Participants is available from the Sponsor or the Trustee and is included
in Item 7 of this report. Although the Trust does not purchase Shares directly from its Shareholders, in connection with the redemption
of Baskets, the Trust redeemed as follows during the years ended December 31, 2021 and 2020:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Month</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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palladium per Share</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">January 2021</td><td>&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">February 2021</td><td>&#160;</td><td>&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">0.093</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 2021</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2021</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.093</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.093</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 2021</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.093</td><td style="text-align: left">&#160;</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Month</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total number of <br />
Shares redeemed</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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palladium per Share</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 67%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 2020</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">75,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.094</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.094</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.094</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">0.094</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">75,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.094</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.094</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 2020</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.094</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 2020</span></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">0.094</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">800,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka027"></span>Item
7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</b></span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>This
information should be read in conjunction with the financial statements and notes to the financial statements included with this
report. The discussion and analysis that follows may contain statements that relate to future events or future performance. In
some cases, such forward-looking statements can be identified by terminology such as &#8220;may,&#8221; &#8220;should,&#8221;
&#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221;
&#8220;potential&#8221; or the negative of these terms or other comparable terminology. We remind readers that forward-looking
statements are merely predictions and therefore inherently subject to uncertainties and other factors and involve known and unknown
risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially
different from any future results, performance, levels of activity, or our achievements expressed or implied by such forward-looking
statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the
date hereof. The Trust undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. </i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Introduction.</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Aberdeen Standard Palladium ETF Trust (the &#8220;Trust&#8221;) is a trust formed under the laws of the State of New York.
The Trust does not have any officers, directors, or employees, and is administered by The Bank of New York Mellon (the
&#8220;Trustee&#8221;) acting as trustee pursuant to the Depositary Trust Agreement (the &#8220;Trust Agreement&#8221;)
between the Trustee and Aberdeen Standard Investments ETFs Sponsor LLC, the sponsor of the Trust (the &#8220;Sponsor&#8221;).
The Trust issues shares (&#8220;Shares&#8221;) representing fractional undivided beneficial interests in its net assets. The
assets of the Trust consist of palladium bullion held by a custodian as an agent of the Trust and responsible only to the
Trustee.</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is a passive investment vehicle and the objective of the Trust is for the value of each Share to approximately reflect,
at any given time, the price of the palladium bullion owned by the Trust, less the Trust&#8217;s liabilities (anticipated to be
principally for accrued operating expenses), divided by the number of outstanding Shares. The Trust does not engage in any activities
designed to obtain a profit from, or ameliorate losses caused by, changes in the price of palladium.</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust issues and redeems Shares only in exchange for palladium, only in aggregations of 25,000 Shares effective April 1, 2019
(prior to April 1, 2019, the number of Shares that constituted a Basket was 50,000 Shares) or integral multiples thereof (each,
a &#8220;Basket&#8221;), and only in transactions with registered broker-dealers (or other securities market participants not
required to register as broker-dealers, such as a bank or other financial institution) that (1) are participants in DTC and (2)
have previously entered into an agreement with the Trust governing the terms and conditions of such issuance (such dealers, the
&#8220;Authorized Participants&#8221;).</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report the Authorized Participants that have signed an Authorized Participant Agreement with the Trust
are Credit Suisse Securities (USA) LLC, Goldman Sachs &amp; Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities Inc.,
Merrill Lynch Professional Clearing Corp., Mizuho Securities USA LLC, Morgan Stanley &amp; Co. Inc., Scotia Capital (USA) Inc.,
UBS Securities LLC and Virtu Financial BD, LLC.</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of the Trust trade on the NYSE Arca under the symbol &#8220;PALL.&#8221;</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
in the Shares does not insulate the investor from certain risks, including price volatility. The following table illustrates the
movement in the NAV of the Shares against the corresponding palladium price (per 1/10 of an oz. of palladium) since inception:</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NAV
per Share vs. Palladium Price from December 30, 2011 (the Date of Inception) to December 31, 2021</b></span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><img src="pall10k002.jpg" alt="" />&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
divergence of the NAV per Share from the palladium price over time reflects the cumulative effect of the Trust expenses that arise
if an investment had been held since inception.</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Critical
Accounting Policy</i></b></span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s
financial position and results of operations. These estimates and assumptions affect the Trust&#8217;s application of accounting
policies. Below we describe the valuation of palladium bullion, a critical accounting policy that we believe is important to&#160;understanding
the&#160;results of operations and financial position. In addition, please refer to Note 2 to the Financial Statements for further
discussion of our&#160;accounting policies.</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Valuation
of Palladium </i></span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Palladium
is held by JPMorgan Chase Bank, N.A. (the &#8220;Custodian&#8221;) on behalf of the Trust, at its London, England vaulting premises.
Palladium may also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust&#8217;s palladium in the Trust&#8217;s
allocated account in the firm&#8217;s Zurich vault premises and whose appointment has been approved by the Sponsor, at its Zurich,
Switzerland vaulting premises. Palladium is recorded at fair value. The cost of palladium is determined according to the average
cost method and the fair value is based on the LME PM Fix (the afternoon session of LME&#8217;s twice daily electronic price fixing
process). Realized gains and losses on transfers of palladium, or palladium distributed for the redemption of Shares, are calculated
on a trade date basis as the difference between the fair value and cost of palladium transferred<i>.</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: center"><p style="border-bottom: black 0.5pt solid; font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2021</b></span></p></td><td style="padding-bottom: 1pt; font-size: 11pt; font-weight: bold">&#160;</td><td style="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: center"><p style="border-bottom: black 0.5pt solid; font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2020</b></span></p></td><td style="padding-bottom: 1pt; font-size: 11pt; font-weight: bold">&#160;</td><td style="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: center"><p style="border-bottom: black 0.5pt solid; font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2019</b></span></p></td><td style="padding-bottom: 1pt; font-size: 11pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 55%; text-align: left">Investment in palladium - cost</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">334,434</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">224,166</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">170,040</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Unrealized gain on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">23,727</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">132,258</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">130,598</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Investment in palladium- fair value</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">358,161</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">356,424</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">300,638</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inspection
of Palladium</b></span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Custody Agreements, the Trustee, the Sponsor and the Trust&#8217;s auditors and inspectors may, only up to twice a year,
visit the premises of the Custodian and the Zurich Sub-Custodian for the purpose of examining the Trust&#8217;s&#160;palladium
and certain related records maintained by the Custodian. &#160;Under the Allocated Account Agreement, the Custodian agreed to
procure similar inspection rights from the Zurich Sub-Custodian. Any such inspection rights with respect to the Zurich Sub-Custodian
are expected to be granted in accordance with the normal course of dealing between the Custodian and the Zurich Sub-Custodian.
Visits by auditors and inspectors to the Zurich Sub-Custodian&#8217;s facilities will be arranged through the Custodian. Other
than with respect to the Zurich Sub-Custodian, the Trustee and the Sponsor have no right to visit the premises of any sub-custodian
for the purposes of examining the Trust&#8217;s&#160;palladium or any records maintained by the sub-custodian, and no sub-custodian
is obligated to cooperate in any review the Trustee or the Sponsor may wish to conduct of the facilities, procedures, records
or creditworthiness of such sub-custodian.&#160;</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has exercised its right to visit the Custodian and the Zurich Sub-Custodian, in order to examine the palladium&#160;and
the records maintained by them. Inspections were conducted by Inspectorate International Limited, a leading commodity inspection
and testing company retained by the Sponsor, as of July 23, 2021 and December 31, 2021.</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no guarantee that the Sponsor or the Trust&#8217;s auditors and inspectors will be able to perform physical inspections
of the Trust&#8217;s palladium as planned. Local policies, regulations, or ordinances, as well as polices or restrictions adopted by
the Custodian or a sub-custodian, may temporarily prevent, or otherwise impair the ability of, the Sponsor or the Trust&#8217;s
auditors and inspectors, from performing a physical inspection of the Trust&#8217;s palladium on a desired date. In those situations,
the Sponsor or the Trust&#8217;s auditors and inspectors may seek to verify the palladium held by the Trust by alternate means, including
through virtual inspections of the Trust&#8217;s palladium and/or a review of pertinent records.&#160;</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidity
</i></b></span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is not aware of any trends, demands, conditions, events or uncertainties that are reasonably likely to result in material
changes to its liquidity needs. In exchange for the Sponsor&#8217;s Fee, the Sponsor has agreed to assume most of the expenses
incurred by the Trust. As a result, the only expense of the Trust during the period covered by this report was the Sponsor&#8217;s
Fee. The Trust&#8217;s only source of liquidity is its transfers and sales of palladium.</span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust&#8217;s&#160;palladium&#160;as necessary
to pay the Trust&#8217;s expenses not otherwise assumed by the Sponsor. The Trustee will not sell&#160;palladium to pay the Sponsor&#8217;s
Fee but will pay the Sponsor&#8217;s Fee through in-kind transfers of&#160;palladium to the Sponsor. At&#160;December 31, 2021
and 2020, the Trust did not have any cash balances.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Review
of Financial Results</b></span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial
Highlights</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: center"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended</b></span><br /> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2021</b></span></p></td><td style="padding-bottom: 1pt; font-size: 11pt; font-weight: bold">&#160;</td><td style="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: center"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended</b></span><br /> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31, 2020</b></span></p></td><td style="padding-bottom: 1pt; font-size: 11pt; font-weight: bold">&#160;</td><td style="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 55%; text-align: left">Total gain/(loss) on palladium</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(70,471</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">62,621</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">90,140</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net change assets from operations</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(72,918</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">60,608</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">88,748</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net cash provided by operating activities</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net asset value (&#8220;NAV&#8221;) of the Trust is obtained by subtracting the Trust&#8217;s expenses and liabilities on any
day from the value of the palladium owned 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.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
year ended December 31, 2021</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s NAV increased from $356,238,300 at December 31, 2020 to $357,971,468 at December 31, 2021, a 0.49% increase for
the year. The increase in the Trust&#8217;s NAV resulted primarily from an increase in outstanding shares, which rose from 1,625,000
at December 31, 2020 to 1,950,000 at December 31, 2021, a result of 900,000 Shares (36 baskets) being created and 575,000 Shares
(23 Baskets) being redeemed during the year. There was a decrease in the price per ounce of palladium, which fell 15.76% from
$2,342.00 at December 31, 2020 to $1,973.00 at December 31, 2021.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NAV per Share decreased 16.26% from $219.22 at December 31, 2020 to $183.58 at December 31, 2021. The Trust&#8217;s NAV per Share
fell slightly more than the price per ounce of palladium on a percentage basis due to the Sponsor&#8217;s Fee, which was $2,447,225
for the year, or 0.60% of the Trust&#8217;s ANAV.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NAV per Share of $280.24 at May 4, 2021 was the highest during the year, compared with a low of $146.68 at December 15, 2021.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decrease in net assets from operations for the year ended December 31, 2021 was $72,918,240, resulting from a realized gain of
$742,787 on the transfer of palladium to pay expenses and a realized gain of $37,316,892 on palladium distributed for the redemption
of Shares, offset by a change in unrealized loss on investment in palladium of $108,530,694 and the Sponsor&#8217;s Fee of $2,447,225.
Other than the Sponsor&#8217;s Fee, the Trust had no expenses during the year ended December 31, 2021.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
year ended December 31, 2020</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s NAV increased from $300,485,250 at December 31, 2019 to $356,238,300 at December 31, 2020, an 18.55% increase for
the year. The increase in the Trust&#8217;s NAV resulted primarily from an increase in the price per ounce of palladium, which
rose 22.94% from $1,905.00 at December 31, 2019 to $2,342.00 at December 31, 2020.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
was a decrease in outstanding Shares, which fell from 1,675,000 Shares at December 31, 2019 to 1,625,000 Shares at December 31,
2020, a result of 750,000 Shares (30 Baskets) being created and 800,000 Shares (32 Baskets) being redeemed during the year.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NAV per Share increased 22.20% from $179.39 at December 31, 2019 to $219.22 at December 31, 2020. The Trust&#8217;s NAV per Share
rose slightly less than the price per ounce of palladium on a percentage basis due to the Sponsor&#8217;s Fee, which was $2,012,865
for the year, or 0.60% of the Trust&#8217;s ANAV.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NAV per Share of $261.67 at February 19, 2020 was the highest during the year, compared with a low of $146.44 at March 16, 2020.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in net assets from operations for the year ended December 31, 2020 was $60,607,957, resulting from a realized gain of
$772,814 on the transfer of palladium to pay expenses, a realized gain of $60,188,024 on palladium distributed for the redemption
of Shares, a change in unrealized gain on investment in palladium of $1,659,984, offset by the Sponsor&#8217;s Fee of $2,012,865.
Other than the Sponsor&#8217;s Fee, the Trust had no expenses during the year ended December 31, 2019.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
year ended December 31, 2019</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s NAV increased from $185,465,009 at December 31, 2018 to $300,485,250 at December 31, 2019, a 62.02% increase for
the year. The increase in the Trust&#8217;s NAV resulted primarily from an increase in outstanding Shares, which rose from 1,550,000
Shares at December 31, 2018 to 1,675,000 Shares at December 31, 2019, a result of 750,000 Shares (30 Baskets) being created and
625,000 Shares (25 Baskets) being redeemed during the year.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
was an increase in the price per ounce of palladium, which rose 50.83% from $1,263.00 at December 31, 2018 to $1,905.00 at December
31, 2019.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NAV per Share increased 49.92% from $119.66 at December 31, 2018 to $179.39 at December 31, 2019. The Trust&#8217;s NAV per Share
rose slightly less than the price per ounce of palladium on a percentage basis due to the Sponsor&#8217;s Fee, which was $1,392,218
for the year, or 0.60% of the Trust&#8217;s ANAV.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NAV per Share of $185.66 at December 13, 2019 was the highest during the year, compared with a low of $120.03 at January 2, 2019.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in net assets from operations for the year ended December 31, 2019 was $88,747,092, resulting from a realized gain of
$519,521 on the transfer of palladium to pay expenses, a realized gain of $32,232,847 on palladium distributed for the redemption
of Shares, a change in unrealized gain on investment in palladium of $57,386,942, offset by the Sponsor&#8217;s Fee of $1,392,218.
Other than the Sponsor&#8217;s Fee, the Trust had no expenses during the year ended December 31, 2019.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Off-Balance
Sheet Arrangements</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is not a party to any off-balance sheet arrangements.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka028"></span>Item
7A. Quantitative and Qualitative Disclosures about Market Risk</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust Agreement does not authorize the Trustee to borrow for payment of the Trust&#8217;s ordinary expenses. The Trust does not
engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related
market risk. The Trust invests in no derivative financial instruments and has no foreign operations or long-term debt instruments.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka029"></span>Item
8. Financial Statements and Supplementary Data <i>(Unaudited)</i></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Quarterly
Income Statements</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
Ended December 31, 2021</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="font-style: italic; padding-bottom: 1pt">(Amounts in 000&#8217;s of US$, except for Share and per Share data)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">563</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">679</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">REALIZED AND UNREALIZED GAINS / (LOSSES)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">199</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">269</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">236</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">39</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">743</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">9,510</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,197</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,682</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(72</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37,317</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">34,733</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,862</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(163,964</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,838</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(108,531</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">159</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(159</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Total gain / (loss) on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">44,442</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">12,487</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(139,205</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">11,805</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(70,471</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Change in net assets from operations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">43,879</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">11,808</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(139,854</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">11,249</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(72,918</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic; text-align: left">Net increase in net assets per Share</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">26.57</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">6.65</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(73.38</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">5.72</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(39.95</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: italic">Weighted average number of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,651,389</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,774,725</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,905,978</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,964,946</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,825,342</td><td style="text-align: left">&#160;</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="21" style="font-weight: bold">Year Ended December 31, 2020</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three months ended</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; padding-bottom: 1pt">Year ended</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; padding-bottom: 1pt">(Amounts in 000&#8217;s of US$, except for Share and per Share data)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">March 31</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">June 30</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">September 30</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="font-weight: bold">EXPENSES</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 44%; text-align: left; padding-bottom: 1pt">Sponsor&#8217;s Fee</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">548</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">376</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">530</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">559</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">2,013</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total Expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">548</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">376</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">530</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">559</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,013</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Net investment loss</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(376</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(530</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">REALIZED AND UNREALIZED GAINS / (LOSSES)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium transferred to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">258</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">160</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">210</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: left">Net increase in net assets per Share</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">28.84</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(37.93</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">38.35</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.46</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">37.51</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic">Weighted average number of shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,652,473</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,408,791</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,710,870</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,689,130</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,615,779</td><td style="text-align: left">&#160;</td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Note:
Quarterly balances may not add to totals due to independent rounding.</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements required by Regulation S-X, together with the report of the Trust&#8217;s independent registered public accounting
firm appear on pages F-1 to F-13 of this filing.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka030"></span>Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka031"></span>Item
9A. Controls and Procedures</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its
Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission&#8217;s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and
Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required
disclosure.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the
Sponsor conducted an evaluation of the Trust&#8217;s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e)
and 15d-15(e). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded
that, as of December 31, 2021, the Trust&#8217;s disclosure controls and procedures were effective.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">Internal controls over financial reporting
have been maintained throughout the Trust&#8217;s fiscal year ended December 31, 2021. There have been no changes that have materially
affected, or are reasonably likely to materially affect, the Trust&#8217;s or Sponsor&#8217;s internal control over financial reporting.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management&#8217;s
Report on Internal Control over Financial Reporting </i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&#8217;s management is responsible for establishing and maintaining adequate internal control over financial reporting,
as defined under Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust&#8217;s internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control
over financial reporting includes those policies and procedures that:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pertain
                                         to the maintenance of records that, in reasonable detail, accurately and fairly reflect
                                         the transactions and dispositions of the Trust&#8217;s assets;</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
                                         reasonable assurance that transactions are recorded as necessary to permit preparation
                                         of financial statements in accordance with generally accepted accounting principles,
                                         and that the Trust&#8217;s receipts and expenditures are being made only in accordance
                                         with appropriate authorizations; and</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
                                         reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
                                         use, or disposition of the Trust&#8217;s assets that could have a material effect on
                                         the financial statements.</span></td></tr></table>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chief Executive Officer and Chief Financial Officer of the Sponsor assessed the effectiveness of the Trust&#8217;s internal control
over financial reporting as of December 31, 2021. In making this assessment, they used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in <i>Internal Control&#8212;Integrated Framework (2013)</i>. Their
assessment included an evaluation of the design of the Trust&#8217;s internal control over financial reporting and testing of
the operational effectiveness of its internal control over financial reporting. Based on their assessment and those criteria,
the Chief Executive Officer and Chief Financial Officer of the Sponsor concluded that the Trust maintained effective internal
control over financial reporting as of December 31, 2021.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KPMG
LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this
Form 10-K, as stated in their report which is included herein, issued an attestation report on the effectiveness of the Trust&#8217;s
internal control over financial reporting as of December 31, 2021.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>



<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 20pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Report
of Independent Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Sponsor, Trustee and Shareholders<br />
Aberdeen Standard Palladium ETF Trust:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Opinion
on Internal Control Over Financial Reporting</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited Aberdeen Standard Palladium ETF Trust's (the Trust) internal control over financial reporting as of December&#160;31,&#160;2021,
based on criteria established in <i>Internal Control &#8211; Integrated Framework (2013)</i> issued by the Committee of Sponsoring Organizations
of the Treadway Commission. In our opinion,&#160;the Trust maintained, in all material respects, effective internal control over financial
reporting as of December&#160;31,&#160;2021, based on criteria established in <i>Internal Control &#8211; Integrated Framework (2013)
</i>issued by the Committee of Sponsoring Organizations of the Treadway Commission.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements
of assets and liabilities of the Trust, including the schedules of investments, as of December&#160;31,&#160;2021 and 2020, the related
statements of operations and changes in net assets and the financial highlights for each of the years in the three-year period ended
December&#160;31,&#160;2021, and the related notes (collectively, the financial statements), and our report dated February&#160;28,&#160;2022
expressed an unqualified opinion on those financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis
for Opinion</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&#8217;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of
the effectiveness of internal control over financial reporting, included in the accompanying Management&#8217;s Report on Internal Control
over Financial Reporting. Our responsibility is to express an opinion on the Trust&#8217;s internal control over financial reporting
based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the
Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit
of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing
the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based
on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe
that our audit provides a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Definition
and Limitations of Internal Control Over Financial Reporting</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
company&#8217;s internal control over financial reporting is a process designed 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. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 20%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    KPMG LLP</span></p></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York<br />
February&#160;28,&#160;2022</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 8pt"></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka032"></span>Item
9B. Other Information</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka033"></span>PART
III</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka034"></span>Item
10. Directors, Executive Officers and Corporate Governance</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust has no directors or executive officers. The biographies of the President and Chief Executive Officer of the Sponsor and
the Chief Financial Officer and Treasurer of the Sponsor are set out below:</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Steven
Dunn&#160;&#8211; President and Chief Executive Officer </i></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Dunn, CIMA&#174;, is the Head of Exchange Traded Funds at abrdn Inc.. Mr. Dunn guides the firm&#8217;s strategic direction and distribution
strategy for ETFs. Previously, he was a Director with Deutsche Asset and Wealth Management in charge of managing relationships
with US ETF Strategists and overseeing the Eastern Division sales team. Prior to that, Mr. Dunn was a consultant at Brandywine
Global Investment Management and has also held sales and distribution strategy positions at iShares, Blackrock and Vanguard. Mr.
Dunn holds a B.A. degree in Public Administration from Shippensburg University of Pennsylvania and has completed his MBA at Pennsylvania
State University. He holds the Series 7, 24, and 63 registrations as well as the Certified Investment Management Analyst&#174;
(CIMA&#174;).</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Andrea
Melia &#8211; Chief Financial Officer and Treasurer</i></b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Melia is Vice President and Senior Director of Product Management for abrdn Inc. Ms. Melia has managed the fund administration
team since joining&#160;abrdn Inc.&#160;in September 2009. Prior to joining abrdn Inc., Ms. Melia was Director of fund administration
and accounting oversight for Princeton Administrators LLC, a division of BlackRock Inc. and had worked with Princeton Administrators
since 1992. Ms. Melia holds a BS in Accounting from University of Scranton and a MBA from Rider University.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described under Item 1 above,&#160;abrdn Inc.&#160;is the parent of the Sponsor.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka035"></span>Item
11. Executive Compensation</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust has no directors or executive officers. The only ordinary expense paid by the Trust is the Sponsor&#8217;s Fee.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka036"></span>Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Security
Ownership of Certain Beneficial Owners</i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no persons known by the Trust to own directly or indirectly beneficially more than 5% of the outstanding Shares of the Trust.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Security
Ownership of Management </i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Change
in Control </i></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in control of the Trust.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka037"></span>Item
13. Certain Relationships and Related Transactions, and Director Independence</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust has no directors or executive officers.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka038"></span>Item
14. Principal Accounting Fees and Services</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees
for services performed by <span id="xdx_90D_edei--AuditorName_c20210101__20211231_zZpVZcg4zDl5"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:AuditorName">KPMG LLP</ix:nonNumeric></span> for the years ended December 31, 2021 and 2020</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; display: none"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_edei--AuditorLocation_c20210101__20211231_zv3T6seFtKI9"><ix:nonNumeric contextRef="From2021-01-01to2021-12-31" name="dei:AuditorLocation">New
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; padding-left: 0; text-indent: 0">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><b>December 31, 2021</b></td><td style="white-space: nowrap; padding-bottom: 1pt"><b>&#160;</b></td><td style="white-space: nowrap; padding-bottom: 1pt"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><b>December 31, 2020</b></td><td style="padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; text-align: left; padding-left: 0; text-indent: 0">Audit fees &#8211; KPMG</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">77,250</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">77,825</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0; text-indent: 0">Audit related fees - KPMG</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">10,000</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; padding-left: 0; text-indent: 0">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">77,250</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">87,825</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
</table>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
Fees are fees paid by the Sponsor to KPMG LLP for professional services for the audit of the Trust&#8217;s financial statements
included in the Form 10-K and review of financial statements included in the Form 10-Qs, and for services that are normally provided
by the accountants in connection with regulatory filings or engagements. Audit Related Fees are paid by the Sponsor to KPMG LLP
for assurance and related services that are reasonably related to the performance of the audit or review of the Trust&#8217;s
financial statements. These services include the accountant providing a consent letter related to the Trust&#8217;s registration statement
filing.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pre-Approval
Policies and Procedures</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
referenced in Item 10 above, the Trust has no board of directors, and as a result, has no pre-approval policies or procedures
with respect to fees paid to KPMG LLP. Such determinations are made by the Sponsor.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka039"></span>Item
15. Exhibits, Financial Statement Schedules</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
Financial Statements</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Index to Financial Statements on Page F-1 for a list of the financial statements being filed herein.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
Financial Statement Schedules </b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedules
have been omitted since they are either not required, not applicable, or the information has otherwise been included.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    No.</span></td>
    <td style="border-bottom: Black 1pt solid; text-align: center; width: 89%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(a)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1459862/000093041309006538/c58962_ex4-1.htm"><span style="color: blue">Depositary
    Trust Agreement, incorporated by reference to Exhibit 4.1 filed with Registration Statement No. 333-158380 on December 31,
    2009</span></a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1(b)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1459862/000138713118005304/ex4-1.htm" title="pall-20191231xex4_1b.htm"><span style="color: blue">Amendment
    to the Depositary Trust Agreement effective September 20, 2018, incorporated by reference to Exhibit 4.1 filed with the Trust&#8217;s
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<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1459862/000145986217000021/pall-20170930xex4_2.htm"><span style="color: blue">Form
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<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1459862/000093041309006538/c58962_ex4-3.htm"><span style="color: blue">Certificate of Beneficial Interest, incorporated by reference to Exhibit 4.3 filed with Registration Statement No. 333-158380 on December 31, 2009</span></a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1(a)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1459862/000093041309006538/c58962_ex10-1.htm"><span style="color: blue">Allocated
    Account Agreement, incorporated by reference to Exhibit 10.1 filed with Registration Statement No. 333-158380 on December
    31, 2009</span></a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1(b)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1459862/000138713118005304/ex10-1.htm"><span style="color: blue">Amendment
    to the Allocated Account Agreement effective October 1, 2018, incorporated by reference to Exhibit 10.1 filed with the Trust&#8217;s
    Current Report on Form 8-K on October 5, 2018</span></a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1(c)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1459862/000138713120004570/ex10-1c.htm"><span style="color: blue">Second
    amendment to the Allocated Account Agreement effective May 7, 2020, incorporated by reference to Exhibit 10.1(c) filed with
    Registration Statement No. 333-238125 on May 8, 2020</span></a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2(a)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1459862/000093041309006538/c58962_ex10-2.htm"><span style="color: blue">Unallocated
    Account Agreement, incorporated by reference to Exhibit 10.2 filed with Registration Statement No. 333-158380 on December
    31, 2009</span></a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2(b)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1459862/000138713118005304/ex10-2.htm"><span style="color: blue">Amendment
    to the Unallocated Account Agreement, incorporated by reference to Exhibit 10.2 filed with the Trust&#8217;s Current Report
    on Form 8-K on October 5, 2018</span></a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2(c)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1459862/000138713120004570/ex10-2c.htm"><span style="color: blue">Second
    amendment to the Unallocated Account Agreement effective May 7, 2020, incorporated by reference to Exhibit 10.2(c) filed with
    Registration Statement No. 333-238125 on May 8, 2020</span></a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1459862/000093041309006538/c57028_ex10-3.htm"><span style="color: blue">Depository
    Agreement, incorporated by reference to Exhibit 10.3 filed with Registration Statement No. 333-158380 on December 31, 2009</span></a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4(a)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1459862/000093041309006538/c58962_ex10-4.htm"><span style="color: blue">Marketing
    Agent Agreement, incorporated by reference to Exhibit 10.4 filed with Registration Statement No. 333-158380 on December 31,
    2009</span></a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4(b)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1459862/000145986219000002/pall-20181231xex10_4b.htm"><span style="color: blue">Novation
    of and Amendment No. 1 to the Marketing Agent Agreement effective as of October 1, 2018</span></a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</span></td>
    <td style="text-align: justify"><a href="ex23-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of KPMG LLP, Independent Registered Public Accounting Firm</span></a></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.1</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex31-1.htm">Chief
    Executive Officer&#8217;s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 relating to the Original Filing</a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.2</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex31-2.htm">Chief
    Financial Officer&#8217;s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 relating to the Original Filing</a>&#160;&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.3</span></td>
    <td style="text-align: justify"><a href="ex31-3.htm">Chief Executive Officer's Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, relating to this Annual Report on Form 10-K/A</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.4</span></td>
    <td style="text-align: justify"><a href="ex31-4.htm">Chief Financial Officer's Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, relating to this Annual Report on Form 10-K/A</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.1</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex32-1.htm">Chief
    Executive Officer&#8217;s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
    Act of 2002 relating to the Original Filing</a></span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.2</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex32-2.htm">Chief
    Financial Officer&#8217;s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
    Act of 2002 relating to the Original Filing</a></span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.3</span></td>
    <td style="text-align: justify"><a href="ex32-3.htm">Chief Executive Officer's Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, relating to this Annual Report on Form 10-K/A</a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.4</span></td>
    <td style="text-align: justify"><a href="ex32-4.htm">Chief Financial Officer's Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, relating to this Annual Report on Form 10-K/A</a></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td>
    <td style="text-align: justify; width: 89%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following financial
    statements from the Trust&#8217;s Annual Report on Form 10-K for the year ended December 31, 2021, formatted in Inline XBRL:
    (i) Statements of Assets and Liabilities, (ii) Statements of Operations, (iii) Statements of Changes in Net Assets, and (iv)
    Notes to the Financial Statements.</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy
    Extension Schema Document</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy
    Extension Calculation Document</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy
    Extension Definitions Document</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy
    Extension Labels Document</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline XBRL Taxonomy
    Extension Presentation Document</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cover page from
    the Trust&#8217;s Annual Report on Form 10-K/A for the year ended December 31, 2021, formatted in Inline XBRL (included as Exhibit
    101).</span></td></tr>
</table>


<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="pall10ka040"></span>Item
16. Form 10-K Summary</b></span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aberdeen Standard Palladium ETF Trust<br />
Financial Statements as of December 31, 2021<br />
Index</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 95%">&#160;</td>
    <td style="width: 5%">&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
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<tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 20pt; text-align: center"><b><span id="pall10kb001"></span>Report of Independent Registered Public Accounting
Firm</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">To the Sponsor, Trustee and Shareholders<br />
Aberdeen Standard Palladium ETF Trust:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt"><i>Opinion on the Financial Statements</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">We have audited the accompanying statements of assets and liabilities
of Aberdeen Standard Palladium ETF Trust (the Trust), including the schedules of investments, as of December&#160;31,&#160;2021 and 2020,
the related statements of operations and changes in net assets and the financial highlights for each of the years in the three-year period
ended December&#160;31,&#160;2021, and the related notes (collectively, the financial statements).&#160;In our opinion, the financial
statements present fairly, in all material respects, the financial position of the Trust as of December&#160;31,&#160;2021 and 2020, and
the results of its operations, the changes in its net assets and the financial highlights for each of the years in the three-year period
ended December&#160;31,&#160;2021, in conformity with U.S. generally accepted accounting principles.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">We also have audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States) (PCAOB), the Trust&#8217;s internal control over financial reporting as of December&#160;31,&#160;2021,
based on&#160;criteria established in <i>Internal Control &#8211; Integrated Framework (2013)</i> issued by the Committee of Sponsoring
Organizations of the Treadway Commission, and our report dated February&#160;28,&#160;2022 expressed an unqualified opinion on the effectiveness
of the Trust&#8217;s internal control over financial reporting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt"><i>Basis for Opinion</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">These financial statements are the responsibility of the Trust&#8217;s
management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting
firm registered with the PCAOB and are required to be independent with respect to the Trust in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation
of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt"><i>Critical Audit Matter</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">The critical audit matter communicated below is a matter arising
from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee
and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the financial
statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical
audit matter or on the accounts or disclosures to which it relates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt 0.25in"><i>Evaluation of the evidence pertaining to the existence
of the palladium holdings</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">As presented on the December 31, 2021 schedule of investments
and in Note 2.2, the fair value of the Trust&#8217;s investment in palladium is $358,161 thousand, representing 100.05% of the Trust&#8217;s
net assets, and 181,531.1 ounces of palladium holdings. The investment in palladium was held by a third-party custodian or sub-custodian
(collectively, the custodian).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">We identified the evaluation of the evidence pertaining to
the existence of the palladium holdings as a critical audit matter. Given the nature and volume of the palladium holdings, subjective
auditor judgment was required to evaluate the extent and nature of evidence obtained to assess the existence of palladium held by the
custodian.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">The following are the primary procedures we performed to
address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related
to the critical audit matter. This included controls over (1) the comparison of the Trust&#8217;s records of palladium held to the custodian&#8217;s
records, (2) the approval of palladium deposits and withdrawals by the trustee of the Trust and (3) the physical counts of the Trust&#8217;s
palladium holdings performed at the custodian&#8217;s locations by a third party engaged by the Trust&#8217;s sponsor. We obtained a schedule
directly from the custodian of the Trust&#8217;s palladium holdings held by the custodian as of December 31, 2021. We compared the total
ounces on such schedule to the Trust&#8217;s record of palladium holdings. We also attended and observed a part of the physical counts
of the Trust&#8217;s palladium holdings. We obtained and read the physical count result reports of the third party and reconciled those
reports to both the Trust&#8217;s and custodian&#8217;s records.</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 20%; padding-top: 3pt">&#160;</td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 20%; padding-top: 3pt">&#160;</td>
    <td style="width: 20%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">/s/ KPMG LLP</p></td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 20%; padding-top: 3pt">&#160;</td>
    <td style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 20%; padding-top: 3pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">We have served as the Trust&#8217;s auditor since 2015.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">New York, New York<br />
February&#160;28,&#160;2022&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>


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<p style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aberdeen Standard Palladium ETF Trust</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="pall10kb002"></span>Statements of Assets and Liabilities</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At December 31, 2021&#160;and 2020</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F07_zrnxAXKvccab" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F10_zK25E8QrlVvk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000072" xml:lang="en-US">Authorized
share capital is <span id="xdx_90E_eus-gaap--CommonStockSharesAuthorizedUnlimited_pip0_dxL_c20210101__20211231_zFrDTfdohTyf" title="Common stock, shares authorized::XDX::Unlimited"><span id="xdx_90F_eus-gaap--CommonStockSharesAuthorizedUnlimited_pip0_dxL_c20200101__20201231_z29phzX9b1tc" title="::XDX::Unlimited"><span style="-sec-ix-hidden: xdx2ixbrl0074"><span style="-sec-ix-hidden: xdx2ixbrl0075">unlimited</span></span></span></span> with <span id="xdx_905_eus-gaap--CommonStockNoParValue_iI_pip0_do_c20211231_zsQmuHOIlU5b" title="Common stock, no par value (in dollars per share)"><span id="xdx_90E_eus-gaap--CommonStockNoParValue_iI_pip0_do_c20201231_z4fKLjFSr6Wj"><ix:nonFraction name="us-gaap:CommonStockNoParValue" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="INF" scale="0" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockNoParValue" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="INF" scale="0" unitRef="USDPShares">no</ix:nonFraction></ix:nonFraction></span></span> par value per Share. Shares issued and outstanding at December 31, 2021 were <span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_c20211231_z65NsnaPN4L8" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231_zbPCj9ocjzza" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,950,000</ix:nonFraction></ix:nonFraction></span></span> and
at December 31, 2020 were <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_pid_c20201231_z8m70TKxaJll"><span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20201231_zjkosGMeR2fk"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,625,000</ix:nonFraction></ix:nonFraction></span></span>. Net asset values per Share at December 31, 2021 and December 31, 2020 were $<span id="xdx_901_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20211231_z5GUGVPNIMNj" title="Net asset value per share (in dollars per share)"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">183.58</ix:nonFraction></span> and $<span id="xdx_902_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20201231_zbM4QXIhFBg2"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">219.22</ix:nonFraction></span>,
respectively.</ix:footnote></span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>See Notes to the Financial Statements&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aberdeen Standard Palladium ETF Trust</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="pall10kb003"></span>Schedules of Investments</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At December 31, 2021 and 2020</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_302_112_pn3n3_zP4nppoVWRT6" summary="xdx: Statement - Schedules of Investments" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Description</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">oz</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Net Assets</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment in palladium</b> <i>(in 000&#8217;s of US$, except
for oz and percentage data)</i></span></td>
    <td colspan="16" style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; padding-bottom: 1pt">Palladium</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_980_eus-gaap--InvestmentOwnedAtFairValue_iI_c20211231_zrMw11iMvP" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedAtFairValue" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">358,161</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--InvestmentOwnedPercentOfNetAssets_iI_pid_dp_uPure_c20211231_zKckD6JGIUW" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedPercentOfNetAssets" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100.05</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Less liabilities</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--NonInvestmentAssetsLessNonInvestmentLiabilities_iI_pn3n3_c20211231_zDZkVY0vatP" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NonInvestmentAssetsLessNonInvestmentLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">190</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets_iI_pid_dp_uPure_c20211231_zBZIYMr5CdT6" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">0.05</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Net Assets</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_986_ecustom--NetAssetsPercentageOfNetAssets_iI_pid_dp_uPure_c20211231_zgmmWwXaBGD1" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="pall:NetAssetsPercentageOfNetAssets" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100.00</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">%</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2020</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Description</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">oz</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Cost</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Net Assets</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment in palladium</b> <i>(in 000&#8217;s of US$, except
for oz and percentage data)</i></span></td>
    <td colspan="16" style="font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; padding-bottom: 1pt">Palladium</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iI_pp1p0_uOZ_c20201231__srt--CurrencyAxis__currency--XPD_zy7pTtU1KaC8" title="Investment in palladium" style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedBalanceOtherMeasure" contextRef="AsOf2020-12-31_currency_XPD" format="ixt:numdotdecimal" decimals="1" scale="0" unitRef="OZ">152,187.5</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1pt">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--InvestmentOwnedPercentOfNetAssets_iI_pid_dp_uPure_c20201231__srt--CurrencyAxis__currency--XPD_zoDlyjQP8JL5" title="% of Net Assets" style="border-bottom: Black 1pt solid; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedPercentOfNetAssets" contextRef="AsOf2020-12-31_currency_XPD" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100.05</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98B_eus-gaap--InvestmentOwnedAtCost_iI_pn3n3_c20201231_zMaMsWVFN3W4" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedAtCost" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">224,166</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_988_eus-gaap--InvestmentOwnedAtFairValue_iI_c20201231_zAtiX2StfSy3" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedAtFairValue" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">356,424</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--InvestmentOwnedPercentOfNetAssets_iI_pid_dp_uPure_c20201231_zTPEYQ0Tq0V5" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedPercentOfNetAssets" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100.05</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Less liabilities</td><td style="padding-bottom: 1pt">&#160;</td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>See Notes to the Financial Statements</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aberdeen Standard Palladium ETF Trust</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="pall10kb004"></span>Statements of Operations</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the years ended December 31, 2021, 2020, and 2019</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_303_113_pn3n3_zfYD6ws9p59l" summary="xdx: Statement - Statements of Operations" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for Share and per Share data)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_40B_eus-gaap--SponsorFees_i01_maOEzXAB_zBAz9VjACHG7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left; padding-bottom: 1pt">Total expenses</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="text-align: left; padding-bottom: 1pt">Net investment loss</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="pall:NetInvestmentGainLoss" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,447</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_403_eus-gaap--NonoperatingGainsLossesAbstract_iB_z9YeiaA3DGO9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">REALIZED AND UNREALIZED GAINS / (LOSSES)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Realized gain on palladium transferred to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">743</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">773</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">520</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Realized gain on palladium distributed for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">37,317</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1pt">Change in unrealized gain / (loss) on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="pall:ChangeInUnrealizedGainLossOnInvestmentInBullion" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">108,531</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="text-align: left; padding-bottom: 1pt">Total gain / (loss) on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr id="xdx_401_eus-gaap--NetIncomeLoss_iT_mtNILzduT_zFCatsPOXC87" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Change in net assets from operations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">72,918</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_eus-gaap--EarningsPerShareBasic_pid_uUSDPShares_zg9JZTQTWThj">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr id="xdx_40A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_uShares_zoAdTALFq3S8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>See Notes to the Financial Statements&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aberdeen Standard Palladium ETF Trust</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="pall10kb005"></span>Statements of Changes in Net Assets</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the years ended December 31, 2021, 2020 and 2019</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_301_114_pn3n3_zOnXeeC5NEic" summary="xdx: Statement - Statements of Changes in Net Assets" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2021</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; padding-bottom: 1pt">(Amounts in 000&#8217;s of US$, except for Share data)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%">Opening balance at January 1, 2021</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--SharesOutstanding_iS_pid_uShares_c20210101__20211231_zEG3Y8mQOo56" title="Opening balance (in shares)" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,625,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net investment loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--RealizedInvestmentGainsLosses_pn3n3_c20210101__20211231_zsOTSs2r13ji" title="Realized gain on investment in palladium" style="text-align: right"><ix:nonFraction name="us-gaap:RealizedInvestmentGainsLosses" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">38,060</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Change in unrealized (loss) on investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20210101__20211231_zvNQvMlDlcC3" title="Change in unrealized (loss)/gain on investment in palladium" style="text-align: right">(<ix:nonFraction name="pall:ChangeInUnrealizedGainLossOnInvestmentInBullion" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">108,531</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210101__20211231_z3dO8t0Kv6N" title="Creations (in shares)" style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">900,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20210101__20211231_zw77SK24Fkx6" title="Creations" style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">205,730</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">Redemptions</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_iN_pid_di_uShares_c20210101__20211231_zW0fnk0Jw1k2" title="Redemptions (in shares)" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">575,000</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_iN_pn3n3_di_c20210101__20211231_zANz3vaAvdoc" title="Redemptions" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodValue" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">131,079</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt">Closing balance at December 31, 2021</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--SharesOutstanding_iE_pid_uShares_c20210101__20211231_z34ueWXJa3xa" title="Closing balance (in Shares)" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,950,000</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98F_eus-gaap--StockholdersEquity_iE_c20210101__20211231_zTHqHtzzLzy5" title="Closing balance" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">357,971</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2020</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; padding-bottom: 1pt">(Amounts in 000&#8217;s of US$, except for Share data)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%">Opening balance at January 1, 2020</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--SharesOutstanding_iS_pid_uShares_c20200101__20201231_zul8zjOCThb1" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,675,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--StockholdersEquity_iS_pn3n3_c20200101__20201231_ztHtOGVLhqp7" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">300,485</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net investment loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_ecustom--NetInvestmentGainLoss_pn3n3_c20200101__20201231_z5jht7YL72Va" style="text-align: right">(<ix:nonFraction name="pall:NetInvestmentGainLoss" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,013</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--RealizedInvestmentGainsLosses_pn3n3_c20200101__20201231_z8empIFf1oPk" style="text-align: right"><ix:nonFraction name="us-gaap:RealizedInvestmentGainsLosses" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">60,961</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Change in unrealized gain on investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_c20200101__20201231_zYmikSV9J4kc" style="text-align: right"><ix:nonFraction name="pall:ChangeInUnrealizedGainLossOnInvestmentInBullion" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,660</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20200101__20201231_zAy0YXumVz51" style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">750,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn3n3_c20200101__20201231_zLFmvDfGtyB4" style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">150,950</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">Redemptions</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_iN_pid_di_uShares_c20200101__20201231_zpUI7SoLI425" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">800,000</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_98D_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_iN_pn3n3_di_c20200101__20201231_zqIi7uNEJoc9" style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="us-gaap:StockRedeemedOrCalledDuringPeriodValue" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">155,805</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt">Closing balance at December 31, 2020</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--SharesOutstanding_iE_pid_uShares_c20200101__20201231_z7JnF48fIyR6" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,625,000</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_980_eus-gaap--StockholdersEquity_iE_c20200101__20201231_zkSToMVoyNq6" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">356,238</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; padding-bottom: 1pt">(Amounts in 000&#8217;s of US$, except for Share data)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%">Opening balance at January 1, 2019</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_989_eus-gaap--SharesOutstanding_iS_pid_uShares_c20190101__20191231_zII3kiBnacD1" style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2018-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,550,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net investment loss</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">Redemptions</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt">Closing balance at December 31, 2019</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--SharesOutstanding_iE_pid_uShares_c20190101__20191231_zn3HF5afK7id" style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,675,000</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>See Notes to the Financial Statements</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aberdeen Standard Palladium ETF Trust</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="pall10kb006"></span>Financial Highlights</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the years&#160;ended December 31, 2021, 2020&#160;and 2019</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" id="xdx_30E_112_pn3n3_zjNqZF7ovsHb" summary="xdx: Statement - Financial Highlights" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td colspan="2" id="xdx_49E_20200101__20201231_zk3trYnUhhOe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended<br /> December 31, 2020</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_496_20190101__20191231_zzQOXM6Z4gXa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended<br /> December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td></tr>
<tr id="xdx_40B_ecustom--PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract_iB_znXTl2IodTnc" style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Per Share Performance (for a Share outstanding throughout the entire period)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_409_eus-gaap--NetAssetValuePerShare_i01S_pid_zzCO6EprpHH1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 55%">Net asset value per Share at beginning of period</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">219.22</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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<tr id="xdx_404_ecustom--IncomeFromInvestmentOperationsAbstract_i01B_znKkuxPcWRg5" style="vertical-align: bottom; background-color: White">
    <td style="font-style: italic; text-align: left">Income from investment operations:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_404_ecustom--NetInvestmentIncomLossPerShare_i02_pid_maCNA_zBOhCZethU36" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 0.25in">Net investment loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="pall:NetInvestmentIncomLossPerShare" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">1.34</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="pall:NetInvestmentIncomLossPerShare" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">1.25</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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<tr id="xdx_40D_ecustom--NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_i02_pid_maCNA_zdsTw5UhI9f4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total realized and unrealized gains or losses on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="pall:NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">34.30</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="pall:NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">41.08</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="pall:NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">60.61</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr id="xdx_400_ecustom--ChangeInNetAssetsFromOperationsPerShare_i02T_pid_mtCNA_zcBz00VT58bk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: 0.25in">Change in net assets from operations</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="pall:ChangeInNetAssetsFromOperationsPerShare" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">35.64</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="pall:ChangeInNetAssetsFromOperationsPerShare" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">39.83</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="pall:ChangeInNetAssetsFromOperationsPerShare" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">59.73</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr id="xdx_408_eus-gaap--NetAssetValuePerShare_i01E_pid_z84XhvQI5rxb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt">Net asset value per Share at end of period</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">183.58</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">219.22</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetAssetValuePerShare" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">179.39</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_uShares_zT9E8LtTqCdf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_ecustom--AnnualizedRateOfSponsorsFee_pid_dp_uPure_zL63989AnFz8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: italic; text-align: left">Expense ratio</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_400_ecustom--AnnualizedNetInvestmentIncomeLossRatio_pid_dp_uPure_zLgi1SeYfsUi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: italic; text-align: left">Net investment loss ratio</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>See Notes to the Financial Statements</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aberdeen Standard Palladium ETF Trust</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="pall10kb007"></span>Notes to the Financial Statements</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_806_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z82kfaTFk8ya" style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>1.</b></td><td style="text-align: justify"><b><span id="xdx_827_zEChDKSTiLIh">Organization</span></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The&#160;Aberdeen Standard Palladium ETF Trust&#160; (the &#8220;Trust&#8221;) is a common law trust formed on&#160;December
30, 2009&#160;under New York law pursuant to a depositary trust agreement (the &#8220;Trust Agreement&#8221;) executed by Aberdeen Standard
Investments ETFs Sponsor LLC (the &#8220;Sponsor&#8221;)
and The Bank of New York Mellon as Trustee (the &#8220;Trustee&#8221;). The Trust holds palladium&#160;bullion and&#160;issues&#160;Aberdeen Standard
Physical Palladium Shares ETF (&#8220;Shares&#8221;)
in minimum blocks of&#160;<span id="xdx_90A_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_uShares_c20210101__20211231_zkhFptQ4W065" title="Minimum block of shares issued redeemed against palladium"><ix:nonFraction name="pall:MinimumBlockOfSharesIssuedRedeemedAgainstBullion" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span> Shares (also referred to as &#8220;Baskets&#8221;) in exchange for deposits of&#160;palladium
and distributes&#160;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 abrdn Inc. (known as Aberdeen Standard Investments Inc. prior to January 1, 2022). abrdn Inc. is a wholly-owned
indirect subsidiary of abrdn (formerly known as Standard Life Aberdeen) plc. The Trust is governed by the Trust Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
June 25, 2021, Christopher Demetriou resigned as President and Chief Executive Officer of the Sponsor. Mr. Demetriou had served
as Principal Executive Officer of the Registrant. Effective June 25, 2021, Steven Dunn was appointed President and Chief Executive
Officer of the Sponsor. Mr. Dunn will serve as Principal Executive Officer of the Registrant.</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment objective of the Trust is
for the Shares to reflect the performance of the price of&#160;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&#160;palladium market through an investment in securities.</p>

</ix:nonNumeric><p id="xdx_810_z68aBxHvzE9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80C_eus-gaap--SignificantAccountingPoliciesTextBlock_zOhqfwp9JvP2" style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>2.</b></td><td style="text-align: justify"><b><span id="xdx_82A_zc80PHCjl4Ye">Significant Accounting Policies</span></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preparation of financial statements in accordance with U.S.
GAAP 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.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_844_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z3IwrzgwJXPe" style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><b><i>2.1.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_86D_zVCEBB2HrDc">Basis of Accounting</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has determined that the Trust falls within the scope
of Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) 946, <i>Financial
Services&#8212;Investment Companies</i>, and has concluded that for reporting purposes, the Trust is classified as an Investment
Company. 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.</p>

</ix:nonNumeric><p id="xdx_85E_ztWvc0jGNUf5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="pall:ValuationOfBullionPolicyTextBlock"><p id="xdx_84A_ecustom--ValuationOfBullionPolicyTextBlock_zNcd8a8xLXL9" style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><b><i>2.2.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_865_zgufZLBc5H0a">Valuation of&#160;Palladium</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust follows the provisions of ASC 820, <i>Fair Value Measurement
</i>(&#8220;ASC 820&#8221;). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the
inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust&#8217;s palladium&#160;is held by JPMorgan Chase Bank,
N.A. (the &#8220;Custodian&#8221;), on behalf of the Trust, at its London, England vaulting premises. The Trust&#8217;s palladium may
also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust&#8217;s palladium in the Trust&#8217;s allocated
account in the firm&#8217;s&#160;vault premises on a segregated basis and whose appointment has been approved by the Sponsor.
At December 31, 2021, approximately <span id="xdx_90A_ecustom--PercentageOfAssetBeingHeldByTrust_iI_pid_dp_uPure_c20211231_zuBDmu5KtPog" title="Percentage of palladium held by sub-custodians"><ix:nonFraction name="pall:PercentageOfAssetBeingHeldByTrust" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">41.75</ix:nonFraction></span>%&#160;of the Trust&#8217;s palladium was held by one or more sub-custodians.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<ix:exclude><p id="xdx_237_zWK67mbiEvmf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:exclude>
<ix:exclude><p id="xdx_23C_z3DhMoUo9o3b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aberdeen Standard Palladium ETF Trust</b></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<ix:exclude><p id="xdx_238_z4fpFL9f8OM7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Financial Statements</p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust&#8217;s palladium is recorded at fair value. The cost of
palladium is determined according to the average cost method and the fair value is based on the afternoon session of the twice
daily fix of an ounce of&#160;palladium administered by the London Metal Exchange (&#8220;LME&#8221;) (the &#8220;LME PM Fix&#8221;).
Realized gains and losses on transfers of palladium, or palladium distributed for the redemption of Shares, are calculated on a
trade date basis as the difference between the fair value and average&#160;cost of&#160;palladium transferred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The LME is responsible for the administration of the electronic&#160;palladium
price fixing system (&#8220;LMEbullion&#8221;) that replicates electronically the manual London palladium fix processes previously
employed by the London Platinum and Palladium Fixing Company Ltd (&#8220;LPPFCL&#8221;), as well as providing electronic market
clearing processes for palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion,
like the previous London palladium fix processes, establishes and publishes fixed prices for troy ounces of palladium twice each
London trading day during fixing sessions beginning at 9:45 a.m. London time (the&#8221; LME AM Fix&#8221;) and 2:00 p.m. London
time (the &#8220;LME PM Fix&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once the value of&#160;palladium has been determined, the net
asset value (the &#8220;NAV&#8221;) is computed by the Trustee by deducting all accrued fees, expenses 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&#160;palladium
and all other assets held by the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust recognizes changes in fair value of the investment
in&#160;palladium as changes in unrealized gains or losses on investment in&#160;palladium through the Statement of Operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The per Share amount of&#160;palladium exchanged for a purchase
or redemption is calculated daily by the Trustee using the LME PM Fix to calculate the&#160;palladium amount in respect of any
liabilities for which covering palladium&#160;sales have not yet been made, and represents the per Share amount of&#160;palladium
held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Fair Value Hierarchy</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ASC 820 establishes a hierarchy that prioritizes inputs to valuation
techniques used to measure fair value. The three levels of inputs are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8211;&#160;Level 1.&#160;Unadjusted quoted prices
in active markets for identical assets or liabilities that the Trust has the ability to access.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8211;&#160;Level 2.&#160;Observable inputs other
than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument
on an inactive market, prices for similar instruments and similar data.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8211;&#160;Level 3.&#160;Unobservable inputs for
the asset or liability to the extent that relevant observable inputs are not available, representing the Trust&#8217;s own assumptions
about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best
information available.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent that valuation is based on models or inputs that
are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree
of judgment exercised in determining fair value is greatest for instruments categorized in level 3.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:exclude><!-- Field: Page; Sequence: 61; Value: 8 -->
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<ix:exclude><p id="xdx_233_z9UmfDHRlZsj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:exclude>
<ix:exclude><p id="xdx_23F_zxkk5GwugRm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aberdeen Standard Palladium ETF Trust</b></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<ix:exclude><p id="xdx_234_zJxouroLxDc9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Financial Statements</p></ix:exclude>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The inputs used to measure fair value may fall into different
levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which
the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair
value measurement in its entirety.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust&#8217;s investment in&#160;palladium is classified
as a level&#160;1 asset,&#160;as its value&#160;is calculated using unadjusted quoted prices from primary market sources.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVI2judwo8p" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8BF_zhX8CiOl3psd">The categorization of the Trust&#8217;s assets is as shown below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-style: italic">(Amounts in 000&#8217;s of US$)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_490_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zSkndhUXmLU2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br />
2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_496_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z61t1t77SRKl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br />
2020</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 70%; font-style: italic">Level 1</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_400_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zssZyoQkF6Uk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure" contextRef="AsOf2021-12-31_us-gaap_FairValueInputsLevel1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">358,161</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure" contextRef="AsOf2020-12-31_us-gaap_FairValueInputsLevel1Member" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">356,424</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
</table>


</ix:nonNumeric><p id="xdx_8A6_zuo8H0rTpJ91" style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">There
were no transfers between levels during the years ended December 31, 2021 and 2020. </span></p>

</ix:nonNumeric><p id="xdx_850_zbteDCW2DPWi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>


<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="pall:ReceivableAndPayablePolicyTextBlock"><p id="xdx_84B_ecustom--ReceivableAndPayablePolicyTextBlock_zWeHlv4U94di" style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><b><i>2.3.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_866_zmyJdU6VjA16">Palladium Receivable and Payable</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Palladium&#160;receivable or payable represents the quantity
of&#160;palladium covered by contractually binding orders for the creation or redemption of Shares respectively, where the&#160;palladium
has not yet been transferred to or from the Trust&#8217;s account. Generally, ownership of palladium is transferred within two
business days of the trade date. At December 31, 2021, the Trust had <span id="xdx_907_ecustom--BullionPayableAtMarketValue_iI_do_c20211231_zc45p5096K0i" title="Palladium payable"><span id="xdx_90E_ecustom--BullionReceivableAtMarketValue_iI_do_c20211231_zccSiNyEEvH7" title="Palladium receivable"><ix:nonFraction name="pall:BullionPayableAtMarketValue" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="pall:BullionReceivableAtMarketValue" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> palladium&#160;receivable or payable for the&#160;creation&#160;or
redemption of Shares. At December 31, 2020, the Trust had <span id="xdx_906_ecustom--BullionPayableAtMarketValue_iI_do_c20201231_zYNR8gOtllm9"><span id="xdx_902_ecustom--BullionReceivableAtMarketValue_iI_do_c20201231_z3Vd4itLzFrj"><ix:nonFraction name="pall:BullionPayableAtMarketValue" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="pall:BullionReceivableAtMarketValue" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> palladium&#160;receivable or payable for the&#160;creation&#160;or
redemption of Shares.</p>

</ix:nonNumeric><p id="xdx_856_z8LEffRgF8Yc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="pall:CreationsAndRedemptionsOfSharesPolicyTextBlock"><p id="xdx_84C_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zUxUDPWpEKTe" style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><b><i>2.4.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_862_zky0BMRO7ep3">Creations and Redemptions of Shares</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust expects to create and redeem Shares from time to time,
but only in one or more Baskets (a Basket equals a block of&#160;<span id="xdx_905_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_uShares_c20210101__20211231_zx0BsBwD0re7" title="Minimum block of shares issued redeemed against palladium"><ix:nonFraction name="pall:MinimumBlockOfSharesIssuedRedeemedAgainstBullion" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,000</ix:nonFraction></span>&#160;Shares). 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 the
Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust&#8217;s Custodian or other&#160;palladium
bullion clearing bank. 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&#160;palladium&#160;required
for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated&#160;palladium account, either
loco London or loco Zurich, established with the Custodian or a&#160;palladium bullion clearing bank by an Authorized Participant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&#160;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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<ix:exclude><p id="xdx_239_z4776msX90eg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:exclude>
<ix:exclude><p id="xdx_232_zf5rb4ic1uY7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aberdeen Standard Palladium ETF Trust</b></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<ix:exclude><p id="xdx_239_zzQKQB6L14ij" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Financial Statements</p></ix:exclude>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 two 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&#160;palladium is exchanged in settlement of a redemption, it is considered a sale of&#160;palladium for financial statement
purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amount of&#160;palladium represented by the Baskets created
or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption
of Shares may differ from&#160;the value of palladium&#160;to be delivered or distributed by the Trust. In order to ensure that
the correct amount of&#160;palladium 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 on each transaction. For each transaction, this amount is not more than 1/1000th of
an ounce of palladium.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As the Shares of the Trust are subject to redemption at the
option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares
outstanding are presented in the Statement of Changes in Net Assets.</p>

</ix:nonNumeric><p id="xdx_854_zIBVCZltQUka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_845_eus-gaap--IncomeTaxPolicyTextBlock_zPiYMABLT9y5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.5.&#160;&#160;&#160;&#160;<span id="xdx_865_zKuMHxCnv8J2">Income Taxes</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has evaluated whether or not there are uncertain
tax positions that require financial statement recognition and has determined that <span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20211231_z6laRd8rucQ2" title="Reserve for uncertain tax positions"><span id="xdx_90F_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20201231_zgWLXzwsE77a"><ix:nonFraction name="us-gaap:LiabilityForUncertainTaxPositionsNoncurrent" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:LiabilityForUncertainTaxPositionsNoncurrent" contextRef="AsOf2020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> reserves for uncertain tax positions are
required as of&#160;December 31, 2021&#160;or December 31, 2020.</p>

</ix:nonNumeric><p id="xdx_85B_zk9ubvPOSR0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:InvestmentPolicyTextBlock"><p id="xdx_847_eus-gaap--InvestmentPolicyTextBlock_zFa6hI8kxJj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.6.&#160;&#160;&#160;&#160;<span id="xdx_864_z0Za9OakvuBc">Investment in&#160;Palladium</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="pall:InvestmentsInBullionTableTextBlock"><p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zJuRgbh2eNN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B9_zuJ93RaB7K6g">Changes in ounces of&#160;palladium and their respective values
for the years&#160;ended&#160;December 31, 2021 and&#160;2020 are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_493_20210101__20211231_zkVC66vabdQ6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended<br /> December 31,
    2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_49A_20200101__20201231_zspGhhiD6Z8b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended<br /> December 31,
    2020</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for ounces data)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Ounces of palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uOZ_zE6YNzz8KpH1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; text-align: left">Opening balance</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedBalanceOtherMeasure" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="1" scale="0" unitRef="OZ">152,187.5</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedBalanceOtherMeasure" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="1" scale="0" unitRef="OZ">157,815.0</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_40B_ecustom--CreationsOuncesOfBullion_pp1p0_uOZ_zpaOY8W3Midk" style="vertical-align: bottom; background-color: White">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="pall:CreationsOuncesOfBullion" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="1" scale="0" unitRef="OZ">83,977.6</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="pall:CreationsOuncesOfBullion" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="1" scale="0" unitRef="OZ">70,459.8</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_407_ecustom--RedemptionsOuncesOfBullion_pp1p0_uOZ_zBopFluuwkyg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="pall:RedemptionsOuncesOfBullion" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="1" scale="0" sign="-" unitRef="OZ">53,626.6</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="pall:RedemptionsOuncesOfBullion" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="1" scale="0" sign="-" unitRef="OZ">75,173.5</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1p0_uOZ_zs7yTgqxZ89g" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Transfers of palladium to pay expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="pall:TransfersOfBullionOunces" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="1" scale="0" sign="-" unitRef="OZ">1,007.4</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="pall:TransfersOfBullionOunces" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="1" scale="0" sign="-" unitRef="OZ">913.8</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_405_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uOZ_zqspSk33Pr8c" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Closing balance</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedBalanceOtherMeasure" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="1" scale="0" unitRef="OZ">181,531.1</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:InvestmentOwnedBalanceOtherMeasure" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="1" scale="0" unitRef="OZ">152,187.5</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zCltIC8bdD6f" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Opening balance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">356,424</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2019-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">300,638</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zUYT55nVJRHi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="pall:CreationsValueOfBullion" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">205,730</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="pall:CreationsValueOfBullion" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">150,950</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40A_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zvgySYMYQ4A2" style="vertical-align: bottom; background-color: White">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="pall:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">131,079</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">Realized gain on palladium distributed for the redemption of Shares</td><td>&#160;</td>
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<tr id="xdx_40E_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zq3rngzhFIE8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfers of palladium to pay expenses</td><td>&#160;</td>
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<tr id="xdx_40E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zCUwYYDSI7Ug" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 70%">Realized gain on palladium transferred to pay expenses</td><td style="width: 1%">&#160;</td>
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<tr id="xdx_403_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_z7xpZhOr50h7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Change in unrealized (loss) / gain on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(<ix:nonFraction name="pall:ChangeInUnrealizedGainLossOnInvestmentInBullion" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">108,531</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="pall:ChangeInUnrealizedGainLossOnInvestmentInBullion" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,660</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_z3X0Dx0rh20j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Closing balance</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">358,161</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><ix:nonFraction name="us-gaap:InvestmentInPhysicalCommodities" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">356,424</ix:nonFraction></td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
</table>
<p style="margin: 0">&#160;&#160;</p>

<ix:exclude><!-- Field: Page; Sequence: 63; Value: 8 -->
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    <div id="xdx_233_zGSBPdBpFwjh" style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<ix:exclude><p id="xdx_234_zQ2Y2xGkOYOe" style="margin: 0">&#160;</p></ix:exclude>
<ix:exclude><p id="xdx_233_zYFl8t77gtm9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aberdeen Standard Palladium ETF Trust</b></p></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<ix:exclude><p id="xdx_230_zunLYZ4noStf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Financial Statements</p></ix:exclude>


</ix:nonNumeric><p id="xdx_8A2_zQhX90NM7eR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

</ix:nonNumeric><p id="xdx_852_zw2ahdAQDB21" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="pall:ExpensesPolicyTextBlock"><p id="xdx_841_ecustom--ExpensesPolicyTextBlock_z8rHufStPkx2" style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><b><i>2.7.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_86D_zJgTAMkTVM6g">Expenses / Realized Gains / Losses</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust will transfer&#160;palladium to the Sponsor to pay
the Sponsor&#8217;s Fee that accrues daily at an annualized rate equal to <span id="xdx_903_ecustom--AnnualizedRateOfSponsorsFee_pid_dp_uPure_c20210101__20211231_zP5Lx8OzaJZj" title="Expense ratio"><ix:nonFraction name="pall:AnnualizedRateOfSponsorsFee" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.60</ix:nonFraction></span>% of the adjusted daily net asset value (&#8220;ANAV&#8221;)
of the Trust, paid monthly in arrears.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 up to $<span id="xdx_90D_ecustom--MaximumSponsorFeeForLegalExpenses_c20210101__20211231_zAZKWxQvNSwb" title="Maximum sponsor fee for legal expenses"><ix:nonFraction name="pall:MaximumSponsorFeeForLegalExpenses" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span> per annum in legal expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the&#160;years ended&#160;December 31, 2021,&#160;2020&#160;and
2019, the Sponsor&#8217;s Fee&#160;was&#160;$<span id="xdx_902_eus-gaap--SponsorFees_c20210101__20211231_zGlRqxiFXLu5" title="Sponsor&apos;s Fee"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2021-01-01to2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,447,225</ix:nonFraction></span>, $<span id="xdx_90A_eus-gaap--SponsorFees_c20200101__20201231_zJywzVv1sEMl"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2020-01-012020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,012,865</ix:nonFraction></span>&#160;and $<span id="xdx_904_eus-gaap--SponsorFees_c20190101__20191231_zoXWRqBxagWe"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2019-01-012019-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,392,218</ix:nonFraction></span>, respectively.&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At&#160;December 31, 2021 and at&#160;December 31, 2020, the
fees payable to the Sponsor were&#160;$<span id="xdx_90C_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20211231_zC5G4Zk1IKZ2" title="Fees payable to Sponsor"><ix:nonFraction name="us-gaap:AccountsPayableRelatedPartiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">189,455</ix:nonFraction></span> and $<span id="xdx_90C_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20201231_zFg9pxugV7s2"><ix:nonFraction name="us-gaap:AccountsPayableRelatedPartiesCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">185,515</ix:nonFraction></span>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&#160;palladium as necessary
to pay these expenses. When selling&#160;palladium to pay expenses, the Trustee will endeavor to sell the smallest amounts of&#160;palladium
needed to pay these expenses in order to minimize the Trust&#8217;s holdings of assets other than palladium. Other than the Sponsor&#8217;s
Fee, the Trust had <span id="xdx_909_eus-gaap--OtherCostAndExpenseOperating_do_c20210101__20211231_zJeoRqEest0k" title="All other expenses"><span id="xdx_902_eus-gaap--OtherCostAndExpenseOperating_do_c20200101__20201231_zeUcLGV279ok"><ix:nonFraction name="us-gaap:OtherCostAndExpenseOperating" contextRef="From2021-01-01to2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:OtherCostAndExpenseOperating" contextRef="From2020-01-012020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> expenses during the years ended&#160;December 31, 2021 and 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise directed by the Sponsor, when selling&#160;palladium
the Trustee will endeavor to sell at the price established by the LME 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&#160;palladium only if the sale transaction is made at the next LME 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&#160;palladium sold. Neither the Trustee nor the Sponsor is
liable for depreciation or loss incurred by reason of any sale.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Realized gains and losses result from the transfer of&#160;palladium
for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value
and average cost of&#160;palladium transferred.</p>

</ix:nonNumeric><p id="xdx_855_zYnKztYwSsW7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:SubsequentEventsPolicyPolicyTextBlock"><p id="xdx_843_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zqPbH1xpbF5b" style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><b><i>2.8.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_865_zDlU8GROjub">Subsequent Events</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 impacting the Trust&#8217;s
financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure
in the financial statements were identified.&#160;</p>

</ix:nonNumeric><p id="xdx_85F_zGAJ8YnUapu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

</ix:nonNumeric><p id="xdx_81A_zgj1APoaEgh2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Aberdeen Standard Palladium ETF Trust</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Financial Statements</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_807_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_z6eDztBzybfe" style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>3.</b></td><td style="text-align: justify"><b><span id="xdx_826_zz0QIZz1Z95i">Related Parties</span></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor and the Trustee are considered to be related parties
to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase
or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.
In addition, the Trustee and the Custodian and their affiliates may from time to time purchase or sell&#160;palladium directly,
for their own account, as agent for their customers and for accounts over which they exercise investment discretion. The Trustee&#8217;s
and Custodian&#8217;s fees are paid by the Sponsor and are not separate expenses of the Trust.&#160;</p>

</ix:nonNumeric><p id="xdx_81A_zgSu65Da7pmi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p id="xdx_802_eus-gaap--ConcentrationRiskDisclosureTextBlock_zfBWq5HU7sOl" style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>4.</b></td><td style="text-align: justify"><b><span id="xdx_82E_z2zoJpyQ75fh">Concentration of Risk</span></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust&#8217;s sole business activity is the investment in&#160;palladium,
and substantially all the Trust&#8217;s assets are holdings of&#160;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 production and cost levels in major palladium-producing countries, recycling,
autocatalyst demand, industrial demand, jewelry demand, investment demand, and sales of existing stockpiles of palladium, which
have been a key source of supply and are likely to be exhausted soon, placing a higher burden on new mine supply; (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&#160;palladium will maintain its long-term value in terms of purchasing power in the future.
In the event that the price of&#160;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.&#160;</p>

</ix:nonNumeric><p id="xdx_819_zqwggstFOn51" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="From2021-01-01to2021-12-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_801_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zzDKt0whKi6i" style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>5.</b></td><td style="text-align: justify"><b><span id="xdx_822_zEaV27R1d4q8">Indemnification</span></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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, willful misconduct
or willful malfeasance 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.&#160;</p>

</ix:nonNumeric><p id="xdx_819_z415aV1awlMj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>abrdn Palladium ETF Trust (formerly known
as Aberdeen Standard Palladium ETF Trust</b>)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%">&#160;</td>
    <td style="font-size: 10pt; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">abrdn
    ETFs Sponsor LLC (formerly known as Aberdeen Standard Investments ETFs Sponsor LLC)</span></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Date:
    September 29, 2022</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">/s/
    Steven Dunn*</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="border-top: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Steven
    Dunn**</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">President
    and Chief Executive Officer</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">(Principal
    Executive Officer)</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Date: September 29, 2022</span></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">/s/
    Andrea Melia*</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Andrea
    Melia**</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Chief
    Financial Officer and Treasurer</span></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">(Principal
    Financial Officer and Principal Accounting Officer)</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">*</td><td style="text-align: justify">&#160;The original executed copy of this Certification will be maintained
at the Sponsor's offices and will be made available for inspection upon request.</td></tr>
                                                                                                                                      <tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">**</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">The
                                                                                                                                                                               Registrant is a trust and the persons are signing in their capacities as officers of abrdn ETFs Sponsor LLC (formerly known as
                                                                                                                                                                               Aberdeen Standard Investments ETFs Sponsor LLC), the Sponsor of the Registrant.</span></td>
</tr></table>


<p style="margin: 0">&#160;</p>
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</XBRL>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>ex23-1.htm
<DESCRIPTION>CONSENT OF KPMG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="pall-10ka_123121.htm">Aberdeen Standard Palladium ETF Trust 10-K/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b></b></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 20pt; text-align: center">Consent of Independent Registered Public
Accounting Firm</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">We consent to the incorporation by reference in the registration
statement (No.&nbsp;333-238125) on Form&nbsp;S-3 of Aberdeen Standard Palladium ETF Trust of our reports dated February&nbsp;28, 2022,
with respect to the statements of assets and liabilities of Aberdeen Standard Palladium ETF Trust, including the schedules of investments,
as of December&nbsp;31, 2021 and 2020, the related statements of operations and changes in net assets, and the financial highlights for
each of the years in the three-year period ended December&nbsp;31, 2021 and the related notes (collectively, the&nbsp;&ldquo;financial
statements&rdquo;), and the effectiveness of internal control over financial reporting as of December&nbsp;31, 2021, which reports appear
in the December&nbsp;31, 2021 annual report on Form&nbsp;10-K of Aberdeen Standard Palladium ETF Trust. We also consent to the reference
to our firm under the heading &ldquo;Experts&rdquo; in the above noted registration statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">/s/ KPMG LLP</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0">New York, New York<br >
February&nbsp;28, 2022<b>&nbsp;</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>ex31-1.htm
<DESCRIPTION>CHIEF EXECUTIVE OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="pall-10ka_123121.htm">Aberdeen Standard Palladium ETF Trust 10-K/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT<BR>
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Steven Dunn, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. I have reviewed this Report on Form 10-K of
Aberdeen Standard Palladium ETF Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The registrant&rsquo;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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Evaluated the effectiveness of the registrant&rsquo;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Disclosed in this report any change in the
registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the
registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially
affect, the registrant&rsquo;s internal control over financial reporting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. The registrant&rsquo;s other certifying officer
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors
and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Date: February 28, 2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%">/s/ Steven Dunn*</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 2%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 3pt">Steven Dunn**</TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President and Chief Executive Officer&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Executive Officer)&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td>&nbsp;</td><td>*</td><td style="text-align: justify">The original executed copy of this Certification will be maintained
at the Sponsor's offices and will be made available for inspection upon request.</td></tr>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: justify">The Registrant is a trust and Mr. Dunn is signing in his capacity as an officer of Aberdeen Standard Investments
ETFs Sponsor LLC, the Sponsor of the Registrant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 1 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>ex31-2.htm
<DESCRIPTION>CHIEF FINANCIAL OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="pall-10ka_123121.htm">Aberdeen Standard Palladium ETF Trust 10-K/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT<BR>
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Andrea Melia, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. I have reviewed this Report on Form 10-K of
Aberdeen Standard Palladium ETF Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The registrant&rsquo;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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Evaluated the effectiveness of the registrant&rsquo;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Disclosed in this report any change in the
registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the
registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially
affect, the registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. The registrant&rsquo;s other certifying officer
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors
and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; width: 50%">Date: February 28, 2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 48%">/s/ Andrea Melia*</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 3pt; width: 2%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 3pt">Andrea Melia**</TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer and Treasurer</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Principal Financial Officer and Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td>&nbsp;</td><td>*</td><td style="text-align: justify">The original executed copy of this Certification will be maintained
at the Sponsor's offices and will be made available for inspection upon request.</td></tr>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: justify">The Registrant is a trust and Ms. Melia is signing in her capacity as an officer of Aberdeen Standard
Investments ETFs Sponsor LLC, the Sponsor of the Registrant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.3
<SEQUENCE>5
<FILENAME>ex31-3.htm
<DESCRIPTION>CHIEF EXECUTIVE OFFICER'S
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="pall-10ka_123121.htm">Aberdeen Standard Palladium ETF Trust 10-K/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 31.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT</B><BR>
<B>TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Steven Dunn, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. I have reviewed this Report on Form
10-K of abrdn Palladium ETF Trust (formerly known as Aberdeen Standard Palladium ETF Trust);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The registrant&rsquo;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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Evaluated the effectiveness of the
registrant&rsquo;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Disclosed in this report any change
in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal
quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant&rsquo;s internal control over financial reporting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. The registrant&rsquo;s other certifying
officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial
reporting.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date: September 29, 2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Steven Dunn*</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Steven Dunn**</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td>&nbsp;</td><td>*</td><td style="text-align: justify">The original executed copy of this Certification will be maintained
at the Sponsor's offices and will be made available for inspection upon request.</td></tr>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: justify">The Registrant is a trust and Mr. Dunn is signing in his capacity as an officer of abrdn ETFs Sponsor
LLC (formerly known as Aberdeen Standard Investments ETFs Sponsor LLC), the Sponsor of the Registrant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.4
<SEQUENCE>6
<FILENAME>ex31-4.htm
<DESCRIPTION>CHIEF FINANCIAL OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="pall-10ka_123121.htm">Aberdeen Standard Palladium ETF Trust 10-K/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 31.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT</B><BR>
<B>TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Andrea Melia, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. I have reviewed this Report on Form
10-K of abrdn Palladium ETF Trust (formerly known as Aberdeen Standard Palladium ETF Trust);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The registrant&rsquo;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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Evaluated the effectiveness of the
registrant&rsquo;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Disclosed in this report any change
in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal
quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant&rsquo;s internal control over financial reporting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. The registrant&rsquo;s other certifying
officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial
reporting.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date: September 29, 2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Andrea Melia*</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Andrea Melia**</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer and Treasurer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Principal Financial Officer and Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td>&nbsp;</td><td>*</td><td style="text-align: justify">The original executed copy of this Certification will be maintained
at the Sponsor's offices and will be made available for inspection upon request.</td></tr>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: justify">The Registrant is a trust and Ms. Melia is signing in her capacity as an officer of abrdn ETFs
Sponsor LLC (formerly known as Aberdeen Standard Investments ETFs Sponsor), the Sponsor of the Registrant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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    <!-- Field: /Page -->

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>7
<FILENAME>ex32-1.htm
<DESCRIPTION>CHIEF EXECUTIVE OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="pall-10ka_123121.htm">Aberdeen Standard Palladium ETF Trust 10-K/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Annual Report of Aberdeen
Standard Palladium ETF Trust (the &ldquo;Company&rdquo;) on Form 10-K for the year ended December 31, 2021 as filed with the Securities
and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%">Date: February 28, 2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 66%">/s/ Steven Dunn*</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 2%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 3pt">Steven Dunn**</TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td>&nbsp;</td><td>*</td><td style="text-align: justify">The original executed copy of this Certification will be maintained
at the Sponsor's offices and will be made available for inspection upon request.</td></tr>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: justify">The Registrant is a trust and Mr. Dunn is signing in his capacity as an officer of Aberdeen Standard Investments
ETFs Sponsor LLC, the Sponsor of the Registrant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>8
<FILENAME>ex32-2.htm
<DESCRIPTION>CHIEF FINANCIAL OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="pall-10ka_123121.htm">Aberdeen Standard Palladium ETF Trust 10-K/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 32.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Annual Report of Aberdeen
Standard Palladium ETF Trust (the &ldquo;Company&rdquo;) on Form 10-K for the year ended December 31, 2021 as filed with the Securities
and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;), 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%">Date February 28, 2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 66%">/s/ Andrea Melia*</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 2%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 3pt">Andrea Melia**</TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer and Treasurer</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Principal Financial Officer and Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td>&nbsp;</td><td>*</td><td style="text-align: justify">The original executed copy of this Certification will be maintained
at the Sponsor's offices and will be made available for inspection upon request.</td></tr>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: justify">The Registrant is a trust and Ms. Melia is signing in her capacity as an officer of Aberdeen Standard
Investments ETFs Sponsor LLC, the Sponsor of the Registrant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>

    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.3
<SEQUENCE>9
<FILENAME>ex32-3.htm
<DESCRIPTION>CHIEF EXECUTIVE OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="pall-10ka_123121.htm">Aberdeen Standard Palladium ETF Trust 10-K/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 32.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO</B><BR>
<B>18 U.S.C. SECTION 1350</B><BR>
<B>AS ADOPTED PURSUANT TO</B><BR>
<B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Annual Report of
abrdn Palladium ETF Trust (formerly known as Aberdeen Standard Palladium ETF Trust) (the &ldquo;Company&rdquo;) on Form 10-K for
the year ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;),
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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date: September 29, 2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Steven Dunn*</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Steven Dunn**</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td>&nbsp;</td><td>*</td><td style="text-align: justify">The original executed copy of this Certification will be maintained
at the Sponsor's offices and will be made available for inspection upon request.</td></tr>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: justify">The Registrant is a trust and Mr. Dunn is signing in his capacity as an officer of abrdn ETFs Sponsor
LLC (formerly known as Aberdeen Standard Investments ETFs Sponsor LLC), the Sponsor of the Registrant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.4
<SEQUENCE>10
<FILENAME>ex32-4.htm
<DESCRIPTION>CHIEF FINANCIAL OFFICER'S CERTIFICATE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="pall-10ka_123121.htm">Aberdeen Standard Palladium ETF Trust 10-K/A</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 32.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION PURSUANT TO</B><BR>
<B>18 U.S.C. SECTION 1350</B><BR>
<B>AS ADOPTED PURSUANT TO</B><BR>
<B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Annual Report of
abrdn Palladium ETF Trust (formerly known as Aberdeen Standard Palladium ETF Trust) (the &ldquo;Company&rdquo;) on Form 10-K for
the year ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the &ldquo;Report&rdquo;),
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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operations of the Company.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date: September 29, 2022</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Andrea Melia*</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Andrea Melia**</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer and Treasurer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Principal Financial Officer and Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td>&nbsp;</td><td>*</td><td style="text-align: justify"><p style="margin: 0; font: 10pt/107% Times New Roman, Times, Serif">The original executed copy of this Certification will be maintained
at the Sponsor's offices and will be made available for inspection upon request.</p></td></tr>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD STYLE="text-align: justify">The Registrant is a trust and Ms. Melia is signing in her capacity as an officer of abrdn ETFs
Sponsor LLC (formerly known as Aberdeen Standard Investments ETFs Sponsor LLC), the Sponsor of the Registrant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>11
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<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
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    <import namespace="http://xbrl.sec.gov/dei/2021q4" schemaLocation="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd" />
    <import namespace="http://fasb.org/us-gaap/2021-01-31" schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd" />
    <import namespace="http://fasb.org/us-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/2020-01-21" schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2021" schemaLocation="https://xbrl.sec.gov/country/2021/country-2021.xsd" />
    <import namespace="http://xbrl.sec.gov/currency/2021" schemaLocation="https://xbrl.sec.gov/currency/2021/currency-2021.xsd" />
    <import namespace="http://fasb.org/srt/2021-01-31" schemaLocation="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd" />
    <import namespace="http://fasb.org/srt-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd" />
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    <element id="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares" name="RealizedGainLossOnBullionDistributedForRedemptionOfShares" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
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    <element id="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" name="NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" nillable="true" xbrli:periodType="duration" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" />
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    <element id="pall_CostOfBullionTransferredToPayExpenses" name="CostOfBullionTransferredToPayExpenses" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
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    <element id="pall_BullionPayableAtMarketValue" name="BullionPayableAtMarketValue" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="pall_BullionReceivableAtMarketValue" name="BullionReceivableAtMarketValue" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="pall_MaximumSponsorFeeForLegalExpenses" name="MaximumSponsorFeeForLegalExpenses" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>12
<FILENAME>pall-20211231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>13
<FILENAME>pall-20211231_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT
<TEXT>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockNoParValue_lbl" xml:lang="en-US">Common stock, no par value (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xlink:type="arc" />
      <link: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</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link: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</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetAssetValuePerShare" xlink:label="us-gaap_NetAssetValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetAssetValuePerShare" xlink:to="us-gaap_NetAssetValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetAssetValuePerShare_lbl" xml:lang="en-US">Net asset value per share (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InvestmentOwnedBalanceOtherMeasure" xlink:label="us-gaap_InvestmentOwnedBalanceOtherMeasure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedBalanceOtherMeasure" xlink:to="us-gaap_InvestmentOwnedBalanceOtherMeasure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentOwnedBalanceOtherMeasure_lbl" xml:lang="en-US">Investment in palladium</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedAtCost" xlink:to="us-gaap_InvestmentOwnedAtCost_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InvestmentOwnedAtCost_2_lbl" xml:lang="en-US">Cost</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InvestmentOwnedAtFairValue" xlink:label="us-gaap_InvestmentOwnedAtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedAtFairValue" xlink:to="us-gaap_InvestmentOwnedAtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentOwnedAtFairValue_lbl" xml:lang="en-US">Fair Value</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InvestmentOwnedPercentOfNetAssets" xlink:label="us-gaap_InvestmentOwnedPercentOfNetAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedPercentOfNetAssets" xlink:to="us-gaap_InvestmentOwnedPercentOfNetAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentOwnedPercentOfNetAssets_lbl" xml:lang="en-US">% of Net Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities" xlink:to="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities_lbl" xml:lang="en-US">Less liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets" xlink:to="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets_lbl" xml:lang="en-US">Less liabilities, % of Net Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNet" xlink:to="us-gaap_AssetsNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsNet_2_lbl" xml:lang="en-US">Net Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_NetAssetsPercentageOfNetAssets" xlink:label="pall_NetAssetsPercentageOfNetAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetAssetsPercentageOfNetAssets" xlink:to="pall_NetAssetsPercentageOfNetAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_NetAssetsPercentageOfNetAssets_lbl" xml:lang="en-US">Net Assets, % of Net Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_ExpensesAbstract" xlink:label="pall_ExpensesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ExpensesAbstract" xlink:to="pall_ExpensesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ExpensesAbstract_lbl" xml:lang="en-US">EXPENSES</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SponsorFees" xlink:label="us-gaap_SponsorFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SponsorFees" xlink:to="us-gaap_SponsorFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SponsorFees_lbl" xml:lang="en-US">Sponsor&#8217;s Fee</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl" xlink:type="arc" />
      <link: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</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_NetInvestmentGainLoss" xlink:label="pall_NetInvestmentGainLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetInvestmentGainLoss" xlink:to="pall_NetInvestmentGainLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="pall_NetInvestmentGainLoss_lbl" xml:lang="en-US">Net investment loss</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NonoperatingGainsLossesAbstract" xlink:label="us-gaap_NonoperatingGainsLossesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingGainsLossesAbstract" xlink:to="us-gaap_NonoperatingGainsLossesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingGainsLossesAbstract_lbl" xml:lang="en-US">REALIZED AND UNREALIZED GAINS / (LOSSES)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses" xlink:to="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses_lbl" xml:lang="en-US">Realized gain on palladium transferred to pay expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares" xlink:label="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares" xlink:to="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Realized gain on palladium distributed for the redemption of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:label="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:to="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_lbl" xml:lang="en-US">Change in unrealized gain / (loss) on investment in palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_TotalGainLossOnBullion" xlink:label="pall_TotalGainLossOnBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TotalGainLossOnBullion" xlink:to="pall_TotalGainLossOnBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="pall_TotalGainLossOnBullion_lbl" xml:lang="en-US">Total gain / (loss) on investment in palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Change in net assets from operations</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Net increase / (decrease) in net assets per Share</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:type="arc" />
      <link: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</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US">Opening balance (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Opening balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetInvestmentGainLoss" xlink:to="pall_NetInvestmentGainLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_NetInvestmentGainLoss_2_lbl" xml:lang="en-US">Net investment loss</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RealizedInvestmentGainsLosses" xlink:label="us-gaap_RealizedInvestmentGainsLosses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealizedInvestmentGainsLosses" xlink:to="us-gaap_RealizedInvestmentGainsLosses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealizedInvestmentGainsLosses_lbl" xml:lang="en-US">Realized gain on investment in palladium</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:to="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_2_lbl" xml:lang="en-US">Change in unrealized (loss)/gain on investment in palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Creations (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Creations</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodShares" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodShares_lbl" xml:lang="en-US">Redemptions (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRedeemedOrCalledDuringPeriodValue" xlink:to="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRedeemedOrCalledDuringPeriodValue_lbl" xml:lang="en-US">Redemptions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesOutstanding_2_lbl" xml:lang="en-US">Closing balance (in Shares)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Closing balance</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_StatementFinancialHighlightsAbstract" xlink:label="pall_StatementFinancialHighlightsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_StatementFinancialHighlightsAbstract" xlink:to="pall_StatementFinancialHighlightsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_StatementFinancialHighlightsAbstract_lbl" xml:lang="en-US">Financial Highlights</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract" xlink:label="pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract" xlink:to="pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract_lbl" xml:lang="en-US">Per Share Performance (for a Share outstanding throughout the entire period)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetAssetValuePerShare" xlink:to="us-gaap_NetAssetValuePerShare_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_NetAssetValuePerShare_2_lbl" xml:lang="en-US">Net asset value per Share at beginning of period</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_IncomeFromInvestmentOperationsAbstract" xlink:label="pall_IncomeFromInvestmentOperationsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_IncomeFromInvestmentOperationsAbstract" xlink:to="pall_IncomeFromInvestmentOperationsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_IncomeFromInvestmentOperationsAbstract_lbl" xml:lang="en-US">Income from investment operations:</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_NetInvestmentIncomLossPerShare" xlink:label="pall_NetInvestmentIncomLossPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetInvestmentIncomLossPerShare" xlink:to="pall_NetInvestmentIncomLossPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="pall_NetInvestmentIncomLossPerShare_lbl" xml:lang="en-US">Net investment loss</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" xlink:label="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" xlink:to="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_lbl" xml:lang="en-US">Total realized and unrealized gains or losses on investment in palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_ChangeInNetAssetsFromOperationsPerShare" xlink:label="pall_ChangeInNetAssetsFromOperationsPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ChangeInNetAssetsFromOperationsPerShare" xlink:to="pall_ChangeInNetAssetsFromOperationsPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="pall_ChangeInNetAssetsFromOperationsPerShare_lbl" xml:lang="en-US">Change in net assets from operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetAssetValuePerShare" xlink:to="us-gaap_NetAssetValuePerShare_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_NetAssetValuePerShare_3_lbl" xml:lang="en-US">Net asset value per Share at end of period</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_AnnualizedRateOfSponsorsFee" xlink:label="pall_AnnualizedRateOfSponsorsFee" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AnnualizedRateOfSponsorsFee" xlink:to="pall_AnnualizedRateOfSponsorsFee_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_AnnualizedRateOfSponsorsFee_lbl" xml:lang="en-US">Expense ratio</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_AnnualizedNetInvestmentIncomeLossRatio" xlink:label="pall_AnnualizedNetInvestmentIncomeLossRatio" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AnnualizedNetInvestmentIncomeLossRatio" xlink:to="pall_AnnualizedNetInvestmentIncomeLossRatio_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_AnnualizedNetInvestmentIncomeLossRatio_lbl" xml:lang="en-US">Net investment loss ratio</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_TotalReturnAtNetAssetValue" xlink:label="pall_TotalReturnAtNetAssetValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TotalReturnAtNetAssetValue" xlink:to="pall_TotalReturnAtNetAssetValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_TotalReturnAtNetAssetValue_lbl" xml:lang="en-US">Total return, net asset value</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US">Organization</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US">Accounting Policies [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:type="arc" />
      <link: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</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Parties</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_RisksAndUncertaintiesAbstract" xlink:label="us-gaap_RisksAndUncertaintiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RisksAndUncertaintiesAbstract" xlink:to="us-gaap_RisksAndUncertaintiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RisksAndUncertaintiesAbstract_lbl" xml:lang="en-US">Risks and Uncertainties [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Concentration of Risk</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Indemnification</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xml:lang="en-US">Basis of Accounting</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_ValuationOfBullionPolicyTextBlock" xlink:label="pall_ValuationOfBullionPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValuationOfBullionPolicyTextBlock" xlink:to="pall_ValuationOfBullionPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ValuationOfBullionPolicyTextBlock_lbl" xml:lang="en-US">Valuation of Palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_ReceivableAndPayablePolicyTextBlock" xlink:label="pall_ReceivableAndPayablePolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ReceivableAndPayablePolicyTextBlock" xlink:to="pall_ReceivableAndPayablePolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ReceivableAndPayablePolicyTextBlock_lbl" xml:lang="en-US">Palladium Receivable and Payable</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_CreationsAndRedemptionsOfSharesPolicyTextBlock" xlink:label="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock" xlink:to="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_lbl" xml:lang="en-US">Creations and Redemptions of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Income Taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InvestmentPolicyTextBlock" xlink:label="us-gaap_InvestmentPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentPolicyTextBlock" xlink:to="us-gaap_InvestmentPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentPolicyTextBlock_lbl" xml:lang="en-US">Investment in Palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_ExpensesPolicyTextBlock" xlink:label="pall_ExpensesPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ExpensesPolicyTextBlock" xlink:to="pall_ExpensesPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ExpensesPolicyTextBlock_lbl" xml:lang="en-US">Expenses / Realized Gains / Losses</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_SubsequentEventsPolicyPolicyTextBlock" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsPolicyPolicyTextBlock" xlink:to="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" xml:lang="en-US">Subsequent Events</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_lbl" xml:lang="en-US">The categorization of the Trust&#8217;s assets is as shown below:</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_InvestmentsInBullionTableTextBlock" xlink:label="pall_InvestmentsInBullionTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_InvestmentsInBullionTableTextBlock" xlink:to="pall_InvestmentsInBullionTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_InvestmentsInBullionTableTextBlock_lbl" xml:lang="en-US">Changes in ounces of palladium and their respective values for the years ended December 31, 2021 and 2020 are set out below:</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion" xlink:label="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion" xlink:to="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion_lbl" xml:lang="en-US">Minimum block of shares issued redeemed against palladium</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xml:lang="en-US">Fair Value, Recurring and Nonrecurring [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:label="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure" xlink:to="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure_lbl" xml:lang="en-US">Investment in palladium</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedBalanceOtherMeasure" xlink:to="us-gaap_InvestmentOwnedBalanceOtherMeasure_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_InvestmentOwnedBalanceOtherMeasure_2_lbl" xml:lang="en-US">Opening balance</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_CreationsOuncesOfBullion" xlink:label="pall_CreationsOuncesOfBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsOuncesOfBullion" xlink:to="pall_CreationsOuncesOfBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="pall_CreationsOuncesOfBullion_lbl" xml:lang="en-US">Creations</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_RedemptionsOuncesOfBullion" xlink:label="pall_RedemptionsOuncesOfBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RedemptionsOuncesOfBullion" xlink:to="pall_RedemptionsOuncesOfBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_RedemptionsOuncesOfBullion_lbl" xml:lang="en-US">Redemptions</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_TransfersOfBullionOunces" xlink:label="pall_TransfersOfBullionOunces" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TransfersOfBullionOunces" xlink:to="pall_TransfersOfBullionOunces_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_TransfersOfBullionOunces_lbl" xml:lang="en-US">Transfers of palladium to pay expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentOwnedBalanceOtherMeasure" xlink:to="us-gaap_InvestmentOwnedBalanceOtherMeasure_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_InvestmentOwnedBalanceOtherMeasure_3_lbl" xml:lang="en-US">Closing balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentInPhysicalCommodities" xlink:to="us-gaap_InvestmentInPhysicalCommodities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_InvestmentInPhysicalCommodities_2_lbl" xml:lang="en-US">Opening balance</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_CreationsValueOfBullion" xlink:label="pall_CreationsValueOfBullion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsValueOfBullion" xlink:to="pall_CreationsValueOfBullion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="pall_CreationsValueOfBullion_lbl" xml:lang="en-US">Creations</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" xlink:label="pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" xlink:to="pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_lbl" xml:lang="en-US">Redemptions</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_CostOfBullionTransferredToPayExpenses" xlink:label="pall_CostOfBullionTransferredToPayExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CostOfBullionTransferredToPayExpenses" xlink:to="pall_CostOfBullionTransferredToPayExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pall_CostOfBullionTransferredToPayExpenses_lbl" xml:lang="en-US">Transfers of palladium to pay expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:to="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_3_lbl" xml:lang="en-US">Change in unrealized (loss) / gain on investment in palladium</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentInPhysicalCommodities" xlink:to="us-gaap_InvestmentInPhysicalCommodities_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_InvestmentInPhysicalCommodities_3_lbl" xml:lang="en-US">Closing balance</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_PercentageOfAssetBeingHeldByTrust" xlink:label="pall_PercentageOfAssetBeingHeldByTrust" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_PercentageOfAssetBeingHeldByTrust" xlink:to="pall_PercentageOfAssetBeingHeldByTrust_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_PercentageOfAssetBeingHeldByTrust_lbl" xml:lang="en-US">Percentage of palladium held by sub-custodians</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_BullionPayableAtMarketValue" xlink:label="pall_BullionPayableAtMarketValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_BullionPayableAtMarketValue" xlink:to="pall_BullionPayableAtMarketValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_BullionPayableAtMarketValue_lbl" xml:lang="en-US">Palladium payable</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_BullionReceivableAtMarketValue" xlink:label="pall_BullionReceivableAtMarketValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_BullionReceivableAtMarketValue" xlink:to="pall_BullionReceivableAtMarketValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_BullionReceivableAtMarketValue_lbl" xml:lang="en-US">Palladium receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" xlink:label="us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" xlink:to="us-gaap_LiabilityForUncertainTaxPositionsNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilityForUncertainTaxPositionsNoncurrent_lbl" xml:lang="en-US">Reserve for uncertain tax positions</link:label>
      <link:loc xlink:type="locator" xlink:href="pall-20211231.xsd#pall_MaximumSponsorFeeForLegalExpenses" xlink:label="pall_MaximumSponsorFeeForLegalExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_MaximumSponsorFeeForLegalExpenses" xlink:to="pall_MaximumSponsorFeeForLegalExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_MaximumSponsorFeeForLegalExpenses_lbl" xml:lang="en-US">Maximum sponsor fee for legal expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SponsorFees" xlink:to="us-gaap_SponsorFees_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SponsorFees_2_lbl" xml:lang="en-US">Sponsor's Fee</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd#us-gaap_OtherCostAndExpenseOperating" xlink:label="us-gaap_OtherCostAndExpenseOperating" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCostAndExpenseOperating" xlink:to="us-gaap_OtherCostAndExpenseOperating_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherCostAndExpenseOperating_lbl" xml:lang="en-US">All other expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetInvestmentGainLoss" xlink:to="pall_NetInvestmentGainLoss_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_NetInvestmentGainLoss_doc" xml:lang="en-US">Net investment gain (loss).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares" xlink:to="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares_doc" xml:lang="en-US">Realized gain or loss during the period on bullion distributed for the redemption of Shares. Realized gains or losses are calculated on a trade date basis using average cost.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion" xlink:to="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ChangeInUnrealizedGainLossOnInvestmentInBullion_doc" xml:lang="en-US">Change in unrealized gain (loss) on investment in Bullion.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetInvestmentIncomLossPerShare" xlink:to="pall_NetInvestmentIncomLossPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_NetInvestmentIncomLossPerShare_doc" xml:lang="en-US">Net investment income (loss) per share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare" xlink:to="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare_doc" xml:lang="en-US">Net realized and unrealized gains and losses on investment in Bullion per share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ChangeInNetAssetsFromOperationsPerShare" xlink:to="pall_ChangeInNetAssetsFromOperationsPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ChangeInNetAssetsFromOperationsPerShare_doc" xml:lang="en-US">Change in net assets from operations per share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AnnualizedRateOfSponsorsFee" xlink:to="pall_AnnualizedRateOfSponsorsFee_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_AnnualizedRateOfSponsorsFee_doc" xml:lang="en-US">Annualized rate of sponsors fee.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AnnualizedNetInvestmentIncomeLossRatio" xlink:to="pall_AnnualizedNetInvestmentIncomeLossRatio_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_AnnualizedNetInvestmentIncomeLossRatio_doc" xml:lang="en-US">Annualized net investment income (loss) ratio.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion" xlink:to="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion_doc" xml:lang="en-US">The minimum block of shares that can be created or redeemed against bullion deposits or distributions.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValuationOfBullionPolicyTextBlock" xlink:to="pall_ValuationOfBullionPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ValuationOfBullionPolicyTextBlock_doc" xml:lang="en-US">Disclosure of valuation of bullion policy.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ReceivableAndPayablePolicyTextBlock" xlink:to="pall_ReceivableAndPayablePolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ReceivableAndPayablePolicyTextBlock_doc" xml:lang="en-US">Disclosure of bullion receivable and payable policy.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock" xlink:to="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_doc" xml:lang="en-US">Disclosure of creation and redemptions of shares policy.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ExpensesPolicyTextBlock" xlink:to="pall_ExpensesPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ExpensesPolicyTextBlock_doc" xml:lang="en-US">Disclosure of expenses policy.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_InvestmentsInBullionTableTextBlock" xlink:to="pall_InvestmentsInBullionTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_InvestmentsInBullionTableTextBlock_doc" xml:lang="en-US">Tabular disclosure of movement in the investment in bullion in the Trust.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsOuncesOfBullion" xlink:to="pall_CreationsOuncesOfBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CreationsOuncesOfBullion_doc" xml:lang="en-US">Ounces of bullion received into the Trust's account in respect of creations.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RedemptionsOuncesOfBullion" xlink:to="pall_RedemptionsOuncesOfBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_RedemptionsOuncesOfBullion_doc" xml:lang="en-US">Ounces of bullion paid out of the Trust's account in respect of redemptions.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TransfersOfBullionOunces" xlink:to="pall_TransfersOfBullionOunces_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_TransfersOfBullionOunces_doc" xml:lang="en-US">Ounces of bullion transferred to pay Trust's expenses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsValueOfBullion" xlink:to="pall_CreationsValueOfBullion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CreationsValueOfBullion_doc" xml:lang="en-US">Amount of creations of bullion in investment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable" xlink:to="pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_doc" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_BullionPayableAtMarketValue_doc" xml:lang="en-US">Amount of bullion payable at market value as of the reporting date.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_NetAssetsPercentageOfNetAssets_doc" xml:lang="en-US">Net Assets, Percentage of Net Assets.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_TotalGainLossOnBullion_doc" xml:lang="en-US">The net gain or loss in the period on bullion.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_TotalReturnAtNetAssetValue_doc" xml:lang="en-US">Total return, at net asset value.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_BullionReceivableAtMarketValue_doc" xml:lang="en-US">Amount of bullion receivable at market value as of the reporting date.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_MaximumSponsorFeeForLegalExpenses_doc" xml:lang="en-US">Maximum sponsor fee for legal expenses,</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_NetInvestmentIncomLossPerShare_3_lbl" xml:lang="en-US">Net investment income (loss) per share</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CreationsValueOfBullion_3_lbl" xml:lang="en-US">Creations [Default Label]</link:label>
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</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>15
<FILENAME>pall-20211231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500319724528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cover - USD ($)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Feb. 24, 2022</div></th>
<th class="th"><div>Jun. 30, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">true<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentDescription', window );">Amendment Description</a></td>
<td class="text">This Annual
Report on Form 10-K/A constitutes Amendment No. 1 (the &#8220;Amendment&#8221;) to the Annual Report of the abrdn Palladium ETF Trust
(formerly known as Aberdeen Standard Palladium ETF Trust) (the &#8220;Registrant&#8221;) on Form 10-K for the year ended December 31,
2021, which was originally filed with the Securities and Exchange Commission on March 1, 2022&#160;(the &#8220;Original Filing&#8221;).&#160;&#160;This
Amendment is being filed solely to&#160;amend the certifications required under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002
(the &#8220;Certifications&#8221;), which were included as Exhibits 31.1, 31.2, 32.1 and 32.2, to include the conformed signatures of
Steven Dunn and Andrea Melia, which were inadvertently omitted in the Original Filing. The Certifications were fully executed on February
28, 2022 and were in the Registrant&#8217;s possession at the time of the Original Filing. The corrected conformed copies of such Certifications,
each dated February 28, 2022, are filed as Exhibits 31.1, 31.2, 32.1 and 32.2 to this Amendment, respectively.<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</a></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2021<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2021<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-34589<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">abrdn Palladium ETF Trust<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001459862<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">26-4733157<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NY<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">712
Fifth Avenue<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">49th
Floor<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10019<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">844<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">383-7289<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Aberdeen Standard Physical Palladium Shares ETF<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PALL<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">NYSEArca<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Accelerated Filer<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">false<span></span>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityPublicFloat', window );">Entity Public Float</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 519,320,008<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,825,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_IcfrAuditorAttestationFlag', window );">ICFR Auditor Attestation Flag</a></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorName', window );">Auditor Name</a></td>
<td class="text">KPMG LLP<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorLocation', window );">Auditor Location</a></td>
<td class="text">New
York, NY<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorFirmId', window );">Auditor Firm ID</a></td>
<td class="text">185<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Description of changes contained within amended document.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentDescription</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorFirmId">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>PCAOB issued Audit Firm Identifier</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorFirmId</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:nonemptySequenceNumberItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorLocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorLocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<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_AuditorName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</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_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_EntityPublicFloat">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityPublicFloat</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</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_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_EntitySmallBusiness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates that the company is a Smaller Reporting Company (SRC).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntitySmallBusiness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_IcfrAuditorAttestationFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_IcfrAuditorAttestationFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</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_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</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_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</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>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500319680464">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Statements of Assets and Liabilities - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommodities', window );">Investment in palladium (cost: December 31, 2021: $334,434; December 31, 2020: $224,166)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 358,161,000<span></span>
</td>
<td class="nump">$ 356,424,000<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">358,161,000<span></span>
</td>
<td class="nump">356,424,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>LIABILITIES</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsPayableRelatedPartiesCurrent', window );">Fees payable to Sponsor</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">189,455<span></span>
</td>
<td class="nump">185,515<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">190,000<span></span>
</td>
<td class="nump">186,000<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">NET ASSETS</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 357,971,000<span></span>
</td>
<td class="nump">$ 356,238,000<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Authorized
share capital is <span id="xdx_90E_eus-gaap--CommonStockSharesAuthorizedUnlimited_pip0_dxL_c20210101__20211231_zFrDTfdohTyf" title="Common stock, shares authorized::XDX::Unlimited"><span id="xdx_90F_eus-gaap--CommonStockSharesAuthorizedUnlimited_pip0_dxL_c20200101__20201231_z29phzX9b1tc" title="::XDX::Unlimited"><span style="-sec-ix-hidden: xdx2ixbrl0074"><span style="-sec-ix-hidden: xdx2ixbrl0075">unlimited</span></span></span></span> with <span id="xdx_905_eus-gaap--CommonStockNoParValue_iI_pip0_do_c20211231_zsQmuHOIlU5b" title="Common stock, no par value (in dollars per share)"><span id="xdx_90E_eus-gaap--CommonStockNoParValue_iI_pip0_do_c20201231_z4fKLjFSr6Wj">no</span></span> par value per Share. Shares issued and outstanding at December 31, 2021 were <span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_c20211231_z65NsnaPN4L8" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231_zbPCj9ocjzza" title="Common stock, shares outstanding">1,950,000</span></span> and
at December 31, 2020 were <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_pid_c20201231_z8m70TKxaJll"><span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20201231_zjkosGMeR2fk">1,625,000</span></span>. Net asset values per Share at December 31, 2021 and December 31, 2020 were $<span id="xdx_901_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20211231_z5GUGVPNIMNj" title="Net asset value per share (in dollars per share)">183.58</span> and $<span id="xdx_902_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20201231_zbM4QXIhFBg2">219.22</span>,
respectively.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<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_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=77885760&amp;loc=SL35686385-199418<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=118262037&amp;loc=d3e9915-115836<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 220<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401555&amp;loc=SL114874367-224272<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401414&amp;loc=d3e604008-122996<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 220<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(6))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401555&amp;loc=SL114874367-224272<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_InvestmentInPhysicalCommodities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Investments held in physical commodities, such as gold, silver, platinum, crude oil, coal, sugar, rice, wheat.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentInPhysicalCommodities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500319943968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Assets and Liabilities (Parenthetical) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentCompanyAbstract', window );"><strong>Investment Company [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Investment in palladium at cost</a></td>
<td class="nump">$ 334,434<span></span>
</td>
<td class="nump">$ 224,166<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorizedUnlimited', window );">Common stock, shares authorized</a></td>
<td class="text">Unlimited<span></span>
</td>
<td class="text">Unlimited<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockNoParValue', window );">Common stock, no par value (in dollars per share)</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="nump">1,950,000<span></span>
</td>
<td class="nump">1,625,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="nump">1,950,000<span></span>
</td>
<td class="nump">1,625,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net asset value per share (in dollars per share)</a></td>
<td class="nump">$ 183.58<span></span>
</td>
<td class="nump">$ 219.22<span></span>
</td>
</tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount per share of no-par value common stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates that the number of common shares permitted to be issued by an entity's charter and bylaws is unlimited. The acceptable value is "Unlimited".</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorizedUnlimited</td>
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<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=123467817&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cost of the investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=99383244&amp;loc=d3e12121-115841<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtCost</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 35<br> -Paragraph 54B<br> -URI http://asc.fasb.org/extlink&amp;oid=122636397&amp;loc=SL7495116-110257<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -URI http://asc.fasb.org/extlink&amp;oid=25866437&amp;loc=d3e10246-115837<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25866437&amp;loc=d3e10246-115837<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6A<br> -URI http://asc.fasb.org/extlink&amp;oid=123874694&amp;loc=SL6742756-110258<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 35<br> -Paragraph 59<br> -URI http://asc.fasb.org/extlink&amp;oid=122636397&amp;loc=SL6740821-110257<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500319845296">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Schedules of Investments<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceOtherMeasure', window );">Investment in palladium | oz</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">181,531.1<span></span>
</td>
<td class="nump">152,187.5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 334,434<span></span>
</td>
<td class="nump">$ 224,166<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtFairValue', window );">Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 358,161<span></span>
</td>
<td class="nump">$ 356,424<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedPercentOfNetAssets', window );">% of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.05%<span></span>
</td>
<td class="nump">100.05%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities', window );">Less liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (190)<span></span>
</td>
<td class="num">$ (186)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets', window );">Less liabilities, % of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(0.05%)<span></span>
</td>
<td class="num">(0.05%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 357,971<span></span>
</td>
<td class="nump">$ 356,238<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_NetAssetsPercentageOfNetAssets', window );">Net Assets, % of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CurrencyAxis=currency_XPD', window );">Palladium Ounces</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceOtherMeasure', window );">Investment in palladium | oz</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">181,531.1<span></span>
</td>
<td class="nump">152,187.5<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtCost', window );">Cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 334,434<span></span>
</td>
<td class="nump">$ 224,166<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedAtFairValue', window );">Fair Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 358,161<span></span>
</td>
<td class="nump">$ 356,424<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedPercentOfNetAssets', window );">% of Net Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.05%<span></span>
</td>
<td class="nump">100.05%<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Authorized
share capital is <span id="xdx_90E_eus-gaap--CommonStockSharesAuthorizedUnlimited_pip0_dxL_c20210101__20211231_zFrDTfdohTyf" title="Common stock, shares authorized::XDX::Unlimited"><span id="xdx_90F_eus-gaap--CommonStockSharesAuthorizedUnlimited_pip0_dxL_c20200101__20201231_z29phzX9b1tc" title="::XDX::Unlimited"><span style="-sec-ix-hidden: xdx2ixbrl0074"><span style="-sec-ix-hidden: xdx2ixbrl0075">unlimited</span></span></span></span> with <span id="xdx_905_eus-gaap--CommonStockNoParValue_iI_pip0_do_c20211231_zsQmuHOIlU5b" title="Common stock, no par value (in dollars per share)"><span id="xdx_90E_eus-gaap--CommonStockNoParValue_iI_pip0_do_c20201231_z4fKLjFSr6Wj">no</span></span> par value per Share. Shares issued and outstanding at December 31, 2021 were <span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_c20211231_z65NsnaPN4L8" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231_zbPCj9ocjzza" title="Common stock, shares outstanding">1,950,000</span></span> and
at December 31, 2020 were <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_pid_c20201231_z8m70TKxaJll"><span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20201231_zjkosGMeR2fk">1,625,000</span></span>. Net asset values per Share at December 31, 2021 and December 31, 2020 were $<span id="xdx_901_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20211231_z5GUGVPNIMNj" title="Net asset value per share (in dollars per share)">183.58</span> and $<span id="xdx_902_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20201231_zbM4QXIhFBg2">219.22</span>,
respectively.</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_NetAssetsPercentageOfNetAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net Assets, Percentage of Net Assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_NetAssetsPercentageOfNetAssets</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=77885760&amp;loc=SL35686385-199418<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 205<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=118262037&amp;loc=d3e9915-115836<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 220<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401555&amp;loc=SL114874367-224272<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401414&amp;loc=d3e604008-122996<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 220<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(6))<br> -URI http://asc.fasb.org/extlink&amp;oid=120401555&amp;loc=SL114874367-224272<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<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_InvestmentOwnedAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cost of the investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=99383244&amp;loc=d3e12121-115841<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<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_InvestmentOwnedAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Value of the investment at close of period. For schedules of investments that are categorized, the value would be aggregated by category. For investment in and advances to affiliates, if operations of any controlled companies are different in character from those of the company, group such affiliates within divisions and by type of activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=99383244&amp;loc=d3e12121-115841<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 5D<br> -Subparagraph (SX 210.12-13D(Column C))<br> -URI http://asc.fasb.org/extlink&amp;oid=122147990&amp;loc=SL120429264-123010<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column C))<br> -URI http://asc.fasb.org/extlink&amp;oid=122147990&amp;loc=d3e611197-123010<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedAtFairValue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<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_InvestmentOwnedBalanceOtherMeasure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Quantity of the investment. Indicate the measure in the unit of measure. This is commonly used for investments other than securities. For example, if the investment is gold, the balance would be the number of ounces and the unit of measure would indicate "ounces".</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 5D<br> -Subparagraph (SX 210.12-13D(Column B))<br> -URI http://asc.fasb.org/extlink&amp;oid=122147990&amp;loc=SL120429264-123010<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedBalanceOtherMeasure</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:massItemType</td>
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<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_InvestmentOwnedPercentOfNetAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percent of net assets at close of period. For schedules of investments that are categorized, each category has a percent of net assets for the aggregated value of the Investments in the category.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-12B(Column D))<br> -URI http://asc.fasb.org/extlink&amp;oid=122147990&amp;loc=d3e611197-123010<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=99383244&amp;loc=d3e12121-115841<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedPercentOfNetAssets</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net of non investment assets and liabilities. This amount represents the difference between the aggregate value of the investments, including long and short positions, and net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percent of net assets of non investment assets and liabilities. This represents the percentage difference between the investments, including long and short positions, and net assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonInvestmentAssetsLessNonInvestmentLiabilitiesPercentOfNetAssets</td>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500319530960">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Operations - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ExpensesAbstract', window );"><strong>EXPENSES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor&#8217;s Fee</a></td>
<td class="nump">$ 2,447,225<span></span>
</td>
<td class="nump">$ 2,012,865<span></span>
</td>
<td class="nump">$ 1,392,218<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td>
<td class="nump">2,447,000<span></span>
</td>
<td class="nump">2,013,000<span></span>
</td>
<td class="nump">1,392,000<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_NetInvestmentGainLoss', window );">Net investment loss</a></td>
<td class="num">(2,447,000)<span></span>
</td>
<td class="num">(2,013,000)<span></span>
</td>
<td class="num">(1,392,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonoperatingGainsLossesAbstract', window );"><strong>REALIZED AND UNREALIZED GAINS / (LOSSES)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">Realized gain on palladium transferred to pay expenses</a></td>
<td class="nump">743,000<span></span>
</td>
<td class="nump">773,000<span></span>
</td>
<td class="nump">520,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares', window );">Realized gain on palladium distributed for the redemption of Shares</a></td>
<td class="nump">37,317,000<span></span>
</td>
<td class="nump">60,188,000<span></span>
</td>
<td class="nump">32,233,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ChangeInUnrealizedGainLossOnInvestmentInBullion', window );">Change in unrealized gain / (loss) on investment in palladium</a></td>
<td class="num">(108,531,000)<span></span>
</td>
<td class="nump">1,660,000<span></span>
</td>
<td class="nump">57,387,000<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_TotalGainLossOnBullion', window );">Total gain / (loss) on investment in palladium</a></td>
<td class="num">(70,471,000)<span></span>
</td>
<td class="nump">62,621,000<span></span>
</td>
<td class="nump">90,140,000<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Change in net assets from operations</a></td>
<td class="num">$ (72,918,000)<span></span>
</td>
<td class="nump">$ 60,608,000<span></span>
</td>
<td class="nump">$ 88,748,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Net increase / (decrease) in net assets per Share</a></td>
<td class="num">$ (39.95)<span></span>
</td>
<td class="nump">$ 37.51<span></span>
</td>
<td class="nump">$ 55.78<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of Shares</a></td>
<td class="nump">1,825,342<span></span>
</td>
<td class="nump">1,615,779<span></span>
</td>
<td class="nump">1,590,959<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ChangeInUnrealizedGainLossOnInvestmentInBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Change in unrealized gain (loss) on investment in Bullion.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ChangeInUnrealizedGainLossOnInvestmentInBullion</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ExpensesAbstract</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_NetInvestmentGainLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net investment gain (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_NetInvestmentGainLoss</td>
</tr>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Realized gain or loss during the period on bullion 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net gain or loss in the period on bullion.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_TotalGainLossOnBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the sale of trust assets (includes, but is not limited to, gold and silver) to pay trust expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=123359005&amp;loc=d3e8933-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=124431687&amp;loc=d3e22595-107794<br><br>Reference 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingGainsLossesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingGainsLossesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=123367319&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SponsorFees</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=124432515&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=125511455&amp;loc=d3e1448-109256<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500319837616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Statements of Changes in Net Assets - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementOfStockholdersEquityAbstract', window );"><strong>Statement of Stockholders' Equity [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Opening balance (in shares)</a></td>
<td class="nump">1,625,000<span></span>
</td>
<td class="nump">1,675,000<span></span>
</td>
<td class="nump">1,550,000<span></span>
</td>
</tr>
<tr class="re">
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<td class="nump">$ 356,238<span></span>
</td>
<td class="nump">$ 300,485<span></span>
</td>
<td class="nump">$ 185,465<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_NetInvestmentGainLoss', window );">Net investment loss</a></td>
<td class="num">(2,447)<span></span>
</td>
<td class="num">(2,013)<span></span>
</td>
<td class="num">(1,392)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RealizedInvestmentGainsLosses', window );">Realized gain on investment in palladium</a></td>
<td class="nump">38,060<span></span>
</td>
<td class="nump">60,961<span></span>
</td>
<td class="nump">32,753<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ChangeInUnrealizedGainLossOnInvestmentInBullion', window );">Change in unrealized (loss)/gain on investment in palladium</a></td>
<td class="num">$ (108,531)<span></span>
</td>
<td class="nump">$ 1,660<span></span>
</td>
<td class="nump">$ 57,387<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Creations (in shares)</a></td>
<td class="nump">900,000<span></span>
</td>
<td class="nump">750,000<span></span>
</td>
<td class="nump">750,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Creations</a></td>
<td class="nump">$ 205,730<span></span>
</td>
<td class="nump">$ 150,950<span></span>
</td>
<td class="nump">$ 112,464<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodShares', window );">Redemptions (in shares)</a></td>
<td class="num">(575,000)<span></span>
</td>
<td class="num">(800,000)<span></span>
</td>
<td class="num">(625,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRedeemedOrCalledDuringPeriodValue', window );">Redemptions</a></td>
<td class="num">$ (131,079)<span></span>
</td>
<td class="num">$ (155,805)<span></span>
</td>
<td class="num">$ (86,192)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Closing balance (in Shares)</a></td>
<td class="nump">1,950,000<span></span>
</td>
<td class="nump">1,625,000<span></span>
</td>
<td class="nump">1,675,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Closing balance</a></td>
<td class="nump">$ 357,971<span></span>
</td>
<td class="nump">$ 356,238<span></span>
</td>
<td class="nump">$ 300,485<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ChangeInUnrealizedGainLossOnInvestmentInBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Change in unrealized gain (loss) on investment in Bullion.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ChangeInUnrealizedGainLossOnInvestmentInBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetInvestmentGainLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net investment gain (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_NetInvestmentGainLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_RealizedInvestmentGainsLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized gain (loss) on investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.3(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealizedInvestmentGainsLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StatementOfStockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfStockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=123467817&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=123467817&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StockRedeemedOrCalledDuringPeriodShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of stock bought back by the entity at the exercise price or redemption price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=123467817&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRedeemedOrCalledDuringPeriodShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRedeemedOrCalledDuringPeriodValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock bought back by the entity at the exercise price or redemption price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=123467817&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRedeemedOrCalledDuringPeriodValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 852<br> -SubTopic 10<br> -Section 55<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=84165509&amp;loc=d3e56426-112766<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=122038336&amp;loc=d3e74512-122707<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=123596393&amp;loc=d3e14064-108612<br><br>Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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</body>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500319763712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Highlights - $ / shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract', window );"><strong>Per Share Performance (for a Share outstanding throughout the entire period)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net asset value per Share at beginning of period</a></td>
<td class="nump">$ 219.22<span></span>
</td>
<td class="nump">$ 179.39<span></span>
</td>
<td class="nump">$ 119.66<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_IncomeFromInvestmentOperationsAbstract', window );"><strong>Income from investment operations:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_NetInvestmentIncomLossPerShare', window );">Net investment loss</a></td>
<td class="num">(1.34)<span></span>
</td>
<td class="num">(1.25)<span></span>
</td>
<td class="num">(0.88)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare', window );">Total realized and unrealized gains or losses on investment in palladium</a></td>
<td class="num">(34.30)<span></span>
</td>
<td class="nump">41.08<span></span>
</td>
<td class="nump">60.61<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ChangeInNetAssetsFromOperationsPerShare', window );">Change in net assets from operations</a></td>
<td class="num">(35.64)<span></span>
</td>
<td class="nump">39.83<span></span>
</td>
<td class="nump">59.73<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">Net asset value per Share at end of period</a></td>
<td class="nump">$ 183.58<span></span>
</td>
<td class="nump">$ 219.22<span></span>
</td>
<td class="nump">$ 179.39<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of Shares</a></td>
<td class="nump">1,825,342<span></span>
</td>
<td class="nump">1,615,779<span></span>
</td>
<td class="nump">1,590,959<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_AnnualizedRateOfSponsorsFee', window );">Expense ratio</a></td>
<td class="nump">0.60%<span></span>
</td>
<td class="nump">0.60%<span></span>
</td>
<td class="nump">0.60%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_AnnualizedNetInvestmentIncomeLossRatio', window );">Net investment loss ratio</a></td>
<td class="num">(0.60%)<span></span>
</td>
<td class="num">(0.60%)<span></span>
</td>
<td class="num">(0.60%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_TotalReturnAtNetAssetValue', window );">Total return, net asset value</a></td>
<td class="num">(16.26%)<span></span>
</td>
<td class="nump">22.20%<span></span>
</td>
<td class="nump">49.92%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_AnnualizedNetInvestmentIncomeLossRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Annualized net investment income (loss) ratio.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_AnnualizedNetInvestmentIncomeLossRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</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_AnnualizedRateOfSponsorsFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Annualized rate of sponsors fee.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_AnnualizedRateOfSponsorsFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</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_ChangeInNetAssetsFromOperationsPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Change in net assets from operations per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ChangeInNetAssetsFromOperationsPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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_pall_IncomeFromInvestmentOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_IncomeFromInvestmentOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_NetInvestmentIncomLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net investment income (loss) per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_NetInvestmentIncomLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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_pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net realized and unrealized gains and losses on investment in Bullion per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_NetRealizedAndUnrealizedGainsAndLossesOnInvestmentInBullionPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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_pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_PerSharePerformanceForShareOutstandingThroughoutEntirePeriodAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_TotalReturnAtNetAssetValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total return, at net asset value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_TotalReturnAtNetAssetValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</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_NetAssetValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500319535568">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
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<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><b>1.</b></td><td style="text-align: justify"><b><span id="xdx_827_zEChDKSTiLIh">Organization</span></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The&#160;Aberdeen Standard Palladium ETF Trust&#160; (the &#8220;Trust&#8221;) is a common law trust formed on&#160;December
30, 2009&#160;under New York law pursuant to a depositary trust agreement (the &#8220;Trust Agreement&#8221;) executed by Aberdeen Standard
Investments ETFs Sponsor LLC (the &#8220;Sponsor&#8221;)
and The Bank of New York Mellon as Trustee (the &#8220;Trustee&#8221;). The Trust holds palladium&#160;bullion and&#160;issues&#160;Aberdeen Standard
Physical Palladium Shares ETF (&#8220;Shares&#8221;)
in minimum blocks of&#160;<span id="xdx_90A_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_uShares_c20210101__20211231_zkhFptQ4W065" title="Minimum block of shares issued redeemed against palladium">25,000</span> Shares (also referred to as &#8220;Baskets&#8221;) in exchange for deposits of&#160;palladium
and distributes&#160;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 abrdn Inc. (known as Aberdeen Standard Investments Inc. prior to January 1, 2022). abrdn Inc. is a wholly-owned
indirect subsidiary of abrdn (formerly known as Standard Life Aberdeen) plc. The Trust is governed by the Trust Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
June 25, 2021, Christopher Demetriou resigned as President and Chief Executive Officer of the Sponsor. Mr. Demetriou had served
as Principal Executive Officer of the Registrant. Effective June 25, 2021, Steven Dunn was appointed President and Chief Executive
Officer of the Sponsor. Mr. Dunn will serve as Principal Executive Officer of the Registrant.</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment objective of the Trust is
for the Shares to reflect the performance of the price of&#160;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&#160;palladium market through an investment in securities.</p>

<span></span>
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<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -URI http://asc.fasb.org/topic&amp;trid=2122149<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -URI http://asc.fasb.org/topic&amp;trid=2197479<br></p></div>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500321341056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
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</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preparation of financial statements in accordance with U.S.
GAAP 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.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td style="width: 0in"/><td style="width: 0.5in; text-align: left"><b><i>2.1.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_86D_zVCEBB2HrDc">Basis of Accounting</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has determined that the Trust falls within the scope
of Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) 946, <i>Financial
Services&#8212;Investment Companies</i>, and has concluded that for reporting purposes, the Trust is classified as an Investment
Company. 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.</p>

<p id="xdx_85E_ztWvc0jGNUf5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td style="width: 0in"/><td style="width: 0.5in; text-align: left"><b><i>2.2.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_865_zgufZLBc5H0a">Valuation of&#160;Palladium</span></i></b></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust follows the provisions of ASC 820, <i>Fair Value Measurement
</i>(&#8220;ASC 820&#8221;). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the
inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust&#8217;s palladium&#160;is held by JPMorgan Chase Bank,
N.A. (the &#8220;Custodian&#8221;), on behalf of the Trust, at its London, England vaulting premises. The Trust&#8217;s palladium may
also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust&#8217;s palladium in the Trust&#8217;s allocated
account in the firm&#8217;s&#160;vault premises on a segregated basis and whose appointment has been approved by the Sponsor.
At December 31, 2021, approximately <span id="xdx_90A_ecustom--PercentageOfAssetBeingHeldByTrust_iI_pid_dp_uPure_c20211231_zuBDmu5KtPog" title="Percentage of palladium held by sub-custodians">41.75</span>%&#160;of the Trust&#8217;s palladium was held by one or more sub-custodians.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust&#8217;s palladium is recorded at fair value. The cost of
palladium is determined according to the average cost method and the fair value is based on the afternoon session of the twice
daily fix of an ounce of&#160;palladium administered by the London Metal Exchange (&#8220;LME&#8221;) (the &#8220;LME PM Fix&#8221;).
Realized gains and losses on transfers of palladium, or palladium distributed for the redemption of Shares, are calculated on a
trade date basis as the difference between the fair value and average&#160;cost of&#160;palladium transferred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The LME is responsible for the administration of the electronic&#160;palladium
price fixing system (&#8220;LMEbullion&#8221;) that replicates electronically the manual London palladium fix processes previously
employed by the London Platinum and Palladium Fixing Company Ltd (&#8220;LPPFCL&#8221;), as well as providing electronic market
clearing processes for palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion,
like the previous London palladium fix processes, establishes and publishes fixed prices for troy ounces of palladium twice each
London trading day during fixing sessions beginning at 9:45 a.m. London time (the&#8221; LME AM Fix&#8221;) and 2:00 p.m. London
time (the &#8220;LME PM Fix&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once the value of&#160;palladium has been determined, the net
asset value (the &#8220;NAV&#8221;) is computed by the Trustee by deducting all accrued fees, expenses 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&#160;palladium
and all other assets held by the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust recognizes changes in fair value of the investment
in&#160;palladium as changes in unrealized gains or losses on investment in&#160;palladium through the Statement of Operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The per Share amount of&#160;palladium exchanged for a purchase
or redemption is calculated daily by the Trustee using the LME PM Fix to calculate the&#160;palladium amount in respect of any
liabilities for which covering palladium&#160;sales have not yet been made, and represents the per Share amount of&#160;palladium
held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Fair Value Hierarchy</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ASC 820 establishes a hierarchy that prioritizes inputs to valuation
techniques used to measure fair value. The three levels of inputs are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8211;&#160;Level 1.&#160;Unadjusted quoted prices
in active markets for identical assets or liabilities that the Trust has the ability to access.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8211;&#160;Level 2.&#160;Observable inputs other
than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument
on an inactive market, prices for similar instruments and similar data.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8211;&#160;Level 3.&#160;Unobservable inputs for
the asset or liability to the extent that relevant observable inputs are not available, representing the Trust&#8217;s own assumptions
about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best
information available.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent that valuation is based on models or inputs that
are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree
of judgment exercised in determining fair value is greatest for instruments categorized in level 3.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The inputs used to measure fair value may fall into different
levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which
the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair
value measurement in its entirety.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust&#8217;s investment in&#160;palladium is classified
as a level&#160;1 asset,&#160;as its value&#160;is calculated using unadjusted quoted prices from primary market sources.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVI2judwo8p" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8BF_zhX8CiOl3psd">The categorization of the Trust&#8217;s assets is as shown below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-style: italic">(Amounts in 000&#8217;s of US$)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_490_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zSkndhUXmLU2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/>
2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_496_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z61t1t77SRKl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/>
2020</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 70%; font-style: italic">Level 1</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_400_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zssZyoQkF6Uk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">358,161</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">356,424</td><td style="text-align: left">&#160;</td></tr>
</table>


<p id="xdx_8A6_zuo8H0rTpJ91" style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">There
were no transfers between levels during the years ended December 31, 2021 and 2020. </span></p>

<p id="xdx_850_zbteDCW2DPWi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>


<p id="xdx_84B_ecustom--ReceivableAndPayablePolicyTextBlock_zWeHlv4U94di" style="margin-top: 0; margin-bottom: 0"/>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.5in; text-align: left"><b><i>2.3.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_866_zmyJdU6VjA16">Palladium Receivable and Payable</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Palladium&#160;receivable or payable represents the quantity
of&#160;palladium covered by contractually binding orders for the creation or redemption of Shares respectively, where the&#160;palladium
has not yet been transferred to or from the Trust&#8217;s account. Generally, ownership of palladium is transferred within two
business days of the trade date. At December 31, 2021, the Trust had <span id="xdx_907_ecustom--BullionPayableAtMarketValue_iI_do_c20211231_zc45p5096K0i" title="Palladium payable"><span id="xdx_90E_ecustom--BullionReceivableAtMarketValue_iI_do_c20211231_zccSiNyEEvH7" title="Palladium receivable">no</span></span> palladium&#160;receivable or payable for the&#160;creation&#160;or
redemption of Shares. At December 31, 2020, the Trust had <span id="xdx_906_ecustom--BullionPayableAtMarketValue_iI_do_c20201231_zYNR8gOtllm9"><span id="xdx_902_ecustom--BullionReceivableAtMarketValue_iI_do_c20201231_z3Vd4itLzFrj">no</span></span> palladium&#160;receivable or payable for the&#160;creation&#160;or
redemption of Shares.</p>

<p id="xdx_856_z8LEffRgF8Yc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p id="xdx_84C_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zUxUDPWpEKTe" style="margin-top: 0; margin-bottom: 0"/>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.5in; text-align: left"><b><i>2.4.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_862_zky0BMRO7ep3">Creations and Redemptions of Shares</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust expects to create and redeem Shares from time to time,
but only in one or more Baskets (a Basket equals a block of&#160;<span id="xdx_905_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_uShares_c20210101__20211231_zx0BsBwD0re7" title="Minimum block of shares issued redeemed against palladium">25,000</span>&#160;Shares). 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 the
Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust&#8217;s Custodian or other&#160;palladium
bullion clearing bank. 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&#160;palladium&#160;required
for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated&#160;palladium account, either
loco London or loco Zurich, established with the Custodian or a&#160;palladium bullion clearing bank by an Authorized Participant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&#160;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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 two 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&#160;palladium is exchanged in settlement of a redemption, it is considered a sale of&#160;palladium for financial statement
purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amount of&#160;palladium represented by the Baskets created
or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption
of Shares may differ from&#160;the value of palladium&#160;to be delivered or distributed by the Trust. In order to ensure that
the correct amount of&#160;palladium 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 on each transaction. For each transaction, this amount is not more than 1/1000th of
an ounce of palladium.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As the Shares of the Trust are subject to redemption at the
option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares
outstanding are presented in the Statement of Changes in Net Assets.</p>

<p id="xdx_854_zIBVCZltQUka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p id="xdx_845_eus-gaap--IncomeTaxPolicyTextBlock_zPiYMABLT9y5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.5.&#160;&#160;&#160;&#160;<span id="xdx_865_zKuMHxCnv8J2">Income Taxes</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has evaluated whether or not there are uncertain
tax positions that require financial statement recognition and has determined that <span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20211231_z6laRd8rucQ2" title="Reserve for uncertain tax positions"><span id="xdx_90F_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20201231_zgWLXzwsE77a">no</span></span> reserves for uncertain tax positions are
required as of&#160;December 31, 2021&#160;or December 31, 2020.</p>

<p id="xdx_85B_zk9ubvPOSR0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p id="xdx_847_eus-gaap--InvestmentPolicyTextBlock_zFa6hI8kxJj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.6.&#160;&#160;&#160;&#160;<span id="xdx_864_z0Za9OakvuBc">Investment in&#160;Palladium</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zJuRgbh2eNN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B9_zuJ93RaB7K6g">Changes in ounces of&#160;palladium and their respective values
for the years&#160;ended&#160;December 31, 2021 and&#160;2020 are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_493_20210101__20211231_zkVC66vabdQ6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended<br/> December 31,
    2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_49A_20200101__20201231_zspGhhiD6Z8b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended<br/> December 31,
    2020</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for ounces data)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Ounces of palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uOZ_zE6YNzz8KpH1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; text-align: left">Opening balance</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">152,187.5</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">157,815.0</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_40B_ecustom--CreationsOuncesOfBullion_pp1p0_uOZ_zpaOY8W3Midk" style="vertical-align: bottom; background-color: White">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">83,977.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">70,459.8</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_407_ecustom--RedemptionsOuncesOfBullion_pp1p0_uOZ_zBopFluuwkyg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(53,626.6</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(75,173.5</td><td style="text-align: left">)</td></tr>
<tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1p0_uOZ_zs7yTgqxZ89g" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Transfers of palladium to pay expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1,007.4</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(913.8</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_405_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uOZ_zqspSk33Pr8c" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Closing balance</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">181,531.1</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">152,187.5</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zCltIC8bdD6f" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Opening balance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">356,424</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">300,638</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zUYT55nVJRHi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">205,730</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">150,950</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40A_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zvgySYMYQ4A2" style="vertical-align: bottom; background-color: White">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(131,079</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(155,805</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40F_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zr6MMWPfHRc7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium distributed for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37,317</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">60,188</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40E_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zq3rngzhFIE8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfers of palladium to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,443</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,980</td><td style="text-align: left">)</td></tr>

<tr id="xdx_40E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zCUwYYDSI7Ug" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 70%">Realized gain on palladium transferred to pay expenses</td><td style="width: 1%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%">743</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%">773</td><td style="text-align: left; width: 1%">&#160;</td></tr>
<tr id="xdx_403_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_z7xpZhOr50h7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Change in unrealized (loss) / gain on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(108,531</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,660</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_z3X0Dx0rh20j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Closing balance</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">358,161</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">356,424</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
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<p style="margin: 0">&#160;&#160;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>




<p id="xdx_8A2_zQhX90NM7eR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p id="xdx_852_zw2ahdAQDB21" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p id="xdx_841_ecustom--ExpensesPolicyTextBlock_z8rHufStPkx2" style="margin-top: 0; margin-bottom: 0"/>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.5in; text-align: left"><b><i>2.7.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_86D_zJgTAMkTVM6g">Expenses / Realized Gains / Losses</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust will transfer&#160;palladium to the Sponsor to pay
the Sponsor&#8217;s Fee that accrues daily at an annualized rate equal to <span id="xdx_903_ecustom--AnnualizedRateOfSponsorsFee_pid_dp_uPure_c20210101__20211231_zP5Lx8OzaJZj" title="Expense ratio">0.60</span>% of the adjusted daily net asset value (&#8220;ANAV&#8221;)
of the Trust, paid monthly in arrears.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 up to $<span id="xdx_90D_ecustom--MaximumSponsorFeeForLegalExpenses_c20210101__20211231_zAZKWxQvNSwb" title="Maximum sponsor fee for legal expenses">100,000</span> per annum in legal expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the&#160;years ended&#160;December 31, 2021,&#160;2020&#160;and
2019, the Sponsor&#8217;s Fee&#160;was&#160;$<span id="xdx_902_eus-gaap--SponsorFees_c20210101__20211231_zGlRqxiFXLu5" title="Sponsor's Fee">2,447,225</span>, $<span id="xdx_90A_eus-gaap--SponsorFees_c20200101__20201231_zJywzVv1sEMl">2,012,865</span>&#160;and $<span id="xdx_904_eus-gaap--SponsorFees_c20190101__20191231_zoXWRqBxagWe">1,392,218</span>, respectively.&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At&#160;December 31, 2021 and at&#160;December 31, 2020, the
fees payable to the Sponsor were&#160;$<span id="xdx_90C_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20211231_zC5G4Zk1IKZ2" title="Fees payable to Sponsor">189,455</span> and $<span id="xdx_90C_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20201231_zFg9pxugV7s2">185,515</span>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&#160;palladium as necessary
to pay these expenses. When selling&#160;palladium to pay expenses, the Trustee will endeavor to sell the smallest amounts of&#160;palladium
needed to pay these expenses in order to minimize the Trust&#8217;s holdings of assets other than palladium. Other than the Sponsor&#8217;s
Fee, the Trust had <span id="xdx_909_eus-gaap--OtherCostAndExpenseOperating_do_c20210101__20211231_zJeoRqEest0k" title="All other expenses"><span id="xdx_902_eus-gaap--OtherCostAndExpenseOperating_do_c20200101__20201231_zeUcLGV279ok">no</span></span> expenses during the years ended&#160;December 31, 2021 and 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise directed by the Sponsor, when selling&#160;palladium
the Trustee will endeavor to sell at the price established by the LME 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&#160;palladium only if the sale transaction is made at the next LME 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&#160;palladium sold. Neither the Trustee nor the Sponsor is
liable for depreciation or loss incurred by reason of any sale.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Realized gains and losses result from the transfer of&#160;palladium
for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value
and average cost of&#160;palladium transferred.</p>

<p id="xdx_855_zYnKztYwSsW7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 impacting the Trust&#8217;s
financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure
in the financial statements were identified.&#160;</p>

<p id="xdx_85F_zGAJ8YnUapu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=123372394&amp;loc=d3e18726-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -URI http://asc.fasb.org/topic&amp;trid=2122369<br></p></div>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500321704048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Parties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
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<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><b>3.</b></td><td style="text-align: justify"><b><span id="xdx_826_zz0QIZz1Z95i">Related Parties</span></b></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor and the Trustee are considered to be related parties
to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase
or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.
In addition, the Trustee and the Custodian and their affiliates may from time to time purchase or sell&#160;palladium directly,
for their own account, as agent for their customers and for accounts over which they exercise investment discretion. The Trustee&#8217;s
and Custodian&#8217;s fees are paid by the Sponsor and are not separate expenses of the Trust.&#160;</p>

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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -URI http://asc.fasb.org/topic&amp;trid=2122745<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br></p></div>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500321311472">
<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">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RisksAndUncertaintiesAbstract', window );"><strong>Risks and Uncertainties [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskDisclosureTextBlock', window );">Concentration of Risk</a></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust&#8217;s sole business activity is the investment in&#160;palladium,
and substantially all the Trust&#8217;s assets are holdings of&#160;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 production and cost levels in major palladium-producing countries, recycling,
autocatalyst demand, industrial demand, jewelry demand, investment demand, and sales of existing stockpiles of palladium, which
have been a key source of supply and are likely to be exhausted soon, placing a higher burden on new mine supply; (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&#160;palladium will maintain its long-term value in terms of purchasing power in the future.
In the event that the price of&#160;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.&#160;</p>

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<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -URI http://asc.fasb.org/topic&amp;trid=2134479<br></p></div>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500321311472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Indemnification<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Indemnification</a></td>
<td class="text"><p id="xdx_801_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zzDKt0whKi6i" style="margin-top: 0; margin-bottom: 0"/>

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<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><b>5.</b></td><td style="text-align: justify"><b><span id="xdx_822_zEaV27R1d4q8">Indemnification</span></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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, willful misconduct
or willful malfeasance 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.&#160;</p>

<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -URI http://asc.fasb.org/topic&amp;trid=2127136<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -URI http://asc.fasb.org/topic&amp;trid=2144648<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 440<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6491277&amp;loc=d3e6429-115629<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=123406679&amp;loc=d3e25336-109308<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=123406679&amp;loc=d3e25336-109308<br></p></div>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500319602944">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Basis of Accounting</a></td>
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<td style="width: 0in"/><td style="width: 0.5in; text-align: left"><b><i>2.1.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_86D_zVCEBB2HrDc">Basis of Accounting</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has determined that the Trust falls within the scope
of Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) 946, <i>Financial
Services&#8212;Investment Companies</i>, and has concluded that for reporting purposes, the Trust is classified as an Investment
Company. 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.</p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ValuationOfBullionPolicyTextBlock', window );">Valuation of Palladium</a></td>
<td class="text"><p id="xdx_84A_ecustom--ValuationOfBullionPolicyTextBlock_zNcd8a8xLXL9" style="margin-top: 0; margin-bottom: 0"/>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.5in; text-align: left"><b><i>2.2.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_865_zgufZLBc5H0a">Valuation of&#160;Palladium</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust follows the provisions of ASC 820, <i>Fair Value Measurement
</i>(&#8220;ASC 820&#8221;). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the
inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust&#8217;s palladium&#160;is held by JPMorgan Chase Bank,
N.A. (the &#8220;Custodian&#8221;), on behalf of the Trust, at its London, England vaulting premises. The Trust&#8217;s palladium may
also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust&#8217;s palladium in the Trust&#8217;s allocated
account in the firm&#8217;s&#160;vault premises on a segregated basis and whose appointment has been approved by the Sponsor.
At December 31, 2021, approximately <span id="xdx_90A_ecustom--PercentageOfAssetBeingHeldByTrust_iI_pid_dp_uPure_c20211231_zuBDmu5KtPog" title="Percentage of palladium held by sub-custodians">41.75</span>%&#160;of the Trust&#8217;s palladium was held by one or more sub-custodians.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust&#8217;s palladium is recorded at fair value. The cost of
palladium is determined according to the average cost method and the fair value is based on the afternoon session of the twice
daily fix of an ounce of&#160;palladium administered by the London Metal Exchange (&#8220;LME&#8221;) (the &#8220;LME PM Fix&#8221;).
Realized gains and losses on transfers of palladium, or palladium distributed for the redemption of Shares, are calculated on a
trade date basis as the difference between the fair value and average&#160;cost of&#160;palladium transferred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The LME is responsible for the administration of the electronic&#160;palladium
price fixing system (&#8220;LMEbullion&#8221;) that replicates electronically the manual London palladium fix processes previously
employed by the London Platinum and Palladium Fixing Company Ltd (&#8220;LPPFCL&#8221;), as well as providing electronic market
clearing processes for palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion,
like the previous London palladium fix processes, establishes and publishes fixed prices for troy ounces of palladium twice each
London trading day during fixing sessions beginning at 9:45 a.m. London time (the&#8221; LME AM Fix&#8221;) and 2:00 p.m. London
time (the &#8220;LME PM Fix&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once the value of&#160;palladium has been determined, the net
asset value (the &#8220;NAV&#8221;) is computed by the Trustee by deducting all accrued fees, expenses 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&#160;palladium
and all other assets held by the Trust.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust recognizes changes in fair value of the investment
in&#160;palladium as changes in unrealized gains or losses on investment in&#160;palladium through the Statement of Operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The per Share amount of&#160;palladium exchanged for a purchase
or redemption is calculated daily by the Trustee using the LME PM Fix to calculate the&#160;palladium amount in respect of any
liabilities for which covering palladium&#160;sales have not yet been made, and represents the per Share amount of&#160;palladium
held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Fair Value Hierarchy</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ASC 820 establishes a hierarchy that prioritizes inputs to valuation
techniques used to measure fair value. The three levels of inputs are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8211;&#160;Level 1.&#160;Unadjusted quoted prices
in active markets for identical assets or liabilities that the Trust has the ability to access.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8211;&#160;Level 2.&#160;Observable inputs other
than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument
on an inactive market, prices for similar instruments and similar data.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8211;&#160;Level 3.&#160;Unobservable inputs for
the asset or liability to the extent that relevant observable inputs are not available, representing the Trust&#8217;s own assumptions
about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best
information available.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent that valuation is based on models or inputs that
are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree
of judgment exercised in determining fair value is greatest for instruments categorized in level 3.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The inputs used to measure fair value may fall into different
levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which
the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair
value measurement in its entirety.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust&#8217;s investment in&#160;palladium is classified
as a level&#160;1 asset,&#160;as its value&#160;is calculated using unadjusted quoted prices from primary market sources.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVI2judwo8p" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8BF_zhX8CiOl3psd">The categorization of the Trust&#8217;s assets is as shown below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-style: italic">(Amounts in 000&#8217;s of US$)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_490_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zSkndhUXmLU2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/>
2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_496_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z61t1t77SRKl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/>
2020</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 70%; font-style: italic">Level 1</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_400_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zssZyoQkF6Uk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">358,161</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">356,424</td><td style="text-align: left">&#160;</td></tr>
</table>


<p id="xdx_8A6_zuo8H0rTpJ91" style="margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif">There
were no transfers between levels during the years ended December 31, 2021 and 2020. </span></p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ReceivableAndPayablePolicyTextBlock', window );">Palladium Receivable and Payable</a></td>
<td class="text"><p id="xdx_84B_ecustom--ReceivableAndPayablePolicyTextBlock_zWeHlv4U94di" style="margin-top: 0; margin-bottom: 0"/>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.5in; text-align: left"><b><i>2.3.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_866_zmyJdU6VjA16">Palladium Receivable and Payable</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Palladium&#160;receivable or payable represents the quantity
of&#160;palladium covered by contractually binding orders for the creation or redemption of Shares respectively, where the&#160;palladium
has not yet been transferred to or from the Trust&#8217;s account. Generally, ownership of palladium is transferred within two
business days of the trade date. At December 31, 2021, the Trust had <span id="xdx_907_ecustom--BullionPayableAtMarketValue_iI_do_c20211231_zc45p5096K0i" title="Palladium payable"><span id="xdx_90E_ecustom--BullionReceivableAtMarketValue_iI_do_c20211231_zccSiNyEEvH7" title="Palladium receivable">no</span></span> palladium&#160;receivable or payable for the&#160;creation&#160;or
redemption of Shares. At December 31, 2020, the Trust had <span id="xdx_906_ecustom--BullionPayableAtMarketValue_iI_do_c20201231_zYNR8gOtllm9"><span id="xdx_902_ecustom--BullionReceivableAtMarketValue_iI_do_c20201231_z3Vd4itLzFrj">no</span></span> palladium&#160;receivable or payable for the&#160;creation&#160;or
redemption of Shares.</p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_CreationsAndRedemptionsOfSharesPolicyTextBlock', window );">Creations and Redemptions of Shares</a></td>
<td class="text"><p id="xdx_84C_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zUxUDPWpEKTe" style="margin-top: 0; margin-bottom: 0"/>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.5in; text-align: left"><b><i>2.4.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_862_zky0BMRO7ep3">Creations and Redemptions of Shares</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust expects to create and redeem Shares from time to time,
but only in one or more Baskets (a Basket equals a block of&#160;<span id="xdx_905_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_uShares_c20210101__20211231_zx0BsBwD0re7" title="Minimum block of shares issued redeemed against palladium">25,000</span>&#160;Shares). 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 the
Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust&#8217;s Custodian or other&#160;palladium
bullion clearing bank. 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&#160;palladium&#160;required
for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated&#160;palladium account, either
loco London or loco Zurich, established with the Custodian or a&#160;palladium bullion clearing bank by an Authorized Participant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&#160;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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 two 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&#160;palladium is exchanged in settlement of a redemption, it is considered a sale of&#160;palladium for financial statement
purposes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amount of&#160;palladium represented by the Baskets created
or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption
of Shares may differ from&#160;the value of palladium&#160;to be delivered or distributed by the Trust. In order to ensure that
the correct amount of&#160;palladium 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 on each transaction. For each transaction, this amount is not more than 1/1000th of
an ounce of palladium.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As the Shares of the Trust are subject to redemption at the
option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares
outstanding are presented in the Statement of Changes in Net Assets.</p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
<td class="text"><p id="xdx_845_eus-gaap--IncomeTaxPolicyTextBlock_zPiYMABLT9y5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.5.&#160;&#160;&#160;&#160;<span id="xdx_865_zKuMHxCnv8J2">Income Taxes</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor has evaluated whether or not there are uncertain
tax positions that require financial statement recognition and has determined that <span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20211231_z6laRd8rucQ2" title="Reserve for uncertain tax positions"><span id="xdx_90F_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20201231_zgWLXzwsE77a">no</span></span> reserves for uncertain tax positions are
required as of&#160;December 31, 2021&#160;or December 31, 2020.</p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentPolicyTextBlock', window );">Investment in Palladium</a></td>
<td class="text"><p id="xdx_847_eus-gaap--InvestmentPolicyTextBlock_zFa6hI8kxJj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>2.6.&#160;&#160;&#160;&#160;<span id="xdx_864_z0Za9OakvuBc">Investment in&#160;Palladium</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zJuRgbh2eNN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B9_zuJ93RaB7K6g">Changes in ounces of&#160;palladium and their respective values
for the years&#160;ended&#160;December 31, 2021 and&#160;2020 are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_493_20210101__20211231_zkVC66vabdQ6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended<br/> December 31,
    2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_49A_20200101__20201231_zspGhhiD6Z8b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended<br/> December 31,
    2020</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for ounces data)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Ounces of palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uOZ_zE6YNzz8KpH1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 70%; text-align: left">Opening balance</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">152,187.5</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">157,815.0</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_40B_ecustom--CreationsOuncesOfBullion_pp1p0_uOZ_zpaOY8W3Midk" style="vertical-align: bottom; background-color: White">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">83,977.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">70,459.8</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_407_ecustom--RedemptionsOuncesOfBullion_pp1p0_uOZ_zBopFluuwkyg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(53,626.6</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(75,173.5</td><td style="text-align: left">)</td></tr>
<tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1p0_uOZ_zs7yTgqxZ89g" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Transfers of palladium to pay expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1,007.4</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(913.8</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_405_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uOZ_zqspSk33Pr8c" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Closing balance</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">181,531.1</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">152,187.5</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zCltIC8bdD6f" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Opening balance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">356,424</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">300,638</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zUYT55nVJRHi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">205,730</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">150,950</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40A_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zvgySYMYQ4A2" style="vertical-align: bottom; background-color: White">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(131,079</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(155,805</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40F_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zr6MMWPfHRc7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium distributed for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37,317</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">60,188</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40E_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zq3rngzhFIE8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfers of palladium to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,443</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,980</td><td style="text-align: left">)</td></tr>

<tr id="xdx_40E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zCUwYYDSI7Ug" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 70%">Realized gain on palladium transferred to pay expenses</td><td style="width: 1%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%">743</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%">773</td><td style="text-align: left; width: 1%">&#160;</td></tr>
<tr id="xdx_403_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_z7xpZhOr50h7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Change in unrealized (loss) / gain on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(108,531</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,660</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_z3X0Dx0rh20j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Closing balance</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">358,161</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">356,424</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
</table>
<p style="margin: 0">&#160;&#160;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>




<p id="xdx_8A2_zQhX90NM7eR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ExpensesPolicyTextBlock', window );">Expenses / Realized Gains / Losses</a></td>
<td class="text"><p id="xdx_841_ecustom--ExpensesPolicyTextBlock_z8rHufStPkx2" style="margin-top: 0; margin-bottom: 0"/>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.5in; text-align: left"><b><i>2.7.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_86D_zJgTAMkTVM6g">Expenses / Realized Gains / Losses</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust will transfer&#160;palladium to the Sponsor to pay
the Sponsor&#8217;s Fee that accrues daily at an annualized rate equal to <span id="xdx_903_ecustom--AnnualizedRateOfSponsorsFee_pid_dp_uPure_c20210101__20211231_zP5Lx8OzaJZj" title="Expense ratio">0.60</span>% of the adjusted daily net asset value (&#8220;ANAV&#8221;)
of the Trust, paid monthly in arrears.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 up to $<span id="xdx_90D_ecustom--MaximumSponsorFeeForLegalExpenses_c20210101__20211231_zAZKWxQvNSwb" title="Maximum sponsor fee for legal expenses">100,000</span> per annum in legal expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the&#160;years ended&#160;December 31, 2021,&#160;2020&#160;and
2019, the Sponsor&#8217;s Fee&#160;was&#160;$<span id="xdx_902_eus-gaap--SponsorFees_c20210101__20211231_zGlRqxiFXLu5" title="Sponsor's Fee">2,447,225</span>, $<span id="xdx_90A_eus-gaap--SponsorFees_c20200101__20201231_zJywzVv1sEMl">2,012,865</span>&#160;and $<span id="xdx_904_eus-gaap--SponsorFees_c20190101__20191231_zoXWRqBxagWe">1,392,218</span>, respectively.&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At&#160;December 31, 2021 and at&#160;December 31, 2020, the
fees payable to the Sponsor were&#160;$<span id="xdx_90C_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20211231_zC5G4Zk1IKZ2" title="Fees payable to Sponsor">189,455</span> and $<span id="xdx_90C_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20201231_zFg9pxugV7s2">185,515</span>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&#160;palladium as necessary
to pay these expenses. When selling&#160;palladium to pay expenses, the Trustee will endeavor to sell the smallest amounts of&#160;palladium
needed to pay these expenses in order to minimize the Trust&#8217;s holdings of assets other than palladium. Other than the Sponsor&#8217;s
Fee, the Trust had <span id="xdx_909_eus-gaap--OtherCostAndExpenseOperating_do_c20210101__20211231_zJeoRqEest0k" title="All other expenses"><span id="xdx_902_eus-gaap--OtherCostAndExpenseOperating_do_c20200101__20201231_zeUcLGV279ok">no</span></span> expenses during the years ended&#160;December 31, 2021 and 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise directed by the Sponsor, when selling&#160;palladium
the Trustee will endeavor to sell at the price established by the LME 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&#160;palladium only if the sale transaction is made at the next LME 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&#160;palladium sold. Neither the Trustee nor the Sponsor is
liable for depreciation or loss incurred by reason of any sale.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Realized gains and losses result from the transfer of&#160;palladium
for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value
and average cost of&#160;palladium transferred.</p>

<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventsPolicyPolicyTextBlock', window );">Subsequent Events</a></td>
<td class="text"><p id="xdx_843_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zqPbH1xpbF5b" style="margin-top: 0; margin-bottom: 0"/>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.5in; text-align: left"><b><i>2.8.</i></b></td><td style="text-align: justify"><b><i><span id="xdx_865_zDlU8GROjub">Subsequent Events</span></i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 impacting the Trust&#8217;s
financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure
in the financial statements were identified.&#160;</p>

<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CreationsAndRedemptionsOfSharesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of creation and redemptions of shares policy.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_CreationsAndRedemptionsOfSharesPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of expenses policy.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ExpensesPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of bullion receivable and payable policy.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td>duration</td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ValuationOfBullionPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of valuation of bullion policy.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ValuationOfBullionPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BasisOfAccountingPolicyPolicyTextBlock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=123427490&amp;loc=d3e32247-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=121826272&amp;loc=d3e32847-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=121826272&amp;loc=d3e32840-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=124431353&amp;loc=SL116659661-227067<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=121826272&amp;loc=d3e32639-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=123427490&amp;loc=d3e32280-109318<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121826272&amp;loc=d3e32809-109319<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for investment in financial asset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(3)(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for reporting subsequent events.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500322111568">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2021</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock', window );">The categorization of the Trust&#8217;s assets is as shown below:</a></td>
<td class="text"><p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVI2judwo8p" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8BF_zhX8CiOl3psd">The categorization of the Trust&#8217;s assets is as shown below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-style: italic">(Amounts in 000&#8217;s of US$)</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_490_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zSkndhUXmLU2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/>
2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_496_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z61t1t77SRKl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/>
2020</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 70%; font-style: italic">Level 1</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr id="xdx_400_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zssZyoQkF6Uk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">358,161</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">356,424</td><td style="text-align: left">&#160;</td></tr>
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<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_InvestmentsInBullionTableTextBlock', window );">Changes in ounces of palladium and their respective values for the years ended December 31, 2021 and 2020 are set out below:</a></td>
<td class="text"><p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zJuRgbh2eNN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_8B9_zuJ93RaB7K6g">Changes in ounces of&#160;palladium and their respective values
for the years&#160;ended&#160;December 31, 2021 and&#160;2020 are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" id="xdx_493_20210101__20211231_zkVC66vabdQ6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended<br/> December 31,
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    <td colspan="2" id="xdx_49A_20200101__20201231_zspGhhiD6Z8b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended<br/> December 31,
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<tr style="vertical-align: bottom">
    <td style="font-style: italic; text-align: left">(Amounts in 000&#8217;s of US$, except for ounces data)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold">Ounces of palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uOZ_zE6YNzz8KpH1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">152,187.5</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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<tr id="xdx_40B_ecustom--CreationsOuncesOfBullion_pp1p0_uOZ_zpaOY8W3Midk" style="vertical-align: bottom; background-color: White">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">83,977.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">70,459.8</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_407_ecustom--RedemptionsOuncesOfBullion_pp1p0_uOZ_zBopFluuwkyg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(53,626.6</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(75,173.5</td><td style="text-align: left">)</td></tr>
<tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1p0_uOZ_zs7yTgqxZ89g" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Transfers of palladium to pay expenses</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(1,007.4</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(913.8</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr id="xdx_405_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uOZ_zqspSk33Pr8c" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Closing balance</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">181,531.1</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">152,187.5</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Investment in palladium</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zCltIC8bdD6f" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Opening balance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">356,424</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">300,638</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zUYT55nVJRHi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Creations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">205,730</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">150,950</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40A_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zvgySYMYQ4A2" style="vertical-align: bottom; background-color: White">
    <td>Redemptions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(131,079</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(155,805</td><td style="text-align: left">)</td></tr>
<tr id="xdx_40F_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zr6MMWPfHRc7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Realized gain on palladium distributed for the redemption of Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37,317</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">60,188</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40E_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zq3rngzhFIE8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Transfers of palladium to pay expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,443</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,980</td><td style="text-align: left">)</td></tr>

<tr id="xdx_40E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zCUwYYDSI7Ug" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 70%">Realized gain on palladium transferred to pay expenses</td><td style="width: 1%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%">743</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="text-align: left; width: 1%">&#160;</td><td style="text-align: right; width: 12%">773</td><td style="text-align: left; width: 1%">&#160;</td></tr>
<tr id="xdx_403_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_z7xpZhOr50h7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Change in unrealized (loss) / gain on investment in palladium</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(108,531</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,660</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
<tr id="xdx_40C_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_z3X0Dx0rh20j" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Closing balance</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">358,161</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">356,424</td><td style="padding-bottom: 1pt; text-align: left">&#160;</td></tr>
</table>
<p style="margin: 0">&#160;&#160;</p>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>




<span></span>
</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of movement in the investment in bullion in the Trust.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=123874694&amp;loc=d3e19207-110258<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=123874694&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock</td>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500319760304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization (Details Narrative)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2021 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion', window );">Minimum block of shares issued redeemed against palladium</a></td>
<td class="nump">25,000<span></span>
</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The minimum block of shares that can be created or redeemed against bullion deposits or distributions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500319761632">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>The categorization of the Trust&#8217;s assets is as shown below: (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Fair Value, Inputs, Level 1 [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure', window );">Investment in palladium</a></td>
<td class="nump">$ 358,161<span></span>
</td>
<td class="nump">$ 356,424<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of investment held in physical commodities, for example, but not limited to, gold, silver, platinum, crude oil, coal, sugar, rice, wheat.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=123874694&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentInPhysicalCommoditiesFairValueDisclosure</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500319670976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Changes in ounces of palladium and their respective values for the years ended December 31, 2021 and 2020 are set out below: (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($) </div>
<div>oz</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceOtherMeasure', window );">Opening balance | oz</a></td>
<td class="nump">152,187.5<span></span>
</td>
<td class="nump">157,815.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_CreationsOuncesOfBullion', window );">Creations | oz</a></td>
<td class="nump">83,977.6<span></span>
</td>
<td class="nump">70,459.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_RedemptionsOuncesOfBullion', window );">Redemptions | oz</a></td>
<td class="num">(53,626.6)<span></span>
</td>
<td class="num">(75,173.5)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_TransfersOfBullionOunces', window );">Transfers of palladium to pay expenses | oz</a></td>
<td class="num">(1,007.4)<span></span>
</td>
<td class="num">(913.8)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceOtherMeasure', window );">Closing balance | oz</a></td>
<td class="nump">181,531.1<span></span>
</td>
<td class="nump">152,187.5<span></span>
</td>
<td class="nump">157,815.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommodities', window );">Opening balance</a></td>
<td class="nump">$ 356,424<span></span>
</td>
<td class="nump">$ 300,638<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_CreationsValueOfBullion', window );">Creations</a></td>
<td class="nump">205,730<span></span>
</td>
<td class="nump">150,950<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable', window );">Redemptions</a></td>
<td class="num">(131,079)<span></span>
</td>
<td class="num">(155,805)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares', window );">Realized gain on palladium distributed for the redemption of Shares</a></td>
<td class="nump">37,317<span></span>
</td>
<td class="nump">60,188<span></span>
</td>
<td class="nump">$ 32,233<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_CostOfBullionTransferredToPayExpenses', window );">Transfers of palladium to pay expenses</a></td>
<td class="num">(2,443)<span></span>
</td>
<td class="num">(1,980)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses', window );">Realized gain on palladium transferred to pay expenses</a></td>
<td class="nump">743<span></span>
</td>
<td class="nump">773<span></span>
</td>
<td class="nump">520<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_ChangeInUnrealizedGainLossOnInvestmentInBullion', window );">Change in unrealized (loss) / gain on investment in palladium</a></td>
<td class="num">(108,531)<span></span>
</td>
<td class="nump">1,660<span></span>
</td>
<td class="nump">57,387<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentInPhysicalCommodities', window );">Closing balance</a></td>
<td class="nump">$ 358,161<span></span>
</td>
<td class="nump">$ 356,424<span></span>
</td>
<td class="nump">$ 300,638<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ChangeInUnrealizedGainLossOnInvestmentInBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Change in unrealized gain (loss) on investment in Bullion.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ChangeInUnrealizedGainLossOnInvestmentInBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
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<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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CostOfBullionTransferredToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cost of Bullion transferred to pay Trust's expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_CostOfBullionTransferredToPayExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CreationsOuncesOfBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Ounces of bullion received into the Trust's account in respect of creations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_CreationsOuncesOfBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of creations of bullion in investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_CreationsValueOfBullion</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Realized gain or loss during the period on bullion 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_RealizedGainLossOnBullionDistributedForRedemptionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_RedemptionsOuncesOfBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Ounces of bullion paid out of the Trust's account in respect of redemptions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_RedemptionsOuncesOfBullion</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
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<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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_TransfersOfBullionOunces">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Ounces of bullion transferred to pay Trust's expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_TransfersOfBullionOunces</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:massItemType</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_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Value of bullion distributed at average cost for the redemption of Shares excluding bullion payable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_GainLossOnSaleOfTrustAssetsToPayExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the sale of trust assets (includes, but is not limited to, gold and silver) to pay trust expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfTrustAssetsToPayExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_InvestmentInPhysicalCommodities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Investments held in physical commodities, such as gold, silver, platinum, crude oil, coal, sugar, rice, wheat.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentInPhysicalCommodities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_InvestmentOwnedBalanceOtherMeasure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Quantity of the investment. Indicate the measure in the unit of measure. This is commonly used for investments other than securities. For example, if the investment is gold, the balance would be the number of ounces and the unit of measure would indicate "ounces".</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 320<br> -Section S99<br> -Paragraph 5D<br> -Subparagraph (SX 210.12-13D(Column B))<br> -URI http://asc.fasb.org/extlink&amp;oid=122147990&amp;loc=SL120429264-123010<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentOwnedBalanceOtherMeasure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<span style="display: none;">v3.22.2.2</span><table class="report" border="0" cellspacing="2" id="idm140500317058256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Details Narrative) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_PercentageOfAssetBeingHeldByTrust', window );">Percentage of palladium held by sub-custodians</a></td>
<td class="nump">41.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_BullionPayableAtMarketValue', window );">Palladium payable</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_BullionReceivableAtMarketValue', window );">Palladium receivable</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion', window );">Minimum block of shares issued redeemed against palladium</a></td>
<td class="nump">25,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilityForUncertainTaxPositionsNoncurrent', window );">Reserve for uncertain tax positions</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_AnnualizedRateOfSponsorsFee', window );">Expense ratio</a></td>
<td class="nump">0.60%<span></span>
</td>
<td class="nump">0.60%<span></span>
</td>
<td class="nump">0.60%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_pall_MaximumSponsorFeeForLegalExpenses', window );">Maximum sponsor fee for legal expenses</a></td>
<td class="nump">$ 100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor's Fee</a></td>
<td class="nump">2,447,225<span></span>
</td>
<td class="nump">$ 2,012,865<span></span>
</td>
<td class="nump">$ 1,392,218<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsPayableRelatedPartiesCurrent', window );">Fees payable to Sponsor</a></td>
<td class="nump">189,455<span></span>
</td>
<td class="nump">185,515<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherCostAndExpenseOperating', window );">All other expenses</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_AnnualizedRateOfSponsorsFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Annualized rate of sponsors fee.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_AnnualizedRateOfSponsorsFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</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_BullionPayableAtMarketValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of bullion payable at market value as of the reporting date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_BullionPayableAtMarketValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_BullionReceivableAtMarketValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of bullion receivable at market value as of the reporting date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_BullionReceivableAtMarketValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_MaximumSponsorFeeForLegalExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Maximum sponsor fee for legal expenses,</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_MaximumSponsorFeeForLegalExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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_MinimumBlockOfSharesIssuedRedeemedAgainstBullion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The minimum block of shares that can be created or redeemed against bullion deposits or distributions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_MinimumBlockOfSharesIssuedRedeemedAgainstBullion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_PercentageOfAssetBeingHeldByTrust">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of asset being held by trust.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pall_PercentageOfAssetBeingHeldByTrust</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>pall_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</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_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></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>
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    <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_806_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z82kfaTFk8ya" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;b&gt;1.&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;span id="xdx_827_zEChDKSTiLIh"&gt;Organization&lt;/span&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The&#160;Aberdeen Standard Palladium ETF Trust&#160; (the &#x201c;Trust&#x201d;) is a common law trust formed on&#160;December
30, 2009&#160;under New York law pursuant to a depositary trust agreement (the &#x201c;Trust Agreement&#x201d;) executed by Aberdeen Standard
Investments ETFs Sponsor LLC (the &#x201c;Sponsor&#x201d;)
and The Bank of New York Mellon as Trustee (the &#x201c;Trustee&#x201d;). The Trust holds palladium&#160;bullion and&#160;issues&#160;Aberdeen Standard
Physical Palladium Shares ETF (&#x201c;Shares&#x201d;)
in minimum blocks of&#160;&lt;span id="xdx_90A_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_uShares_c20210101__20211231_zkhFptQ4W065" title="Minimum block of shares issued redeemed against palladium"&gt;25,000&lt;/span&gt; Shares (also referred to as &#x201c;Baskets&#x201d;) in exchange for deposits of&#160;palladium
and distributes&#160;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 abrdn Inc. (known as Aberdeen Standard Investments Inc. prior to January 1, 2022). abrdn Inc. is a wholly-owned
indirect subsidiary of abrdn (formerly known as Standard Life Aberdeen) plc. The Trust is governed by the Trust Agreement.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;Effective
June 25, 2021, Christopher Demetriou resigned as President and Chief Executive Officer of the Sponsor. Mr. Demetriou had served
as Principal Executive Officer of the Registrant. Effective June 25, 2021, Steven Dunn was appointed President and Chief Executive
Officer of the Sponsor. Mr. Dunn will serve as Principal Executive Officer of the Registrant.&lt;/span&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The investment objective of the Trust is
for the Shares to reflect the performance of the price of&#160;palladium, less the Trust&#x2019;s expenses and liabilities. The
Trust is designed to provide an individual owner of beneficial interests in the Shares (a &#x201c;Shareholder&#x201d;) an opportunity
to participate in the&#160;palladium market through an investment in securities.&lt;/p&gt;

</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
    <pall:MinimumBlockOfSharesIssuedRedeemedAgainstBullion
      contextRef="From2021-01-01to2021-12-31"
      decimals="INF"
      unitRef="Shares">25000</pall:MinimumBlockOfSharesIssuedRedeemedAgainstBullion>
    <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_80C_eus-gaap--SignificantAccountingPoliciesTextBlock_zOhqfwp9JvP2" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;b&gt;2.&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;span id="xdx_82A_zc80PHCjl4Ye"&gt;Significant Accounting Policies&lt;/span&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The preparation of financial statements in accordance with U.S.
GAAP 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.&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_844_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z3IwrzgwJXPe" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.5in; text-align: left"&gt;&lt;b&gt;&lt;i&gt;2.1.&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span id="xdx_86D_zVCEBB2HrDc"&gt;Basis of Accounting&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Sponsor has determined that the Trust falls within the scope
of Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting Standards Codification (&#x201c;ASC&#x201d;) 946, &lt;i&gt;Financial
Services&#x2014;Investment Companies&lt;/i&gt;, and has concluded that for reporting purposes, the Trust is classified as an Investment
Company. 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.&lt;/p&gt;

&lt;p id="xdx_85E_ztWvc0jGNUf5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_84A_ecustom--ValuationOfBullionPolicyTextBlock_zNcd8a8xLXL9" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.5in; text-align: left"&gt;&lt;b&gt;&lt;i&gt;2.2.&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span id="xdx_865_zgufZLBc5H0a"&gt;Valuation of&#160;Palladium&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust follows the provisions of ASC 820, &lt;i&gt;Fair Value Measurement
&lt;/i&gt;(&#x201c;ASC 820&#x201d;). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the
inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust&#x2019;s palladium&#160;is held by JPMorgan Chase Bank,
N.A. (the &#x201c;Custodian&#x201d;), on behalf of the Trust, at its London, England vaulting premises. The Trust&#x2019;s palladium may
also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust&#x2019;s palladium in the Trust&#x2019;s allocated
account in the firm&#x2019;s&#160;vault premises on a segregated basis and whose appointment has been approved by the Sponsor.
At December 31, 2021, approximately &lt;span id="xdx_90A_ecustom--PercentageOfAssetBeingHeldByTrust_iI_pid_dp_uPure_c20211231_zuBDmu5KtPog" title="Percentage of palladium held by sub-custodians"&gt;41.75&lt;/span&gt;%&#160;of the Trust&#x2019;s palladium was held by one or more sub-custodians.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&#160;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust&#x2019;s palladium is recorded at fair value. The cost of
palladium is determined according to the average cost method and the fair value is based on the afternoon session of the twice
daily fix of an ounce of&#160;palladium administered by the London Metal Exchange (&#x201c;LME&#x201d;) (the &#x201c;LME PM Fix&#x201d;).
Realized gains and losses on transfers of palladium, or palladium distributed for the redemption of Shares, are calculated on a
trade date basis as the difference between the fair value and average&#160;cost of&#160;palladium transferred.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The LME is responsible for the administration of the electronic&#160;palladium
price fixing system (&#x201c;LMEbullion&#x201d;) that replicates electronically the manual London palladium fix processes previously
employed by the London Platinum and Palladium Fixing Company Ltd (&#x201c;LPPFCL&#x201d;), as well as providing electronic market
clearing processes for palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion,
like the previous London palladium fix processes, establishes and publishes fixed prices for troy ounces of palladium twice each
London trading day during fixing sessions beginning at 9:45 a.m. London time (the&#x201d; LME AM Fix&#x201d;) and 2:00 p.m. London
time (the &#x201c;LME PM Fix&#x201d;).&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Once the value of&#160;palladium has been determined, the net
asset value (the &#x201c;NAV&#x201d;) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of
the Trust, including the remuneration due to the Sponsor (the &#x201c;Sponsor&#x2019;s Fee&#x201d;), from the fair value of the&#160;palladium
and all other assets held by the Trust.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust recognizes changes in fair value of the investment
in&#160;palladium as changes in unrealized gains or losses on investment in&#160;palladium through the Statement of Operations.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The per Share amount of&#160;palladium exchanged for a purchase
or redemption is calculated daily by the Trustee using the LME PM Fix to calculate the&#160;palladium amount in respect of any
liabilities for which covering palladium&#160;sales have not yet been made, and represents the per Share amount of&#160;palladium
held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;i&gt;Fair Value Hierarchy&lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;ASC 820 establishes a hierarchy that prioritizes inputs to valuation
techniques used to measure fair value. The three levels of inputs are as follows:&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&#x2013;&#160;Level 1.&#160;Unadjusted quoted prices
in active markets for identical assets or liabilities that the Trust has the ability to access.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&#x2013;&#160;Level 2.&#160;Observable inputs other
than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument
on an inactive market, prices for similar instruments and similar data.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&#x2013;&#160;Level 3.&#160;Unobservable inputs for
the asset or liability to the extent that relevant observable inputs are not available, representing the Trust&#x2019;s own assumptions
about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best
information available.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;To the extent that valuation is based on models or inputs that
are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree
of judgment exercised in determining fair value is greatest for instruments categorized in level 3.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&#160;&lt;/p&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The inputs used to measure fair value may fall into different
levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which
the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair
value measurement in its entirety.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust&#x2019;s investment in&#160;palladium is classified
as a level&#160;1 asset,&#160;as its value&#160;is calculated using unadjusted quoted prices from primary market sources.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVI2judwo8p" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span id="xdx_8BF_zhX8CiOl3psd"&gt;The categorization of the Trust&#x2019;s assets is as shown below:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic"&gt;(Amounts in 000&#x2019;s of US$)&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_490_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zSkndhUXmLU2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;December 31,&lt;br/&gt;
2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_496_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z61t1t77SRKl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;December 31,&lt;br/&gt;
2020&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 70%; font-style: italic"&gt;Level 1&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zssZyoQkF6Uk" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;358,161&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;356,424&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p id="xdx_8A6_zuo8H0rTpJ91" style="margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;There
were no transfers between levels during the years ended December 31, 2021 and 2020. &lt;/span&gt;&lt;/p&gt;

&lt;p id="xdx_850_zbteDCW2DPWi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&#160;&lt;/p&gt;


&lt;p id="xdx_84B_ecustom--ReceivableAndPayablePolicyTextBlock_zWeHlv4U94di" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.5in; text-align: left"&gt;&lt;b&gt;&lt;i&gt;2.3.&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span id="xdx_866_zmyJdU6VjA16"&gt;Palladium Receivable and Payable&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Palladium&#160;receivable or payable represents the quantity
of&#160;palladium covered by contractually binding orders for the creation or redemption of Shares respectively, where the&#160;palladium
has not yet been transferred to or from the Trust&#x2019;s account. Generally, ownership of palladium is transferred within two
business days of the trade date. At December 31, 2021, the Trust had &lt;span id="xdx_907_ecustom--BullionPayableAtMarketValue_iI_do_c20211231_zc45p5096K0i" title="Palladium payable"&gt;&lt;span id="xdx_90E_ecustom--BullionReceivableAtMarketValue_iI_do_c20211231_zccSiNyEEvH7" title="Palladium receivable"&gt;no&lt;/span&gt;&lt;/span&gt; palladium&#160;receivable or payable for the&#160;creation&#160;or
redemption of Shares. At December 31, 2020, the Trust had &lt;span id="xdx_906_ecustom--BullionPayableAtMarketValue_iI_do_c20201231_zYNR8gOtllm9"&gt;&lt;span id="xdx_902_ecustom--BullionReceivableAtMarketValue_iI_do_c20201231_z3Vd4itLzFrj"&gt;no&lt;/span&gt;&lt;/span&gt; palladium&#160;receivable or payable for the&#160;creation&#160;or
redemption of Shares.&lt;/p&gt;

&lt;p id="xdx_856_z8LEffRgF8Yc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_84C_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zUxUDPWpEKTe" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.5in; text-align: left"&gt;&lt;b&gt;&lt;i&gt;2.4.&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span id="xdx_862_zky0BMRO7ep3"&gt;Creations and Redemptions of Shares&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust expects to create and redeem Shares from time to time,
but only in one or more Baskets (a Basket equals a block of&#160;&lt;span id="xdx_905_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_uShares_c20210101__20211231_zx0BsBwD0re7" title="Minimum block of shares issued redeemed against palladium"&gt;25,000&lt;/span&gt;&#160;Shares). 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 the
Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust&#x2019;s Custodian or other&#160;palladium
bullion clearing bank. 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&#160;palladium&#160;required
for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated&#160;palladium account, either
loco London or loco Zurich, established with the Custodian or a&#160;palladium bullion clearing bank by an Authorized Participant.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;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&#160;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.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&#160;&lt;/p&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;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 two 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&#160;palladium is exchanged in settlement of a redemption, it is considered a sale of&#160;palladium for financial statement
purposes.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The amount of&#160;palladium represented by the Baskets created
or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption
of Shares may differ from&#160;the value of palladium&#160;to be delivered or distributed by the Trust. In order to ensure that
the correct amount of&#160;palladium 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 on each transaction. For each transaction, this amount is not more than 1/1000th of
an ounce of palladium.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;As the Shares of the Trust are subject to redemption at the
option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares
outstanding are presented in the Statement of Changes in Net Assets.&lt;/p&gt;

&lt;p id="xdx_854_zIBVCZltQUka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_845_eus-gaap--IncomeTaxPolicyTextBlock_zPiYMABLT9y5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;&lt;i&gt;2.5.&#160;&#160;&#160;&#160;&lt;span id="xdx_865_zKuMHxCnv8J2"&gt;Income Taxes&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust is classified as a &#x201c;grantor trust&#x201d; 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&#x2019;s
income and expenses will &#x201c;flow through&#x201d; to the Shareholders, and the Trustee will report the Trust&#x2019;s proceeds,
income, deductions, gains, and losses to the Internal Revenue Service on that basis.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Sponsor has evaluated whether or not there are uncertain
tax positions that require financial statement recognition and has determined that &lt;span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20211231_z6laRd8rucQ2" title="Reserve for uncertain tax positions"&gt;&lt;span id="xdx_90F_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20201231_zgWLXzwsE77a"&gt;no&lt;/span&gt;&lt;/span&gt; reserves for uncertain tax positions are
required as of&#160;December 31, 2021&#160;or December 31, 2020.&lt;/p&gt;

&lt;p id="xdx_85B_zk9ubvPOSR0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_847_eus-gaap--InvestmentPolicyTextBlock_zFa6hI8kxJj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;&lt;i&gt;2.6.&#160;&#160;&#160;&#160;&lt;span id="xdx_864_z0Za9OakvuBc"&gt;Investment in&#160;Palladium&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zJuRgbh2eNN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span id="xdx_8B9_zuJ93RaB7K6g"&gt;Changes in ounces of&#160;palladium and their respective values
for the years&#160;ended&#160;December 31, 2021 and&#160;2020 are set out below:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_493_20210101__20211231_zkVC66vabdQ6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Year Ended&lt;br/&gt; December 31,
    2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_49A_20200101__20201231_zspGhhiD6Z8b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Year Ended&lt;br/&gt; December 31,
    2020&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic; text-align: left"&gt;(Amounts in 000&#x2019;s of US$, except for ounces data)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;Ounces of palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_404_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uOZ_zE6YNzz8KpH1" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 70%; text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;152,187.5&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;157,815.0&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_ecustom--CreationsOuncesOfBullion_pp1p0_uOZ_zpaOY8W3Midk" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;83,977.6&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;70,459.8&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_407_ecustom--RedemptionsOuncesOfBullion_pp1p0_uOZ_zBopFluuwkyg" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(53,626.6&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(75,173.5&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1p0_uOZ_zs7yTgqxZ89g" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(1,007.4&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(913.8&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uOZ_zqspSk33Pr8c" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;181,531.1&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;152,187.5&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zCltIC8bdD6f" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;356,424&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;300,638&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40C_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zUYT55nVJRHi" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;205,730&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;150,950&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40A_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zvgySYMYQ4A2" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(131,079&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(155,805&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zr6MMWPfHRc7" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized gain on palladium distributed for the redemption of Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;37,317&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;60,188&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40E_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zq3rngzhFIE8" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2,443&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1,980&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;

&lt;tr id="xdx_40E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zCUwYYDSI7Ug" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; width: 70%"&gt;Realized gain on palladium transferred to pay expenses&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; width: 1%"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; width: 12%"&gt;743&lt;/td&gt;&lt;td style="text-align: left; width: 1%"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; width: 1%"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; width: 12%"&gt;773&lt;/td&gt;&lt;td style="text-align: left; width: 1%"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_403_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_z7xpZhOr50h7" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Change in unrealized (loss) / gain on investment in palladium&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(108,531&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;1,660&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40C_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_z3X0Dx0rh20j" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;358,161&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;356,424&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0"&gt;&#160;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&#160;&lt;/p&gt;




&lt;p id="xdx_8A2_zQhX90NM7eR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_852_zw2ahdAQDB21" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_841_ecustom--ExpensesPolicyTextBlock_z8rHufStPkx2" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.5in; text-align: left"&gt;&lt;b&gt;&lt;i&gt;2.7.&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span id="xdx_86D_zJgTAMkTVM6g"&gt;Expenses / Realized Gains / Losses&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The primary expense of the Trust is the Sponsor&#x2019;s Fee, which is paid by the Trust through in-kind transfers of palladium
to the Sponsor.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust will transfer&#160;palladium to the Sponsor to pay
the Sponsor&#x2019;s Fee that accrues daily at an annualized rate equal to &lt;span id="xdx_903_ecustom--AnnualizedRateOfSponsorsFee_pid_dp_uPure_c20210101__20211231_zP5Lx8OzaJZj" title="Expense ratio"&gt;0.60&lt;/span&gt;% of the adjusted daily net asset value (&#x201c;ANAV&#x201d;)
of the Trust, paid monthly in arrears.&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Sponsor has agreed to assume administrative and marketing
expenses incurred by the Trust, including the Trustee&#x2019;s monthly fee and out of pocket expenses, the Custodian&#x2019;s fee
and the reimbursement of the Custodian&#x2019;s expenses, exchange listing fees, United States Securities and Exchange Commission
(the &#x201c;SEC&#x201d;) registration fees, printing and mailing costs, audit fees and up to $&lt;span id="xdx_90D_ecustom--MaximumSponsorFeeForLegalExpenses_c20210101__20211231_zAZKWxQvNSwb" title="Maximum sponsor fee for legal expenses"&gt;100,000&lt;/span&gt; per annum in legal expenses.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;For the&#160;years ended&#160;December 31, 2021,&#160;2020&#160;and
2019, the Sponsor&#x2019;s Fee&#160;was&#160;$&lt;span id="xdx_902_eus-gaap--SponsorFees_c20210101__20211231_zGlRqxiFXLu5" title="Sponsor's Fee"&gt;2,447,225&lt;/span&gt;, $&lt;span id="xdx_90A_eus-gaap--SponsorFees_c20200101__20201231_zJywzVv1sEMl"&gt;2,012,865&lt;/span&gt;&#160;and $&lt;span id="xdx_904_eus-gaap--SponsorFees_c20190101__20191231_zoXWRqBxagWe"&gt;1,392,218&lt;/span&gt;, respectively.&#160;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;At&#160;December 31, 2021 and at&#160;December 31, 2020, the
fees payable to the Sponsor were&#160;$&lt;span id="xdx_90C_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20211231_zC5G4Zk1IKZ2" title="Fees payable to Sponsor"&gt;189,455&lt;/span&gt; and $&lt;span id="xdx_90C_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20201231_zFg9pxugV7s2"&gt;185,515&lt;/span&gt;, respectively.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;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&#x2019;s&#160;palladium as necessary
to pay these expenses. When selling&#160;palladium to pay expenses, the Trustee will endeavor to sell the smallest amounts of&#160;palladium
needed to pay these expenses in order to minimize the Trust&#x2019;s holdings of assets other than palladium. Other than the Sponsor&#x2019;s
Fee, the Trust had &lt;span id="xdx_909_eus-gaap--OtherCostAndExpenseOperating_do_c20210101__20211231_zJeoRqEest0k" title="All other expenses"&gt;&lt;span id="xdx_902_eus-gaap--OtherCostAndExpenseOperating_do_c20200101__20201231_zeUcLGV279ok"&gt;no&lt;/span&gt;&lt;/span&gt; expenses during the years ended&#160;December 31, 2021 and 2020.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Unless otherwise directed by the Sponsor, when selling&#160;palladium
the Trustee will endeavor to sell at the price established by the LME 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&#160;palladium only if the sale transaction is made at the next LME 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&#160;palladium sold. Neither the Trustee nor the Sponsor is
liable for depreciation or loss incurred by reason of any sale.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Realized gains and losses result from the transfer of&#160;palladium
for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value
and average cost of&#160;palladium transferred.&lt;/p&gt;

&lt;p id="xdx_855_zYnKztYwSsW7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_843_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zqPbH1xpbF5b" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.5in; text-align: left"&gt;&lt;b&gt;&lt;i&gt;2.8.&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span id="xdx_865_zDlU8GROjub"&gt;Subsequent Events&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;In accordance with the provisions set forth in FASB ASC 855-10,
&lt;i&gt;Subsequent Events&lt;/i&gt;, the Trust&#x2019;s management has evaluated the possibility of subsequent events impacting the Trust&#x2019;s
financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure
in the financial statements were identified.&#160;&lt;/p&gt;

&lt;p id="xdx_85F_zGAJ8YnUapu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

</us-gaap:SignificantAccountingPoliciesTextBlock>
    <us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_844_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z3IwrzgwJXPe" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.5in; text-align: left"&gt;&lt;b&gt;&lt;i&gt;2.1.&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span id="xdx_86D_zVCEBB2HrDc"&gt;Basis of Accounting&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Sponsor has determined that the Trust falls within the scope
of Financial Accounting Standards Board (&#x201c;FASB&#x201d;) Accounting Standards Codification (&#x201c;ASC&#x201d;) 946, &lt;i&gt;Financial
Services&#x2014;Investment Companies&lt;/i&gt;, and has concluded that for reporting purposes, the Trust is classified as an Investment
Company. 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.&lt;/p&gt;

</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
    <pall:ValuationOfBullionPolicyTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_84A_ecustom--ValuationOfBullionPolicyTextBlock_zNcd8a8xLXL9" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.5in; text-align: left"&gt;&lt;b&gt;&lt;i&gt;2.2.&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span id="xdx_865_zgufZLBc5H0a"&gt;Valuation of&#160;Palladium&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust follows the provisions of ASC 820, &lt;i&gt;Fair Value Measurement
&lt;/i&gt;(&#x201c;ASC 820&#x201d;). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the
inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust&#x2019;s palladium&#160;is held by JPMorgan Chase Bank,
N.A. (the &#x201c;Custodian&#x201d;), on behalf of the Trust, at its London, England vaulting premises. The Trust&#x2019;s palladium may
also be held by UBS AG, or any other firm selected by the Custodian to hold the Trust&#x2019;s palladium in the Trust&#x2019;s allocated
account in the firm&#x2019;s&#160;vault premises on a segregated basis and whose appointment has been approved by the Sponsor.
At December 31, 2021, approximately &lt;span id="xdx_90A_ecustom--PercentageOfAssetBeingHeldByTrust_iI_pid_dp_uPure_c20211231_zuBDmu5KtPog" title="Percentage of palladium held by sub-custodians"&gt;41.75&lt;/span&gt;%&#160;of the Trust&#x2019;s palladium was held by one or more sub-custodians.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&#160;&lt;/p&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust&#x2019;s palladium is recorded at fair value. The cost of
palladium is determined according to the average cost method and the fair value is based on the afternoon session of the twice
daily fix of an ounce of&#160;palladium administered by the London Metal Exchange (&#x201c;LME&#x201d;) (the &#x201c;LME PM Fix&#x201d;).
Realized gains and losses on transfers of palladium, or palladium distributed for the redemption of Shares, are calculated on a
trade date basis as the difference between the fair value and average&#160;cost of&#160;palladium transferred.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The LME is responsible for the administration of the electronic&#160;palladium
price fixing system (&#x201c;LMEbullion&#x201d;) that replicates electronically the manual London palladium fix processes previously
employed by the London Platinum and Palladium Fixing Company Ltd (&#x201c;LPPFCL&#x201d;), as well as providing electronic market
clearing processes for palladium bullion transactions at the fixed prices established by the LME pricing mechanism. LMEbullion,
like the previous London palladium fix processes, establishes and publishes fixed prices for troy ounces of palladium twice each
London trading day during fixing sessions beginning at 9:45 a.m. London time (the&#x201d; LME AM Fix&#x201d;) and 2:00 p.m. London
time (the &#x201c;LME PM Fix&#x201d;).&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Once the value of&#160;palladium has been determined, the net
asset value (the &#x201c;NAV&#x201d;) is computed by the Trustee by deducting all accrued fees, expenses and other liabilities of
the Trust, including the remuneration due to the Sponsor (the &#x201c;Sponsor&#x2019;s Fee&#x201d;), from the fair value of the&#160;palladium
and all other assets held by the Trust.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust recognizes changes in fair value of the investment
in&#160;palladium as changes in unrealized gains or losses on investment in&#160;palladium through the Statement of Operations.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The per Share amount of&#160;palladium exchanged for a purchase
or redemption is calculated daily by the Trustee using the LME PM Fix to calculate the&#160;palladium amount in respect of any
liabilities for which covering palladium&#160;sales have not yet been made, and represents the per Share amount of&#160;palladium
held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;i&gt;Fair Value Hierarchy&lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;ASC 820 establishes a hierarchy that prioritizes inputs to valuation
techniques used to measure fair value. The three levels of inputs are as follows:&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&#x2013;&#160;Level 1.&#160;Unadjusted quoted prices
in active markets for identical assets or liabilities that the Trust has the ability to access.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&#x2013;&#160;Level 2.&#160;Observable inputs other
than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs&#160;may&#160;include&#160;quoted&#160;prices&#160;for&#160;the&#160;identical&#160;instrument
on an inactive market, prices for similar instruments and similar data.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&#x2013;&#160;Level 3.&#160;Unobservable inputs for
the asset or liability to the extent that relevant observable inputs are not available, representing the Trust&#x2019;s own assumptions
about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best
information available.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;To the extent that valuation is based on models or inputs that
are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree
of judgment exercised in determining fair value is greatest for instruments categorized in level 3.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&#160;&lt;/p&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The inputs used to measure fair value may fall into different
levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which
the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair
value measurement in its entirety.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust&#x2019;s investment in&#160;palladium is classified
as a level&#160;1 asset,&#160;as its value&#160;is calculated using unadjusted quoted prices from primary market sources.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVI2judwo8p" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span id="xdx_8BF_zhX8CiOl3psd"&gt;The categorization of the Trust&#x2019;s assets is as shown below:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic"&gt;(Amounts in 000&#x2019;s of US$)&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_490_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zSkndhUXmLU2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;December 31,&lt;br/&gt;
2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_496_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z61t1t77SRKl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;December 31,&lt;br/&gt;
2020&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 70%; font-style: italic"&gt;Level 1&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zssZyoQkF6Uk" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;358,161&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;356,424&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p id="xdx_8A6_zuo8H0rTpJ91" style="margin: 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;span style="font: 10pt Times New Roman, Times, Serif"&gt;There
were no transfers between levels during the years ended December 31, 2021 and 2020. &lt;/span&gt;&lt;/p&gt;

</pall:ValuationOfBullionPolicyTextBlock>
    <pall:PercentageOfAssetBeingHeldByTrust contextRef="AsOf2021-12-31" decimals="INF" unitRef="Pure">0.4175</pall:PercentageOfAssetBeingHeldByTrust>
    <us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zVI2judwo8p" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span id="xdx_8BF_zhX8CiOl3psd"&gt;The categorization of the Trust&#x2019;s assets is as shown below:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic"&gt;(Amounts in 000&#x2019;s of US$)&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_490_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zSkndhUXmLU2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;December 31,&lt;br/&gt;
2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_496_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z61t1t77SRKl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;December 31,&lt;br/&gt;
2020&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="width: 70%; font-style: italic"&gt;Level 1&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_eus-gaap--InvestmentInPhysicalCommoditiesFairValueDisclosure_iI_pn3n3_zssZyoQkF6Uk" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;358,161&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;356,424&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


</us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock>
    <us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure
      contextRef="AsOf2021-12-31_us-gaap_FairValueInputsLevel1Member"
      decimals="-3"
      unitRef="USD">358161000</us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure>
    <us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure
      contextRef="AsOf2020-12-31_us-gaap_FairValueInputsLevel1Member"
      decimals="-3"
      unitRef="USD">356424000</us-gaap:InvestmentInPhysicalCommoditiesFairValueDisclosure>
    <pall:ReceivableAndPayablePolicyTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_84B_ecustom--ReceivableAndPayablePolicyTextBlock_zWeHlv4U94di" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.5in; text-align: left"&gt;&lt;b&gt;&lt;i&gt;2.3.&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span id="xdx_866_zmyJdU6VjA16"&gt;Palladium Receivable and Payable&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Palladium&#160;receivable or payable represents the quantity
of&#160;palladium covered by contractually binding orders for the creation or redemption of Shares respectively, where the&#160;palladium
has not yet been transferred to or from the Trust&#x2019;s account. Generally, ownership of palladium is transferred within two
business days of the trade date. At December 31, 2021, the Trust had &lt;span id="xdx_907_ecustom--BullionPayableAtMarketValue_iI_do_c20211231_zc45p5096K0i" title="Palladium payable"&gt;&lt;span id="xdx_90E_ecustom--BullionReceivableAtMarketValue_iI_do_c20211231_zccSiNyEEvH7" title="Palladium receivable"&gt;no&lt;/span&gt;&lt;/span&gt; palladium&#160;receivable or payable for the&#160;creation&#160;or
redemption of Shares. At December 31, 2020, the Trust had &lt;span id="xdx_906_ecustom--BullionPayableAtMarketValue_iI_do_c20201231_zYNR8gOtllm9"&gt;&lt;span id="xdx_902_ecustom--BullionReceivableAtMarketValue_iI_do_c20201231_z3Vd4itLzFrj"&gt;no&lt;/span&gt;&lt;/span&gt; palladium&#160;receivable or payable for the&#160;creation&#160;or
redemption of Shares.&lt;/p&gt;

</pall:ReceivableAndPayablePolicyTextBlock>
    <pall:BullionPayableAtMarketValue contextRef="AsOf2021-12-31" decimals="0" unitRef="USD">0</pall:BullionPayableAtMarketValue>
    <pall:BullionReceivableAtMarketValue contextRef="AsOf2021-12-31" decimals="0" unitRef="USD">0</pall:BullionReceivableAtMarketValue>
    <pall:BullionPayableAtMarketValue contextRef="AsOf2020-12-31" decimals="0" unitRef="USD">0</pall:BullionPayableAtMarketValue>
    <pall:BullionReceivableAtMarketValue contextRef="AsOf2020-12-31" decimals="0" unitRef="USD">0</pall:BullionReceivableAtMarketValue>
    <pall:CreationsAndRedemptionsOfSharesPolicyTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_84C_ecustom--CreationsAndRedemptionsOfSharesPolicyTextBlock_zUxUDPWpEKTe" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.5in; text-align: left"&gt;&lt;b&gt;&lt;i&gt;2.4.&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span id="xdx_862_zky0BMRO7ep3"&gt;Creations and Redemptions of Shares&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust expects to create and redeem Shares from time to time,
but only in one or more Baskets (a Basket equals a block of&#160;&lt;span id="xdx_905_ecustom--MinimumBlockOfSharesIssuedRedeemedAgainstBullion_pid_uShares_c20210101__20211231_zx0BsBwD0re7" title="Minimum block of shares issued redeemed against palladium"&gt;25,000&lt;/span&gt;&#160;Shares). 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 the
Sponsor; and (4) has established an Authorized Participant Unallocated Account with the Trust&#x2019;s Custodian or other&#160;palladium
bullion clearing bank. 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&#160;palladium&#160;required
for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated&#160;palladium account, either
loco London or loco Zurich, established with the Custodian or a&#160;palladium bullion clearing bank by an Authorized Participant.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;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&#160;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.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&#160;&lt;/p&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;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 two 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&#160;palladium is exchanged in settlement of a redemption, it is considered a sale of&#160;palladium for financial statement
purposes.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The amount of&#160;palladium represented by the Baskets created
or redeemed can only be settled to the nearest 1/1000th of an ounce. As a result, the value attributed to the creation or redemption
of Shares may differ from&#160;the value of palladium&#160;to be delivered or distributed by the Trust. In order to ensure that
the correct amount of&#160;palladium 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 on each transaction. For each transaction, this amount is not more than 1/1000th of
an ounce of palladium.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;As the Shares of the Trust are subject to redemption at the
option of Authorized Participants, the Trust has classified the outstanding Shares as Net Assets. Changes in the number of Shares
outstanding are presented in the Statement of Changes in Net Assets.&lt;/p&gt;

</pall:CreationsAndRedemptionsOfSharesPolicyTextBlock>
    <pall:MinimumBlockOfSharesIssuedRedeemedAgainstBullion
      contextRef="From2021-01-01to2021-12-31"
      decimals="INF"
      unitRef="Shares">25000</pall:MinimumBlockOfSharesIssuedRedeemedAgainstBullion>
    <us-gaap:IncomeTaxPolicyTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_845_eus-gaap--IncomeTaxPolicyTextBlock_zPiYMABLT9y5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;&lt;i&gt;2.5.&#160;&#160;&#160;&#160;&lt;span id="xdx_865_zKuMHxCnv8J2"&gt;Income Taxes&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust is classified as a &#x201c;grantor trust&#x201d; 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&#x2019;s
income and expenses will &#x201c;flow through&#x201d; to the Shareholders, and the Trustee will report the Trust&#x2019;s proceeds,
income, deductions, gains, and losses to the Internal Revenue Service on that basis.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Sponsor has evaluated whether or not there are uncertain
tax positions that require financial statement recognition and has determined that &lt;span id="xdx_905_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20211231_z6laRd8rucQ2" title="Reserve for uncertain tax positions"&gt;&lt;span id="xdx_90F_eus-gaap--LiabilityForUncertainTaxPositionsNoncurrent_iI_do_c20201231_zgWLXzwsE77a"&gt;no&lt;/span&gt;&lt;/span&gt; reserves for uncertain tax positions are
required as of&#160;December 31, 2021&#160;or December 31, 2020.&lt;/p&gt;

</us-gaap:IncomeTaxPolicyTextBlock>
    <us-gaap:LiabilityForUncertainTaxPositionsNoncurrent contextRef="AsOf2021-12-31" decimals="0" unitRef="USD">0</us-gaap:LiabilityForUncertainTaxPositionsNoncurrent>
    <us-gaap:LiabilityForUncertainTaxPositionsNoncurrent contextRef="AsOf2020-12-31" decimals="0" unitRef="USD">0</us-gaap:LiabilityForUncertainTaxPositionsNoncurrent>
    <us-gaap:InvestmentPolicyTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_847_eus-gaap--InvestmentPolicyTextBlock_zFa6hI8kxJj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;&lt;i&gt;2.6.&#160;&#160;&#160;&#160;&lt;span id="xdx_864_z0Za9OakvuBc"&gt;Investment in&#160;Palladium&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zJuRgbh2eNN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span id="xdx_8B9_zuJ93RaB7K6g"&gt;Changes in ounces of&#160;palladium and their respective values
for the years&#160;ended&#160;December 31, 2021 and&#160;2020 are set out below:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_493_20210101__20211231_zkVC66vabdQ6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Year Ended&lt;br/&gt; December 31,
    2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_49A_20200101__20201231_zspGhhiD6Z8b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Year Ended&lt;br/&gt; December 31,
    2020&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic; text-align: left"&gt;(Amounts in 000&#x2019;s of US$, except for ounces data)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;Ounces of palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_404_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uOZ_zE6YNzz8KpH1" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 70%; text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;152,187.5&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;157,815.0&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_ecustom--CreationsOuncesOfBullion_pp1p0_uOZ_zpaOY8W3Midk" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;83,977.6&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;70,459.8&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_407_ecustom--RedemptionsOuncesOfBullion_pp1p0_uOZ_zBopFluuwkyg" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(53,626.6&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(75,173.5&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1p0_uOZ_zs7yTgqxZ89g" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(1,007.4&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(913.8&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uOZ_zqspSk33Pr8c" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;181,531.1&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;152,187.5&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zCltIC8bdD6f" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;356,424&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;300,638&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40C_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zUYT55nVJRHi" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;205,730&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;150,950&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40A_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zvgySYMYQ4A2" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(131,079&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(155,805&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zr6MMWPfHRc7" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized gain on palladium distributed for the redemption of Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;37,317&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;60,188&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40E_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zq3rngzhFIE8" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2,443&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1,980&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;

&lt;tr id="xdx_40E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zCUwYYDSI7Ug" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; width: 70%"&gt;Realized gain on palladium transferred to pay expenses&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; width: 1%"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; width: 12%"&gt;743&lt;/td&gt;&lt;td style="text-align: left; width: 1%"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; width: 1%"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; width: 12%"&gt;773&lt;/td&gt;&lt;td style="text-align: left; width: 1%"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_403_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_z7xpZhOr50h7" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Change in unrealized (loss) / gain on investment in palladium&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(108,531&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;1,660&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40C_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_z3X0Dx0rh20j" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;358,161&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;356,424&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0"&gt;&#160;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&#160;&lt;/p&gt;




&lt;p id="xdx_8A2_zQhX90NM7eR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

</us-gaap:InvestmentPolicyTextBlock>
    <pall:InvestmentsInBullionTableTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_890_ecustom--InvestmentsInBullionTableTextBlock_zJuRgbh2eNN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;span id="xdx_8B9_zuJ93RaB7K6g"&gt;Changes in ounces of&#160;palladium and their respective values
for the years&#160;ended&#160;December 31, 2021 and&#160;2020 are set out below:&lt;/span&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_493_20210101__20211231_zkVC66vabdQ6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Year Ended&lt;br/&gt; December 31,
    2021&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td colspan="2" id="xdx_49A_20200101__20201231_zspGhhiD6Z8b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"&gt;Year Ended&lt;br/&gt; December 31,
    2020&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-style: italic; text-align: left"&gt;(Amounts in 000&#x2019;s of US$, except for ounces data)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;Ounces of palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_404_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iS_pp1p0_uOZ_zE6YNzz8KpH1" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 70%; text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;152,187.5&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;157,815.0&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40B_ecustom--CreationsOuncesOfBullion_pp1p0_uOZ_zpaOY8W3Midk" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;83,977.6&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;70,459.8&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_407_ecustom--RedemptionsOuncesOfBullion_pp1p0_uOZ_zBopFluuwkyg" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(53,626.6&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(75,173.5&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_400_ecustom--TransfersOfBullionOunces_pp1p0_uOZ_zs7yTgqxZ89g" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(1,007.4&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(913.8&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_405_eus-gaap--InvestmentOwnedBalanceOtherMeasure_iE_pp1p0_uOZ_zqspSk33Pr8c" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;181,531.1&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;152,187.5&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold; text-align: left"&gt;Investment in palladium&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_eus-gaap--InvestmentInPhysicalCommodities_iS_pn3n3_uUSD_zCltIC8bdD6f" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Opening balance&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;356,424&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;300,638&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40C_ecustom--CreationsValueOfBullion_pn3n3_uUSD_zUYT55nVJRHi" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;Creations&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;205,730&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;150,950&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40A_ecustom--ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable_iN_pn3n3_di_uUSD_zvgySYMYQ4A2" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;Redemptions&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(131,079&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(155,805&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40F_ecustom--RealizedGainLossOnBullionDistributedForRedemptionOfShares_pn3n3_uUSD_zr6MMWPfHRc7" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left"&gt;Realized gain on palladium distributed for the redemption of Shares&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;37,317&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;60,188&lt;/td&gt;&lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40E_ecustom--CostOfBullionTransferredToPayExpenses_iN_pn3n3_di_uUSD_zq3rngzhFIE8" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;Transfers of palladium to pay expenses&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2,443&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1,980&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;

&lt;tr id="xdx_40E_eus-gaap--GainLossOnSaleOfTrustAssetsToPayExpenses_pn3n3_uUSD_zCUwYYDSI7Ug" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; width: 70%"&gt;Realized gain on palladium transferred to pay expenses&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; width: 1%"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; width: 12%"&gt;743&lt;/td&gt;&lt;td style="text-align: left; width: 1%"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%"&gt;&#160;&lt;/td&gt;
    &lt;td style="text-align: left; width: 1%"&gt;&#160;&lt;/td&gt;&lt;td style="text-align: right; width: 12%"&gt;773&lt;/td&gt;&lt;td style="text-align: left; width: 1%"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_403_ecustom--ChangeInUnrealizedGainLossOnInvestmentInBullion_pn3n3_uUSD_z7xpZhOr50h7" style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Change in unrealized (loss) / gain on investment in palladium&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;(108,531&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;1,660&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr id="xdx_40C_eus-gaap--InvestmentInPhysicalCommodities_iE_pn3n3_z3X0Dx0rh20j" style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Closing balance&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;358,161&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&#160;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;$&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;356,424&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0"&gt;&#160;&#160;&lt;/p&gt;






&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"&gt;&#160;&lt;/p&gt;




</pall:InvestmentsInBullionTableTextBlock>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2020-12-31" decimals="1" unitRef="OZ">152187.5</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2019-12-31" decimals="1" unitRef="OZ">157815.0</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <pall:CreationsOuncesOfBullion
      contextRef="From2021-01-01to2021-12-31"
      decimals="1"
      unitRef="OZ">83977.6</pall:CreationsOuncesOfBullion>
    <pall:CreationsOuncesOfBullion
      contextRef="From2020-01-012020-12-31"
      decimals="1"
      unitRef="OZ">70459.8</pall:CreationsOuncesOfBullion>
    <pall:RedemptionsOuncesOfBullion
      contextRef="From2021-01-01to2021-12-31"
      decimals="1"
      unitRef="OZ">-53626.6</pall:RedemptionsOuncesOfBullion>
    <pall:RedemptionsOuncesOfBullion
      contextRef="From2020-01-012020-12-31"
      decimals="1"
      unitRef="OZ">-75173.5</pall:RedemptionsOuncesOfBullion>
    <pall:TransfersOfBullionOunces
      contextRef="From2021-01-01to2021-12-31"
      decimals="1"
      unitRef="OZ">-1007.4</pall:TransfersOfBullionOunces>
    <pall:TransfersOfBullionOunces
      contextRef="From2020-01-012020-12-31"
      decimals="1"
      unitRef="OZ">-913.8</pall:TransfersOfBullionOunces>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2021-12-31" decimals="1" unitRef="OZ">181531.1</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <us-gaap:InvestmentOwnedBalanceOtherMeasure contextRef="AsOf2020-12-31" decimals="1" unitRef="OZ">152187.5</us-gaap:InvestmentOwnedBalanceOtherMeasure>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2020-12-31" decimals="-3" unitRef="USD">356424000</us-gaap:InvestmentInPhysicalCommodities>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2019-12-31" decimals="-3" unitRef="USD">300638000</us-gaap:InvestmentInPhysicalCommodities>
    <pall:CreationsValueOfBullion
      contextRef="From2021-01-01to2021-12-31"
      decimals="-3"
      unitRef="USD">205730000</pall:CreationsValueOfBullion>
    <pall:CreationsValueOfBullion
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">150950000</pall:CreationsValueOfBullion>
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      contextRef="From2021-01-01to2021-12-31"
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      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">155805000</pall:ValueOfBullionDistributedForRedemptionOfSharesExcludingBullionPayable>
    <pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares
      contextRef="From2021-01-01to2021-12-31"
      decimals="-3"
      unitRef="USD">37317000</pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares>
    <pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">60188000</pall:RealizedGainLossOnBullionDistributedForRedemptionOfShares>
    <pall:CostOfBullionTransferredToPayExpenses
      contextRef="From2021-01-01to2021-12-31"
      decimals="-3"
      unitRef="USD">2443000</pall:CostOfBullionTransferredToPayExpenses>
    <pall:CostOfBullionTransferredToPayExpenses
      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">1980000</pall:CostOfBullionTransferredToPayExpenses>
    <us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses
      contextRef="From2021-01-01to2021-12-31"
      decimals="-3"
      unitRef="USD">743000</us-gaap:GainLossOnSaleOfTrustAssetsToPayExpenses>
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      contextRef="From2021-01-01to2021-12-31"
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      unitRef="USD">-108531000</pall:ChangeInUnrealizedGainLossOnInvestmentInBullion>
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      contextRef="From2020-01-012020-12-31"
      decimals="-3"
      unitRef="USD">1660000</pall:ChangeInUnrealizedGainLossOnInvestmentInBullion>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2021-12-31" decimals="-3" unitRef="USD">358161000</us-gaap:InvestmentInPhysicalCommodities>
    <us-gaap:InvestmentInPhysicalCommodities contextRef="AsOf2020-12-31" decimals="-3" unitRef="USD">356424000</us-gaap:InvestmentInPhysicalCommodities>
    <pall:ExpensesPolicyTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_841_ecustom--ExpensesPolicyTextBlock_z8rHufStPkx2" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.5in; text-align: left"&gt;&lt;b&gt;&lt;i&gt;2.7.&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span id="xdx_86D_zJgTAMkTVM6g"&gt;Expenses / Realized Gains / Losses&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The primary expense of the Trust is the Sponsor&#x2019;s Fee, which is paid by the Trust through in-kind transfers of palladium
to the Sponsor.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust will transfer&#160;palladium to the Sponsor to pay
the Sponsor&#x2019;s Fee that accrues daily at an annualized rate equal to &lt;span id="xdx_903_ecustom--AnnualizedRateOfSponsorsFee_pid_dp_uPure_c20210101__20211231_zP5Lx8OzaJZj" title="Expense ratio"&gt;0.60&lt;/span&gt;% of the adjusted daily net asset value (&#x201c;ANAV&#x201d;)
of the Trust, paid monthly in arrears.&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Sponsor has agreed to assume administrative and marketing
expenses incurred by the Trust, including the Trustee&#x2019;s monthly fee and out of pocket expenses, the Custodian&#x2019;s fee
and the reimbursement of the Custodian&#x2019;s expenses, exchange listing fees, United States Securities and Exchange Commission
(the &#x201c;SEC&#x201d;) registration fees, printing and mailing costs, audit fees and up to $&lt;span id="xdx_90D_ecustom--MaximumSponsorFeeForLegalExpenses_c20210101__20211231_zAZKWxQvNSwb" title="Maximum sponsor fee for legal expenses"&gt;100,000&lt;/span&gt; per annum in legal expenses.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;For the&#160;years ended&#160;December 31, 2021,&#160;2020&#160;and
2019, the Sponsor&#x2019;s Fee&#160;was&#160;$&lt;span id="xdx_902_eus-gaap--SponsorFees_c20210101__20211231_zGlRqxiFXLu5" title="Sponsor's Fee"&gt;2,447,225&lt;/span&gt;, $&lt;span id="xdx_90A_eus-gaap--SponsorFees_c20200101__20201231_zJywzVv1sEMl"&gt;2,012,865&lt;/span&gt;&#160;and $&lt;span id="xdx_904_eus-gaap--SponsorFees_c20190101__20191231_zoXWRqBxagWe"&gt;1,392,218&lt;/span&gt;, respectively.&#160;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;At&#160;December 31, 2021 and at&#160;December 31, 2020, the
fees payable to the Sponsor were&#160;$&lt;span id="xdx_90C_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20211231_zC5G4Zk1IKZ2" title="Fees payable to Sponsor"&gt;189,455&lt;/span&gt; and $&lt;span id="xdx_90C_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_pp0p0_c20201231_zFg9pxugV7s2"&gt;185,515&lt;/span&gt;, respectively.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;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&#x2019;s&#160;palladium as necessary
to pay these expenses. When selling&#160;palladium to pay expenses, the Trustee will endeavor to sell the smallest amounts of&#160;palladium
needed to pay these expenses in order to minimize the Trust&#x2019;s holdings of assets other than palladium. Other than the Sponsor&#x2019;s
Fee, the Trust had &lt;span id="xdx_909_eus-gaap--OtherCostAndExpenseOperating_do_c20210101__20211231_zJeoRqEest0k" title="All other expenses"&gt;&lt;span id="xdx_902_eus-gaap--OtherCostAndExpenseOperating_do_c20200101__20201231_zeUcLGV279ok"&gt;no&lt;/span&gt;&lt;/span&gt; expenses during the years ended&#160;December 31, 2021 and 2020.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Unless otherwise directed by the Sponsor, when selling&#160;palladium
the Trustee will endeavor to sell at the price established by the LME 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&#160;palladium only if the sale transaction is made at the next LME 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&#160;palladium sold. Neither the Trustee nor the Sponsor is
liable for depreciation or loss incurred by reason of any sale.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Realized gains and losses result from the transfer of&#160;palladium
for Share redemptions and / or to pay expenses and are recognized on a trade date basis as the difference between the fair value
and average cost of&#160;palladium transferred.&lt;/p&gt;

</pall:ExpensesPolicyTextBlock>
    <pall:AnnualizedRateOfSponsorsFee
      contextRef="From2021-01-01to2021-12-31"
      decimals="INF"
      unitRef="Pure">0.0060</pall:AnnualizedRateOfSponsorsFee>
    <pall:MaximumSponsorFeeForLegalExpenses
      contextRef="From2021-01-01to2021-12-31"
      decimals="0"
      unitRef="USD">100000</pall:MaximumSponsorFeeForLegalExpenses>
    <us-gaap:SponsorFees
      contextRef="From2021-01-01to2021-12-31"
      decimals="0"
      unitRef="USD">2447225</us-gaap:SponsorFees>
    <us-gaap:SponsorFees
      contextRef="From2020-01-012020-12-31"
      decimals="0"
      unitRef="USD">2012865</us-gaap:SponsorFees>
    <us-gaap:SponsorFees
      contextRef="From2019-01-012019-12-31"
      decimals="0"
      unitRef="USD">1392218</us-gaap:SponsorFees>
    <us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="AsOf2021-12-31" decimals="0" unitRef="USD">189455</us-gaap:AccountsPayableRelatedPartiesCurrent>
    <us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="AsOf2020-12-31" decimals="0" unitRef="USD">185515</us-gaap:AccountsPayableRelatedPartiesCurrent>
    <us-gaap:OtherCostAndExpenseOperating
      contextRef="From2021-01-01to2021-12-31"
      decimals="0"
      unitRef="USD">0</us-gaap:OtherCostAndExpenseOperating>
    <us-gaap:OtherCostAndExpenseOperating
      contextRef="From2020-01-012020-12-31"
      decimals="0"
      unitRef="USD">0</us-gaap:OtherCostAndExpenseOperating>
    <us-gaap:SubsequentEventsPolicyPolicyTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_843_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zqPbH1xpbF5b" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.5in; text-align: left"&gt;&lt;b&gt;&lt;i&gt;2.8.&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;span id="xdx_865_zDlU8GROjub"&gt;Subsequent Events&lt;/span&gt;&lt;/i&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;In accordance with the provisions set forth in FASB ASC 855-10,
&lt;i&gt;Subsequent Events&lt;/i&gt;, the Trust&#x2019;s management has evaluated the possibility of subsequent events impacting the Trust&#x2019;s
financial statements through the filing date. During this period, no material subsequent events requiring adjustment to or disclosure
in the financial statements were identified.&#160;&lt;/p&gt;

</us-gaap:SubsequentEventsPolicyPolicyTextBlock>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_807_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_z6eDztBzybfe" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;b&gt;3.&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;span id="xdx_826_zz0QIZz1Z95i"&gt;Related Parties&lt;/span&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Sponsor and the Trustee are considered to be related parties
to the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants and purchase
or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.
In addition, the Trustee and the Custodian and their affiliates may from time to time purchase or sell&#160;palladium directly,
for their own account, as agent for their customers and for accounts over which they exercise investment discretion. The Trustee&#x2019;s
and Custodian&#x2019;s fees are paid by the Sponsor and are not separate expenses of the Trust.&#160;&lt;/p&gt;

</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_802_eus-gaap--ConcentrationRiskDisclosureTextBlock_zfBWq5HU7sOl" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;b&gt;4.&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;span id="xdx_82E_z2zoJpyQ75fh"&gt;Concentration of Risk&lt;/span&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The Trust&#x2019;s sole business activity is the investment in&#160;palladium,
and substantially all the Trust&#x2019;s assets are holdings of&#160;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 production and cost levels in major palladium-producing countries, recycling,
autocatalyst demand, industrial demand, jewelry demand, investment demand, and sales of existing stockpiles of palladium, which
have been a key source of supply and are likely to be exhausted soon, placing a higher burden on new mine supply; (ii) investors&#x2019;
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&#160;palladium will maintain its long-term value in terms of purchasing power in the future.
In the event that the price of&#160;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&#x2019;s financial position and results of operations.&#160;&lt;/p&gt;

</us-gaap:ConcentrationRiskDisclosureTextBlock>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2021-01-01to2021-12-31">&lt;p id="xdx_801_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zzDKt0whKi6i" style="margin-top: 0; margin-bottom: 0"/&gt;

&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"&gt;&lt;tr style="vertical-align: top; text-align: justify"&gt;
&lt;td style="width: 0in"/&gt;&lt;td style="width: 0.25in; text-align: left"&gt;&lt;b&gt;5.&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;b&gt;&lt;span id="xdx_822_zEaV27R1d4q8"&gt;Indemnification&lt;/span&gt;&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Under the Trust&#x2019;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, willful misconduct
or willful malfeasance on its part and without reckless disregard on its part of its obligations and duties under the Trust&#x2019;s
organizational documents. The Trust&#x2019;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.&#160;&lt;/p&gt;

</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <link:footnoteLink
      xlink:role="http://www.xbrl.org/2003/role/link"
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        <link:loc
          xlink:href="#Fact000070"
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        <link:footnote id="Footnote000072" xlink:label="Footnote000072" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Authorized
share capital is <xhtml:span id="xdx_90E_eus-gaap--CommonStockSharesAuthorizedUnlimited_pip0_dxL_c20210101__20211231_zFrDTfdohTyf" title="Common stock, shares authorized::XDX::Unlimited"><xhtml:span id="xdx_90F_eus-gaap--CommonStockSharesAuthorizedUnlimited_pip0_dxL_c20200101__20201231_z29phzX9b1tc" title="::XDX::Unlimited"><xhtml:span style="-sec-ix-hidden: xdx2ixbrl0074"><xhtml:span style="-sec-ix-hidden: xdx2ixbrl0075">unlimited</xhtml:span></xhtml:span></xhtml:span></xhtml:span> with <xhtml:span id="xdx_905_eus-gaap--CommonStockNoParValue_iI_pip0_do_c20211231_zsQmuHOIlU5b" title="Common stock, no par value (in dollars per share)"><xhtml:span id="xdx_90E_eus-gaap--CommonStockNoParValue_iI_pip0_do_c20201231_z4fKLjFSr6Wj">no</xhtml:span></xhtml:span> par value per Share. Shares issued and outstanding at December 31, 2021 were <xhtml:span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_c20211231_z65NsnaPN4L8" title="Common stock, shares issued"><xhtml:span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231_zbPCj9ocjzza" title="Common stock, shares outstanding">1,950,000</xhtml:span></xhtml:span> and
at December 31, 2020 were <xhtml:span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_pid_c20201231_z8m70TKxaJll"><xhtml:span id="xdx_901_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20201231_zjkosGMeR2fk">1,625,000</xhtml:span></xhtml:span>. Net asset values per Share at December 31, 2021 and December 31, 2020 were $<xhtml:span id="xdx_901_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20211231_z5GUGVPNIMNj" title="Net asset value per share (in dollars per share)">183.58</xhtml:span> and $<xhtml:span id="xdx_902_eus-gaap--NetAssetValuePerShare_iI_pid_uUSDPShares_c20201231_zbM4QXIhFBg2">219.22</xhtml:span>,
respectively.</link:footnote>
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          xlink:from="Fact000070"
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          xlink:href="#Fact000071"
          xlink:label="Fact000071"
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
